Center Bank - Community Champion!
The Minnesota Bankers Association (MBA) has recognized Center National Bank Litchfield-Plymouth for its community involvement.
Center Bank was named a Community Champion through a recognition program that honors the vital role banks play in their communities. We were one of 35 MN banks recognized.
Center Bank specifically donated $35,490 to local organizations and businesses. Donations were given to Litchfield Rotary for the Splash Pad Project, Litchfield Watercade, Litchfield Wintercade, Litchfield Theatre, Litchfield Fire Department, Music in Plymouth, Wayzata Youth Baseball, Litchfield Youth Baseball, American Cancer Society, Drive Out Hunger, two Rotary clubs, local schools, churches and numerous non-profits.
During 2018, 31 of 37 Center Bank employees volunteered 2,169 hours at a variety of volunteer events and programs equating to 271 work days.
We serve, contribute and support our local communities to make a positive difference. We are your Hometown Bank!
29th Annual Toys for Tots Drive - Huge Success
The 2018 Toys for Tots drive had great results due to the generosity of so many. Monetary donations reached $4900 and the toys received were more than last year. Center Bank was more than able to give their $1000 to the project. Toys were distributed to Meeker County children through United Community Action Partnership on December 21, 2018. A huge thank you to all who donated to this program!
IRA and HSA Contribution limits for 2019 have increased.
For the first time since 2013, the contribution limit for IRAs (individual retirement accounts), for those eligible to contribute to an IRA, has increased, from the current $5,500 to $6,000 in 2019. For taxpayers aged 50 or over, the limit will be $7,000 after taking into consideration the $1,000 catch-up amount.
The HSA contribution limit, for those eligible to contribute to an HSA, has gone from the current $3,450 to $3,500 for self-only coverage and from the current $6,900 to $7,000 for family coverage. For individuals turning age 55 or older, an additional $1,000 catch-up contribution can be made.