Making Old Treasures Into New Gifts

Easy gifts from old treasures

Box of old sea glass, cut rocks, marbles and treasures from my children.

Copper wire and nippers wound around to hang like jewelry in a window

or if you are so lucky in a greenhouse.

Veterans Day

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Another Bank Bites the Dust 2023

Another bank bites the dust. This is bad news.

The fifth bank to be shut down in 2023. 

A Siouxland bank has closed after suffering heavy losses on loans not previously identified, according to Iowa banking officials.

Banks are required to file financial regulatory reports with the OCC. These reports must include: 

• The bank's financial condition
• The results of its operations
• Risk exposure

Banks are also required to file Consolidated Reports of Condition and Income also known as a Call Report. 

This report includes: 

• A balance sheet
• An income statement
• Supporting schedules
• Details on assets, liabilities, and capital accounts
• Details on income and expenses

Banks must file the Call Report as of the close of business on the last day of each calendar quarter. 

Trucking and some farm equipment loans went non paying when interest rates rose this year. The bank was ordered to hire a Special Loan Consultant in thirty days to manage the workouts on these bad loans. The bank failed to correct it's problem and the hammer came down.

 

Citizens Bank in Sac City was legally shut down Friday November 3rd, 2023 at 4:00 by the Iowa Division of Banking (IDOB).

 As part of the closure by IDOB Superintendent Jeff Plagge, the bank was placed into the receivership of the Federal Deposit Insurance Corporation (FDIC).

The release states that bank examiners “identified significant loan losses that had not previously been identified by the bank” while conducting an examination of the bank. Call reports were not accurate. Officials said Citizens Bank had a “concentration of out-of-territory and out-of-state loans to one industry” and then suffered heavy losses from some of those loans. The bank has since been declared insolvent.

All deposit accounts have been purchased and transferred to Iowa Trust & Savings Bank, Emmetsburg. At the time of shuddering Citizens Bank had one main office and drive-up facility.  

Iowa Trust & Savings Bank now holds the deposits.

As of its third quarter call report, 

Citizens Bank reported

 $65,558,000 in total assets 

and $58,930,000 in total deposits. 

The bank was declared insolvent.  The bank had a concentration of out-of-territory and out-of-state loans to one industry and incurred heavy losses on some of those loans. 

Bad loans on Auto Loans, Recreational Vehicle Loans, HELOC s, Home Improvement Loans, Personal Loans, Mortgage Loans to Investors, Agriculture loans to farmers for equipment and livestock, and Commercial loans.

 

FDIC insures qualified deposits to $250,000.

 

California Probate Rules

CALFORNIA Probate Rules

Probate hearings in California are held in the Probate Department of the Superior Court in the county where the decedent lived at the time of their death. The petition should be filed at the Superior Court office located in the county in which the decedent resided. This can be found on the county of record’s website. Every county provides the blank fillable forms needed. This is not a simple process, and the forms need to be correct, or the judge will delay your process. The forms may be hand written if legible- print very carefully. All documentation submitted by pdf must be clear and readable.

The Probate Department handles decedents' estates, trusts, and conservatorships. It also hears petitions to establish fact of birth, death, and marriage as well as elder abuse petitions. 

 

·        Probate time limits:

In California, executors or administrators of estates have one year to complete probate. However, extensions can be requested when delays occur. The probate process generally takes 12 to 18 months.

·        Probate not necessary if under this dollar amount total:

Probate is not necessary if the total value of the assets at the time of death does not exceed $166,250. This figure does not include vehicles and certain other assets. Since real estate property in California is high cost, many families/heirs find they will need to go through probate. You will need a copy of any mortgage payment on the real estate and HOA bills.

·        Hearing dates:

The court could set a hearing date 15 days after the petition is filed. However, most probate courts set hearings between 30 and 45 days from filing. Some courts still allow virtual hearings, see your county website.

·        Notice requirements

Notice must be given by first class mail or by personally delivering a copy to each person or entity at least 15 days prior to the hearing. Each person should receive a copy of the "Notice of Petition to Administer Estate" showing the hearing date information.

·        Factors for attorney's fee

Rule 7.955(b) of California Rules of Court contains a list of factors courts may consider in determining a reasonable attorney's fee. These factors include the experience, reputation, and ability of the attorney performing the legal services, and the time and labor required.

Initial filing fee for a probate case in California is $435. 

Additional fees 

• Petitions: For the appointment of a personal representative, objections to petitions, or other court filings
• Copies: To certify copies of court documents
• Notice: To publicize probate notice

Fee waivers If you can demonstrate in writing financial hardship, you can apply to the court for a fee waiver. 

Attorney fees California is one of a handful of states that allows attorneys to bill according to a percentage of the total value of the estate. For example, lawyers can collect 2.5 percent in fees. The executor of the estate can claim the same fee.