Page A8
February 28, 2001
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Ten Steps For Planning a
Financially Successful Retirement
Albina Bank Shows
Record Earnings
A lbina C om m unity Bancorp an­
nounced earnings for the year ended
Dec. 31,2000ofS590,000com paredto
earnings ofS 102.000 for 1999.Eam -
mgs for the year represent a return on
average assets o f 1.4 percent and
return on the average equity o f 17.8
percent.
As its sole affiliate, A lbina C o m ­
m unity B ank reported earnings o f
$642,000 for the year ended Dec .31.
2 0 0 0 , c o m p a re d to e a rn in g s o f
$140.000 for 1999.
Earnings per com m on share was
$1.18 for 2000. com pared to $0.48 per
share in 1999. Book value per com ­
m on share stood at $6.18 Dec. 31.
2000. F or the Bancorp, interest in­
com e grew 20 percent or $598,000 to
$3.6m illioncom paredto $3.0m illion
the prior year. The increase in interest
incom e w as the result o f a w idening
U nclaim ed refunds totaling
more than $28 m illion are aw ait­
ing about 24,100 Oregonians who
failed to file a 1997 incom e tax
return, the Internal Revenue Ser­
vice announced recently.
In order to collect the money,
however, a return m ust be filed
with an IRS office no later than
April 16. “I strongly urge these
individuals to take steps to claim
this m oney,” said IRS C om m is­
s io n e r C h a rle s O. R o s s o tti.
B y K arev R.K leixhexz
The statistics are startling and tamiliar.
67 percent ofBaby Boomers w orry about
their financial future; 68 percent say
they h av en ’t spent enough tim e plan­
ning for retirem ent; 76 percent say
their biggest concern about retire­
m en t is n ot sav in g o r in v estin g
enough for it.
At the sam e tim e, research by Key
Corp found 54 percent o f adults say
they w ant to spend as little tim e as
possible making financial investment
decisions.
A m ericans are being bom barded
by banks, brokerage firms, m utual
fund managers, insurance companies,
financial planners and others who
aggressively offer retirem ent prod­
ucts and services. W ith so m any d e­
m ands on tim e and m oney, and so
m any specialized resources offering
financial planning assistance, many
A m ericans sim ply freeze from over­
load and put retirem ent planning at
the bottom o f their "to do" lists.
H ow can people overcom e their
anxiety and tackle w hat needs to be
done? Here are som e clear-cut, simple
steps for planning a financially suc­
cessful retirem ent.
ST A R T E A R L Y . D o n 'tw a itu n til
y o u ’re nearing retirem ent to begin
planning. T he earlier you start, the
easier the process will be. Think o f
retirem ent saving as paying yourself
first every month.
PLAN. D on’t assum e y o u ’re sav­
ing enough. Do the math. Set goals.
Devote the appropriate amount o f time
and energy to ensure the desired re­
sults. N one o f us goes to the grocery
store without planning long enough to
consider w hat w e need and making a
list
SAVE. Put aw ay as much as you
can afford, but not so m uch that you’ 11
have to tap into it for m inor financial
em ergencies. Consider your retire­
net interest m argin, com bined with a
27 percent grow th in loans. The
com pan y ’s net interest margin ex­
panded frem 4.64 percent to 5.28 per­
cent ox er the like period in 1999. Inter­
est expense was $1.6 m illion com ­
pared to $ 1.4 m illion in the prior year,
an increase o f 13 percent.
N et interest incom e for the year
ended Dec. 31.2000was $2 million, an
increase o f $400.000 or a 20 percent
increases o ver 1999.
On D ec. 4. Albina Community Bank
com pleted a transaction in w hich it
acquired $8.6 m illion in deposits and
$3.1 m illion in loans from A m erican
State Bank in Portland. President and
C E O Bob M cK ean indicated that he
w as pleased w ith the 2000 results and
that continued grow th and im prove­
m ent in the b an k ’s results was ex ­
pected in 2001.
Del Ray Lewis (left) welcomes Reggie Brown as a second barber to his
Fresh Cuts Barber and Beauty Salon at 1611 N.E. Killingworth.
1RS Refunds
Go Unclaimed
"M oney that is not refunded within
three years generally becom es
the property o f the U.S. Trea­
sury.” The IRS estim ates that
about h alf o f those who could
claim refunds would receive less
than $406. Some individuals had
too little income to require filing a
tax return but, may have had taxes
withheld from their wages. Other
may not have any tax withheld, but
would be eligible for the refundable
Earned Income Tax Credit.
GLflCR HISTORIA
mOilTR
Barber Fills Seat
as Business Grows
Del Ray Lew is o f Fresh Cuts
Barber and Beauty Salon has ex­
panded his business at 1611 N.E.
Killingworth.
Lew'is began serving custom ­
ers at this location four and a half
years ago after working in other
shops for 10 years.
R ecently, he decided to keep
up w ith custom er dem and by
getting som eone to work with
him. O f course, it's hard finding
that certain person you can w’ork
and get along with. So Lewis
waited until he could find that
right someone.
