2020 News and Information

Honesdale, PA – The Honesdale National Bank has had the great fortune of having loyal and long-tenured employees helping serve its customers and greater communities. The Bank is pleased to recognize 16 employees who reached milestones of service in 2020.

David Raven, HNB President & CEO, offered, “The entire team here at HNB has immense gratitude for the dedication and hard work of this year’s honored employees and Directors. Their commitment and enthusiasm for our mission enables us to make strides in our service to our local area each and every day.”  

5 Years of Service

Roxanne Casey, Mortgage Underwriter/Residential Mortgage Manager Assistant, HNB Mortgage; Colleen Deliman, Teller, Hamlin Office; Dee Dettmore, Loan Closing Coordinator, HNB Mortgage; Sarah Fritz, Loan Operations Representative, Corporate Center; Rob Grimm, Board Director; Amy Hiller, Branch Manager, Route 6 Office; Jessica LaBelle, Floating CSR/Teller, Main Street Office; Scott Leet, Facilities Manager, Corporate Center; Nicole Merron, Collector, Corporate Center; Ted Radu, Assistant Trust Officer, Corporate Center; and Dale Reid, Teller, Forest City Office

10 Years of Service

Greg Gula, VP, Credit Administration Manager, Corporate Center

25 years of Service

Kathy Kotch, Mortgage Loan Processor, HNB Mortgage

30 Years of Service

Barb Goodman, Loan Processing Clerk, HNB Corporate Center

45 Years of Service

Bill Schweighofer, Chairman of the Board

50 Years of Service

Lisa Bonham, Assistant Trust Officer, Corporate Center

Congratulations to all of the HNB employees listed above, we thank you for your dedication to supporting our customers and local community!

Honesdale, PA – The Honesdale National Bank Foundation supports the community with a $10,000 contribution to the Clearbrook Foundation. The funds will specifically support the organization’s Families Helping Families Program offerings in the Clarks Summit, Scranton and Tunkhannock communities.

HNB President & CEO David Raven stated, “HNB is dedicated to helping our communities’ efforts in providing an opportunity for overcoming distress and crisis.” He continued, “We understand the challenges that many face. Ensuring access to a support system is something no one should have to go without especially when in a moment of greatest need.”

The Clear Brook Foundation provides services in Lackawanna, Luzerne, Wyoming, Columbia, Cumberland, and Dauphin counties in Eastern Pennsylvania. The Services are directed toward helping people with drug and alcohol problems and families of people suffering from this disease. The Foundation runs three programs. These programs are all offered free of charge to the public.

The first is called “Families Helping Families” which helps families dealing with addiction problems within the family. The second one is called “Recovery Connect” and provides evaluation and refers individuals seeking treatment to the appropriate levels of care and provider. The third is called the “Hall” which is our location in Scranton, Pa. which offers meeting space for self-help groups.

These funds will be used to allow the Clear Brook Foundation to continue to serve the unserved and underserved. It will be used to underwrite a portion of yearly costs of the Families Helping Families Program. The intention for this program is to provide a starting point for a family member seeking help for a loved one in a warm, safe and encouraging environment.

The Honesdale National Bank Foundation is a 501(c)3 entity established by The Honesdale National Bank to engage in community giving initiatives that foster the area’s growth and resources as it has remained committed to since its founding in 1836. The Foundation’s aims to fulfill that mission through initiatives that support the sustainability and strengthening of resources and programming that make local communities thrive and remain desirable places to live, work, and play. The mission will be upheld through the provision of funding for public charities, institutions, schools and other not-for-profit organizations throughout our local area.

Honesdale, PA – The Honesdale National Bank Foundation extended its support to the community with a $2,500 donation to Leadership Lackawanna. The funds will specifically support the organization’s SimSoc, or Simulated Society Program.

HNB President & CEO David Raven stated, “The Foundation is pleased to lend a hand in generating leaders in our community” He then mentioned, “members of our community are equipped with an assortment of skillsets and characteristics, and it is important to provide opportunities to drive their opportunity for impact in today’s society.”

Leadership Lackawanna is a 501(c)(3) charitable organization in Northeastern Pennsylvania, dedicated to community leadership and professional development. Its five programs – Tomorrow’s Leaders Today, Leadership U, Core, Executive and Welcome Scranton! – enhance the skills, connections and knowledge of emerging and established leaders, enabling them to better serve in our communities, workplaces and organizations. Established in 1982, Leadership Lackawanna has graduated more than 2,300 community leaders.

These funds will be used to hire and allow two trained professionals to travel our area to implement the eight-hour, hands-on facilitation called Simulated Society (or SimSoc). They will also be used to gather supplies and cover administrative costs.

SimSoc is a training program that cultivates an unlimited amount of skills such as communication, trust, problem-solving, empathy, decision-making, interpersonal feelings, and much more. This program will be implemented into their Core program to give participants experience and a better understanding of the complexity of our society.

The Honesdale National Bank Foundation is a 501(c)3 entity established by The Honesdale National Bank to engage in community giving initiatives that foster the area’s growth and resources as it has remained committed to since its founding in 1836. The Foundation’s aims to fulfill that mission through initiatives that support the sustainability and strengthening of resources and programming that make local communities thrive and remain desirable places to live, work, and play. The mission will be upheld through the provision of funding for public charities, institutions, schools and other not-for-profit organizations throughout our local area.

Honesdale, PA – David Raven, President & CEO of The Honesdale National Bank, announced Robert Hughes, Systems Analyst, is now Assistant Vice President.

In making the statement, Raven noted, “Robert’s actions at HNB have provided secure and effective internal systems for our bank. He is acknowledged for the customer and employee support he has provided to keep HNB advancing.”

In his current role, Hughes provides support and service for the information technology systems to direct needs of bank employees and customers.

Hughes began his career with HNB in 2016, as a Systems Analyst. He will continue to service IT needs of the bank along with other responsibilities in the department.

In mentioning his role at HNB, Hughes noted, “I have been very fortunate and impacted by the people that I work with on a daily basis.”

Hughes is a graduate of Scranton Preparatory High School and received a Bachelors in Marketing from La Salle University in 1999. He is an active member of Abington Youth Basketball as a coach. Outside of the bank, Hughes enjoys golfing, basketball and being with his family.

Honesdale, PA – David Raven, President & CEO of The Honesdale National Bank, announced Alissa Weiss, is now Cash Management Officer.

In making the statement, Raven noted, “Alissa Weiss has worked diligently to enhance the delivery and strategy of HNB’s cash management offerings. Her persistence and team mentality will continue to enable her and  HNB to grow hand in hand.”

In her current role as Cash Management Officer, Weiss provides support and service for the cash management needs of the bank as well as HNB’s merchant services offerings.

Weiss began her career with HNB in 2017 as a Loan Compliance Specialist. Under her officer title, she will continue to service the cash management needs of the bank along with other responsibilities in the department.

