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Through a recent Federal communication they announced, “Ending sales of paper bonds will save an estimated $70 million over the next five years and (this) is a continuation of (the) Treasury’s allelectronic initiative.” While State Bank of Bement will no longer be able to submit paperwork for purchased bonds, we will be able to continue to redeem bonds. Below are some answers from the Treasury’s Frequently Asked Questions worksheet:

• What happens to the previously issued paper bonds?

  They are valid issues of the U.S. Treasury and will earn interest for 30 years or until redeemed. Paper bonds can be converted to electronic savings bonds in TreasuryDirect using a program called SmartExchange®. There’s no charge to convert paper bonds. They won’t lose any of the interest earned, and they retain their original issue dates and interest rate terms.

  What about customers who like to give savings bonds as gifts?

  TreasuryDirect has a gift feature so customers can buy electronic savings bonds as gifts. The recipient of the gift must have a TreasuryDirect account (or be named on a minor linked account if under 18 years old) to receive the gift. Customers can hold bonds in their Gift Box area in TreasuryDirect until the bonds are electronically delivered.

  What is TreasuryDirect?

  TreasuryDirect is a secureWeb-based system that allows investors to establish accounts to purchase, hold and manage Treasury securities online. Investors can purchase Series EE and I savings bonds, Treasury bills, notes, bonds and TIPS (Treasury Inflation-Protected Securities ) through TreasuryDirect.

  For more information visit www.treasurydirect.gov.
  

Art Wilkinson, State Bank of Bement,  
Named Illinois Bankers Association Banker of the Year 

Art Wilkinson, President and CEO of the State Bank of Bement, was honored as the 2009 Illinois Banker of the Year by the Illinois Bankers Association (IBA). The award was presented during the IBA Annual Conference and Trade Show at the Wynn Las Vegas on June 26.  

This is the seventh year for the Illinois Banker of the Year award, which is the highest honor the Illinois Bankers Association can bestow on one of its members. It is presented annually to an individual whose dedication to excellence has most profoundly enhanced the banking industry.  Wilkinson has served the banking industry for 34 years. Throughout the years, he has been very active in the Illinois Bankers Association, and now many of his employees are also making an impact on the banking industry because of their involvement with the IBA. He is a past member of a number of IBA committees and boards, including the Annual Conference Committee, the ILLINOIS BANKPAC Board, and the State and Federal Legislative Committees.

A past Chairman of the Illinois Bankers Association, Wilkinson was an instrumental player in gaining insurance powers for banks back in 1997. He spent many hours working with legislators and speaking in front of various committees, and he even testified in Washington, D.C., on behalf of Illinois bankers. 

He is hugely involved in his community of Bement, and his leadership abilities and friendships throughout the community continue to make him a wealth of knowledge for many organizations.  His bank, the State Bank of Bement, was awarded the 2007 Illinois Bank Community Service Award for all they do in their local community. 

In addition to being President and CEO of the State Bank of Bement, Wilkinson is also President and CEO of The First National Bank of Ivesdale, and Chairman of the Board, President and CEO of the State Bank of Cerro Gordo.  

The Illinois Bankers Association is a full-service trade association dedicated to creating a positive business climate that benefits the entire banking industry. Founded in 1891, the IBA brings together state and national banks, savings banks and savings and loan associations of all sizes in the State of Illinois and collectively represents the vast majority of banking assets and banking employees in our state.  The IBA has two offices: one in the State Capitol complex in Springfield and the other in Chicago.