@UTF8
@Begin
@Languages:	eng
@Participants:	FRED FRED Speaker, JIM JIM Speaker, JOE JOE Speaker, KURT KURT Speaker, X X Speaker, ENV ENV Environment, VIVI VIVIAN Speaker
@Options:	CA, caps, bullets
@ID:	eng|SBCSAE|FRED|||||Speaker|||
@ID:	eng|SBCSAE|JIM|||||Speaker|||
@ID:	eng|SBCSAE|JOE|||||Speaker|||
@ID:	eng|SBCSAE|KURT|||||Speaker|||
@ID:	eng|SBCSAE|X|||||Speaker|||
@ID:	eng|SBCSAE|ENV|||||Environment|||
@ID:	eng|SBCSAE|VIVI|||||Speaker|||
@Media:	14, audio
@Comment:	Bank Products
@Comment:	Task related talk. This is a loan officers meeting, recorded
	in a bank in a small town in rural southern Illinois. Joe and Fred
	are loan officers working for the bank. Jim is the president of the
	bank, and Kurt is a board member.
*FRED:	(..) Okay . 0_2530
*FRED:	One: large loan &=ex 2530_4730
	(..) renewed &=ex 4730_6230
	(..) a hundred ninety-seven: (.) thousand 6230_8080
	a hundred eighty dollars . 8080_9230
*FRED:	(..) It's on Gerald and Pamela . 9230_12360
*JIM:	(..) O⌈kay ⌉ . 12360_15460
*FRED:	      ⌊ They've pai⌋d 14990_15650
	they've reduced 15650_16610
	(..) no problem . 16610_17740
*FRED:	(..) He's handled his line of credit as agreed 17740_22090
	so it's (.) pretty routine . 22090_23870
*FRED:	(..) Joe ? 23870_25210
*JOE:	(..) &{l=P Okay &}l=P . 25210_29040
*JOE:	(..) &=tsk &=in First (..) loan request I have 29040_32110
	is: an existing real estate mortgage 32110_34200
	that &=in (.) will be (..) refinanced into the secondary market of Fannie Mae . 34200_38630
*JOE:	(.) &=in Customer is Gerry and Pamela Tucker 38630_41460
	&=in (.) at sixty-one fifty-eight Main Street 41460_43990
	in Hillsdale Illinois 43990_45220
	&=in they're requesting eighty-four thousand dollars 45220_47710
	on a thirty-year Fannie Mae fixed rate loan 47710_50160
	(..) &=in this would include the cost of doing the refinance appraisal 50160_54300
	(.) title work 54300_55030
	(.) and points . 55110_56090
*FRED:	(.) ⌈ Eighty-four ⌉ ? 56090_56590
*JOE:	    ⌊ &=in ⌋ (..) Eighty four even . 56090_57870
*JOE:	(.) &=THROAT 57870_58420
	(.) Their monthly payment of principle interest taxes and insurance 58420_61950
	&=in would be seven sixty-one eighty-nine 61950_64410
	(.) based at the current thirty-year rate . 64410_66190
*JOE:	(.) &=in (.) They estimate the value of their home to be &=ex 66190_69920
	one-hundred &=ex and ten (.) thousand dollars . 69920_73000
*JOE:	(.) &=in (.) We had an appraisal in nineteen ninety-one 73000_76330
	by a certified appraiser 76330_77920
	(.) that indicates the value of the house was a hundred and three thousand dollars . 77920_81310
*JOE:	&=in Eighty percent of that would make it (.) eighty-two four . 81310_84280
*JOE:	So 84290_84740
	&=in (.) u:m 84740_85910
	(..) in order to make them a loan for eighty-four thousand 85910_88690
	it m:ust appraise for a hundred and five . 88690_90820
*JOE:	So that will be 90820_91790
	&=THROAT 91790_92350
	&=in will determine whether or not we can go the full eighty-four 92350_95470
	(.) and whether they have to come up with some money out of pocket . 95470_98090
*JOE:	(..) Their assets total one sixteen four seventeen 98090_102020
	&=in (.) their: liabilities &=ex eighty (.) three 102020_105600
	(.) &=in (.) their: (.) net worth (.) thirty-one . 105600_108860
*FRED:	(.) ⌈ So all they ⌉ owe is the house ? 108860_110400
*JOE:	    ⌊ &=in ⌋ 109280_109680
	Mhm . 110400_110930
*JOE:	(.) &=in They um 110930_112760
	(..) ⌈ &=tsk ⌉ . 112760_114090
*FRED:	     ⌊ T T ⌋ T . 113520_114220
*JOE:	currently have a debt to income of twenty-eight over twenty-seven 114200_117640
	(.) &=in and after the refinance 117640_120000
	they would have a (..) debt to income of fifteen over twenty-three . 120000_123330
*JOE:	(..) ⌈ &=tsk &=in ⌉ . 123330_125360
*JIM:	     ⌊ Where are they ⌋ now 124340_125550
	(.) I missed that . 125550_126320
*JIM:	(..) They're fifteen over +... 126320_127860
*JOE:	(..) No . 127860_128500
*JOE:	(.) They're currently (.) twenty +... 128540_130870
*FRED:	(..) They can't ⌈ be ⌉ . 130870_132720
*JOE:	+,              ⌊ ove ⌋ r twenty-seven . 132520_133380
*JOE:	I- +... 133380_133610
*FRED:	(..) Oh 133610_134080
	okay . 134080_134470
*FRED:	(..) ⌈ Twenty ⌉ . 134470_135050
*JOE:	     ⌊ Yeah ⌋ . 134780_135150
*JOE:	(..) Twenty over twenty-seven . 135150_136600
*JOE:	Yeah⌈: ⌉ . 136600_136900
*FRED:	    ⌊ You ⌋ ⌈2 can't even +... 136700_137340
*JOE:	            ⌊2 Twenty over tw- +... 136900_137440
*KURT:	            ⌊2 XXXX ⌋2 . 136900_137550
*FRED:	You ⌉2 ⌈3 can't even read your writing . 137340_139000
*JOE:	I ⌋2   ⌊3 couldn't even read my f- +/. 137440_138380
*JOE:	my own writing . 138380_139280
*FRED:	&=laugh &=lengthened &=laugh &=laugh ⌉3 . 139000_140100
*JOE:	&=in It's twenty ⌋3 over twenty-seven . 139280_141290
*FRED:	⌈4 &=in Okay ⌉4 . 141290_142230
*JOE:	⌊4 &=in And after ⌋4 the refi it's fifteen over twenty-three . 141290_144210
*KURT:	(..) What is acceptable pretty much 144210_146620
	uh 146620_146960
	⌈ (.) what figures ⌉ . 146960_148020
*JOE:	⌊ &=tsk &=in Twenty-eight over ⌋ thirty-six is the maxe⌈2s ⌉2 . 146960_149580
*KURT:	                                                       ⌊2 I⌋2t's ⌈3 as high as it could go ? 149500_150900
*JOE:	                                                                 ⌊3 See 149810_150120
	(.) so they're well within . 150120_151250
*KURT:	(.) Okay . 150900_151380
*KURT:	(.) I just wondered . 151380_152100
*JOE:	(.) They're well within their (.) debt to income ⌋3 . 151380_153480
*KURT:	I &=in &=lengthened always heard the ⌉3 figures 152100_153790
	and never did know what was high 153790_155020
	and . 155020_155170
*JOE:	Right . 155170_155430
*KURT:	low don't make any difference . 155430_156460
*JOE:	Yeah . 156460_156710
*JOE:	&=in ⌈ Um ⌉ . 156710_157610
*FRED:	     ⌊ So you said they're ⌋ gonna be (.) fifteen ? 157070_158470
*JOE:	(.) Mhm . 158470_159010
*JOE:	(.) Fifteen over twenty-three so 159010_160660
	&=in their debt to income &=THROAT isn't a problem 160660_163440
	(.) the 163440_163940
	&=in uh: 163940_165080
	(.) problem as I see it is 165080_166860
	(.) the value of the house 166860_167990
	number one 167990_168730
	(.) &=in and the second &=ex matter at hand is 168730_171610
	that 171610_171860
	(.) in nineteen eighty-seven 171860_173490
	(.) &=in they had filed a chapter eleven . 173490_175720
*JOE:	&=in They had at the time a mortgage with us 175720_178460
	&=in They reaffirmed on that mortgage 178460_180660
	(.) They were never late 180660_181850
	&=in (.) We: &=ex 181850_183160
	uh 183160_183520
	(..) After that (.) discharge 183520_185450
	we even advanced them &=in money to purchase this house 185450_188580
	on Main st- &=in Street here in Hillsdale 188580_191270
	and um 191270_192200
	(..) &=tsk they have never missed a payment on that loan 192200_194670
	&=in (.) I've also made them car loans 194670_197170
	that they've never missed a payment on &=ex 197170_199190
	a:nd um 199220_200400
	&=tsk according to Fannie Mae guidelines 200400_202180
	as long as they have &=in been discharged 202180_205260
	(.) at least two years 205260_206600
	&=in and (..) reestablished and paid as agreed 206600_210800
	&=in their credit obligations 210800_212880
	they would qualify for a Fannie Mae mortgage . 212880_215460
*JOE:	(..) &=in With that in mind &=ex 215460_217790
	(.) u:m 217790_218400
