The Greene County CEO class visited the Mutual Bank at their Bloomfield location today, 9 Sep. Ms. Mary Beth Jerrells, CEO Committee member, and Mr. Dale Knotts provided valuable insight not only into banking but personal financial management as well. Mr. Knotts discussed the important area of commercial lending and the responsibility of the one seeking the loan. This would include requesting funds for equipment, land, structure or any need deemed important in the management of the business as presented in the prepared business plan and the percentage of funds personally invested. Ms. Jerrells provided a brief history of how Bloomfield State Bank, the original organization, became BloomBank and is now Mutual Bank. She discussed several aspects of banking from a management perspective and how personal loan requests are processed. This includes loans for personal use and home mortgages. She discussed, at a high level, financial statements and how a bank makes money while following strict financial guidelines and policy prepared by the Board of Directors. She finished her discussion by discussing the important area of fraud as it pertains to money management. Several examples were shared of creative ways well-meaning members had funds taken in schemes that appeared to be honest. Her last word of advice, if it’s “too good to be true then it probably is”. The students were provided a handout dealing with business plan preparation and several handouts related to the area of fraud and what to look for.

Other News From Around The Same Time

QUOTE OF THE WEEK - 9-13 Sep (Ms. Catie Miller) Working hard is important, but there is something that matters even more: Believing in yourself. ~J.K. Rowling (Harry Potter)

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