admin, Author at Slovenian Savings & Loan

Louis Vuckovich succeeds William Tomaskovich as Slovenian Savings & Loan President

October 1, 2017 11:43 am Comments Off

William S. “Bill” Tomaskovich (right), who began his career as a teller at Slovenian Savings & Loan in 1973 and worked his way up to president, has retired, effective September 30, 2017. He is succeeded by Louis Vuckovich (left), who is becoming just the fourth president in the organization’s history.

“I’m proud of everything Slovenian Savings & Loan has accomplished during my time there, growing to a full service financial institution with more than $130 million in assets,” Tomaskovich said. “But I am confident that, under Lou’s leadership, Slovenian Savings & Loan will continue to be successful in the future while maintaining our roots in the community.”

A Johnstown native, William Tomaskovich graduated from Bishop McCort High School in 1969. He continued his education at Penn State, earning a B.S. in finance in 1973, beginning work at Slovenian Savings & Loan shortly thereafter. He began as a teller, but quickly moved up the ranks as the organization grew, holding virtually every position before becoming president in 1999. While working, Tomaskovich earned a B.S. in accounting from St. Francis in 1980.

Tomaskovich’s career milestones at Slovenian Savings & Loan include more than doubling the total assets, overseeing the opening of four new branch offices in Moxham (1986), Richland (1995), Windber (1997) and West Hills (2006), and the introduction of several new products and services to better serve the customers.

“On a professional level, it was an interesting challenge to lead the bank in so many different economic conditions — growth to recessions, and everything in between,” Tomaskovich reflected. “But the most meaningful part of my job was helping people to achieve their dreams — owning a home, buying a car, educating their children and making better lives for themselves and their families.”

Tomaskovich and his wife, Florence, are the parents of two adult children. His son, Stephen, is married to Diane (Harris) in Lancaster, while his daughter, Nicole, is married to Travis Czyrnik of Johnstown. He is the proud grandfather of Andrew, Gavin, and Riley.

Louis Vuckovich, a Conemaugh Valley graduate, has over 15 years of banking experience within the Association through various roles including internal audit, BSA officer and assistant board of director secretary. Vuckovich will continue the exceptional customer service that has been Slovenian Savings & Loan’s backbone for over 100 years.

“My intention is to continue to stress providing excellent service to our customers while assisting them with their financial goals,” Vuckovich said.

Louis attended the University of Pittsburgh at Johnstown, graduating with a Bachelor of Arts in Business concentration in Accounting while lettering in baseball. Furthering his education, he earned a Master of Business Administration (MBA) from St. Francis University. In an effort to continue his local leadership growth, Vuckovich is also a John B. Gunter Leadership Initiative Graduate through the Cambria County Chamber of Commerce.

Currently residing in Richland, Lazo and his wife Kathryn are proud parents of daughter Grace and son Jakob. He looks forward to the challenge of leading Slovenian Savings & Loan into the future of the ever changing banking world.

Slovenian Savings & Loan supports Neighborhood Block Parties

September 15, 2017 2:51 pm Comments Off

This summer, Slovenian Savings & Loan sponsored two Neighborhood Block Parties presented by the Johnstown Neighborhood Boosters. The first was held on Sat., July 8 at East Side Elementary School in Hornerstown, and the second was on Sat., Sept. 9 on Park Avenue, in the Moxham neighborhood. Organizers estimated nearly 5,000 people came out and had a great time!

The events featured all kinds of family fun, including a climbing tower, bouncy houses, carnival games, and live music from local bands and musicians. Fun food like hot dogs and hamburgers were served, along with carnival treats like cotton candy and popcorn.

We’re proud to be part of our community, and to have sponsored these terrific events.

Protect Yourself with Debit Alerts

March 17, 2017 10:15 am Comments Off

Credit card fraud is responsible for billions of losses worldwide each year. In an effort to help customers protect their accounts, VISA has mandated that all banks – including Slovenian Savings & Loan – offer debit alerts to their customers using VISA-branded debit cards.

The idea is simple – if you have a VISA card issued by SS&L, you can opt into receiving alerts designed to help detect credit card fraud. You can choose to receive alerts via text or email when:

A large purchase is made (you choose the dollar amount)
A purchase is made without the card being present – for example, an online purchase
A purchase is made outside the country

In short, alerts put you in control of your account information by helping detect fraudulent activity early.

Enrolling in debit alerts is easy – visit our e-banking page and click “Enroll Today”. You’ll then be taken to the First Data website, where you’ll follow simple instructions to enroll.

Get peace of mind – enroll today!

Thinking of home improvements? Consider a home equity loan!

March 15, 2017 11:54 am Comments Off

Are you a homeowner? You may be able to use the equity you’ve built up in your home to borrow money for any purpose — including home improvements or renovations, debt consolidation, or college tuition — through a loan with Slovenian.

There are two ways you can borrow money using your home as collateral — a home equity loan or a home equity line of credit, or HELOC, for short. Both loans are secured by your home, may have significantly lower interest rates than credit cards, and generally involve fees in order to originate. Depending on the situation, either may be of benefit to you.

How home equity loans work

With a home equity loan, the homeowner borrows a fixed sum at a fixed interest rate. You receive the loan money in one lump sum, and make fixed monthly payments to pay it back. Interest paid on a home equity loan may be tax deductible, consult your tax advisor for more details.