	(..) &=in I am moving 218400_220260
	that they app- +/. 220260_220990
*JOE:	(.) uh 220990_221480
	that we approve this loan request 221480_223110
	subject to &=in a uh: (.) certified appraisal of their home . 223110_227140
*FRED:	(..) Do we have the discharge ? 227140_230720
*JOE:	(.) Yes: . 230720_231500
*JOE:	(.) ⌈ I have ⌉ a copy of it . 231500_232640
*FRED:	    ⌊ Mhm ⌋ . 231570_231890
*FRED:	When was it . 232640_233290
*JOE:	(.) It was discharged on: 233290_235520
	(..) November 235520_237450
	(..) uh no . 237450_238780
*JOE:	(..) Two twenty-three eighty-eight . 238780_240610
*JOE:	(..) Discharge date was two twenty-three of eighty-eight . 240610_245690
*FRED:	(.) When did they file . 245690_246710
*FRED:	Didn't you say they filed in ⌈ eighty-seven ⌉ ? 246710_248170
*JOE:	                             ⌊ Eleven of eighty⌋-seven . 247600_248830
*FRED:	(..) In eleven ? 248830_250060
*JOE:	(..) Mhm . 250060_250990
*JIM:	(..) Three months ? 250990_252120
*JIM:	Whew . 252120_252470
*JIM:	(..) That's pretty fast . 252470_253550
*JOE:	⌈ Yeah . 253550_253840
*FRED:	⌊ What did they do . 253560_254030
*JOE:	&=in ⌉ . 253840_254210
*FRED:	Dis⌋miss it ? 254030_254710
*JOE:	It was a business +/. 254710_255670
*JOE:	(.) No 255690_256090
	it was a business 256090_257070
	uh 257090_257360
	bankruptcy 257360_258180
	and 258180_258700
	&=in it was pretty cut and dried 258700_260270
	they jus:t were eliminating the business: 260270_262600
	um 262600_263180
	(.) debt 263180_263900
	&=in and apparently nobody objected to the 263900_266220
	(.) the bankruptcy . 266220_267120
*JOE:	(..) Since they reaffirmed with their secured creditors . 267120_270350
*JOE:	&=in All the debt that was: (.) charged- +/. 270350_272280
*JOE:	that was bank- (.) filed bankruptcy against was &=in unsecured creditors . 272280_276410
*FRED:	(..) And they discharged em 276410_278880
	before they even performed 278880_280130
	or anything ? 280130_280680
*JOE:	(..) &=tsk Yeah 280680_285290
	in a three mon- +/. 285290_285720
*JOE:	I guess so 285720_286290
	in a p- three-month period of time 286290_287490
	cause here's the . 287490_288190
*FRED:	(..) No I +/. 288190_289470
*FRED:	(..) I just 289470_290460
	(.) it's unusual that they don't require em to +/. 290460_292690
*FRED:	you know 292690_292900
	usually they put em on a two-year or three-year plan or some⌈thing ⌉ . 292900_295990
*JOE:	                                                            ⌊ M⌋hm 295910_296370
	(..) &=in See 296370_298340
	the- from what I ʔuh I gathered is the 298340_300480
	(.) unsecured creditors got nothing 300480_302580
	(.) &=in and the secured creditors 302580_304520
	(.) just carried on their payment history as agreed . 304520_307150
*JOE:	(..) As originally set forth in their contracts . 307150_310070
*FRED:	(..) &{l=X But you know &}l=X usually the plan'll ⌈ provide some period ⌉ of time of protection . 310070_316850
*JOE:	                                                  ⌊ Oh I +/. 314620_315200
*JOE:	Yeah ⌋ . 315200_315530
*JOE:	(.) Mhm . 316850_317540
*FRED:	But if we've ⌈ got uh ⌉ +... 317540_318640
*JOE:	             ⌊ for those unse⌋cured creditors . 317990_319420
*FRED:	(.) Yeah . 319420_319920
*FRED:	(.) But if we've got the (.) discharge . 319920_321670
*JIM:	(..) Yeah . 321670_323860
*FRED:	Okay . 323860_324140
*FRED:	(..) Well 324140_324830
	⌈ in that case ⌉ . 324830_325370
*JIM:	⌊ That's hard to ⌋ believe 324830_325660
	because it says that 325660_326660
	(..) notice of joint +/. 326660_328110
*JIM:	(.) discharge of joint debtors 328110_329540
	it +/. 329540_329790
*JIM:	(.) it appears the persons named above 329790_331660
	filed a petition 331660_332690
	commencing +... 332690_333420
*FRED:	(..) Yeah ? 333420_334250
*JIM:	+, (..) ⌈ joint ⌉ (.) case under title eleven . 334250_336780
*JOE:	        ⌊ mhm ⌋ . 334860_335240
*JIM:	(.) on November twenty-third 336780_338350
	of nineteen eighty-seven ? 338350_339440
*JIM:	(..) A:nd that an order of relief has been entered 339440_342670
	(..) no complaint objecting to the discharge of the debtors was filed 342670_346240
	within the time fixed by the court &=laugh . 346240_348030
*FRED:	Yeah . 348030_348290
*JOE:	⌈ Yeah ⌉ . 348290_348910
*JIM:	⌊ &=in ⌋ Uh 348290_349250
	what was that . 349250_349780
*JIM:	(.) Ten minutes ? 349780_350310
*JIM:	Or +... 350320_350520
*FRED:	&=laugh &=laugh ⌈ &=laugh ⌉ . 350520_351300
*KURT:	                ⌊ &=laugh ⌋ . 350780_351330
*JOE:	                ⌊ Yeah ⌋ . 350780_351330
*JIM:	And um . 351330_352060
*FRED:	Yeah . 352060_352310
*FRED:	See I don't know how they got ⌈ it done ⌉ that fast . 352310_354240
*JIM:	                              ⌊ and ⌋ 353050_353300
	and that they're um . 354240_355520
*FRED:	&{l=X Hell &}l=X we can't even get to court in three months . 355520_357530
*JOE:	I ⌈ know ⌉ . 357530_358010
*KURT:	  ⌊ &=laugh ⌋ . 357850_358220
*JIM:	Hm⌈2: ⌉2 . 358220_358610
*KURT:	  ⌊2 &=SNIFF ⌋2 . 358370_359010
*JOE:	  ⌊2 That's ridic⌋2ulous . 358370_359260
*JIM:	⌈3 That +... 359260_359610
*JOE:	⌊3 &=in I have a &{l=X lean &}l=X ⌋3 +... 359300_360310
*JIM:	And it's da⌉3ted February twenty-third 359630_361600
	&=laugh &=laugh &=laugh nineteen [% laugh] eighty-⌈4eight . 361600_363010
*JOE:	                                                  ⌊4 Mhm ⌋4 . 362830_363240
*JIM:	&=in ⌉4 . 363030_363760
*FRED:	(..) ⌈5 Okay . 363760_364300
*JIM:	     ⌊5 That's uh ⌋5 . 363850_364420
*FRED:	I ⌉5 mean 364350_364680
	&=in . 364680_364890
*JIM:	three months . 364890_365460
*FRED:	That's all +/. 365460_365750
*FRED:	I just +/. 365750_366030
*FRED:	(.) Yeah . 366030_366770
*FRED:	That's what I was just +/. 366760_367580
*FRED:	(.) I assumed it would've been 367580_368630
	like eighty +/. 368630_369220
*FRED:	uh ninety-two or ⌈ something ⌉ . 369220_370470
*JOE:	                 ⌊ Mhm ⌋ . 370230_370410
*FRED:	⌈2 you know . 370470_370660
*JIM:	⌊2 Yeah . 370460_370660
*JIM:	(.) What ⌋2 +... 370660_371140
*FRED:	the five ⌉2 +... 370660_371090
*JIM:	(.) What actually happened to them 371090_372820
	(.) &=in was 372820_373850
	(..) she opened (..) a franchise . 373850_376200
*JIM:	(..) A:nd it was 376200_378660
	(..) a franchise of doing packaging 378660_381190
	sending m- 381190_382000
	uh 382000_382260
	from a mall (.) basis . 382260_383960
*FRED:	⌈ Unhunh ⌉ ? 383960_384520
*JIM:	⌊ &=in ⌋ uh: 383990_385120
	packaging 385120_385850
	(..) gift wrapping 385850_387750
	(..) and ship⌈ping ⌉ . 387750_388740
*KURT:	             ⌊ shipping ⌋ it . 388500_388910
*JOE:	&=COUGH ⌈2 &=COUGH ⌉2 . 388910_389570
*JIM:	        ⌊2 Well ⌋2 389390_389830
	what hap⌈3pened ⌉3 . 389830_390560
*JOE:	        ⌊3 &=COUGH ⌋3 . 390220_390610
*JIM:	(.) They should have gotten into the business 390610_392230
	hindsight's twenty twenty 392230_393270
	They should've gotten into the business in let's say August 393270_395710
	&=in a:nd then they would've had a Christmas season . 395710_398300
*JIM:	There was a t- +/. 398300_398830
*JIM:	(.) It got to be real complicated 398830_400430
	&=in and they didn't get in until February . 400430_402710
*JIM:	(..) Well February they had nothing to do and 402710_405240
	(.) and I ⌈ think they ⌉ . 405240_406150
*FRED:	          ⌊ Yeah ⌋ . 405640_405810
*JIM:	They hung in there for &=in (.) a year (.) and a half . 406150_409830
