We have a special offer for home builders and their customers.

Building a home means spending a lot of time paying attention to the details, from blueprints to paint and everything in between. Luckily, choosing the loans that will finance your new home isn’t as complicated.

Simplify your financing with a construction loan and mortgage loan from Bank of American Fork. In addition to saving money, we’ll save you the headaches that can come with financing your dream home.

Bank of American Fork can help turn your dream into reality with a 3.99% construction loan (14.017% or 11.825% estimated APR*, depending on term) for loan amounts up to $417,000. Loans must be for new construction only (no remodels) on a primary or secondary residence (no rental properties).

Here’s what you’ll get with our low-rate, high-service, home-construction loans:

• Low, fixed rate for the 4-month or 6-month term† of the loan, a substantial savings off typical construction rates

• 1.5% or 1.75% origination fee (1.5% for 4-month term or 1.75% for 6-month term)

• An interest reserve will be set up to make the monthly interest payments during the term; the monthly interest payment will increase as the balance increases

• A balloon payment will be due at the end of the 4- or 6-month term

• Fast approval

• Multiple free draws

• Exceptional service 

Save thousands more with no long-term mortgage origination fee when you get both your construction and mortgage loans from Bank of American Fork.‡

A low, fixed rate for either four or six months and no mortgage origination fee, combined with low building costs, can potentially save you thousands on your dream home. 

FAQ

How much will I save, what is the normal origination fee?

On separate loans you would normally pay 1% origination on the construction loan and another 1% on the long-term mortgage.

How are you faster than the competitors?

Our loan decisions are made locally by our loan committee who meet twice a week. Additionally, local management of your construction loans allows for quicker receipt of checks on draws and now charge for additional draws so you save time and avoid construction delays.

Will I have to still have to fill out two loan applications?

No.

Learn more about this offer here or by contacting a mortgage loan officer at 800-815-BANK or customercare@bankaf.com .

*Annual Percentage Rate (APR). The estimated APRs are based on a $417,000 construction loan at 3.99% with Bank of American Fork’s standard construction loan fees and either a 4-month or 6-month term. The standard construction fees are: 1.5% (4 months) or 1.75% (6 months) origination, $300 inspection, $50 appraisal review, $15 flood determination, $5 credit report (per borrower), title insurance (varies), recording (varies), and appraisal (varies).  Maximum loan amount is $417,000.  Payment example: Assuming that a loan balance of $417,000 was 50% disbursed for a 4-month term, the monthly interest payments are estimated to be $690 and the balloon payment is estimated to be $416,974.  Subject to credit approval.  Other discounts may be available if necessary for loans exceeding $417,000.  Inquire for details.  Only valid in Utah, Salt Lake, Davis, Weber, Tooele, and Wasatch counties.

†An additional 2-month extension with a 0.25% extension fee may be available if necessary.  The reduced-construction-interest-rate program lasts until 12/31/13.

‡The 1.5% or 1.75% construction loan origination fee applies whether the mortgage loan comes from Bank of American Fork or not.  The no-mortgage-fee promotion lasts until 12/31/13.  The mortgage must follow a construction loan originated on or before 12/31/13.  Only valid in Utah, Salt Lake, Davis, Weber, Tooele, and Wasatch counties.

Guest post by Richard Gray, Senior Vice President, Commercial Lending, Bank of American Fork

Now that the U.S. has enjoyed three years of uninterrupted—though slow—economic growth, it’s a good time to look at the economy and see what the current assessment means for Utah businesses. Reading economic indicators is a part of looking to the future, but perhaps there is more to it than just reading the graphs. It would do well to consider scenarios and look for ways to read the signs with open minds and a willingness to act.

Utah’s economic recovery has been underway and at the end of 2012, employment for the year was up 3.3 percent, an increase in 40,000 jobs after 26 consecutive months in job gains. In Utah, average annual pay is up 2.0 percent in inflation-adjusted dollars. New auto and truck sales were up 17 percent and single-family home construction was up over 30 percent. Some are still pessimistic about national unemployment rates, which are declining only slowly, but other economic factors prove that jobs are on the way.

On Friday, February 1, for the first time since October 2007, the Dow closed above 14,000. This five-year high followed a five percent gain in January, the best start to a year since 1997. Analysts say the data shows that the economy’s recovery is still on track, though growth is slow.

