Soon the River Valley Region of Arvest Bank will have three brand new branches in Fort Smith, Van Buren and Alma!

Our Alma location marks Arvest’s entrance into its 90thcommunity, making it branch #24 for the Arkansas River Valley market.  For over a year, our very busy ATM has served the fine folks in Alma and the full-service Alma branch is scheduled to open in early 2009 and the other two River Valley locations are actually “relocations” of existing branches to new, more customer-friendly and convenient buildings.

• Our first relocation is the highly-anticipated, renovation of the old Woolworth Building (circa 1915) located in downtown Fort Smith at 9th & Garrison.  All 10,000 square feet of the building are being completely refurbished.  And, we’re being careful to protect the historical facade and the building’s many unique features.  Our full-service branch at 16th Street will move to this historic location by the end of this year.  The Woolworth Building rennovation  project has been from the beginning a true collaboration between Arvest, the City of Fort Smith, Downtown Development, Rodney Ghan Commercial Properties & the Greater Fort Smith Chamber of Commerce.  What great partners to have in such a meaningful project!
• Our second relocation is to Hwy 64 in Van Buren.  Our very-busy Cloverleaf Plaza branch will move this location, where customers are sure to enjoy easier bank access.  Driving on Hwy 64, you’re sure to notice the demolition currently taking place.  Our Hwy 64 branch in Van Buren is scheduled to open early next year. 

All of our new branches will be full-service locations with drive thru lanes.  These new branches will be ready to serve you from 7 a.m. to 7 p.m. 
 

A couple weeks ago, one of my friends and I were discussing our new, “grown-up” jobs. As newcomers to the corporate world, we talked about the many perks of finally having a real job. When the topic of retirement planning came up, my friend admitted that she had no idea what the 401k was or if she needed it.

Through this conversation, it came to my attention that many recent college grads are clueless when it comes to retirement planning. After all, we’re young and retirement is so far away, right?

So what is a 401k? Here are the facts:

• Employer-sponsored retirement plans are generally grouped into two categories: defined benefit (DB) and defined contribution (DC). In a DB plan, the employer promises to pay a defined amount to retirees who meet certain eligibility criteria.
• In 1978, section 401k of the Internal Revenue Code authorized the use of a new type of defined contribution plan that allows for the employees to make pre-tax contributions to the plan.

How It Works

• Employee 401k contributions are automatically deducted from their paycheck each pay period. This money is taken out before the employee’s paycheck is taxed.
• The contributions are invested at the employee’s direction into one or more funds provided in the plan.
• Employers often “match” employee contributions, but are not required to do so.
• While the investments grow in the employee’s 401k account, they do not pay any taxes on it.

Advantages and Benefits

• 401k plans offer many benefits including the following:
• This type of plan can permit loans and hardship withdrawals.
• Employee contributions to the plan are not subject to federal income taxes until a distribution from the plan is made.
• Any investment gains and earnings also enjoy a tax deferral until distribution.
• 401k plans may permit “self-directed investment accounts” and company stock purchases within the plan.
• Participants age 50 and over can make additional “catch-up” contributions of $5,000 in 2008.

As for the future…save for it, don’t sweat it!