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From monthly archives: September 2019

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Know the Ins and Outs of the Appraisal Process When Purchasing Commercial Real Estate

Banks are required to appraise real estate that is taken as collateral to ensure the collateral has sufficient value to cover loans. Federal appraisal regulations guide the majority of this process. One of these requirements is that appraisers should be independent of the loan transaction and, as a result, will provide an unbiased, objective opinion of the property’s value. Jeff Thornhill, Senior Vice President/Director of Real Estate Technical Services and a tenured professional, manages the commercial appraisal process for First Bank. “After a potential business borrower applies to the bank for a commercial loan that is secured by real estate, the bank will request competitive bids from qualified appraisers,” said Thornhill. His department selects who they believe is best suited for the assignment and, once the appraisal is received, it is reviewed to ensure it complies with appraisal standards, appraisal regulations, and that the value is reasonably supported by the data in the rep ...

Everyone Should Have a Fortress of Solitude

Continuing its fourth generation of family ownership, Michael Dierberg serves as Chairman of the Board at FB Corporation (First Bank). You may recall in the 1978 film starring Christopher Reeve, Superman was orphaned as an infant and only learns about his extraterrestrial background later in life when he creates the Fortress of Solitude. Through the help of glowing crystals preserved from his childhood, holographic images of his parents interact with Superman to answer his questions and share the history and culture of his planet, community, and family. While there is much to the Fortress of Solitude that is beyond our own reach, we too can benefit from a greater connection to and knowledge from those who have come before us. We all have a desire to feel rooted to something meaningful, and can benefit from the wisdom of previous generations. Whether you are a leader of a company, a parent, or both, you can do a lot for those around you and the nex ...

Rise in Business Email Compromise; 3 Fraudulent Scams Impacting Businesses

Cybersecurity and fraud prevention are now essential to every business. The impact of fraudulent activity is staggering. In fact, according to Juniper research, cybercrimes have resulted in $2 trillion in losses in 2019 with an estimated $6 trillion per year by 2021¹. Although businesses of all sizes are not immune, it’s estimated that half of all cyberattacks are made against small-to-middle sized businesses. “Business cybersecurity and fraud schemes are here to stay and, unfortunately, criminals are only getting more sophisticated,” said Jon Moen, CTP, Senior Vice President, Director of Product, and previous Director of Treasury Management for First Bank. “It’s important to be prepared, educate your teams, and invest in the latest technological resources.” Although there are many fraudulent scams, currently, there are three types impacting businesses at an alarming rate as a result of Business Email Compromise (BEC). These include executive, vendor, and payrol ...

Four Tips to Ensure a Successful Transition in Leadership

It can be hard to let go. Whether it’s your own business, or you’ve been entrusted with the responsibility of leading a business, you invest time, energy and so much more to ensure its success. When it’s time to move on, you want to not only make sure the impact of all your hard work carries on after you leave, but also that the transition in leadership is as seamless as possible for all stakeholders involved. At First Bank, succession planning and succession planning best practices are our areas of expertise. With four generations of independent, single-family ownership, we uniquely understand the importance of a smooth transition to ensure the continued viability of any business. We recently had our own transition in leadership. In September 2018, our previous Chief Executive Officer Tim Lathe announced his upcoming retirement. After careful consideration, it was determined to transition Shelley Seifert, President, FB Corporation, to take the helm as CEO. In Ma ...