This has been the weakest rebound since World War II. Economic growth has averaged less than 2.25 percent since the recovery began and is estimated to have slowed to 1 percent. Some economists point to budget problems as an impediment to fast growth, but some of the deficit is just a natural result of a weak economy. Though the steps to decreasing the deficit seem to be a drag on the economy, steady growth is the ticket to a stronger economy.

This is the good news: the growing economy will eventually be stronger than pre-recession. Some of the wealth that seemed to be prevalent before the recession was propped up by easy credit and runaway spending. The growth following this recession is real, with credit card debt down 16.5 percent since its peak before the recession. This means that households can increase their spending as the economy is improving. Reports show some of this is already happening: imports and exports growing and home prices are increasing.

Even though the government reported disappointing results in the last quarter of 2012—the U.S. trade deficit widened—many note that there is a good side. The pickup in imports and exports show strength in the economy as momentum rises. Not only is the economy built on cycles of recessions and booms, but there are smaller cycles within. Demand rises and I am hopeful that manufacturing rates will increase to catch up.

In Utah, residential construction activity is still down, but beginning to increase. Real estate sales of existing homes have pretty much recovered, and nonresidential construction activity is not far behind. It is expected that by 2015, the value on permit authorized nonresidential construction will be back to its historic average. It will take a few more years of solid employment growth for commercial vacancy rates to make it back down to the 2007 levels.

With economic indicator levels coming up from a very low base, the increases that have happened are significant.

2013 is expected to bring the following:

Employment: Utah’s rate is lower than the national average, but the stronger payroll gains and average annual pay indicate that an increase in jobs will continue.

Housing: Economic forecasters say an improved housing market will be a main driver of economic growth in 2013, despite the prediction that there will be other areas to slow overall economic growth.

Banking: Banking continues to consolidate, with the number of banks reduced but most still have money to lend. Many banks have loosened standards to so that increased credit will power both business and consumer spending.

And since attitude drives behavior, enhanced economic growth soon follows. Employers will believe they can hire, invest and expand; the unemployment rate will decrease; households will re-establish income through employment; and households will have more money to put back into the economy. It will happen when media headlines report the positive sings and people believe that the recovery is real and work to be a part of it.

This article first appeared in the Feb. 18 issue of The Enterprise.

Richard Gray is a senior vice president for Bank of American Fork, which is an Equal Housing Lender and Member FDIC. Richard is the SBA loan department manager and commercial loan department manager for the bank, and manager at the bank’s Murray branch. He serves on the board of directors for nonprofit Kostopolus Dream Foundation and was the chairman for nonprofit Utah Microenterprise Loan Fund, Salt Lake City.

CEObuilder and Bank of American Fork invite you to join us on Friday, March 1, 2013 from 9:00 a.m. -4:00 p.m. for a forum and presentation by Mike Neklason, President, Sandler Training of Utah. Neklason’s presentation and the forum will focus on sales management best practices. You might have missed our CEObuilder event in February, and this forum will focus on the same topic, adapted to key executive officers! You can also join the conversation on Twitter at #ceobuilder or LinkedIn.

Are the words sales and management an oxymoron? Do you ever wonder if you have the right people on your team? Is accountability a positive element of your culture?

There is no escaping it. Whether your business is local, regional or global, in today’s complex business environment, management and leadership skills are fundamental to success. Business owners must lead their organizations, sales managers must lead their sales teams and sales professionals must lead their clients and prospective clients.

The workshop will focus on:

• Hiring and developing A-player professional managers and sales people.

• The key metrics for success in your business.

• A framework and process for holding team members accountable.

• Coaching and interacting with the sales team for improved results.

• Redefining the 80/20 rule in your management.

• Increasing the courage, confidence and self-esteem of your team.

• Becoming a more effective communicator.

• The inter-relationship of behavior, attitude and technique.

This event is open to anyone interested.

The event will be at Cirrus Systems, 1991 W. Parkway Blvd., West Valley City. Please RSVP by Feb. 27  here or by calling 801-642-3139.

On February 27, Bank of American Fork will be honoring one of its most industrious, highly regarded executives, Larry Miner, as he retires after almost 45 years of service to the bank. He retires as a senior vice president, chief operating officer and one of the longest-tenured associates at Bank of American Fork. Refreshments will be served at the American Fork branch, 33 E. Main Street, from 11:30 a.m.-2:30 p.m., and anyone who would like to wish Miner well in his retirement is invited to come.