*JIM:	(.) And they just couldn't +/. 409830_411110
*JIM:	(.) couldn't see end to it . 411110_411980
*FRED:	⌈ XX ⌉ +... 411980_412440
*KURT:	⌊ February ⌋ nobody's shipping anything . 411950_413290
*KURT:	(.) &=laugh &=laugh ⌈2 &=laugh &=laugh . 413290_414620
*FRED:	                    ⌊2 I'll s- +/. 413950_414430
*FRED:	(.) I'll second ⌋2 then Joe . 414430_415520
*KURT:	&=in ⌉2 . 415520_415730
*JOE:	Okay . 415730_416170
*JIM:	(..) So it's moved and seconded (.) to uh . 416170_421020
*JOE:	(..) &=tsk &=in approve that loan subject to the 421020_424130
	(.) uh 424130_424680
	(.) appraisal by a certified appraisal . 424680_426660
*FRED:	(..) And the max is eighty-four ? 426660_428710
*JOE:	(..) Mhm . 428710_429880
*FRED:	(.) Okay . 429880_430410
*JIM:	(..) Okay . 430410_431240
*JIM:	(..) &=tsk All in favor aye . 431240_432850
*FRED:	(..) ⌈ Aye ⌉ . 432850_433430
*KURT:	     ⌊ Aye ⌋ . 433110_433500
*JOE:	Aye . 433500_433720
*JIM:	(.) Opposed same sign . 433720_434600
*JIM:	(.) Motion carries . 434600_435470
*FRED:	(..) &=SIGH 435470_437380
	(..) Is that the only one &=ex ? 437700_443580
*JOE:	(.) &=tsk &=in That's the: only loan I have . 443580_445610
*FRED:	Okay . 445610_446190
*FRED:	(..) I got one small one . 446190_447810
*FRED:	(..) The only reason it's in here: 447810_449320
	(..) is because the borrowers already ha:ve 449320_451900
	(..) three-hundred three thousand borrowed 451900_454380
	so it has to be approved by the board 454380_455980
	&=in (..) but if we 455980_457460
	if Jim and (..) Kurt approve it today 457460_459500
	that'd be two 459500_460040
	and then I'll have to call two more . 460040_461430
*FRED:	(..) Uh: 461430_463060
	(.) they wanna borrow f:orty f- +/. 463060_464610
*FRED:	Well 464610_464860
	(..) Dave wants to borrow forty-five hundred dollars to: 464860_468040
	(..) finish paying off (.) the renovation 468040_470700
	(.) and upgrade necessary o:n the (..) daycare . 470700_474340
*FRED:	(..) A:nd 474340_476450
	(..) he had (..) initially thought what he borrowed would do it 476450_479620
	and then he borrowed some money from his uncle 479620_481360
	and he wants to repay his uncle and get that out of the way . 481360_483410
*FRED:	&=in He wants to set it up on a year 483410_485300
	(..) uh: 485300_486620
	it would be secured via three vehicles 486620_488670
	(..) u:m 488670_490650
	(.) you know his debt to income is relatively high 490650_492740
	but his income's going up 492770_493980
	(.) the daycare is scheduled to open (..) a week after: the fifth . 493980_498410
*FRED:	(..) So: around the twelfth to fifteenth of January 498410_501090
	(..) &{l=@ he thought he's been &}l=@ +/. 501090_503540
*FRED:	&=in he thought he was already opened 503540_505450
	and then they came back in and told him he couldn't open . 505450_507650
*FRED:	(.) Cause there was articles in the paper 507650_509240
	and they showed kids at the daycare and 509240_510870
	(.) he had his ads out and everything 510870_512330
	&=in but he didn't have all the i's dotted and t's crossed 512330_515480
	and state came back in and said 515480_516590
	we:ll 516590_516980
	no 516980_517180
	you can't really do that . 517180_518010
*FRED:	(..) So: 518010_518990
	&=in one group of state people 518990_520900
	the people that do all the +/. 520900_522160
*FRED:	(..) do the testing for: 522160_524110
	(.) electrical and safety and stuff have been there 524110_526120
	and now the state &=in inspector's got to come in 526120_528430
	I guess they just (.) look at (.) the quality of the facility . 528430_531320
*FRED:	(.) Not necessarily the wiring plumbing and heating 531320_533520
	but 533520_533820
	&=in is it clean 533820_534880
	and is it safe 534880_535720
	and that sort of thing . 535720_536420
*FRED:	(.) &=in They're supposed to be there the fifth 536420_538590
	(.) and he said 538590_539300
	that the lady told him 539300_540300
	that it usually takes (..) a week 540300_543180
	(..) for them to send a report in 543180_544910
	and (.) for their license to come back . 544910_546840
*FRED:	(..) &=in So 546840_548320
	(..) he anticipates that they'll be open no later than the twelfth to fifteenth 548320_552200
	&=in he gave me some numbers 552200_553570
	I can't remember 553570_554120
	they've got like 554140_554980
	&=in thirteen or fourteen kids they're already taking care of 554980_557810
	(.) mostly out of their house 557810_559110
	until they can get em moved down there 559110_560420
	and then they've got eight or nine more . 560420_561650
*FRED:	&=in So they fully expect income (.) to exceed the projection 561650_565150
	(.) but right now they don't have any income 565150_566700
	other than from (.) his job . 566700_567980
*FRED:	So 567980_568440
	&=in uh: 568440_569620
	(..) ⌈ XXX ⌉ . 569620_570450
*JIM:	     ⌊ That's fairly ⌋ large scale . 570060_571540
*JIM:	(..) What +/. 571540_571870
*JIM:	(.) ⌈ And he's gonna have twenty⌉-five people . 571870_574000
*JOE:	    ⌊ &=tsk &=in The building is ⌋ +... 572080_573270
*JIM:	or ⌈2 something ⌉2 ? 574000_574500
*JOE:	   ⌊2 Yeah ⌋2 . 574210_574450
*JOE:	(..) ⌈3 At l ⌉3 ⌈4 east twenty⌉4-five ⌈5 (.) ⌉5 children . 574450_576930
*FRED:	     ⌊3 Yeah ⌋3 . 574950_575180
*JIM:	                ⌊4 Twenty-five ⌋4 +... 575380_575780
*FRED:	                                      ⌊5 See they're e- ⌋5 +/. 575980_576490
*FRED:	Yeah . 576880_577120
*FRED:	They're expecting that many f:airly quickly . 577120_579000
*FRED:	And then 579000_579300
	he hopes to get up (.) around fifty . 579300_581500
*FRED:	(..) See they're looking at four people 581500_583530
	plus: . 583530_584130
*JOE:	(..) &=in ⌈ I've gone through the build⌉ing . 584130_586240
*FRED:	          ⌊ you know 584940_585170
	plus his wife ⌋ . 585170_585870
*JOE:	(.) and it is: uh 586340_587590
	(..) a r- very (.) very nicely done (.) operation . 587590_591150
*JOE:	I mean there's nothing &=in (.) shoddy about the workmanship 591150_594590
	or the quality of the material 594590_596110
	or &=in the cleanliness of the 596110_597980
	(.) of the building . 597980_598790
*JOE:	⌈ XX ⌉ . 598790_599080
*JIM:	⌊ Is it at⌋tached onto a storage facility ? 598790_601050
*JOE:	&=in No . 601050_601500
*JOE:	It's ⌈ a separate building ⌉ . 601500_602470
*JIM:	     ⌊ Oh it's free-standing ⌋ building . 601650_602980
*FRED:	⌈2 Yeah ⌉2 . 602980_603300
*JOE:	⌊2 Separate ⌋2 building . 602980_603680
*FRED:	⌈3 See it's a ⌉3 . 603680_604190
*JIM:	⌊3 They ⌋3 +... 603970_604080
*FRED:	It's a building his dad had 604290_605480
	(.) where he was +/. 605480_605960
*FRED:	(.) where he had his +... 605960_606840
*JOE:	(.) his cabinet sh⌈op ⌉ . 606840_607850
*JIM:	                  ⌊ O⌋⌈2kay . 607790_608270
*FRED:	+,                    ⌊2 shop 607880_608280
	and ⌋2 . 608280_608560
*JIM:	Okay ⌉2 . 608270_608520
*FRED:	(.) And was living in it 608560_609480
	and they converted the living quarters and all that into this thing . 609480_612180
*FRED:	&=in It's like anything 612180_613170
	when you're dealing with th- +/. 613170_614100
*FRED:	(..) you know 614100_614990
	regulators and the state 614990_616320
	(.) they 616320_616820
	&=in you know 616820_617590
	he said they got two ladies for nine counties 617590_619420
	and they +/. 619420_619700
*FRED:	(.) There's a lot of this going on 619700_621230
	and they can only get to so many . 621230_622610