In mentioning her role at HNB, Weiss noted, “It is an honor to be part of the HNB Family. My position allows me to build relationships with local businesses and provide them with the solutions they need to be successful. I feel a great sense of pride in supporting the community in which I live and I look forward to continuing that mission.”

Weiss is a graduate of Wallenpaupack Area High School and received a BBA in Finance from Marywood University in 2011. She is currently in the process of obtaining her MBA from Louisiana State University Shreveport.

She is an active member of the American Business Women’s Association and the American Association of University Women. She also serves as the Treasurer for her Homeowners Association. Outside of the bank, Weiss enjoys gardening, baking, exercising, and spending time with her family.

Honesdale, PA – The Honesdale National Bank supports the Forest City Regional School District by backing the students' continued participation in dual enrollment courses with a $1,000 donation.

HNB President & CEO, David Raven, stated, “Providing funding for education in our community is vital.” He said, “We are glad that we are able to contribute to our area by providing support to our local students.”

Superintendent Dr. Jessica Aquilina from the Forest City Regional School District stated “Close to 60% of our families qualify for free and reduced priced meals through the National School Lunch Program and our families rely on the Dual Enrollment Scholarships to ensure their children have access to participation in dual enrollment courses!”

Dual enrollment courses allow student to get ahead with their higher education, and receive scholarships to excel in their careers. These programs give each student an equal opportunity to excel and deliver suitable paths for their futures.

Honesdale, PA – David E. Raven, President & CEO of The Honesdale National Bank, announced that Ron Sebastianelli was recently promoted to & Vice President, Chief Lending Officer.

In making the announcement, Mr. Raven stated, “Ron has provided many years of expertise to customers of HNB. He is dedicated to maintaining relationships with customers and business owners, proving a steady demonstration of HNB’s customer-focused approach.”

After gaining experience at other financial institutions in the area, Ron began his career at HNB in January of 2003 as VP Commercial Loan Officer. In December of 2015, he was promoted to VP, Chief Lending Officer. On September 23, 2020, he was promoted to Senior Vice President. In this role as Senior Vice President, Chief Lending Officer, Ron is available to lead and direct HNB’s loan portfolio growth, and launch corporate strategies and measures regarding lending opportunities.

Ron mentioned, “We are one of the oldest and strongest Community Banks in the United States. We thrive on being able to improvise adapt and overcome most issues our business people and consumers in our market may be experiencing. In this way we can continue to assist our communities to grow as we have been doing for 185 years. Working for The Honesdale National Bank for the last 18 years has increased my strong sense of pride and ownership not only for the institution I work for, but for the communities we serve.”

Sebastianelli graduated from Wilkes University in 1991 with a Bachelor of Arts in Political Science. His Masters of Business Administration with a focus in Finance and Investments from Marywood University was received in 1995. Ron resides in his hometown of Archbald.

Mr. Sebastianelli is a former member of the United Way committee which helped allocate funds to social programs in Northeast Pennsylvania, the RMA NEPA Board of Directors for RMA, and former member of the Scranton Lackawanna Industrial Building Company (SLIBCO). He coordinates HNB’s annual highway roadside clean-up crew which is responsible for a two-mile stretch of Route 6 in Honesdale, PA, and was a coach and treasurer for the North East PA Hurricanes Travel Softball Team.

Honesdale, PA – David E. Raven, President & CEO of The Honesdale National Bank, announced that Kate Bryant was recently promoted to Senior Vice President, Chief Financial Officer.

In making the announcement, Mr. Raven stated, “Kate is an invaluable member of the HNB family. Her knowledge set and dedication to upholding the strength and stability of the Bank has made a profound impact and we are confident she will continue to help us grow as an organization.”

Bryant began her career at HNB in 2004 as an accounting administrator after gaining experience at a financial institution in the Philadelphia area. In 2005, she was promoted to Bank Secrecy Officer. She was then promoted to Assistant Vice President in 2010. In 2013 she was promoted to Vice President, Bank Secrecy Officer, and in 2014 promoted to VP, Controller. She was elevated to Vice President Chief Financial Officer in 2016. On September 23, 2020, she was promoted to Senior Vice President, Chief Financial Officer.

In this role as Senior Vice President, Chief Financial Officer, Kate will continue to manage cashflow and financial planning as we work to serve our community, and provide the best services to our customers.

Commenting on her promotion, Kate explained, “HNB is committed to their customers, employees, shareholders and communities, and I am grateful to be a member of this successful team.”

Bryant graduated from Indiana University of Pennsylvania in 1999 with a Bachelor of Science in Finance. Her Masters of Business Administration from Villanova University was obtained in July of 2002. She attended the PA Bankers School of Banking and participated in the Leadership Wayne Class of 2008-2009.

Kate is a strong community advocate. She has participated in many community events and is currently serving on the board of the Wayne Memorial Hospital Foundation and is a 4H Leader.

The Building Blocks of Credit

Building credit from a young age is one of the most important financial steps you can make. While many young adults may be familiar with using a credit card, a large percentage of them may have little to no understanding of how credit cards or other forms of credit shape their futures. October is Credit Awareness Month and The Honesdale National Bank aims to help its local community members learn the building blocks of credit to help them work toward their financial goals.

The Foundation: Your Credit Score

Many have heard the term credit score, but might not know exactly how it will affect their immediate and long term goals. A credit score is a number that represents how likely you are to pay back a loan on time. This is a formulated number that uses a scoring model to calculate your credit score based on your credit history – summarized in your credit report. The typical range for a credit score is 300–850. The higher the number you achieve, the better your credit. This number can help others evaluate you in a number of ways.

Companies will use this to decide if they will offer you a mortgage, auto loan, credit card and even to determine your credit limit. Employers and landlords may also use this information to determine if you are the right candidate for the vacancy. You may pull a free credit report each year to monitor your credit score and history.

The Honesdale National Bank makes this easily accessible on their website through the service freecreditreport.com. Before engaging in using different forms of credit to start building your history, it is important to understand the four factors that contribute to your credit makeup.

These items are also known as 4C’s : Character, Capacity, Capital, and Collateral.

Character

The first “C” of credit is Character. Not only does this mean the broad definition of the moral quality of an individual, it also refers to the person’s ability to be financially responsible. To make sure you build a trustworthy financial character, be sure to pay your bills on time, keep accounts open, and try not to open and close accounts frequently. These tips can help you build a long credit history which will then translate to a strong financial character.

Capacity

Lenders are not only looking for someone with a trustworthy character, they also look to see if you will have the ability to repay a loan. This means they will take your employment history and your income to determine if you have the capacity to repay your loan within a timely manner. Some tips to keep in mind for this include keeping a steady job, avoiding gaps in your resume, and maintaining an income with a growth pattern. These tips will give lenders more confidence when determining your loan request.

Capital

Lenders like to see a structured income, but they can also look at your personal items of value. This means an investment account or your home can determine whether or not you can afford to repay this loan. Although this sounds unfair, this is important to keep in mind if you lose steady income or you cannot find a job. One helpful tip would be to maintain healthy relationships at work and do not obtain any loan that you may not be able to repay in the future.