Miner began working at Bank of American Fork to earn income and get a jump on the job market while he was in school at Brigham Young University. The bank hired him in September 1968 to work from 2-4 p.m. at the walk-up teller. He graduated with a degree in business management and accounting economics in 1970. The bank hired him full-time—he had a strong work ethic and pleasant personality. At that time the bank had fewer than 20 employees. Miner saw the bank grow to more than 300 employees by the time he retired.

Miner advanced through the bank, working as a collections agent, assistant cashier and cashier. The bank added additional branches and Miner became responsible as the chief financial officer and later the chief operating officer. Miner served as secretary to the board of directors for many years. His prudent financial management kept expenses in check.

Miner is active in the community and served as the director, secretary and treasurer of the Highland Water Company for many years and as a board member and president of the American Fork Chamber of Commerce. He continues to serve the community through various charities and civic organizations.

Miner remembers the bank establishing a reputation for state-of-the-art products. During his first few years at the bank—the late ‘60s and early ‘70s—Miner remembers the beginning of a progressive era for the bank. He recalls the excitement when the bank purchased its first computer and held an open house for the excited community—an important piece of history to reflect on as the bank looks back to its 100 years during its centennial year. Miner’s history with Bank of American Fork and memory has proved to be a valuable resource, along with the other great contributions he has made.

“Larry is a living example of the value of the bank,” said Richard Beard, president and CEO of Bank of American Fork. “He has been concerned that customers feel valued and cared for while balancing compliance, regulatory and risk issues facing the banking industry.”

Miner has been an integral part of Bank of American Fork and will be missed by many.

Larry Miner seals a 100-year time capsule at Bank of American Fork's Centennial Kick-off Celebration. The capsule contains current bank paraphernalia, a smartphone, historical floorboards dug up in recent renovations and more.

CEObuilder and Bank of American Fork invite you to join us on Wednesday, February 20, 2013 to hear a presentation by Mike Neklason, President, Sandler Training of Utah. Neklason’s presentation and the forum will focus on sales management best practices.

Are the words sales and management an oxymoron? Do you ever wonder if you have the right people on your team? Is accountability a positive element of your culture?

There is no escaping it. Whether your business is local, regional or global, in today’s complex business environment, management and leadership skills are fundamental to success. Business owners must lead their organizations, sales managers must lead their sales teams and sales professionals must lead their clients and prospective clients.

The workshop will focus on:

• Hiring and developing A-player professional managers and sales people.

• The key metrics for success in your business.

• A framework and process for holding team members accountable.

• Coaching and interacting with the sales team for improved results.

• Redefining the 80/20 rule in your management.

• Increasing the courage, confidence and self-esteem of your team.

• Becoming a more effective communicator.

• The inter-relationship of behavior, attitude and technique.

This event is open to anyone interested.

The event will be at Bank of American Fork, Riverton Branch Conference Room, 2691 West 12600 South, Riverton. Please RSVP by Feb. 18  here or by calling 801-642-3139.

The simple truth is that most physically dangerous situations can be avoided by paying attention to what is going on around you—situational awareness. Always keep your eyes open and pay attention to what is going on. You have probably heard these tips before, but do you consistently follow them?

Protect your bank account information:

o Be careful when using your debit / credit cards that observers do not see your pin and card number. The guy behind you might look harmless, but, like your mom says, “It’s better safe than sorry.”

o Cards are easily counterfeited. Watch out for people around ATMs and for suspicious equipment or devices at ATMs. Thieves may be trying to observe you or electronically capture your transaction (pin, card number, etc.).

o Don’t leave your ATM receipts behind – they can be useful to thieves observing your ATM activity.

o Monitor your bank accounts for fraudulent activity and report any lost or stolen checks or cards immediately. Phishing is growing.