*FRED:	So 622610_623060
	&=in I would mo:ve 623060_624440
	(..) since it's secured for forty-five hundred 624440_627140
	it's on a twelve-month repayment 627140_628590
	which is relatively short 628590_629870
	&=in I would move that we (..) advance the funds . 629870_633300
*KURT:	(.) I'll second it . 633300_634580
*KURT:	(..) Except 634580_635610
	(..) they owe pretty much 635610_636910
	don't they ? 636910_637350
*FRED:	(.) Three-hundred three thousand 637350_639030
	(..) and some odd dollars . 639030_640330
*FRED:	(..) But he's always serviced 640330_642010
	(.) I mean 642010_642340
	he's never been late 642340_643340
	he's always paid as agreed 643340_644690
	&=in uh 644690_645920
	(..) and they do have (..) the income 645920_648380
	it just 648380_648800
	right now 648800_649310
	the income doesn't +/. 649310_650100
*FRED:	(..) Well 650100_650850
	(..) I say they have it . 650850_651820
*FRED:	&=in O:nce the daycare gets up to twenty people 651820_654670
	they'll have enough ⌈ inc⌉ome to . 654670_656250
*KURT:	                    ⌊ Mhm ⌋ . 655320_655620
*FRED:	&=in They'll fall back under the forty percent 656250_658580
	But right now they're over the forty 658580_659970
	because we st- can't show any income from the daycare . 659970_662450
*FRED:	(..) &=in Um 662450_663840
	(..) but 663840_664520
	(..) you know 664520_665010
	it it +/. 665010_665380
*FRED:	(..) you know 665380_666210
	I feel comfortable that it's there 666210_667180
	and like I say 667180_667540
	he's always serviced debt as agreed 667540_669090
	and 669090_669340
	(..) and his overall debt (.) is working down 669340_672130
	it's just quite a bit of debt . 672130_673160
*KURT:	&=in You just 673160_673710
	I guess you can't say too much if they're &=in paying on time . 673710_676590
*KURT:	Uh uh . 676590_677100
*FRED:	(..) Yeah . 677100_678050
*KURT:	(.) and . 678050_678270
*FRED:	(.) And I think they're about ⌈ to the point ⌉ +... 678270_679670
*KURT:	                              ⌊ as long as everything ⌋ works out good . 679090_680360
*JOE:	&=in . 680360_680730
*KURT:	&=in ⌈ &=lengthened ⌉ . 680640_680730
*FRED:	     ⌊ Yeah ⌋ 680720_680860
	I think if th- +/. 680860_681390
*FRED:	you know 681390_681610
	th- th- +/. 681610_682470
*FRED:	(..) He's already talking 682470_683710
	if this thing goes like they think it is 683710_685400
	next fall he's wanting to 685400_686680
	(..) start looking at expanding that (.) storage facility . 686680_689950
*FRED:	&=in It's one of those things 689950_690960
	I think there's +/. 690960_691500
*FRED:	(.) they're always gonna have (.) &=in quite a bit of debt 691500_694080
	so long as cash flow'll keep up with it . 694080_695700
*FRED:	(.) Cause 695700_695970
	you know he's +/. 695970_696480
*FRED:	(.) that's: kind of their 696480_697640
	&=in you know he's looking at that as his retirement income 697640_700080
	and an investment 700080_700920
	and this whole bit 700920_701480
	you know 701480_701650
	like some of the people do here . 701650_702790
*JIM:	(..) ʔuh Well it's been moved and seconded 702790_705740
	(.) um 705740_706210
	(.) to approve 706210_707070
	but (..) that 707070_707830
	(..) ʔuh we can't really disburse on that . 707830_710220
*JIM:	(..) That 710220_710790
	(.) due to his size 710790_711880
	(.) &=in ⌊ of the loan ⌋ . 711880_713150
*JOE:	     ⌊ until we have ⌋ all +... 712430_713530
*JIM:	They ⌈2 need f- ⌉2 ⌈3 (.) f- ⌉3 +... 713530_715020
*KURT:	     ⌊2 all the board ⌋2 ⌊3 members ⌋3 ? 713990_715030
*JOE:	                   ⌊3 majority of ⌋3 board member . 714510_715560
*FRED:	⌈4 Yeah ⌉4 . 715560_716020
*JIM:	⌊4 Four ⌋4 +/. 715710_716180
*JIM:	(.) uh f- +/. 716180_716620
*JIM:	At least two more board members 716620_718380
	⌈ because ⌉ I'm voting . 718380_719310
*FRED:	⌊ Yeah ⌋ . 718380_718670
*JIM:	(.) all in +/. 719360_719830
*JIM:	(.) I'm voting (.) in ⌈ favor of it ⌉ . 719830_721340
*FRED:	                      ⌊ In favor ⌋ . 720740_721340
*JIM:	and . 721340_721630
*FRED:	(.) Yeah . 721630_721950
*FRED:	(.) ⌈ &{l=X See I was &}l=X ⌉ +... 721950_722350
*JIM:	    ⌊ since you sec⌋onded it 721950_722690
	I assume so are ⌈2 you ⌉2 . 722690_723620
*FRED:	                ⌊2 Yeah ⌋2 . 723350_723640
*KURT:	Yeah . 723640_723830
*FRED:	So see I've got two +/. 723830_724640
*FRED:	and then I'll try to 724640_725420
	&=in I'll get hold of two more . 725420_726670
*FRED:	I was gonna see Wilbur 726670_727500
	but he didn't +/. 727500_728090
*FRED:	s- (.) Dave didn't get in here until 728090_729730
	(.) after he was gone 729730_730760
	(.) so 730760_731180
	(..) that's the only one I have . 731180_733360
*JIM:	(..) Any other loans . 733360_738820
*JOE:	(..) No other loans to be discussed . 738820_741270
*JIM:	(..) I got a (.) couple things here 741270_746770
	but uh 746770_747390
	(..) we'll um 747390_748720
	(..) the one 748720_751140
	(..) is in regard to 751140_754160
	(..) the retail 754160_756700
	(..) nondeposit investment 756700_759270
	&=in just to kind of bring us up to speed 759270_761290
	&=in (.) m- (.) M:att has tentatively accepted our (..) offer for employment 761290_768450
	(..) but since he's going to be a dual employee 768450_772680
	(..) th- +/. 772680_773830
*JIM:	you really don't need to put this in the minutes . 773830_775590
*JIM:	⌈ XX +... 775590_775980
*JOE:	⌊ Hm . 775730_775930
*JOE:	(.) Okay ⌋ . 775980_776550
*JIM:	I'll I'll c- ⌉ +/. 775850_776590
*JIM:	I'll catch up (.) the board up to speed 776590_778260
	I just want us to know 778260_779320
	because &=in it has some loan relevance . 779320_781730
*JIM:	&=in (.) Uh: he was interviewed by LCL 781730_784620
	Larry Harb interviewed him over the telephone yesterday &=ex 784620_787390
	and 787390_787780
	(.) Larry called me this morning 787780_788840
	(..) that's who had called about seven-thirty 788840_790940
	and said everything went fine . 790940_792270
*JIM:	&=in U:m 792270_793440
	(..) &=tsk what +/. 793440_794130
*JIM:	(.) what we have set up is 794130_795330
	Matt's going up to Chicago 795330_796960
	&=in at LCL's office 796960_798800
	(.) on uh 798800_799660
	(..) for (.) Monday evening 799660_802110
	(..) Tuesday 802110_803390
	&=in and Wednesday training . 803390_805030
*JIM:	(.) The f- +/. 805030_805570
*JIM:	The Monday evening and Tuesday training 805570_807480
	&=in will be very specific for him 807480_809750
	&=in their workflow 809750_811070
	their forms 811070_811730
	he'll get to meet these people . 811730_812970
*JIM:	&=in On Wednesday then 812970_814360
	he'll be in a little bit of a larger group 814360_816120
	(..) &=in there may be four or five other asset managers with him 816120_819230
	&=in discussing sails (.) motivations and 819230_821780
	&=in and (.) and sales approaches and strategies 821780_824870
	&=in (..) ʔuh (..) Larry said 824870_827940
	Ph- he doesn't know how Matt's gonna plug into us 827940_831000
	(..) philosophically 831000_833280
	and how well he's known in the area . 833280_835010
*JIM:	(..) He said that's our decision . 835010_836920
*JIM:	(.) Of which 836920_837680
	(.) I- you know 837680_837970
	I'm comfortable with . 837970_838730
*JIM:	&=in (..) I wanted Larry to tell me how he thinks he's gonna do 838730_842330
	plugging into the selling 842330_843570
	and he said oh 843570_844210
	you +/. 844210_844380