Collateral

This is where lenders can use your property to their advantage when dealing with a mortgage loan or an auto loan. Items considered to be collateral are physical items of value meaning a house, your boat, even a car you own. The lenders will look to see which items they can take from you as collateral to put towards your loan if you are not able to repay them monetarily.

At HNB, we offer tools, resources and guidance to help you build proper credit score so as your financial needs grow, you have strong footing to work toward your goals. Visit your local HNB office or visit us at hnbbank.bank for more information and helpful products and services.

Honesdale, PA – HNB President & CEO, David E. Raven, is pleased to announce that, effective immediately, Richard Simmers, VP, Residential Mortgage Manager, will be assuming responsibility for oversight of operations for HNB Mortgage.

HNB President & CEO, David Raven stated, “Rich has positively contributed to the growth and development of our mortgage offerings and operations over the course of his career with HNB.” He continued, “We eagerly anticipate the increased impact he’ll have on growing this area of our business and further supporting the needs of our communities.”

In his role, Simmers will oversee all aspects of operations for the mortgages business line including origination, servicing, underwriting, processing, closing and pricing. The HNB Mortgage Center, which houses much of the mortgage operations for the Bank, is located at 38 North Franklin Street in Wilkes-Barre, Pa.

Simmers has worked closely with Vice President, Mortgages James Musto since joining the company in July 2007 as Residential Mortgage Manager. In March 2011, he was promoted to AVP, Residential Mortgage Manager. Then, in May 2014, he was promoted to Vice President. He enters his new role with more than 40 years of banking experiencing, 30 years of which were concentrated in mortgages.

Honesdale, PA – The Ernest and Margaret Lemnitzer Memorial Fund, administered by the Trust Department at The Honesdale National Bank and local Honesdale businessman, Paul Meagher, continued its support of those pursuing higher education with the awarding of scholarships to 2020 graduates with a total distribution of $35,157.98.

The Ernest and Margaret Lemnitzer Memorial Fund was created by these prominent Honesdale residents to support designated charitable organizations within Wayne County, as well as, to provide scholarships to deserving graduates of Wayne Highlands High School. Ernest was the brother of the former Chairman of the Joint Chiefs of Staff and Honesdale resident, Lyman L. Lemnitzer.

Dominic Maglione received financial support through the “Ernest and Margaret Lemnitzer Scholarship” as the Wayne Highlands High School 2020 Class Valedictorian. Maglione is enrolled to attend University of Florida in the fall. This scholarship totals $17,578.99.

Joseph Scarfallotto, the 2020 recipient of the “Ernest and Margaret Lemnitzer Nursing Scholarship” is enrolled to attend East Stroudsburg University to study nursing in the fall. He is a 2020 graduate of Wayne Highlands High
School. The selection of the nursing scholarship recipient is made by the Women’s Auxiliary of the Wayne Memorial Hospital and is based on scholastic achievement. This scholarship totals $17,578.99.

The Honesdale National Bank Trust Department has managed the investments of the Memorial Fund since its inception in 1991. Through prudent investment of the trust assets, grants in excess of $2 Million have been paid to qualifying recipients to date. A total of $345,097.78 has been distributed through the Ernest and Margaret Lemnitzer Scholarships alone. For more information about the HNB Financial Group, please call 570-253-3355 or visit the HNB Corporate Center in Honesdale.

Honesdale, PA – The Honesdale National Bank was once again authorized to make approved contributions under the Commonwealth’s Educational Improvement Tax Credit (EITC) Program. HNB designated $3,000 of their approved allotment to the Abington Community Library. The funds, donated by HNB, will support K-12 educational opportunities.

HNB President & CEO, David Raven, stated, “Our local libraries are an important resource for students of all ages and interests.” He said, “We are glad that we are able to continue to serve our area by contributing to their funding.”

Sandy Longo, Abington Community Library Director, said, “The Abington Community Library continues to remain a grateful recipient of HNB’s EITC contribution as it enables us to extend K-12 innovative, engaging educational opportunities throughout our service community. Our reach wouldn’t be as impactful as it is without it!”

The Abington Community Library is part of the Lackawanna County Library System. The Library is located at 1200 West Grove Street in Clarks Summit, PA.

Honesdale, PA – The Honesdale National Bank was once again authorized to make approved contributions under the Commonwealth’s Educational Improvement Tax Credit (EITC) Program. HNB designated $3,000 of their approved allotment to WVIA Public Media. The funds, donated by HNB, will support educational programming.

HNB President & CEO, David Raven, stated, “The accessibility of public media will continue to be important to our communities, especially during these difficult times.” He said, “We are glad that we are able to continue to serve our area by contributing funding for this program.”

Kirsten Smith, Grants & Education Officer, WVIA Public Media, said, “WVIA is extremely grateful for the EITC donation provided by The Honesdale National Bank. These funds make our educational initiatives and programs possible. From educational programming to vital educational programs like VIA's “Kids in the Classroom,” WVIA Education is dedicated to educating all children and communities. We are grateful to The Honesdale National Bank for being such an important partner in our efforts.”

WVIA-FM is a non-commercial, public FM radio station licensed to serve Scranton, Pennsylvania and is the National Public Radio member station for Northeastern Pennsylvania. The station is owned by the Northeastern Pennsylvania Educational Television Association along with its sister television station, WVIA-TV.

Honesdale, PA – The Honesdale National Bank was once again authorized to make approved contributions under the Commonwealth’s Educational Improvement Tax Credit (EITC) Program. HNB designated $20,000 of their approved allotment to the Wayne County Community Foundation. The funds, donated by HNB, will support the STEM (Science, Technology, Engineering, Technology) education in local schools.

HNB President & CEO, David Raven, stated, “Preparing our future generations is vital to the success of our future economies.” He said, “We are glad that we are able to continue to serve our area by contributing funding for this program.”

Ryanne Jennings, Executive Director, Wayne County Community Foundation, said, “The Wayne County Community Foundation is extremely grateful for The Honesdale National Bank's continued support of STEM education through their donation of EITC dollars to the Foundation. These dollars are distributed to Wayne Highlands, Wallenpaupack Area, and Western Wayne School Districts for STEM education in each of the schools.”

The Wayne County Community Foundation is a 501(c)(3) charitable organization. Founded in 1991 by a group of dedicated community members, the Foundation supports grants to local nonprofit organizations, scholarships, and field of interest funds. The Foundation is invested in the idea that community foundations serve the needs of the entire county now and in the future.

Individuals, families, businesses, and organizations have created a variety of permanent funds that help the county meet the challenges of changing times. The Foundation invests and administers these funds and uses the returns to award grants, scholarships, and promote programs to a wide variety of humanitarian, educational, and cultural organizations.