Always be careful with your own private information:

o Your very personal U.S. mail is a big security risk. Be sure to pick up your mail promptly.

o Unsolicited credit card applications, private medical records and financial records can be stolen from your mailbox and used against you. Remember to shred junk mail offering you a credit card just as you would shred bank statements.

o Don’t throw out anything with private information on it; it needs to be shredded.

o Don’t mail checks from your outside mailbox. They can be easily stolen and altered or counterfeited. Instead, mail your bills from a more secure location, like from work or directly from the post office.

o Monitor your own credit reports to watch for any fraudulent activity using your name. The U.S. Congress requires the three major credit bureaus to give you one free report on yourself once per year. You can request a report from one credit bureau now and then in four months from a second bureau. Then in eight months, request a report from the third credit bureau. That way you get a fresh report every four months.

o Bank of American Fork offers a service for businesses called “positive pay.” This computerized system receives data directly from the business as checks are issued. It then confirms that each check that clears the Bank exactly matches the list of checks that were issued. This stops counterfeit and altered checks cold.

You can read more security tips here.

“Now, therefore, be it proclaimed that I, James Hadfield, Mayor of American Fork City, Utah, declare February 5, 2013 as Bank of American Fork Day.”

On January 22, Mayor Hadfield made an official proclamation at the American Fork city council meeting about Bank of American Fork. The branch on Main Street has been a part of American Fork for 100 years today.

On February 5, 1913, People’s State Bank of American Fork was incorporated. The bank was located at 51 E. Main Street in American Fork. The founders were residents of American Fork—a doctor, a merchant, farmers and other businessmen—who were invested in the community and wanted to open a bank as a business venture and service to the community. These founders were Joseph H. Storrs, William Thornton, Hans Christensen, John Franklin Noyes, James H. Clarke, Sidney Nicholes and William Henry Chipman.

Early bank employees built a foundation for Bank of American Fork. Clifford Young raised $200,000 and secured promises to defer withdrawal from depositors in order to safely reopen the bank in 1932, after a brief closure. Young put his own finances on the line and worked tirelessly, and customers, shareholders and new investors trusted him. He taught that the safety and security of customers is the top priority.

Edith Christensen was an early bank associate who loved numbers from the time she was young, and was known for adding ledger columns in her head to test her accuracy. She referred to her brain as an “adding machine,” and knew one mistake could cost a customer or the bank. Today associates do not have to keep ledgers manually, but Christensen set a standard for careful and attentive work that has carried over today.

Orville Gunther was a bank president who espoused the philosophy, “The primary responsibility of the bank is to deal fairly with customers and be satisfied with reasonable profits.” These early bank employees—and many others—exemplified principles that would later become part of Bank of American Fork’s purpose statement: “We exist to strengthen individuals and communities by providing safe financial services with exceptional care.”

In the early ‘20s, the bank moved from its shared offices at 51 East Main Street to its current location, 33 East Main Street, the Progress building—less than a block away. In 1963 People’s State Bank of American Fork shortened its name to Bank of American Fork. Now, less of the customers are sheep farmers. But Bank of American Fork’s commitment to the community is the same.

In our American Fork branch we have tellers like Linda, who customers will wait in line for because she knows their name and their needs. Even though we have more customers than we did in 1913 and we’ve grown from two employees to 300, our commitment to you is the same—both the innovative technology and the small-town service you need.

Mayor Hadfield’s proclamation states, “Whereas, American Fork City is honored to have Bank of American Fork’s headquarters located in American Fork and looks forward to another century of Bank of American Fork serving our community with its big-city banking options and small-town service approach of excellent customer service and friendliness found in a small town.” At Bank of American Fork, we too look forward to another century of serving American Fork and the communities we have grown to be a part of!

We’re excited to tell you about the history of our other branches this year, so come back each month for a spotlight on another branch.

We take this commitment and responsibility for providing big-city banking and small-town service to our communities seriously. If you have questions or comments, please don’t hesitate to contact us here or at 800-815-BANK.

Deposit checks anytime, anywhere with your mobile device.

Skip the trip to the bank and instead deposit checks by taking a photo of your check on your Apple iOS™ or Android™ mobile device and then submit it to Bank of American Fork through our mobile banking application. Your check will then be deposited electronically into your personal or business checking or savings account.

With Mobile ExpressDeposit, you don’t have to worry about business hours; you can deposit checks 24/7.

To take advantage of Mobile ExpressDeposit, select the Mobile ExpressDeposit option after logging into mobile banking at mobile.bankaf.com.

Some restrictions and fees apply.

iOS is a trademark of Apple Inc.

Android is a trademark of Google Inc.

Ever wish you had more hours in the working day to get it all done? At Bank of American Fork we’re committed to offering small-town service and big-city banking. One of the solutions we offer to help you run your business is our suite of online business banking products. Find out below which ones meet your needs.