*JIM:	he should be +/. 844380_845020
*JIM:	he should do very well . 845020_846100
*JIM:	(..) So I- I'm 846100_847590
	um 847590_847880
	tho- +/. 847880_848350
*JIM:	(.) that looks good . 848350_849190
*JIM:	(..) &=in What I did 849190_850420
	(.) kind of 850420_851080
	(.) &=in in regard to that 851080_852340
	was 852340_852880
	(..) and 852880_855580
	(.) I don't have this date finalized 855580_857580
	but 857580_857970
	&=in s- +/. 857970_858680
*JIM:	(.) I'm trying to go maybe the second week (.) of (.) January 858680_862740
	&=in to ha:ve (..) a representative of Bankers Systems 862740_867630
	&=in (.) come &{n=THUMP &=nonvocal &=nonvocal here &}n=THUMP . 867630_869340
*JIM:	(..) to do some specialized training 869340_872010
	(..) within the qualified retirement plan (..) area . 872010_875890
*JIM:	(..) Matt needs 875890_877250
	&=in (.) Matt (.) needs an understanding of 877250_879640
	(..) not a detailed understanding 879640_882550
	but how all these qualified plans work 882550_884850
	(..) &=in so that he w- (..) can have 884850_888030
	(..) so he understands how 888030_889460
	&=in his products plug into the &=in to the self-directed IRAs 889460_893300
	SEPs 893300_893990
	and the like . 893990_894600
*JIM:	&=in We also 894600_895810
	(.) it would do us (.) good to know what products we can offer 895810_899510
	&=in under those qualified retirement plans . 899510_901520
*JIM:	&=in So 901520_902290
	(.) uh R- +/. 902290_903030
*JIM:	Ray Galino I I believe is his name is 903030_905600
	&=in supposed to come down 905600_907030
	(..) I haven't set up a date 907030_908430
	&=in (..) but 908430_910010
	(..) he'll be here (.) on a f- +/. 910010_913530
*JIM:	for a day 913530_914090
	and I wanted him to talk with Matt 914090_915980
	&=in Vivian 915980_917290
	myself 917290_918030
	(.) and 918030_918750
	(.) sometime during the day to the two of you . 918750_920880
*JIM:	&=in Because as loan officers 920880_922840
	&=in you have a good &=in handle on (.) borrowers and 922840_927040
	(..) and can kind of tell them of these SEPs 927040_929640
	and some of the other products . 929640_930710
*JIM:	&=in Uh 930710_931480
	we've kind of hesitated ⌈ in (.) in offering those ⌉ . 931480_934250
*X:	                        ⌊ &=in &=lengthened ⌋ . 932860_933550
*JIM:	&=in (.) well 934250_935110
	we have not offered the self-directed . 935110_936920
*JOE:	⌈ Hm ⌉ . 936920_937300
*JIM:	⌊ &=in ⌋ Offering the self-directed we're getting 937160_938970
	is simply 938970_939640
	&=in we need to get a dif- +/. 939640_940930
*JIM:	fifty different forms . 940930_942290
*JIM:	(.) Instead of &=in called an IRA 942290_944240
	(..) it's called an IRA SD 944240_946700
	(.) for self-directed . 946700_947660
*JIM:	(.) And then 947660_948120
	(.) that will allow people 948120_949700
	&=in to 949700_950720
	(.) if they don't want (.) all their funds in (.) a bank CD 950720_954320
	as (.) as are custodial IRA arrangements . 954320_956740
*JIM:	See 956740_956830
	the existing IRA says 956830_958170
	&=in all those funds have to be in First National Bank of Hillsdale . 958170_960930
*JIM:	&=in The self-directed 960930_962610
	(..) the (.) the participant signs a &=in an investment (..) direction 962610_968560
	(..) or 968560_969130
	(..) where where (..) he directs (..) the investments . 969130_974260
*JIM:	(..) They sign the form 974260_975490
	⌈ and then you invest in whatever they want ⌉ to . 975490_977240
*JOE:	⌊ Yeah . 975590_975750
*JOE:	XX XXX ⌋ . 975750_977310
*JIM:	&=in Uh: 977310_978290
	(..) the 978290_979570
	(.) what . 979570_979890
*JIM:	How that works like with the SEPs 979890_982090
	&=in (..) the SEP (..) has a vehicle 982090_987880
	(.) has to be connected to the IRA . 987880_989770
*JIM:	(..) So we take the SEP off the shelf 989770_992190
	(..) and then if the person (.) wants that money put into a bank CD 992190_996330
	&=in then we just use our custodial (.) IRA forms . 996330_999290
*JIM:	&=in (.) If (.) they want a self-directed iʔ- (..) SEP 999290_1003300
	&=in you take the same (.) SEP form off 1003300_1006470
	&=in but you're using a different &=in (.) IRA . 1006470_1009540
*JIM:	(..) You're not using ⌈ the custodial ⌉ IRA arrangement . 1009540_1012180
*FRED:	                      ⌊ Oh 1010580_1010820
	okay ⌋ . 1010820_1011170
*JIM:	&=in ʔuh An SEP must have an IRA &=in attached to it . 1012180_1015850
*JIM:	(.) ⌈ So that- ⌉ +... 1015850_1016690
*FRED:	    ⌊ So 1015950_1016510
	the IRAs ⌋ all fit in the same (.) plan . 1016510_1019460
*FRED:	(.) They're just different (..) ch- boxes checked off of this overall (..) plan . 1019460_1025330
*FRED:	And that 1025330_1025580
	(.) the overall plan is what you're talking about goes back 1025580_1027640
	that's what the IRS has blessed . 1027640_1029050
*JIM:	Right . 1029050_1029240
*JIM:	They +... 1029240_1029610
*FRED:	is the framework 1029610_1030570
	and so long as you stay within the framework in some combination 1030570_1033400
	you're okay . 1033400_1033970
*JIM:	(..) Exactly . 1033970_1035360
*JIM:	&=in So 1035360_1035930
	(.) I (.) I had ⌈ talked with ⌉ (.) with Rick uh Brady today . 1035930_1039390
*FRED:	                ⌊ &=THROAT ⌋ . 1036780_1037270
*JIM:	&=in and 1039390_1040210
	(..) he's gonna send me those forms 1040210_1042290
	so we can take a look at em 1042290_1043470
	(.) &=in The other +/. 1043470_1044280
*JIM:	The thing which makes it a little more complicated 1044280_1046450
	but &=in it's really not a cost 1046450_1048450
	&=in (..) it's kind of a s- (.) flip-flop 1048450_1050940
	in that 1050940_1051590
	&=in he recommended we don't try and do the account maintenance on those self-directed IRAs ourselves . 1051590_1057460
*JIM:	&=in (.) Because of how complicated ⌈ the law ⌉ is in all this . 1057460_1060290
*FRED:	                                    ⌊ Mhm ⌋ . 1059070_1059380
*JIM:	so . 1060290_1060580
*FRED:	⌈ Mhm ⌉ . 1060430_1060920
*JIM:	⌊ &=in ⌋ 1060670_1060960
	(.) I mean 1060960_1061780
	(..) coincidentally Banker Systems offers a comprehensive ⌈ account ⌉ ⌈2 &=in maintainance ⌉2 services . 1061780_1066950
*FRED:	                                                          ⌊ &=laugh &=laugh ⌋ . 1064910_1065500
*JOE:	                                                                      ⌊2 You're kidding ⌋2 . 1065500_1066420
*JIM:	⌈3 Isn't ⌉3 ⌈4 that ⌉4 ⌈5 XX ⌉5 +... 1066950_1067540
*FRED:	⌊3 &=laugh ⌋3 ⌊4 &=laugh ⌋4 . 1066740_1067230
*JOE:	            ⌊4 Well 1066720_1066920
	                 is⌋4⌊5n't that ⌋5 a surpri:se ? 1066920_1068260
*FRED:	⌈6 &=laugh (.) &=laugh ⌉6 . 1068260_1068850
*JIM:	⌊6 That- that's such ⌋6 a surprise . 1068260_1069680
*JOE:	Yeah . 1069680_1070070
*FRED:	⌈ &=laugh (.) &=in (.) &=laugh &=lengthened &=laugh &=laugh ⌉ . 1070070_1073290
*JIM:	⌊ And 1070290_1070670
	(.) what- what- what we would do is ⌋ 1070670_1073050
	(.) they would take care of the account ⌈2 maintainance ⌉2 . 1073050_1075620
*FRED:	                                        ⌊2 &=ex ⌋2 . 1074830_1075620
*JIM:	&=in In a similar manner 1075620_1077450
	if you will 1077450_1078140
	a:s &=in (..) they take care of the 1078140_1081060
	(.) the other qualified plans . 1081060_1082490
*JOE:	(.) Mhm . 1082490_1083160
*JIM:	&=in (.) We- +/. 1083160_1084000
*JIM:	They- +/. 1084000_1084320
*JIM:	(..) We send them the information 1084320_1086180
