Weekly Market Update 7-9-2012

The major indices closed mixed last Friday as a week of slow trading was capped by a market-wide selloff on Friday. The retreat was driven by a mediocre June jobs report and fears about a jobless recovery. The S&P closed down only 0.55%, the Dow gained 1.35%, and the Nasdaq rose 0.08%.1
The U.S. suffered its third month of sub-100,000 jobs growth in June, adding just 80,000 new jobs. The economy needs an average growth of at least 125,000 new jobs per month in order to be considered healthy.

Consumer Alert: Online Billpay Scam

July 3, 2012
Better Business Bureau Issues Warning About Utility Bill Payment Scam

The BBB has issued a nationwide warning about a new scam claiming that President Obama will pay your utility bills through a new federal program.

Consumers have been contacted through telephone calls, fliers, social media, text messages, and word-of-mouth with claims that the federal government is providing credits or applying payments to utility bills.

To receive the money, scammers claim they need the consumer’s Social Security and bank routing number and/or account number. In return, customers are given a fraudulent bank routing number to use when paying their utility bills through an automated service.

The payment service initially ‘accepts’ the payment, but then declines it within a few days when the bank account number is discovered to be fake.  The consumer’s bill has not been paid, and their personal financial information and Social Security number have been compromised.

The BBB has these tips to avoid becoming a victim of this scam:

•Never provide your social security number, credit card numbe,r or banking information to anyone requesting to anyone who calls you, regardless of whom they claim to be representing.

•If you receive a call claiming to be your utility company and feel pressured for immediate payment or personal information, hang up the phone and call the customer service number on your utility bill.

•Never allow anyone into your home to check electrical wiring, natural gas pipes or appliances unless you have scheduled an appointment or have reported a utility problem. Also, ask utility employees for proper identification.

•Always think safety first. Do not give in to high pressure tactics over the phone for information or in person to get into your home.

For more information about identity theft scams, please visit the BBB online.

Back Pack Drive to Begin July 16, 2012

Dade City, FL June 12, 2012— First National Bank of Pasco is proud to announce its 4th Annual “Stuff the BackPack Drive.” School supplies or cash donations will be accepted July 16th through August 3rd at all three branch locations: 13315 U.S. Hwy. 301, Dade City; 4518 Gall Blvd., Zephyrhills; and 37215 S.R. 54, Zephyrhills. Branches are open Monday through Thursday 8:30 a.m. until 4:00 p.m., and Friday from 8:30 a.m. until 6:00 p.m. FNB Pasco will match all donations 100%.

Weekly Market Update 7-2-2012

While the first quarter of 2012 beat expectations, the second quarter poured cold water on investors’ hopes for a strong encore. Much like the last two years, the economy got off to a solid start only to falter in the spring. Despite a strong showing in the latter half of June, markets are down for the quarter, erasing some of the gains we saw in Q1. However, the major indices are still up significantly for the year. Since January 1, 2012, the S&P has gained 8.31%, while the Dow is up 5.42%, and the Nasdaq grew by 12.66%.