Online Business Banking

Online business banking is a free service that allows business customers to manage their business bank accounts using the internet from any location at any hour, day or night. We tailored our online personal banking for businesses. It allows customers to do things like transfer funds, send ACH pay to employees and send money by wire transfer. You can grant customized account access to authorized staff, download our free security software and more. Read about more of these services below!

Positive Pay

Positive Pay is a unique fraud protection available to online business banking users. It allows business customers like you to ensure that checks they have written are cashed by the correct parties and for the correct amounts. When you choose to use Positive Pay, the information you input electronically is compared against the check presented for payment at the bank, to make sure there’s a match.

ExpressDeposit™

ExpressDeposit is a remote deposit service that allows you to electronically deposit checks into their Bank of American Fork accounts without going to a branch. Deposits are made from any location with internet access by using a small check scanning device. This will save you the time and expense of going to a branch, and you can make deposits after branches are closed.

Non-Analyzed ACH and Wires

Non-analyzed ACH or wires provides small business customers who send minimal wires or process few ACHs the ability to send wires and initiate ACH items using online business banking. One of our online banking team members can visit you for training, and then you can save time and money by paying your employees from home.

Business Bill Pay

Business Bill Pay is a simple service that allows you to make payments via the internet to any checking account without writing a check. You can set this up by clicking the PowerPay tab when you log into your online business banking account.

SaveSmart Commercial

SaveSmart Commercial is a high interest-bearing savings account offered to businesses. Because you open and access it exclusively online you can earn more on your savings and manage it all from home or your business.

ExpressCollect

ExpressCollect is an easy way for small businesses, non-profits and other organizations to accept online payments or donations directly from their customer’s bank account or with bank cards. This is idea for organizations that do have access to or the need for an online shopping cart but want to provide the convenience of online payments or donations for their customers. This may benefit business owners and managers by improving your cash flow because of timely deposits.

And now, Mobile ExpressDeposit. We’ll tell you more about it on Monday!

At Bank of American Fork we have solutions for your business to save you time and money. Talk to one of our eBanking team members by calling 800-815-BANK or go to bankaf.com and find the “live chat” button on the top right corner.

We know that you’ve made your personal resolutions, but how are you going to help your business succeed in 2013?

Guest post by Bryant Armstrong, CPA, Squire & Company, PC.

Most of us are familiar with the saying, “If you fail to plan, you plan to fail.”  It may sound a bit cliché, but it’s true!  Having the necessary discipline to plan, specifically for financial expenditures, seems particularly challenging to most people.  It’s difficult to voluntarily impose boundaries and restrictions on our spending.  Spending money on things we want is fun and few of us have the ability to save without establishing financial goals.  But without planning, we will reach the end of the month, having spent all that we earned and wonder where it went.

Here are five suggestions that may help you plan and set budgeting goals:

1. Create a budget –Budgeting can seem like a daunting task, especially if you feel you aren’t successful unless you measure everything.  Start by identifying  the items where you spend the most money (e.g., your mortgage or car payment) or those areas that have the least visibility, such as travel and entertainment.  You will get the most reward for your efforts by focusing in these areas and gain valuable insight into where you are spending the majority of your money.

2. Start with a plan – Set goals regarding how much you want to save and for what reasons.  If you have no goal to achieve and no discipline to follow through, your likelihood for success will diminish.

3. Provide incentive – Set intermediate goals and reward yourself when you achieve success.  If you are budgeting for your company, include your employees in the rewards.  After all, planning and budgeting often requires a change in behavior.  The change will occur more rapidly if success is rewarded.

4. Write it down – The likelihood of achieving your goals decreases if they are not written down.  A wise man once said, “The shortest pencil is greater than the longest memory.” There are many ways to document your plan.  Most accounting packages include the ability to budget and to get reports comparing your budget against actual results.  There are also online solutions or spreadsheet templates available that help you document your goals.

5. Just do it – Don’t worry about perfection or if your first attempts fall short of the results you want.  The key is to start and to be diligent.  Making the effort to plan and budget will help you achieve the financial results you want and will become easier with time.

This article should not be construed as legal or tax advice from Bank of American Fork. Please seek legal and tax advice from qualified legal and tax professionals.

Interested in more topics that will help you and your business? Click here for articles, or come to an event hosted by Bank of American Fork and CEObuilder.