	⌈ th- ⌉ +... 1086180_1086380
*JOE:	⌊ But they ⌋ print it 1086330_1086970
	⌈2 and ⌉2 . 1086970_1087090
*JIM:	⌊2 They ⌋2 +/. 1087030_1087400
*JIM:	They crank out ⌈3 the numbers ⌉3 . 1087400_1088830
*JOE:	               ⌊3 qualify it 1087910_1088580
	and ⌋3 . 1088830_1089070
*JIM:	&=in And 1089070_1089640
	(.) and they ⌈ file whatever ⌉ needs to be filed . 1089640_1091610
*JOE:	             ⌊ disclose it ⌋ 1090220_1090890
	⌈2 Mhm ⌉2 . 1091390_1092030
*JIM:	⌊2 &=in ⌋2 The +/. 1091710_1092270
*JIM:	(..) It's really not gonna cost us 1092270_1094170
	it it's gonna be pretty much of a swap . 1094170_1095840
*JIM:	Right now 1095840_1096510
	&=in we use their eight-hundred number 1096510_1098520
	(..) a:nd (.) their 1098520_1100300
	(.) uh 1100300_1100930
	(..) fi- +/. 1100930_1101790
*JIM:	(.) their newsletter . 1101790_1102650
*JIM:	(..) for the IRAs . 1102650_1104290
*JIM:	(.) We don't have their comprehensive service 1104290_1105840
	we have their IRA service . 1105840_1107320
*JIM:	&=in And that runs about three-hundred dollars a year . 1107320_1110290
*JIM:	(..) If you: go to the comprehensive account maintenance 1110290_1114840
	(..) the eight-hundred number is included 1114840_1117600
	and the f- +/. 1117600_1117940
*JIM:	and the newsletter is included . 1117940_1119370
*JIM:	(.) So we would drop three-hundred dollars off . 1119370_1121360
*JIM:	&=in The account maintenance 1121360_1123290
	(..) comprehensive account &{l=X maintenance &}l=X 1123290_1125100
	(..) maintenance would cost us five-hundred dollars . 1125100_1127300
*JIM:	&=in But 1127300_1128500
	(..) what you do: is 1128500_1130180
	(.) they- +/. 1130180_1130590
*JIM:	(..) he estimates it'd be five-hundred dollars 1130590_1132790
	for a minimal number of accounts 1132790_1134150
	&=in Banker System charges thirty-five dollars (..) an account . 1134150_1138500
*JIM:	(..) And he said under a self-directed arrangement 1138500_1141190
	(..) he's seen (..) charges 1141190_1143900
	(.) to maintain a self-directed IRA 1143900_1145910
	(.) anywhere from forty &=in to a hundred fifty dollars . 1145910_1148820
*JIM:	Now I think a hundred fifty dollars &=in is a lot 1148820_1151360
	&=in ⌈ to maintain ⌉ a self-directed IRA . 1151360_1154420
*FRED:	     ⌊ Mhm ⌋ . 1151570_1152300
*FRED:	(.) ⌈2 So you mean ⌉2 . 1154420_1154960
*JIM:	    ⌊2 ʔuh: ⌋2 +... 1154840_1155110
*FRED:	(.) that you +/. 1155110_1155750
*FRED:	w:e could pass that back to the customer ? 1155750_1157840
*FRED:	(.) ⌈ That's ⌉ what you're saying . 1157840_1158820
*JIM:	    ⌊ Right ⌋ . 1158000_1158290
*JIM:	Right . 1158620_1159010
*JIM:	⌈ &=in We ⌉ +... 1159010_1159170
*FRED:	⌊ They ⌋ charge us five-hundred plus thirty-five per account ? 1159070_1161880
*JIM:	(.) Well he- he thought +/. 1161880_1163090
*JIM:	he's gonna send me down the information 1163090_1164640
	you know how the typical salesman 1164640_1165850
	they 1165850_1166040
	&=in they they d:- ⌈ talk in ⌉ kind of nebulous terms . 1166040_1168500
*FRED:	                   ⌊ Yeah ⌋ . 1167070_1167360
*JIM:	⌈2 but he ⌉2 thought . 1168500_1169270
*FRED:	⌊2 Okay ⌋2 . 1168660_1168950
*JIM:	&=in w- they +/. 1169270_1169960
*JIM:	(.) they have a minimum &=in number (.) of accounts 1169960_1173220
	(..) ʔuh: . 1173220_1174190
*FRED:	(.) Oh 1174190_1174560
	with w- +/. 1174560_1174970
*FRED:	(.) is covered if you will by the five-⌈hundred . 1174970_1176790
*JIM:	                                       ⌊ &=in Yes ⌋ . 1176500_1177570
*FRED:	(.) Okay ⌉ . 1176790_1177540
*JIM:	And so he said 1177540_1178480
	&=in (.) ʔuh ʔuh ʔuh way I understood it would 1178480_1180690
	(..) let's say five-hundred would would cover the eight-hundred 1180690_1183110
	(.) which is very very helpful service . 1183110_1184860
*FRED:	⌈ Mhm ⌉ . 1184860_1185150
*JIM:	⌊ &=in ⌋ and uh 1185000_1186560
	(..) the (.) maintenance for let's say twenty accounts . 1186560_1190170
*JIM:	(..) Well 1190170_1191040
	(.) if we had ⌈ (.) ⌉ ten accounts . 1191040_1192840
*FRED:	              ⌊ Okay ⌋ . 1191840_1192130
*JIM:	(.) we would charge &=in ʔuh (.) five-hundred fifty dollars on ac- on an account 1192840_1196930
	it would be five-hundred dollars 1196930_1197960
	it's really kind of a switch around but 1197960_1199350
	&=in what (.) what that would +/. 1199350_1200850
*JIM:	(.) I think it would be good for &=in (.) the five or six of us 1200850_1204470
	&=in to 1204470_1205190
	(..) to have Galino down here 1205190_1208050
	&=in can kind of explain what products 1208050_1210300
	(..) we can offer from the bank side . 1210300_1212890
*JOE:	(..) Hm . 1212890_1213860
*JIM:	Matt needs to know that 1213860_1214870
	and (.) and we all need to know that 1214870_1216410
	&=in and then 1216410_1217620
	(..) we can figure out how Matt's 1217620_1219920
	(..) the products that LCL's gonna offer will plug into that . 1219920_1222960
*JIM:	(..) And it's +/. 1222960_1225270
*JIM:	(..) I was thinking of sending Matt up there for a week 1225270_1228300
	&=in but 1228300_1229020
	&=in (..) you know he's up there a week 1229020_1230990
	he's gonna learn a lot of very technical (.) information 1230990_1234010
	such as like those section four-fifteen &=in XSes . 1234010_1236940
*JIM:	(.) That (.) that [% laugh] I was talking about . 1236940_1238330
*JIM:	&=in You really don't need to know the &=in the technical &=in (..) 1238330_1242040
	nitty-gritty (..) about it 1242040_1244030
	(.) because 1244030_1244700
	(..) that's what Bankers Systems does . 1244700_1246510
*JIM:	⌈ They ⌉ take care of the nitty-gritty . 1246510_1247750
*JOE:	⌊ Hm ⌋ . 1246430_1246830
*JIM:	So 1247750_1248140
	&=in it's gonna be less expensive 1248140_1250150
	(.) to have (..) Galino come here 1250150_1252650
	(..) instead of one person going up to (.) to Minnesota for a week 1252650_1256400
	(..) and then trying to bring back the information 1256400_1259320
	(..) we're gonna have Galino come down here for a day 1259320_1262010
	(..) and 1262010_1262730
	he won't +/. 1262730_1263240
*JIM:	(.) he won't touch any &=in specific (.) complicated (.) items . 1263240_1267080
*JIM:	(.) Such as four-fifteen XSes or 1267080_1268740
	&=in or ACP testing or that . 1268740_1270550
*JIM:	(..) Cause Vivian and I kind of know that 1270550_1273170
	&=in but if we don't know that . 1273170_1274720
*JOE:	&=THROAT . 1274720_1275110
*JIM:	like that four-fifteen ⌈ (.) uh ⌉ XS . 1275110_1277450
*FRED:	                       ⌊ Mhm ⌋ . 1276280_1276570
*JIM:	&=in I called the eight-hundred number 1277450_1279060
	and (.) and they went through the explanation 1279060_1280850
	where the IRS &=in changed (..) the the deduction . 1280850_1284170
*FRED:	(..) Just a +/. 1284170_1285450
*FRED:	(..) Just a (..) question . 1285450_1286930
*FRED:	(..) from a mechanics . 1286930_1288270
*FRED:	&=in Who's gonna ho:ld the account . 1288270_1290280
*FRED:	(.) Is LCL (..) gonna hold the account 1290280_1292970
	is the bank gonna (..) ho- (..) hold the account 1292970_1296280
	(.) Who act- +/. 1296280_1296720
*FRED:	(.) You know 1296720_1297180
	you're talking about bank products 1297180_1298310
	and (.) and LCL products 1298310_1299740
	like before 1299740_1300260
	the trust department 1300260_1301220
	&=in if you will 1301220_1301960
	held &=in the account . 1301960_1303650
*FRED:	(.) That that's physically where it ⌈ was . 1303650_1305440