Susquehanna, PA – On Thursday, May 7, HNB employees in Susquehanna County delivered treats to the nurses of Barnes Kasson Hospital in Susquehanna and Endless Mountains Health Systems in Montrose in celebration of Nurse’s Week in demonstration of the Bank’s appreciation for their tireless efforts. Healthcare workers, Eileen Craige, OR Manager; Mary Mushala, Chief Nursing Officer; Kristi Byham, Medical Surgery Manager; and Lauren Thomas, ED Manager, accepted the donation from Hallstead Office Branch Manager, Gregory Sheridan.

Honesdale, PA – The Honesdale National Bank was once again authorized to make approved contributions under the Commonwealth’s Educational Improvement Tax Credit (EITC) Program. HNB designated $2,500 of their approved allotment to the Devereux Foundation. The funds, donated by HNB, will support their school-to-work transition efforts.

HNB President & CEO David Raven stated, “The Devereux Foundation is a vital part of our community and an essential resource to those in need.” He said, “We are glad that we can contribute funding for this program to continue to serve our area.”

Tina Skod, Executive Director, Devereux Foundation, said, “We are so grateful to our long-standing partner, The Honesdale National Bank, for its support. These funds help us provide our individuals with the critical skills necessary for them to seek and secure meaningful employment. This work is so important, as the Bureau of Labor Statistics noted less than 20 percent of individuals with a disability were employed in 2019.”

Eastern Pennsylvania is Devereux Advanced Behavioral Health’s most concentrated and diverse region of service provision with 90 locations in northeast and southeast Pennsylvania. Devereux Pennsylvania serves more than 3,800 children and adults via educational and residential programs, therapeutic foster care, case management, customized employment, and community-based behavioral health services.

Devereux Pennsylvania’s individualized, positive approaches to care enables the children and adults we serve to lead meaningful, productive lives. Services are focused in the areas of autism spectrum disorders, emotional and behavioral health challenges, and intellectual and developmental disabilities. Across these programs, Devereux Pennsylvania supports more than 1,000 individuals with autism spectrum disorder.

Honesdale, PA – The Honesdale National Bank was once again authorized to make approved contributions under the Commonwealth’s Educational Improvement Tax Credit (EITC) Program. HNB designated $2,000 of their approved allotment to the Lacawac Sanctuary Field Station and Environmental Education Center, nestled on 550 acres near the shores of Lake Wallenpaupack. The funds, donated by HNB, will support the Center’s K-12 educational programs.

HNB President & CEO David Raven stated, “The missions of Lacawac are not only important for the environment in our area, but our local students and community members as well.” He said, “We are glad that we can contribute funding for this program to continue to serve our area.”

Craig Lukatch, Lacawac Sanctuary President, said, “Lacawac Sanctuary is very grateful for the generous support of The Honesdale National Bank. Lacawac’s YES (Youth Engaging Science) Programs provide opportunities for students to participate in hands-on environmental STEM (Science, Technology, Engineering, Mathematics) education programs both in and out of school.”

The Lacawac Sanctuary offers direct experiences with nature, providing relevant learning that equips students with critical thinking, creative approaches, and problem-solving skills. Their mission is to preserve the natural beauty of Lake Lacawac, its watershed, and surrounding lands; to conduct long-term research on natural systems as part of a global effort to understand and protect the Earth’s biodiversity; and to increase appreciation of this effort through innovative, field-based educational programs for students, teachers, and the community.

Lukatch continued, “Lacawac strives each year to take our inquiry-based science programs to the next level, transforming the way teachers teach and students learn environmental education.”

Lacawac Sanctuary Field Station and Environmental Education Center is an independent, non-profit, environmental education organization located on the shore of Lake Wallenpaupack in the Northern Poconos. They operate solely on program fees, memberships, sponsorships, grants, and private donations. To fulfill their mission of research, education, and preservation, Lacawac offers environmental education and public programs to the community, educating environmental stewards by communicating the core values of environmental responsibility, citizenship, inclusiveness, and the pursuit of knowledge.

Hallstead, PA – The Honesdale National Bank stayed local bringing farm to table by donating hundreds of dollars’ worth of milk to the Caring Community Food Pantry and Feed the Sheep Food Pantry as part of Coronavirus (COVID-19) relief.

HNB President & CEO David Raven stated, “Ensuring our local families and neighbors are able to keep food on the table is important now and always.” He continued, “We wanted to do our part to assist and wanted to do so while also supporting local businesses. Helping others is at the core of who we are and we’ll continue to make ourselves available to assist others now and always.”

The milk was purchased from Mountainside Fruit Market in Choconut, PA.

The Caring Community Food Pantry is managed by the Great Bend United Methodist Church, Route 11 (Main Street) in Great Bend. Distribution takes place most Fridays from 3:30-5:30pm. Proof of Great Bend or Hallstead residence is required. The milk was donated on May 1.

The Feed the Sheep Pantry is managed by the New Milford United Methodist Church on Church Street in New Milford. Distribution takes place on the fourth Saturday of each month from 11:00am-1:00pm with registration on the day of distribution. The milk was donated on April 24.

Honesdale, PA – The Honesdale National Bank was once again authorized to make approved contributions under the Commonwealth’s Educational Improvement Tax Credit (EITC) Program. HNB designated $2,000 of their approved allotment to Leadership Lackawanna. The funds, donated by HNB, will support curriculum enhancement for the betterment of local young professionals.

HNB President & CEO David Raven stated, “Leadership Lackawanna provides programming that is refining the skillsets of our local professionals and ultimately contributing to the growth and development of our local businesses and region’s economy.” He said, “We are glad that we can contribute funding for this program to continue to serve our area.”

Nikki Morristell, Executive Director, Leadership Lackawanna, said “Leadership Lackawanna is so very grateful to The Honesdale National Bank for their commitment to leadership development, generosity, and continued support.” She continued, “The funds received will allow us to expand programming and enhance our curriculum – hence further investing our efforts as we continue to offer outstanding community leadership and professional development to young adults.”

Leadership Lackawanna is a 501(c)(3) charitable, nonprofit organization in northeastern Pennsylvania dedicated to community leadership and professional development. Its five programs – Tomorrow’s Leaders Today, Leadership U, Core, Executive, and Welcome Scranton! – enhance the skills, connections, and knowledge of emerging and established leaders, enabling them to better serve in our communities, workplaces, and organizations. Since inception, Leadership Lackawanna has graduated more than 2,300 community leaders.

Honesdale, PA – The Honesdale National Bank Foundation extended its support to the community with a $2,500 donation to the Wayne County Emergency Food Relief Fund operated by the Wayne County Community Foundation. The funds, donated by HNB, will specifically support the purchase of $2,500 worth of milk from Creamworks Creamery to be distributed on Friday, April 24 at the emergency food banks.

HNB President & CEO David Raven stated, “Founded on the grounds of an agricultural community, The Honesdale National Bank has been a friend to the dairy community for many years.” He continued, “We are glad to be able to not only help feed those in need in our area, but to also support a local dairy while doing so.”