Along came Reggie Brown, a
guy Lewis has known for a few
years. Brown is an established
barber and also nice person to be
around.
Both men are getting along just
fine. They welcom e you to stop
by or call them at 503-288-3351
C E L E B R A T IN G
BLACK
ment sav ings as "untouchable," This
means making some tough choices.
Perhaps you'll have to forgo a few
luxuries today so you will hav e the nest
egg in place when you need it.
INVEST FOR THE LONG TERM.
Don't try to time the market, jumping in
and out. The ups and downs o f the stock
market definitely favor the long-term in­
vestor. If you sit on the edge o f your seat
spellbound to CNBC ev eryday, you’re
probably worrying too much about the
wrong tilings. Relax a little and let your
investments vvoik on their own.
LAKEADVANTAGE OF YOUR
EM PLO Y ER'S GENEROSITY. If
you 're offered a 401 (k) plan where you
work, join! Save at least enough to
m aximize your em ployer's match in a
40 l(k). It’s like free money.
DON'TCASHOUTEARLY...FOR
ANA’REASON. W hether you’re fac­
ing a jo b change, the need for a larger
home or your kids' education, don’t
touch your retirement nest egg. Con­
sider retirement savings as sacred.
There are better ways to finance life’s
other necessities.
UPDATE YO UR RETIREM ENT
PLAN REGULARLY. Annual reviews
ofyour retirement plans are important,
but the closer you get to that magic
end-of-careerdate, the more frequently
you'll need to review your plans to
make sure they're on track.
ENLISTTHEHELPOFATRUSTED
ADVISOR. Y ou'll need assistance
with detailed financial, estate and dis­
tribution planning as you near retire­
ment. These are complex issues requir­
ing highly specialized advice. Making
sure you are doing the right things to
meet vour objectives is worth the mod­
est fees you will pay.
This at tid e is by Kai en R. Kleinhenz.
KeyCorp's senior executive. Retire­
ment Services. KeyCorp is one o f the
nation’s largest multiline financial
services companies.
H IS T O R Y
M O NTH
The State of Oregon is creating history.
A history embracing the story of all Oregonians.
A rich legacy to be left for our children and their children.
Black History Month 2001
Harriet Tubman's name is synonymous with the Underground Railroad, that clandestine path to freedom
fo r so many enslaved African-Americans. As a conductor on this secret route, Tubman made more than
Joining in this celebration are the following state government agencies:
2 0 trips, guiding as m any as 3 0 0 slaves to freedom in Northern states, earning her the nicknam e,
"Moses” and a $40,000 bounty on her head
Beginning in 1860, she campaigned publicly and aggressively against slavery and fo r women's rights.
Office of the Governor
Division of State Lands
Website: www.governor.state.or.us
Website: http://statelands.dsl.state.or.us
Governor’s Affirmative Action
Webs ite : www. hr.das. state .or. us/gov-af firm-action
During the Civil W ar, she worked as a nurse as well as a soldier, spv and lookout. After the w ar, she
Oregon Economic
and Community Development
Website: www.econ.state.or.us
Oregon Employment Department
Website: www.cbs.state.or.us/external/omwesb
Website: www.RealJobFairs.com
www.WorkinglnOregon.org
Website; www.das.state.or.us
Department of Human Services
Website: http://personnel.hr.state.or.us
Oregon Parks and
Recreation Department
W hen the $20-a-month pension did arrive, she used it to establish the Harriet Tubman Home fo r the
aged and needy. In 1978, she became the first African-American woman to be honored with a commt'm-
orative postage stam p fro m the U.S. Postal Service.
Office of Minority, Women, and
Emerging Small Business
Department of
Administrative Services
moved to Auburn, N Y.
Despite her Civil W ar service, she did not receive a pension until more than 3 0 yea is after the war.
Kaiser Permanent«- honors outstanding individuals such as Harriet Tubman for inspiring us to
make a difference. We encourage these aspirations by making a diversified workplace a prior­
ity. Kaiser Permanente welcomes persons from all backgrounds to join our team and to make
a difference. Opportunities abound in the following areas:
Oregon Housing
and Community Services
Dental • Nursing • Imaging Services • Laboratory
Office/Administrative • Management • Service
Website: www.hcs.state.or.us
Department of Agriculture
Website: www.oda.state.or.us
To find o ut more about em ploym ent o p p o rtu n ities w ith us, visit o u r w ebsite at
www.kp.org/nw to review job listings. You may complete an application on-line and refer to
Department of Transportation
Website: www.odot.state.or.us
www. kp. org/nw
Website: www.prd.state.or.us
Public Employees Retirement System
Oregon Liquor
Control Commission
Website: www.pers.state.or.us
Website: www.olcc.state.or.us
Department of Revenue
Oregon State Lottery
Website: www.dor.state.or.us
Website: www.oregonlottery.org
Employment Office
500 NE Multnomah St.
Portland, OR 97232
For more information, visit our web site at www.state.or.us
or for employment opportunities, visit www.oregonjobs.com
KAISER PERMANENTE.
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I t O /A V M T /D /V Employer
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