*JIM:	                                    ⌊ Mhm ⌋ . 1305150_1305640
*FRED:	you know ⌉ 1305440_1305610
	Is &=in is it's +/. 1305610_1306640
*FRED:	(.) Iʔ- ʔuh: (.) is the plan (.) ʔuh ʔuh gonna be in the bank 1306640_1310230
	or will the plan be in LCL 1310230_1312030
	or is the plan &=in ʔuh just kind of nebulous . 1312030_1315240
*JIM:	(..) Well +/. 1315240_1316150
*JIM:	(.) well the (.) the SEP and the IRA 1316150_1318270
	&=in will- will be First National Bank of Hillsdale . 1318270_1320690
*FRED:	(..) Okay . 1320690_1321460
*FRED:	(.) ⌈ That's what I meant ⌉ . 1321460_1322240
*JIM:	    ⌊ But (.) but ⌋ tho- ⌈2 those ⌉2 +... 1321650_1323060
*FRED:	                         ⌊2 They're ⌋2 bank products . 1322550_1323810
*FRED:	(..) if you will . 1323810_1324550
*FRED:	(.) We offer those 1324550_1325640
	&=in and then LCL 1325640_1327030
	if (.) w:ill have 1327030_1328570
	(..) within that plan 1328570_1329810
	they'll have things you can buy 1329810_1331020
	if you want to direct it that way . 1331020_1332560
*FRED:	(..) ⌈ If you ⌉ don't want a CD . 1332560_1334160
*JIM:	     ⌊ Tha- the- ⌋ +... 1332810_1333370
*FRED:	or if you: want something else 1334160_1335520
	&=in you could direct that 1335520_1336950
	&=in that the monies be used to buy: (..) some mutual fund 1336950_1341080
	or some bond fund or something . 1341080_1342640
*JIM:	Right . 1342640_1342880
*JIM:	⌈ And how I ⌉ envision that then . 1342880_1344370
*FRED:	⌊ Okay ⌋ . 1343150_1343490
*JIM:	&=in we would get (..) the (.) statement (.) from LCL 1344370_1348610
	(.) for the (.) mutual fund holdings 1348610_1350610
	&=in ⌈ let's say ⌉ the person also had a CD . 1350610_1352680
*FRED:	     ⌊ Okay ⌋ . 1350740_1351230
*FRED:	⌈2 Mhm ⌉2 . 1352680_1353120
*JIM:	⌊2 Let's ⌋2 +/. 1352700_1353220
*JIM:	(.) You know 1353220_1353480
	it doesn't matter ⌈ how &{l=X they &}l=X split it ⌉ . 1353480_1354500
*FRED:	                  ⌊ Like we do now ⌋ . 1353860_1354650
*JIM:	&=in And then (.) then 1354650_1355880
	&=in (..) what what we would have to do is 1355880_1358160
	(.) pull that information together . 1358160_1359990
*JIM:	&=in We would get LCL's statement 1359990_1361800
	(..) as of (.) the end of the year . 1361800_1363220
*JIM:	What the income was 1363220_1364360
	&=in and what the balance was 1364360_1366070
	we would then have to 1366070_1367020
	if they had a CD 1367020_1368050
	&=in pull that in 1368050_1368940
	we would report that &=in up to Bankers Systems . 1368940_1371610
*FRED:	⌈ Okay ⌉ . 1371610_1372060
*JIM:	⌊ &=in ⌋ and they would then combine that 1371830_1373830
	(.) and produce the report . 1373830_1374960
*JIM:	&=in It +/. 1374960_1375420
*JIM:	(.) That's why there's (.) normally a cost in those self-directed 1375420_1378460
	&=in because 1378460_1379530
	(..) it's not 1379530_1381130
	&=in (.) with our CDs now 1381130_1383190
	&=in that information 1383190_1384450
	(.) that's the whole account 1384450_1385880
	(.) and whatever's out there on the (.) on the retire- 1385880_1388220
	on the RAP record 1388220_1389060
	&=in just passes right up 1389060_1390890
	(..) and (.) and the CD and the RAP information 1390890_1393650
	r- ⌈ retirement ⌉ account (..) processing system talk together . 1393650_1397170
*FRED:	   ⌊ Mhm ⌋ . 1394210_1394550
*JIM:	&=in When you get another vendor in here 1397170_1398810
	like LCL 1398810_1399780
	&=in we physically have to put the papers together . 1399780_1402100
*JIM:	But it's not that complicated . 1402100_1403230
*JOE:	⌈ But the ⌉ name of his office is gonna be LCL . 1403230_1405720
*JIM:	⌊ S- ⌋ +... 1403470_1403740
*JOE:	It's not gonna be First National Bank 1405720_1407220
	&=in . 1407220_1407910
*JIM:	Right . 1407910_1408200
*JIM:	(.) Right . 1408200_1408570
*JOE:	⌈ Anything ⌉ . 1408570_1409070
*JIM:	⌊ &=in The- ⌋ the +/. 1408820_1409360
*JIM:	(..) I got a f- +/. 1409360_1410170
*JIM:	Oh &=ex . 1410170_1410540
*JIM:	Yeah 1410540_1410830
	(.) I love (..) expansions of business . 1410830_1413030
*JIM:	⌈ It took me ⌉ forty-five minutes to get a phone number . 1413030_1415690
*FRED:	⌊ &=laugh &=ex ⌋ . 1413030_1413550
*JIM:	(..) ⌈2 The phone number by the way is ⌉2 . 1415690_1417480
*JOE:	     ⌊2 For LCL . 1416180_1417050
*JOE:	(.) Yeah ⌋2 . 1417330_1417600
*JIM:	&{n=POUND &=nonvocal Five &=nonvocal Five &=nonvocal Five 1417600_1418740
	(..) &=nonvocal Five &=nonvocal Five (.) &=nonvocal Five &=nonvocal Five &}n=POUND . 1418740_1421570
*JIM:	(..) Is what the phone number will be . 1421570_1423460
*JIM:	&=in (.) But 1423460_1424170
	(.) this is (.) things that 1424170_1425280
	&=in I'm I'm (.) anxious for Matt to get here 1425280_1427590
	because I'm getting 1427590_1428450
	&=in (.) I'm getting tuckered out 1428450_1430210
	⌈ trying to ⌉ (.) get all these nitty-gritty things . 1430210_1432140
*FRED:	⌊ &=laugh &=laugh ⌋ . 1430300_1430690
*JIM:	It's not tough to get the phone number . 1432140_1433830
*JIM:	&=in But see they need the phone number in order to order letterhead . 1433830_1437140
*JOE:	⌈ Mhm ⌉ . 1437140_1437570
*JIM:	⌊ &=in ⌋ in order to or- (.) ʔuh have business cards . 1437350_1439710
*JIM:	&=in (.) LCL in ⌈2 (.) ⌉2 in Chicago needs that . 1439710_1442480
*FRED:	                ⌊2 Mhm ⌋2 . 1440940_1441280
*JIM:	(.) to get that process ⌈3 going ⌉3 . 1442480_1443890
*JOE:	                        ⌊3 Hm ⌋3 . 1443380_1444280
*JIM:	⌈4 Uh . 1443890_1444690
*JOE:	⌊4 &=tsk &=in Uh is there LCL ⌋4 accounts gonna be maintained here . 1444290_1447430
*JIM:	cause cause actually ⌉4 +... 1444730_1445870
*JOE:	I mean 1447530_1447790
	or (.) is there gonna be a separate 1447790_1449330
	&=in They're gonna have an account in Chicago 1449330_1451520
	for the funds to pass through ? 1451520_1452730
*JOE:	Or is it gonna be passthrough funds here at the bank ? 1452730_1454970
*JOE:	Or 1454970_1455360
	&=in is that ʔuh: +... 1455360_1456690
*JIM:	(..) Well 1456690_1457560
	(.) w- (.) what we'll do is 1457560_1458960
	(..) those'll probably wire transfer ⌈ out ⌉ . 1458960_1460970
*JOE:	                                     ⌊ Through Bolt⌋mans or something . 1460790_1461880
*JIM:	Well 1461880_1462170
	(.) through the Fed 1462170_1462810
	what +/. 1462810_1463080
*JIM:	&=in I think what will happen 1463080_1464640
	&=in but we +/. 1464640_1465380
*JIM:	(.) Matt'll find this out 1465430_1466660
	and 1466660_1466950
	I mean 1466950_1467220
	we'll get involved in it 1467220_1468250
	&=in and I'm +/. 1468250_1468790
*JIM:	I'm not +/. 1468790_1469300
*JIM:	(..) whichever way it goes is fine 1469300_1471050
	but probably the most sophisticated way 1471050_1473260
	&=in will be 1473260_1474270
	&=in everyone who makes +/. 1474270_1476150
*JIM:	(..) who buys a fund 1476150_1477430
	or whatever 1477430_1478150
	(..) that money will go into a (.) a clearing account here . 1478150_1481330
*JIM:	(..) And then 1481330_1482640
	&=in we will 1482640_1483750
	(..) either LCL will (.) will ⌈ ACH it (.) out of us ⌉ . 1483750_1487530
*JOE:	                              ⌊ XX XX ⌋ . 1485960_1487030
*JIM:	(.) Or 1487530_1488050
	(..) we'll physically wire it up there . 1488050_1489950
*JIM:	(..) &{l=% &{l=X You know &}l=X &}l=% 1489950_1490730
	there may be &=in (..) a hundred thousand dollars in there 1490730_1494020
	which may represent (..) three people's 1494020_1496280