Creamworks Creamery is a self-serve dairy, open seven days a week, located in Waymart, PA. For more information, please visit creamworkscreamery.com, call 570-448-6455, or find them on Facebook.

The Honesdale National Bank Foundation is a 501(c)3 entity established by The Honesdale National Bank to engage in community giving initiatives that foster the area’s growth and resources as it has remain committed to since its founding in 1836. The Foundation’s aims to fulfill that mission through initiatives that support the sustainability and strengthening of resources and programming that make local communities thrive and remain desirable places to live, work, and play. The mission will be upheld through the provision of funding for public charities, institutions, schools and other not-for-profit organizations throughout our local area.

Honesdale, PA – The Honesdale National Bank was once again authorized to make approved contributions under the Commonwealth’s Educational Improvement Tax Credit (EITC) Program. HNB designated $20,000 of their approved allotment to the missions of the Wayne County Public Library. The funds, donated by HNB, will support students with e-resources within the seven-library system including the following local libraries: Bethany, Hamlin, Hawley, Newfoundland, Northern Wayne, Pleasant Mount, and the WCPL (Honesdale).

The e-resources include programs such as Tutor.com and Learning Express Library, both of which have been necessary to support parents, teachers, and students during the school closures due to the Coronavirus (COVID-19) Pandemic. Once children can return to classrooms and the doors to the library reopen, the funding will continue to be used for on-site hydroponic garden fish tanks and summer learning to help students learn both in school and through the library program.

HNB President & CEO David Raven stated, “We are fortunate to have the opportunity to provide local assistance to organizations like the Wayne County Public Library with funds through the EITC program. Our library system is a great resource for those both young and old in our region.” He continued, “We are happy to see these dollars assist in the redirection of learning during this difficult time for our local students.”

Tracy Schwarz, Wayne County Public Library System Administrator, said “The seven libraries of Wayne County are extremely grateful to HNB for its outstanding donation. This year's funding means even more as the libraries will continue to support K-12 learning with virtual learning experiences, STEM programs, and e-resources until we can get back into the classrooms and open our doors again.”

Honesdale, PA – The Honesdale National Bank was once again authorized to make approved contributions under the Commonwealth’s Educational Improvement Tax Credit (EITC) Program. HNB designated $3,000 of their approved allotment to the missions of the Women’s Resource Center. The funds, donated by HNB, will support their educational programming efforts.

HNB President & CEO David Raven stated, “We are fortunate to have the opportunity to provide local assistance to organizations like the Women’s Resource Center with these funds through the EITC program. The Women’s Resource Center is a vital organization for the health and safety of those in our region.”

The Women’s Resource Center is a dynamic force in our community, helping 52,087 women and children in Lackawanna and Susquehanna Counties rebuild their lives free of violence and fear since beginning operations. Of that number, 42,138 were adult and child victims of domestic violence and 9,949 victims of sexual abuse. Those reaching out for help come from all walks of life, socioeconomic backgrounds, education, ethnicities, and sexual orientation. Services are free and extended to everyone.

Pictured are (left to right):  Nancy Perri, WRC Grants & Education Program Director; Elizabeth Nagy, HNB VP, Chief Marketing and Digital Officer; Amy Everetts, WRC Director of Development.

Honesdale, PA – The Honesdale National Bank Foundation extended its support of the F.M. Kirby Center for the Performing Arts with a contribution of $2,500. The funds, donated by HNB, will support the sensory programming at the venue.

HNB President & CEO David Raven stated, “The F.M. Kirby Center for the Performing Arts remains a staple in the community. We appreciate their commitment to inclusion at their events through sensory programming.”

The F.M. Kirby Center for the Performing Arts is a sensory-friendly theater which exists in order to make theatrical experiences accessible to audience members with autism and other disorders that may cause sensitivity to sensory stimuli, and their families. Creating and presenting relaxed performances adds another avenue for the F.M. Kirby Center to welcome a broader audience to the theater and to continue its efforts to be more inclusive.

The Honesdale National Bank Foundation is a 501(c)3 entity established by The Honesdale National Bank to engage in community giving initiatives that foster the area’s growth and resources as it has remain committed to since its founding in 1836. The Foundation’s aims to fulfill that mission through initiatives that support the sustainability and strengthening of resources and programming that make local communities thrive and remain desirable places to live, work, and play. The mission will be upheld through the provision of funding for public charities, institutions, schools and other not-for-profit organizations throughout our local area.

Pictured are (left to right): Ashlee Jacobs, Development Coordinator; Karen Decker, HNB AVP, Kingston Branch Manager; Joell Yarmel, Development Director; Drew Taylor, Managing Director.

Honesdale, PA – The Honesdale National Bank Foundation extended its support of the Women’s Resource Center with a contribution of $12,500. The funds, donated by HNB, will support their provision of resources across Susquehanna and Lackawanna counties as well as allow for facility improvements.

HNB President & CEO David Raven stated, “The Women’s Resource Center is a valuable resource for the women and children of Northeastern PA.” He continued, “We aim to help keep these services accessible and plentiful to those in need.”

The Women’s Resource Center is a dynamic force in our community, helping 52,087 women and children in Lackawanna and Susquehanna Counties rebuild their lives free of violence and fear since beginning operations. Of that number, 42,138 were adult and child victims of domestic violence and 9,949 victims of sexual abuse. Those reaching out for help come from all walks of life, socioeconomic backgrounds, education, ethnicities, and sexual orientation. Services are free and extended to everyone.

The Honesdale National Bank Foundation is a 501(c)3 entity established by The Honesdale National Bank to engage in community giving initiatives that foster the area’s growth and resources as it has remain committed to since its founding in 1836. The Foundation’s aims to fulfill that mission through initiatives that support the sustainability and strengthening of resources and programming that make local communities thrive and remain desirable places to live, work, and play. The mission will be upheld through the provision of funding for public charities, institutions, schools and other not-for-profit organizations throughout our local area.

Pictured are (left to right):  Amy Everetts, WRC Director of Development; Elizabeth Nagy, HNB VP, Chief Marketing and Digital Officer; Nancy Perri, WRC Grants & Education Program Director.

Honesdale, PA – The Honesdale National Bank Foundation extended its support of Wyoming Valley Habitat for Humanity with a contribution of $1,000. The funds, donated by HNB, will support their rescheduled bike race fundraiser.

The Spencer Martin Memorial Bike Ride, originally scheduled for May 2, is a fundraising effort to raise money to continue Habitat’s effort to eliminate poverty housing in Wyoming Valley. Spencer Martin was a longtime, devoted volunteer and member of Wyoming Valley Habitat for Humanity’s Board of Directors. Visit facebook.com/wyomingvalleyhabitatforhumanity for event updates.

HNB President & CEO David Raven stated, “The Honesdale National Bank has been a supporter of Habitat for Humanity for many years.” He continued, “We are excited to continue that support in the interest of providing affordable housing throughout our service area.”

Wyoming Valley Habitat for Humanity is a non-profit organization that builds simple, decent homes to sell to families in need.

