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June 2017 

One of the oldest enduring stories about George Washington is the cherry tree myth.  In the original story, when George was six, he received a hatchet as a gift and damaged his father’s cherry tree.  When his father discovered the deed, he became angry and confronted him.  Young George bravely said, “I cannot tell a lie… I did it with my hatchet.”  Washington’s father embraced him and rejoiced in his son’s honesty, which to him was worth more than a thousand trees.

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Investors, analysts anxiously await tax reform


Business owners, financial analysts, and investors remain on stand-by for news from Washington D.C. about corporate tax reform. Who will gain or lose? What will happen to profits – and GDP? And what if tax reform doesn’t happen at all…?

Trump made tax reform one of his central campaign promises. Eight months later, Republicans are still working on the repeal of the Affordable Care Act.

Republicans agree on broad principles for tax reform including lowering corporate tax rates, broadening the tax base and doing away with certain loopholes – but it’s not all rosy in the GOP camp. A proposal to make exports tax-exempt and boost taxes on imports is in contention.

The fate of the so-called border-adjustment tax is key for financial analysts and investors, as it would create a dramatic change that could cut into the profits of import-driven industries (like retail) while boosting profits for exporters (manufacturers and wholesalers).

The White House continues to tout “the biggest tax cut in history” as if it is a done deal. Meanwhile, the Tax Foundation has written an analysis and created a graph showing projected GDP growth under three different corporate tax structures:



LOCAL STUDENTS SHINE IN NATIONAL BUSINESS PITCH CONTEST
Good ideas were on display on Saturday, May 27, when eight Southern Nevada high school students on four teams pitched start-up business plans to a panel of judges along with more than 100 other students from across the country.

It was all part of a new and growing national competition hosted in Henderson for the first time, according to Bank of George Senior Vice President Wanda Shumar, who helped prepare students for the competition.

“It was my pleasure and privilege to work with these bright, energetic students,” said Shumar. “Bank of George was so pleased to once again support and sponsor the worthy efforts of Henderson’s Economic Development and Tourism Department.”

The City of Henderson started the participating student group, called the Young Entrepreneurs Alliance, during the last school year to teach students the ins and outs of being entrepreneurs and to help them compete in the national SAGE competitions.

The program has grown from about 10 students last year to about 40 this year, said Shumar. The students met every two weeks throughout the school year to learn about forming businesses. Teams from Foothill, Green Valley, and Coronado high schools represented Henderson in this year's competition.

Last year, a Henderson student team called Assisted Entertainment placed 15th in the nation with their idea to build music-listening devices for people with hearing difficulties.

This year’s winning teams will represent the U.S. in the program’s World Cup, held Aug. 10-14 in Odessa, Ukraine. The top three teams will receive $1,000, $500 and $250, respectively.


Route 66 Road Trip: LA to Albuquerque
Where to stop for fun along historic Route 66

Though it is long past its heyday, historic Route 66 is still a place where you can get plenty of kicks.



3 Ways to Make Running Fun
How to put the fun back into your run

If you find that you have become a curmudgeon when it comes to your running routine, the following tips might be just the trick to infusing fun in your run.



5 Ways to Help Wildlife in Your Area
Lend a helping hand to the plants and animals in your area

By partaking in activities both large and small, you can all make the world a better place for everyone in your local ecosystem.



How to Make Ice Cream in a Zip-Top Bag
Create a sweet ice cream treat in under 10 minutes

Ice cream is the treat everyone screams for, and it can taste even sweeter when made at home. But not everyone has an ice cream maker on hand, and even if you do, it might be buried in the back of a cabinet or in the basement.



Summer Movies to Look Forward To
Spend the summer at the theater with these upcoming films

If the heat is too much to handle this summer, then head to the nice, air-conditioned movies. Filmmakers are always trying to produce amazing summer blockbusters, and this year is no different.



Books for Your Kids to Read During Summer Break
Keep your kids learning with these books during summer break

By checking out some of these “Notable Children’s Books” recommended by the American Library Association’s Association for Library Service to Children (ALSC), kids will be able to keep their reading skills sharp during summer break.



FDIC CONSUMER NEWS - SUMMER 2017
10 SCAMS TARGETING BANK CUSTOMERS: Plus basics on how to protect your personal information and your money.
The FDIC often hears from bank customers who believe they may be the victims of financial fraud or theft.  Here at BANK of GEORGE, we try to keep our valued customers current with the latest news releases from the banking industry and its regulators.  The full FDIC article is available on our website, or you can find more on the 10 scams below by going to the second page in the “read more” link below.
  1. Government “imposter” frauds.
  2. Debt collection scams.
  3. Fraudulent job offers.
  4. “Phishing” emails.
  5. Mortgage foreclosure rescue scams.
  6. Lottery scams.
  7. Elder frauds.
  8. Overpayment scams.
  9. “Randsomware”.
  10. Jury duty scams.




Bank of George launches Billboard Ad Campaign

Southbound 215 has a fresh new face to check out during your traffic commute.  Check out the bank's new billboard advertisement on the 215 Southbound beltway just past the Rainbow overpass and watch for more promotions as we celebrate our 10th year of serving the local businesses in our community.


LaRae Mortensen Retires from Bank of George

Congratulations to former AVP/Executive Administrative Officer, LaRae Mortensen on her recent retirement from Bank of George.

“LaRae served as an Officer of Bank of George for eight of the ten years of our existence.  She played such a vital role to our success with the support she provided to our shareholders, Board of Directors, employees and myself. Congratulations to her and her husband, Jerry, on their well-deserved retirement. We will truly miss our ‘Mama LaRae’.”

Ryan Sullivan – President/CEO, Bank of George

LaRae and her husband Jerry have been excited about the prospect of retirement and planning for their next chapter for quite a while.  They were fortunate enough to both retire from their jobs on the same day and although we’ll miss them greatly, we wish them the very best on this new and exciting chapter of their lives.


Published by Bank of George
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Disclaimer - All content contained in this newsletter is for informational purposes only and should not be relied upon to make any financial, accounting, tax, legal or other related decisions. Each person must consider his or her objectives, risk tolerances and level of comfort when making financial decisions and should consult a competent professional advisor prior to making any such decisions. Any opinions expressed through the content in this newsletter are the opinions of the particular author only.


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