	or four people's ⌈ (.) ⌉ purchases . 1496280_1498210
*JOE:	                 ⌊ Mhm ⌋ . 1497140_1497530
*JIM:	&=in and then Matt faxes the paperwork up to LCL 1498210_1501720
	(..) and they do the suitability testing 1501720_1504720
	(..) and then they know (..) what products have been bought 1504720_1508460
	(..) and then on the other side 1508460_1510360
	(.) we do a wire transfer 1510360_1511870
	(.) to physically get the money up there . 1511870_1513410
*JIM:	I think ⌈ that's how it's gonna work ⌉ . 1513410_1515010
*FRED:	        ⌊ Si- (.) similar to Fannie ⌋ Mae . 1513960_1515370
*JIM:	(.) Ex- ex- +/. 1515370_1516460
*JIM:	(.) ⌈ Uh yes ⌉ . 1516460_1516970
*JOE:	    ⌊ Mhm ⌋ . 1516610_1517050
*JIM:	Sa- same- ⌈2 same- ⌉2 ⌈3 same type of thing ⌉3 . 1517050_1518750
*JOE:	          ⌊2 Yeah ⌋2 . 1517900_1518190
*FRED:	          ⌊2 We ⌋2    ⌊3 we (.) we collect ⌋3 ⌈4 monies ⌉4 . 1517900_1519450
*JOE:	                                              ⌊4 Custod⌋4ial ac⌈5count . 1518920_1519840
*FRED:	                                                               ⌊5 we collect monies ⌋5 . 1519980_1520740
*JOE:	&{l=X and &}l=X ⌉5 . 1520740_1520800
*FRED:	put it in account 1520800_1521740
	(.) and the:n 1521740_1522600
	(..) we tell them how much of it is theirs 1522600_1525110
	(..) and 1525110_1525830
	(..) ⌈ by calling up ⌉ there . 1525830_1527660
*JOE:	     ⌊ XXX ⌋ . 1526540_1527130
*FRED:	and that dial deal 1527660_1528700
	and then it- (.) they zap it the next day . 1528700_1530810
*JIM:	Yeah . 1530810_1531150
*JIM:	(.) I don't ⌈ know if ⌉ . 1531150_1532080
*JOE:	            ⌊ Okay ⌋ . 1531360_1531600
*JIM:	&=in (.) ʔuh (.) like 1532080_1533110
	(.) that's the same way that uh (..) American Express with the traveler's checks work . 1533110_1537400
*JIM:	&=in When we sell Traveler's Checks 1537400_1539010
	(.) we put that money in a clearing account 1539010_1540730
	&=in and then Jo Anne 1540730_1542010
	or Grace 1542010_1542480
	or: Tom 1542480_1543050
	or somebody calls 1543050_1544060
	&=in whosever doing that job 1544060_1545490
	(.) calls ⌈ &=in ⌉ a number . 1545490_1547370
*FRED:	          ⌊ Mhm ⌋ . 1546250_1546540
*JIM:	(..) and 1547370_1547990
	(.) we report 1547990_1548850
	(.) how much (.) in &=in sales we had 1548850_1551370
	&=in and they d- +/. 1551370_1552450
*JIM:	(.) they d- (..) hit the account the next day and take the money out . 1552450_1555390
*JIM:	But that's +/. 1555390_1555950
*JIM:	&=in that's kind of the (.) the mechanics of the (.) of the flow of funds . 1555950_1559410
*JIM:	&=in But 1559410_1560130
	to answer your question Joe 1560130_1561510
	is that 1561510_1561930
	&=in LCL 1561930_1562900
	(.) that office (.) will (.) not say First National Bank of Hillsdale 1562900_1567110
	(..) ʔuh or ⌈ anything of the nature ⌉ . 1567110_1568960
*JOE:	            ⌊ Anywhere . 1568010_1568450
*JOE:	(.) Yeah ⌋ . 1568450_1569080
*JIM:	&=in Uh 1569080_1569780
	(.) the +/. 1569780_1570190
*JIM:	(.) his &=in his card will be: LCL investments 1570190_1573840
	&=in at First National Bank of Hillsdale . 1573840_1575840
*JIM:	&=in U:m 1575840_1576910
	(..) l:etterhead will be LCL 1576910_1579390
	(..) there needs to be a (.) separate phone line 1579390_1581650
	(..) &{n=POUND &=nonvocal going (.) to &=nonvocal that &=nonvocal office &}n=POUND . 1581650_1583590
*JIM:	&=in And we'll +/. 1583590_1584230
*JIM:	we'll be able- 1584230_1584690
	when we get this receptionist set up 1584690_1586440
	&=in the receptionist will also answer it 1586440_1588440
	(.) but when they pick up the phone 1588440_1589780
	&=in (.) you know we'll put it on a red line 1589780_1591590
	or (.) blue line or something like that 1591590_1593380
	&=in when they pick up that line 1593380_1594930
	like we do with with with Bill's number 1594930_1596970
	&=in you know they (.) they pick up 1596970_1598300
	and they'll say LCL investments . 1598300_1599980
*JIM:	&=in They also +/. 1599980_1602720
*JIM:	&=in and it's also requirements by uh 1602720_1604720
	(..) uh ʔI guess NASDAQ or whomever 1604720_1607390
	&=in and the comptroller that 1607390_1608870
	(.) they don't (.) want us 1608870_1610530
	&=in when that line rings 1610530_1611660
	we're not gonna pick it up and go 1611660_1612760
	hello 1612760_1613050
	First National Bank of Hillsdale 1613050_1614080
	and they go 1614080_1614340
	&=in &{l=Q oh yeah 1614340_1615180
	I wanted to talk about a mutual fund 1615180_1616470
	oh I'm sorry 1616470_1617130
	yeah 1617130_1617320
	you do have LCL &=in in- investments &}l=Q . 1617320_1619710
*JIM:	I mean 1619710_1619930
	these are ⌈ some of the ⌉ nitty-gritty things . 1619930_1621580
*JOE:	          ⌊ &=tsk Yeah ⌋ . 1620250_1620570
*JIM:	They &=in they talk about in the regulation 1621580_1623470
	and I'm pretty confident they'll (.) they'll implement those out . 1623470_1625930
*JIM:	⌈ But ⌉ . 1625930_1626690
*JOE:	⌊ Is Matt ⌋ gonna carry on (.) his (..) other livelihood that he had before 1626310_1631370
	(..) through that office ? 1631370_1632210
*JOE:	Or 1632210_1632500
	&=in ⌈ is he ⌉ totally out of the insurance business . 1632500_1635070
*JIM:	     ⌊ N: ⌋ 1632980_1633370
	&=in He was meeting with- +/. 1635070_1636380
*JIM:	they had a regional meeting- 1636380_1637760
	or 1637760_1637950
	meeting with their regional manager today 1637950_1639810
	&=in and he was going to (.) to tell him 1639810_1641820
	&=in that 1641820_1642690
	(.) he's plans to take a job here . 1642690_1644480
*JIM:	&=in (.) C- Common courtesy says 1644480_1646690
	that he &=in (.) ʔuh needs to give em two weeks notice . 1646690_1649920
*JIM:	&=in (..) But 1649920_1651310
	(.) the- (.) the practice within the (.) the industry 1651310_1653820
	and Larry +/. 1653820_1654380
*JIM:	(.) Matt said this 1654380_1655370
	and also Larry Harb said this . 1655370_1656980
*JIM:	&=in So 1656980_1657550
	(.) I know it's not &=in (.) Matt's employer 1657550_1660320
	it's just within that industry 1660320_1661600
	as soon as a person says 1661600_1662810
	&=in I've decided to move on to another +/. 1662810_1665480
*JIM:	&=in another uh (.) uh (..) ⌈ customer ⌉ . 1665480_1668260
*JOE:	                            ⌊ XX ⌋ . 1667520_1668210
*JIM:	or an- another (.) ⌈2 employer ⌉2 . 1668260_1669890
*ENV:	                   ⌊2 &=DOOR_KNOCKING ⌋2 . 1669320_1670110
*JIM:	(.) ni- +/. 1670110_1670670
*JIM:	Come in . 1670670_1671140
*ENV:	&=DOOR_OPENS . 1671140_1672060
*VIVI:	Did you need to talk to Genevieve . 1672060_1673780
*JIM:	(..) N- ʔuh I'll g- +/. 1673780_1674970
*JIM:	(.) see if she's gonna be 1674970_1676130
	at a number where I could talk to her in maybe a half an hour or ⌈ forty-five ⌉ minutes . 1676130_1679590
*VIVI:	                                                                 ⌊ Okay ⌋ . 1678880_1679220
*JIM:	&=in Or else I'll give her a call tomorrow . 1679590_1681060
*VIVI:	Okay . 1681060_1681450
*JIM:	&=in Um . 1681450_1682270
*ENV:	&=DOOR_CLOSES . 1682270_1682960
*JIM:	as soon as they get notice 1682960_1684670
	(..) they typically: say well fine 1684670_1686630
	&=in (.) thanks for the two weeks notice 1686630_1688570
	but it's effective today . 1688570_1689910
*JIM:	&=in And then they electronically (..) transfer: (.) his licenses 1689910_1694950
	(.) to his- +/. 1694950_1695540
*JIM:	(.) to to LCL . 1695540_1696680
@End