The Honesdale National Bank Foundation is a 501(c)3 entity established by The Honesdale National Bank to engage in community giving initiatives that foster the area’s growth and resources as it has remain committed to since its founding in 1836. The Foundation’s aims to fulfill that mission through initiatives that support the sustainability and strengthening of resources and programming that make local communities thrive and remain desirable places to live, work, and play. The mission will be upheld through the provision of funding for public charities, institutions, schools and other not-for-profit organizations throughout our local area.

Pictured are (left to right): Karen Evans Kaufer, Executive Director, Wyoming Valley Habitat for Humanity; Karen Decker, HNB AVP, Branch Manager.

Milford, PA – Greater Pike Community Foundation is pleased to acknowledge a $5,000 donation from The Honesdale National Bank that will help to provide educational enhancements for students in science, technology, engineering, and math (the STEM Program) in the Delaware Valley School District. The donation was made through Pennsylvania’s Educational Improvement Tax Credit Program (EITC).

Greater Pike Executive Director, Jenni Hamill said, “We greatly value our strong partnership with The Honesdale National Bank, the Delaware Valley School District, and the PA Department of Community and Economic Development. It has been rewarding for us to help the EITC program grow and make such an important contribution to preparing students for successful futures."

Greater Pike Community Foundation was created to enable generous individuals, families and local businesses to maximize their charitable support through organized, targeted, long-term community philanthropy. For more information about establishing a fund, contact Jenni Hamill, Executive Director, at jennihamill@greaterpike.org, 570-832-4686 or visit our website at greaterpike.org and facebook.com/greaterpike.

Honesdale, PA – The Honesdale National Bank has donated $250 to The Cooperage Project to support their meal offerings. The funds will help with the purchase of pantry items for local families in need during the Coronavirus (COVID-19) pandemic.

The Cooperage Project provided 161 meals to children on Sunday, March 29, alone. Finding supplies running low, they reached out to the community. HNB’s donation included $250 to purchase supplies, plastic bags to compile lunches, and a temporary tattoo of the Bank’s mascot, Blu, as an added surprise for kids.

HNB President & CEO David Raven stated, “We are happy to lend a hand to support those businesses helping others during this unprecedented time. We appreciate what they’re doing for our community.”

If you would like to make a donation to The Cooperage Project, please mail a check payable to The Cooperage Project to 1030 Main Street, Honesdale, PA 18431 or visit thecooperageproject.org/donate. For more information, please contact Arrah Fisher at 570-253-2020 or arrah@thecooperageproject.org.

The mission of The Cooperage Project is to offer a range of instructive and entertaining activities that will engage, challenge and enlighten. Through a variety of programs, they aim to inspire people of all ages to both embrace diversity and celebrate shared experience in order to create a deeper sense of community. They are currently playing a large role in providing lunches, snacks, and activities for the youth of our community during the COVID-19 pandemic.

Pictured (left to right): Arrah Fisher, The Cooperage, accepts a donation of plastic bags and temporary tattoos along with a monetary donation from The Honesdale National Bank. HNB AVP, Business Development Officer, Brian Wilken practiced social distancing when dropping off the supplies.

Honesdale, PA – The Honesdale National Bank has donated $1,250 to the “Sponsor A Senior” In-Home Delivered Meal Program through the Wayne County Area Agency on Aging. The funds will help support the preparation of approximately 2,000 meals needed per week as the needs of the local population grow due to the Coronavirus (COVID-19) pandemic.

The Senior Center activities have been suspended during the COVID-19 pandemic, but the kitchen is continuing to make in-home and drive-thru meals available to the seniors. A donation of $12.50 covers the cost for a week of in-home meals for one senior. HNB’s donation will provide one week of meals for 100 Wayne County seniors.

HNB President & CEO David Raven stated, “During this unprecedented time, it is more important now than ever to help the elderly in our communities. We urge anyone else who is able to lend a helping hand to do so.”

If you would like to make a donation to the Wayne County Area Agency on Aging, please mail a check payable to Wayne County Area Agency on Aging to 313 10th Street, Honesdale, PA 18431. For more information, please call 570-253-4262 and ask for Maggie Hicks.

The mission of the Wayne County Area Agency on Aging is to act as an advocate to enhance the lives of older adults by promoting independence, empowerment, safety, and security through available programs and partnerships.

Pictured: Brian Wilken, HNB AVP, Business Development Officer, practices social distancing with the absence of a check presentation photo, but was happy to visit the center and check out the blooming daffodils.

Honesdale, PA – The Ernest and Margaret Lemnitzer Memorial Fund, administered by the HNB Financial Group at The Honesdale National Bank and Paul Meagher, continued its support of the Seelyville Fire Company with a distribution of $11,719.95. With this allocation, the fire company has received $138,173.19 since the fund’s inception.

The Ernest and Margaret Lemnitzer Memorial Fund was created by these prominent Honesdale residents to support charitable organizations within Wayne County, as well as, provide scholarships to deserving graduates of Honesdale High School. Ernest was the brother of the former Chairman of the Joint Chiefs of Staff and Honesdale resident, Lyman Lemnitzer.

The Ernest and Margaret Lemnitzer Memorial Fund is administered by The Honesdale National Bank and local Honesdale businessman, Paul Meagher. The HNB Financial Group at The Honesdale National Bank has managed the investments of the Memorial Fund since its inception in 1991. To date, grants in excess of $2.1 Million have been paid to qualifying recipients.

The HNB Financial Group provides services to support the establishment and administering of trusts and endowments. For more information, visit hnbbank.bank or contact 570-253-3355.

Pictured are (left to right): Charles Curtin, JD, LLM and HNB Trust Officer; George Piercy, Seelyville Fire Company representative; and Paul Meagher, co-Trustee.

Honesdale, PA – The Honesdale National Bank was once again authorized to make approved contributions under the Commonwealth’s Educational Improvement Tax Credit (EITC) Program. HNB designated $5,000 of their approved allotment to the missions of The Cooperage Project. The funds, donated by HNB, will support the innovative youth programs, Pop-Up Club, and Romping Radishes.

HNB President & CEO David Raven stated, “The Cooperage Project continues to host a range of instructive and entertaining activities for our community. We are fortunate to have an opportunity to support their mission and work through the EITC program.”

Pictured are (left to right): Arrah Fisher, The Cooperage Interim Executive Director, and Elizabeth Nagy, HNB Vice President, Chief Marketing and Digital Officer.

As a mom, you have to multitask. This isn’t an option – it’s mandatory! You sing songs with the kids while you fold laundry. You wipe down counters while the water is boiling to cook dinner. You mop the floor while you talk your two-year-old into putting on their pull-up correctly, instead of wearing it as a hat. The list goes on.

While multi-tasking is in a mom’s job description, super-sonic hearing is listed under the necessary skills. If you’re folding laundry, you have to hear if play dough is being opened in a carpeted area. If you’re cooking dinner, you have to hear if little hands and feet are climbing to new heights. If you’re vacuuming, you still have to hear if little mouths are finding the cheerios under the couch before the vacuum does. And again, the list goes on.

