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© 2018 All Rights Reserved - Peoples State Bank of Munising
Peoples State Bank
Business Loans Commercial Loans | Other Loan Services Commercial Loans Term Financing Amortizing loans are available for a variety of purposes, including acquisitions, permanent working capital, and equipment financing. Annually renewable lines of credit are available with the option to convert the outstanding balance at the end of each year to a term loan with an amortization term appropriate to the type of collateral securing the loan. Commercial Real Estate Commercial real estate mortgages are available for new construction, acquisition and refinancing purposes. Commercial construction loans typically run from six to twelve months with the option to convert to an amortizing term loan upon completion of the project. Commercial real estate loans generally amortize from fifteen to twenty years. Commercial Line of Credit Working capital lines of credit are provided on a revolving basis and are annually renewable. Back to top New Construction Loans Borrowers can construct a home or garage, while making interest only payments based on the outstanding principal balance on the construction loan. Once the construction is complete, the loan will be converted to the mortgage loan option that is best for you. Other Loan Services Access to Personal and Small Business Credit Cards ACH / Auto Debit Loan Payments Back to top
Nada Guides
Hometown Bank
---------------------------------- IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING OR CHANGING AN ACCOUNT WITH PEOPLES STATE BANK The federal government has enacted new requirements under the Bank Secrecy Act for owners of businesses meeting the definition of a legal entity.  Effective May 11, 2018, the federal government will ask covered financial institutions, which include but are not limited to insured banks and federally-insured credit unions, to identify the two types of beneficial owners: those who satisfy the “ownership section” and those who satisfy the “control section.”  Ownership section – The term “beneficial owner” includes each individual who, directly or indirectly, owns 25 percent or more of the equity interests of the legal entity customer. Control section: The term “beneficial owner” means a single individual with significant responsibility to control, manage, or direct the legal entity customer (e.g., a Chief Executive Officer, Vice President, Treasurer, etc.). Therefore, each time an account is opened, whether a new or existing customer, the bank is required to obtain, verify, and record the identities of the beneficial owners of legal entity customers. If you have any questions regarding the new requirements, please contact us at 1-877-861-2520.
© 2018 Peoples State Bank of Munising - All Rights Reserved
Peoples State Bank of Munising
Business Loans Commercial Loans | Other Loan Services Commercial Loans Term Financing Amortizing loans are available for a variety of purposes, including acquisitions, permanent working capital, and equipment financing. Annually renewable lines of credit are available with the option to convert the outstanding balance at the end of each year to a term loan with an amortization term appropriate to the type of collateral securing the loan. Commercial Real Estate Commercial real estate mortgages are available for new construction, acquisition and refinancing purposes. Commercial construction loans typically run from six to twelve months with the option to convert to an amortizing term loan upon completion of the project. Commercial real estate loans generally amortize from fifteen to twenty years. Commercial Line of Credit Working capital lines of credit are provided on a revolving basis and are annually renewable. Back to top New Construction Loans Borrowers can construct a home or garage, while making interest only payments based on the outstanding principal balance on the construction loan. Once the construction is complete, the loan will be converted to the mortgage loan option that is best for you. Other Loan Services Access to Personal and Small Business Credit Cards ACH / Auto Debit Loan Payments Back to top
Nada Guides
Your Hometown Bank since 1910
---------------------------------- IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING OR CHANGING AN ACCOUNT WITH PEOPLES STATE BANK The federal government has enacted new requirements under the Bank Secrecy Act for owners of businesses meeting the definition of a legal entity.  Effective May 11, 2018, the federal government will ask covered financial institutions, which include but are not limited to insured banks and federally-insured credit unions, to identify the two types of beneficial owners: those who satisfy the “ownership section” and those who satisfy the “control section.”  Ownership section – The term “beneficial owner” includes each individual who, directly or indirectly, owns 25 percent or more of the equity interests of the legal entity customer. Control section: The term “beneficial owner” means a single individual with significant responsibility to control, manage, or direct the legal entity customer (e.g., a Chief Executive Officer, Vice President, Treasurer, etc.). Therefore, each time an account is opened, whether a new or existing customer, the bank is required to obtain, verify, and record the identities of the beneficial owners of legal entity customers. If you have any questions regarding the new requirements, please contact us at 1-877-861-2520.