Should You Give Your Employees Bonuses?

June 04, 2021 by First Federal Bank

Rewarding your employees for their hard work is crucial for keeping morale — and productivity — high. These days, many employers are forgoing the traditional model of raises in base compensation in favor of bestowing merit or holiday bonuses.

Topics: Small Business

Using Automatic Bill Pay

June 02, 2021 by First Federal Bank

Do you ever feel like you’re spending too much time paying bills, juggling account passwords, and keeping track of due dates? If so, you can reclaim some of that time by automating some of your predictable, recurring bill payments. Here’s a look at the benefits and drawbacks of using automatic bill pay:

Topics: Personal Banking, Financial Education

Saving for Medical Costs in Retirement

May 31, 2021 by First Federal Bank

Saving enough money to enjoy a full retirement may already feel like an uphill climb before you even consider the rising cost of healthcare. As you get older, you can expect your medical expenses to increase, which can put a damper on your plans without proper consideration. By setting aside funds specifically for your healthcare needs, you can...

Topics: Retirement, Financial Education

What is a Bridge Loan?

May 28, 2021 by First Federal Bank

A bridge loan is a short-term loan used to provide immediate cash flow when financing is impending but not available right away. Bridge loans are sometimes also known as swing loans, gap financing, or interim financing. Homeowners typically use these loans to cover the cost of new property before they can sell their current house.

Topics: Personal Banking, Homeowners

Should You Cancel a Credit Card with $0 Balance?

May 26, 2021 by Stephanie McClendon

Many consumers are tempted to limit their debt by closing one or more credit cards, as a result of the steady rise of the cost of living, and credit card interest rates. However, while there are many reasons to close a credit card, there are ultimately even more and better reasons not to do so.

Topics: Financial Education

CD vs. Savings Account

May 26, 2021 by First Federal Bank

Whether you’re putting aside funds for a rainy day, or a sunny summer vacation, saving money is an absolute must. When it comes to how you save, two of the most popular options are savings accounts and certificates of deposit. The best way to determine which choice is ideal for your situation is to understand the benefits of both.

Topics: Personal Banking, Financial Education

First Federal Bancorp Announces Divisional Name Change to First Federal Bank

May 24, 2021 by First Federal Bank

First Federal Bancorp Inc. announced that it is changing the name of the  CBC Mortgage division to First Federal Bank. The name change follows the 2018 merger with Coastal Banking Company Inc. and reflects the company’s commitment to a consistent brand and customer experience.

Topics: First Federal News

Car Service Essentials: Maintenance Milestones

May 24, 2021 by First Federal Bank

Following a car maintenance schedule can help prevent major car problems before they occur, as well as boost your car’s resale value if you keep a record of its service history. Most car components ought to be inspected, changed, or replaced at 30,000-mile intervals, but a handful of other components require attention on a more frequent basis:

Topics: Lifestyle

Calculating Business Asset Depreciation

May 21, 2021 by First Federal Bank

The things you buy, including equipment and property, to help improve your small business are not only smart investments, they are valid deductions you can report on your tax return. Since you are dealing with taxes, though, how to calculate the depreciation of your business assets can be complicated.

Topics: Small Business, Financial Education

Advice for Building Relationships with Clients

May 19, 2021 by First Federal Bank

If you’re focused on the long-term success of your business, you’ve already realized the importance of building ongoing relationships with customers. The best way to boost your sales isn’t to focus on your bottom line; it’s to foster connections of respect.

Topics: Small Business

The content on this site is intended for informational purposes only and should not be considered accounting, legal, tax, or financial advice. First Federal Bank recommends that customers conduct their own research and consult with professional legal and financial advisors before making any financial decisions. Links to third-party websites may be provided for your convenience; however, First Federal Bank does not guarantee the reliability, accuracy, or safety of the information, products, or services offered on these external sites. We are not liable for any damages resulting from the use of these links, and we do not investigate, verify, or endorse the content or opinions expressed on any third-party sites. NMLS # 408902.

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