Just the other night, I was cooking dinner when my super-sonic hearing activated. Ching, cling, ching, cling. My mind scrolled for .3 seconds (like mom brains have to do) and I identified the sound – coins! First thought, thankfully she knows not to eat them.

I look to my purse to see my daughter taking the change out of my clutch. One by one, she was moving the coins from my possession to hers! Good thing she’s cute! But while I took that moment to take it all in, I realized my daughter was wise beyond her years. She knew how to save better than most of us! Here’s a few savings tips we can learn from her.

Pay yourself first!

That money was clearly better off in a piggy bank than in my wallet to be spent, so she paid herself! Paying yourself first is exactly what we have to do with each paycheck. Savings can’t wait for what’s left, or it will never happen. Whether you’re putting the funds into a savings account, adding to a 401(k), or paying down debt, make sure that’s step one before other purchases.

But how do you know how much to pay yourself? You can use the 50/30/20 approach. This idea has you reserve 20% of your monthly income for savings and debt repayment, 50% for needs, and 30% for wants. For example, with a $3,000 monthly income, you’d put away $600 for savings and debt repayment, you’d have $1,500 for needs, and $900 could be used for wants.

Whether you follow this system, or have another method, any budget is better than no budget!

Save automatically!

Like we discussed earlier, multi-tasking is just part of mom-life. Therefore, the more automatic life can be the better! Payroll checks are automatically deposited, so why not savings too? My daughter knew what to automatically do with my change. With HNB Online Banking, you can set up automatic transfers from your checking to your savings account to take place once, weekly, bi-weekly, semi-monthly, or monthly.

Or, if you’re saving up for the kiddos, you can set up automatic transfers into their savings accounts. Allowance for doing chores? Set it up automatically – just don’t tell them that! And if they deserve a bonus for a super job well done, single transfers can be done with a few clicks on the HNB Mobile Banking app. It’s so easy, you could do it in your sleep. No, really, you can make transfers at 3:00am when you’re awake, but your banker isn’t!

Save as a family!

As my daughter nonchalantly boosted her savings, I took a seat next to her on our kitchen floor. We looked at the different colors and sizes of the coins and practiced saying their names. I asked her what she wanted to save for. I was hoping for “my first car,” or “furthering my education,” but she responded with, “puppy!” Boy, am I in trouble!

But what we talked about on the floor that day was more important than dinner being ready “on time.” We talked about saving today, but in the coming years we’ll talk about budgeting, credit scores, debt to income ratio, and more!  

If you’re not sure where to start, you can find financial education tools at Banzai.

Lessons from them.

There are so many things we can learn from our kids, and stocking up the savings in our “piggy bank” is definitely one of them. Maybe we just need to hear the dropping of coins when we save a buck or two – ching, cling, ching, cling. Little did she know, the piggy bank she was putting the coins into was her baby brother’s!

Sarah O'Hora
Commercial Loan Officer I

Honesdale, PA – The Honesdale National Bank is pleased to support NeighborWorks Northeastern Pennsylvania as a corporate partner with a commitment of $5,000 through the PA Department of Community and Economic Development’s Neighborhood Assistance Program/Special Priorities Program! Pictured from left to right are Ray Ceccotti, HNB SVP, Branch Administration; Jesse Ergott, NWNEPA President & CEO; and Elizabeth Nagy, HNB VP, Chief Marketing and Digital Officer.

Honesdale, PA – America Saves Week, a nationwide initiative to encourage active savings, is scheduled for February 24 – February 29, 2020. The Honesdale National Bank is urging its communities to make savings automatic to improve financial wellness.

Visit your local HNB Office to find out how you can plan to meet your savings goals!

“Saving regularly is a message HNB drives home throughout the year, but we’re looking forward to providing even greater emphasis on helping the community learn more about saving for their future with the right tools and resources,” stated David Raven, HNB President & CEO. “Our goal is to help the people in our communities set a goal, make a plan, and save automatically.”

During America Saves Week and every day, community members are encouraged to visit their local HNB office to speak to an HNB representative about setting goals and making plans.

HNB offers the following quick tips to become a stronger saver:

• Save Automatically: Set up automatic transfers through your employer or financial institution to work toward your savings goal.
• Save with a Plan: Make time for a financial health check-up to assess your savings goals and develop an action plan.
• Save for the Unexpected: 40% of Americans don’t have access to even $400 cash in the case of an emergency - don’t be part of the 40%!
• Save to Retire: Save today for tomorrow by discovering just how much you need to save for your golden years.
• Save by Reducing Debt: Actively pay down your debt to save on interest.
• Save as a Family: The best way to teach great money habits to our children is to model great money habits.

Whether saving for college, looking forward to retirement, building contingency funds or just saving up for that special something,  HNB can assist you in building a savings plan with immediate or long-term goals.

Honesdale, PA – David E. Raven, President & CEO of The Honesdale National Bank, announced that John Conte III was recently promoted to Assistant Vice President, Loan Officer.

In making the announcement, Mr. Raven stated, “John has provided many years of excellent service to the customers of HNB. His commitment to assisting customers in their financial journey is a true demonstration of HNB’s customer-focused approach.”

Conte began his career at HNB in 2008 as a Management Trainee. In 2010, he became a Loan Specialist at HNB’s 733 Main Street, Honesdale Office. He was promoted to Loan Officer in 2011. He also has experience as a Branch Manager.

In this role as Assistant Vice President, Loan Officer, John is available to help customers with direct and indirect consumer loans, mortgages, and commercial loans.

Commenting on his promotion, Conte explained, “I am grateful for the opportunity to continue servicing the needs of the community.” He continued, “I appreciate being able to help my customers with their plans, goals, and dreams for the future.”

Conte graduated from Pennsylvania State University in 2007 with a Bachelor of Science in Business. His Masters of Business Administration from Keystone College was recently conferred on January 15, 2020. He has received various training from schools and seminars including Pennsylvania Banker’s Association School of Banking, 2008; Advanced School of Banking, 2009-2011; and Commercial Banking, 2014.

John resides in this hometown of Peckville. He is a member of the Honesdale Masonic Lodge, Backcountry Hunters and Anglers, Rocky Mountain Elk Foundation, and Trout Unlimited. He is an avid outdoorsman with interests in hunting, fishing, hiking, and climbing. He may also be found riding motorcycles and weightlifting.

He can be reached at 800-HNB-9515, by email at jconte@hnbbank.com, or by visiting HNB’s 733 Main Street, Honesdale Office.

Honesdale, PA – David E. Raven, President & CEO of The Honesdale National Bank, announced that Stephen Fritz was recently promoted to Loan Officer.

In making the announcement, Raven stated, “Stephen has been a valuable asset to the bank since joining HNB. He understands the challenges and opportunities our customers face and is dedicated to utilizing HNB’s significant lending resources to meet their individual needs.”