In most cases, a fixed rate home equity loan could be used for a consolidation of debt, fund a home improvement, or pay for college tuition. One of the key factors to consider is when you need the money to work for you. Since the lump sum will be made at closing, interest will be charged on the full amount of the loan from the start.

How HELOC works

Home Equity Line of Credit (HELOC) works a little differently from traditional loans (including home equity loans). In this case, the bank approves the homeowner to borrow up to a certain amount of money, based on the value of the home. You can then borrow up to that amount of money by writing a check, as whenever you need it. It’s a flexible, revolving line of credit secured by your home.

This flexibility allows you to only advance what you need in relation to the maximum loan amount. Each month you will make a monthly principal and interest payment based on the outstanding balance. As you pay down your line of credit, you will still have access to the difference between the amount owed and the maximum line of credit you originally took out. Depending on your situation, a HELOC could be considered an option to fund your need.

The major advantage of a HELOC is its flexibility. However, unlike home equity loans, a HELOC has a variable interest rate. As interest rates rise, this loan will cost more in interest when compared to a Home Equity Loan.

How to choose between a HELOC or home equity loan

Home equity loans or HELOCs are suitable for people who own their own homes and have built up a reasonable amount of equity in them. They can be used for virtually anything.

HELOCs are generally better for people who have long-term, ongoing expenses – such as education expenses or medical bills – because of their flexibility. Home equity loans are often better for fixed, one-time expenses, such as a major home renovation or consolidation.

Stop into Slovenian Savings & Loan for more information about using your home equity to borrow money. We’ll be happy to review your specific situation and explain the pros and cons of each route.

Debt Consolidation Loans

January 26, 2017 10:01 am Comments Off

Many people find themselves struggling with debt from multiple creditors. Consolidating these debts can be a significant step toward getting out of debt and save you a great deal of money.

The idea is simple – you take out a loan that pays off all your unsecured debts, and then pay back the loan over time. You won’t owe less money, but instead of juggling multiple bills each month with high interest rates, you pay one loan payment per month. Most importantly, debt consolidation loans generally have a fixed interest rate that can reduce your interest rate and save money.

How debt consolidation loans work

How do you know if a debt consolidation loan is appropriate for your specific situation? Well, for starters, these loans are only used for unsecured personal debt – that is, debts that don’t have collateral behind them. So you can’t use a debt consolidation loan to pay off a mortgage or a car loan, for example. Unsecured debt is most commonly credit card debt, but also can include some types of student loans and other personal loans.

Again, taking out a debt consolidation loan won’t change the amount you owe, but can make paying back your debts much more manageable. Interest rates on loans are generally much lower than interest rates on credit cards! If you make payments on time, having a debt consolidation loan will improve your credit score, too.

Types of debt consolidation loans

Debt consolidation loans can be secured, or tied to an asset such as a home or piece of property, or unsecured. Secured loans do carry the risk of losing the asset and closing costs may apply, but can be for a higher amount, have a lower interest rate, and are paid back over a longer term. Sometimes the interest rate on secured debt consolidation loans is tax deductible. On the other hand, while unsecured loans have no risk of losing the asset, they have a shorter term and higher interest rate, no tax benefit, and are usually harder to obtain from a lender.

How to get started

To find out if you’re eligible for a debt consolidation loan, stop into a Slovenian Savings & Loan branch today. We’ll take a look at your situation and explain your options and eligibility – so you can make an informed decision.

Balancing Your Checkbook

December 1, 2016 9:32 am Comments Off

Balancing your checkbook is an important and simple habit to develop if you want to practice better money management in 2017. Being financially responsible means being in control of your budget and spending. You shouldn’t have to wonder if a check will bounce or a card will be declined because of insufficient funds, you should know.

Keeping an accurate, balanced ledger can help you avoid overdraft fees, bounced checks, and possible credit/debit card theft. In addition to monitoring your account, keeping a detailed record of your transactions helps you understand where you’re spending the most money and how to tighten up your budget.

To better understand how to balance your checkbook, familiarize yourself with these basic terms:

Deposit: addition of funds
Withdrawal: subtraction of funds
Transaction: any credit or debit to your account
Checkbook register: record your transactions

Your Checkbook Register

Every checkbook comes with a register where you will physically record every transaction in the fields provided. Your register has a place to record check numbers, date of transaction, transaction description, withdrawal or deposit amount, and your new balance.

Recording Transactions

First, find out your current account balance. Remember, there are factors that can affect the accuracy of your balance, such as transactions that have yet to be processed. Did you mail a check with your water bill just this morning? ATMs provide 24-hour balance inquiries, but to get the most accurate figure, you should speak with someone at your financial institution.

Record every transaction as it occurs in your checkbook register. This includes debit/credit card purchases, paper checks, ATM activity, online payments, and deposits. If you don’t have time to update your checkbook on the spot, keep a receipt or a slip of paper with the transaction information as a reminder and update your register later.

It’s important to account for transactions that occur on a regular basis and don’t provide a formal notification. Perhaps you have a gym membership that automatically debits your account each month, or you receive paychecks in the form of direct deposit – these paperless transactions need to be recorded in your register. Compile a list of recurring transactions to ensure your balance is accurate.

Double Check Your Math

If your bank sends a monthly statement in the mail, use these to compare your monthly transaction list against theirs. If your ending balance matches the banks, you have successfully tracked every dollar spent and saved for an entire month. With practice, balancing your checkbook will become easier and more habitual, and you will benefit from the results of good money management.

Archive:

Author Archives: admin