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Did You Know?

Farmers State Bank is a member of the FDIC -- short for the Federal Deposit Insurance Corporation, an independent agency of the United States Government. The FDIC protects you against the loss of your insured deposits and is backed by the full faith and credit of the United States Government.

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Traditional Individual Retirement Accounts (IRA)

If you are under age 70 for the entire tax year and have compensation, you are eligible to establish an IRA, even if you already participate in any type of government plan, tax-sheltered annuity, simplified employee pension plan, Savings Incentive Match Plan for Employees of Small Employers, or qualified plan established by an employer. Please consult your tax advisor for your personal eligibility determination. IRA maturity terms range from 12 months to 60 months with interest rates fixed for the term you select. A substantial penalty is charged for early withdrawal prior to maturity unless the withdrawal is penalty free under IRS rules. Available with minimum deposit of $500.00. (Effective for all IRAs opened on or after June 30, 2014)

Roth Individual Retirement Accounts (Roth IRA)

The Roth IRA is a nondeductible account that features tax-free withdrawals for certain distribution reasons after a five-year holding period. Since Roth IRA contributions are nondeductible and taxed in the year they are earned, people who expect to be in a higher tax bracket when they retire may benefit more from these accounts than from a traditional IRA. To be eligible you must have earned income (or your spouse must have earned income) and your modified adjusted gross income cannot exceed certain limits.

Please consult your tax advisor for your personal eligibility determination. IRA maturity terms range from 12 months to 60 months with interest rates fixed for the term you select. A substantial penalty is charged for early withdrawal prior to maturity unless the withdrawal is penalty free under IRS rules. Available with minimum deposit of $500.00. (Effective for all IRAs opened on or after June 30, 2014)