Fritz began his career at HNB in 2016 as Consumer Loan Specialist and was promoted to Consumer Loan Specialist II in 2018.

On commenting on his promotion, Fritz explained, “I’m glad to be able to continue servicing the needs of my hometown community.” He continued, “I enjoy seeing the members of my hometown thrive with the help I am able to offer from HNB.”

As a Loan Officer, Fritz supports consumers in the area with lending solutions such as home equity loans, lines of credit, and other personal lending options.

Stephen is a graduate of Honesdale High School and holds a Bachelor of Science Degree in Finance from Pennsylvania State University.

Fritz enjoys traveling, hiking, cooking, and spending time with his longtime partner, Amy Christopher. He is the son of Nancy Fritz and the late Carl Fritz, and brother to Tony, Matthew, and Jonathan.

He can be reached at 800-HNB-9515, by email at stfritz@hnbbank.com, or by visiting HNB’s 733 Main Street, Honesdale Office. Stephen C. Fritz is NMLS registered (NMLS ID # 1529010).

The Secure Act

Now that the new year is upon us, I had some time to reflect upon the holiday season that just passed. For my family, it was a season of change. As the sands of time have inevitably slogged forward, old seasonal traditions died and new arose.

The most seismic shift for the Curtin family was this year’s annual Christmas Eve feast. For the first time, my wife and I hosted both of our extended families. In retrospect, I believe I would like to transfer the hosting duties to someone else, but unfortunately it appears that ship has sailed and all future get-togethers will be our responsibility.  

The gala attempted to meld both families’ cultures into one – an Irish-Polish-Italian-European-American extravaganza. It turned out to be a circus of unfulfilled expectations. How was I supposed to know that “sparkling” water is not an acceptable dinner beverage or that a very capable guest is in fact unable to get out of her chair and get her own plate of food? All I can say is that everyone got fed and out of my house before I blew a gasket. I guess hosting is not for me.  

Change is hard. It is difficult to adapt to the “new” when something has been ingrained over a period of time. This Christmas may have been less than successful, but as we move forward, it is my hope that new traditions will be forged.

In addition to my own personal changes this season, Congress, at the end of 2019, passed the Secure Act, which was the most sweeping update to the rules of retirement savings rules in nearly 30 years. The Secure Act provides a number of new initiatives that without proper planning may leave retirees wishing that they were hosting my family’s Christmas Eve party instead.  Below are some of the highlights.

Extension of RMD

Over the coming decades, various studies predict a significant rise in life expectancies. The Secure Act recognizes that people are living longer into retirement and extended the age requirement for minimum distributions from retirement accounts to 70.5 to 72. Before the Secure Act, retirees who had traditional IRA accounts (amongst others) were mandated to start taking withdrawals from such accounts at age 70.5. The year and a half extension is valuable because it provides the retirement accounts further time to appreciate. Unfortunately, the new rule applies to those people who turn 70.5 in 2020 and thereafter.  

Age of Contribution

Another wrinkle (wink-wink) to the Secure Act is the new rules allow eligible older workers who are employed past the age of 70.5 to contribute to a Traditional IRA. Under the previous rules, those who decided to work past 70.5 could not contribute to a Traditional IRA. The benefit is  that an eligible worker over the age of 70.5 can contribute up to $7,000 to a Traditional IRA, thereby further enhancing their future retirement savings. Such contribution would also be income tax deductible.   

The End of Stretching

When I run, I never stretch. Probably not a great idea, since my old muscles are constantly injured. I have had a calf strain for the last six months. Stretching is always important – even in the retirement planning space. Before the Secure Act, there was a tremendous tax-saving feature for heirs inheriting a deceased’s retirement account – The Stretch IRA.

Before the Secure Act, non-spouse beneficiaries of a deceased’s retirement account could take distributions from such retirement accounts over their life expectancy. This allowed younger heirs of IRAs to “stretch” the retirement account’s tax-deferred growth over many years, while taking smaller required distributions. For large, inherited retirement accounts, the tax savings were a boon. A grandchild inheriting a portion of an IRA could potentially “stretch” his or her distributions over 70 years. The Secure Act tightened the "stretch" option.

Now, for retirement account owners who pass away this year and later, beneficiaries will only have 10 years to withdraw the entire account. This change severely affects those individuals with large retirement accounts, who want to bequeath them to children and/or grandchildren. The income taxes due will be owed over a much shorter amount of time.

In addition to the above, the Secure Act modified several other retirement related laws. It is going to take several months for the retirement planning community to digest all of the updates. Hopefully, they are all more palatable than my Christmas feast. If you have further questions, please contact The Honesdale National Financial Group to learn more.

Charles Curtin, JD, LLM, CTFA
Vice President and Trust Officer

Hallstead, PA – Directors, Advisors, Officers, and employees of The Honesdale National Bank were joined by the local community at a ribbon cutting to celebrate the opening of its Hallstead Office located at 313 Main Street in Hallstead (intersection of Rose Street and Route 11). This location expands HNB’s branch office network to 12 full-service locations and marks the Bank’s second office in Susquehanna County.

Commenting on HNB’s newest location, HNB President & CEO, David E. Raven, said, “We’re very excited about joining the Hallstead community, which shares our bank’s ideals and values. We have already started building friendships and are dedicated to our commitment to serve this close-knit community. Further extending our services into Susquehanna County enables us to provide greater convenience and accessibility to HNB’s tradition of community banking to current and future customers.”

He continued, “Our staff, with the support of our entire HNB family, is dedicated to serving the financial needs of this community. We are very fortunate to have a dedicated team in the office, with a genuine care for the customer that has become synonymous with HNB.”

The Bank first opened its doors at the new location on December 18. The office brings 360 degree comprehensive banking solutions to the Hallstead community through personal, business, mortgage, lending, cash management, financial planning, and wealth management resources. The office is equipped with a drive-up featuring a 24-hour ATM and night depository. The staff is also available for support at 570-879-2274.

Honesdale, PA – David E. Raven, President & CEO of The Honesdale National Bank, announced that Lacey Churmblo was recently promoted to Assistant Vice President, Accounting Officer.

In making the announcement, Raven stated, “We are very fortunate to have someone with Lacey’s knowledge in the Accounting Department at HNB. Her years of experience make her a valued member of the HNB team.”

Churmblo began her career at HNB in August 2016 as Accounting Administrator and was promoted to Accounting Officer in 2017. She had 11 years of bank accounting experience before joining HNB.

On commenting on her new role, Churmblo explained, “I enjoy taking on new challenges at the Bank, while being able to produce tangible results.” She continued, “I strive to deliver dynamic customer service to both internal and external clients with my knowledge of a variety of accounting competencies.”

Churmblo graduated with a BA in Accounting from Marywood University in Dunmore, PA. She has received various training from schools and seminars including the PA Bankers School of Banking.

Lacey is married and has three children. She enjoys spending time with her family, camping, and being involved with her children’s sports teams and extracurricular activities.