Business Banking Products

Contact Our
Business Banking Specialists

Glen Lake:
(952) 935-8663

Country Village:
(952) 935-5995

Simplified Employee Pension (SEP)

The SEP is an IRA that is tax deferred and available for funding by a small business owner in order to provide retirement benefits for both the business owner and his employees.  It is a plan that is easy to establish and maintain.  Annual contribution limits for tax year 2010 and 2011 are listed below:   

For incorporated businesses, compensation is based on W-2 income.  Annual contributions can be made to a SEP IRA of each eligible employee up to 25% of W-2 income with a maximum contribution limit of $49,000, whichever is less.

For those taxed as sole proprietors, compensation is based on adjusted earned income determined by completing an IRS worksheet.  Annual SEP IRA contributions are limited to 20% of adjusted earned income up to a maximum contribution of $49,000, whichever is less.

As a business owner, you should consult with your tax or legal professional to review the IRS eligibility requirements for this plan.  

The IRS publication 560, Retirement Plans for Small Business, found on the IRS web site can provide detailed information about SEP's.

See how much you could save!

Click on the link below to view our current interest rates.  Sample our online calculator to determine how much you need to save to reach a certain goal, or if you put a set amount into savings on a consistent basis, to see to what amount that money could grow over time.

The sooner you begin saving for retirement, the more time your money has the potential to grow.  It pays to start saving now and to contribute regularly.

Check out our great rates
Use our savings calculator

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Bank Among Friends

The Fair Housing Act prohibits discrimination in housing because of:


Enforce the Fair Housing Act and other civil rights laws to ensure the right of equal housing opportunity and free and fair housing choice without discrimination based on race, color, religion, sex, national origin, disability or family composition.

Major Goals

1. Reduce discrimination in housing by doubling the Title VIII case load by the end of 2000 through aggressive enforcement of civil rights and fair housing laws;

2. Promote geographic mobility for low-income and minority households;

3. Integrate fair housing plans into HUD's Consolidated Plans;

4. Further fair housing in other relevant programs of the Federal government; and

5. Promote substantial equivalency among state, local and community organizations involved in providing housing.