ical w! n! ! ngs n! a Insider February 2015 | Calendar of Events FreedomYears There are multiple ways for you to stay connected to your bank accounts with a quick click! Our electronic banking options put you in control and make life easier. Use Online Banking, Bill Pay, Mobile Banking, Text Banking, and our app to make banking even easier for you! Many of our customers enjoy using Online Banking or Bill Pay to manage their money, view transactions, pay bills, and more. You can access online banking on a tablet, smartphone or computer, and it’s very user-friendly! For a demo, go to ParkNationalBank.com and click on ‘Learning Center’ – it’s in the box directly under the logo – scroll down to Online Banking and click ‘view.’ If you have an Apple or Android smartphone, you can download our banking app. It’s the ultimate connection to your money – and it’s free! • View account balances and information on any account you currently view in online banking. See recent transaction history on your checking and savings accounts, loans and lines of credit. • Transfer money between accounts. • Schedule, change or cancel payments on the go. • Use PopMoney to send cash to anyone on your contact list. • Use the device’s camera to take a picture and deposit checks into your PNB checking or savings account. • Find the Park National Family of Banks office or ATM closest to you with a few quick clicks. Mobile alerts are great options to keep you alerted when something happens in your account. You pick the reason you get notified, like when a balance gets below a certain amount, when a deposit is made, and more. You can choose to be alerted through a text message or email. If you have questions, we’re happy to help you get connected with a banker! Electronic Banking Class Park National Bank Main Office • 50 North Third Street, Newark • Tuesday, February 10 Two classes to choose from: 9:30 - 11:30 am OR 1:30 - 3:30 pm What is an e-statement? What is mobile banking? What is online banking? What is online bill pay? Want to see what all the fuss is about when it comes to electronic banking? Trying to figure out how to pay your monthly bills when you’re not in town? Please join us for this informative two-hour hands-on presentation to find out more about electronic banking services that are available to you at The Park National Bank. Call to reserve your space! (Each class limited to 10 people) 7 4 0 . 3 4 9 . 3 7 3 9 | F r e e d o m Ye a r s @ P a r k N a t i o n a l B a n k . c o m Shen Yun’s Classical Chinese Dance A Lost Tradition Revived • Ohio Theatre, Columbus Wednesday, March 11 7:30 pm performance • $106 per person Join us for this evening performance of 5,000 years of Civilization at the Ohio Theatre in Downtown Columbus. We will stop for dinner (on your own) at Easton Town Center before arriving at the theatre. Through the universal language Shen Yun weaves a wondrous tapestry of heavenly realms, ancient legends, and modern heroic tales, taking you on a journey through 5,000 years of Chinese culture. Its stunning beauty and tremendous energy leave audiences uplifted and inspired. A Shen Yun performance features the world’s foremost classically trained dancers, a unique orchestra blending East and West, and dazzling animated backdrops—together creating one spectacular performance. Price includes: Deluxe motor coach transportation; orchestra seats (Q-W); all applicable taxes, and gratuities on included items. Payment due: 2/16 AARP Driver Safety Program Park National Bank Main Office 50 North Third Street - Newark Tuesday, March 10 • 12:30 - 4:30 pm $10 per person (special rate) Join us for this informative class presented by Rick Grove, certified AARP Instructor. Tune up your driving skills and update your knowledge of the rules of the road. AARP’s Driver Safety Program is the nation’s first and largest driver refresher course and has been offered since 1979. You will be refreshed on the following: • Driving skills and rules of the road • Learn defensive driving techniques • Discover ways to handle left turns, right-of-way, highway traffic and blind spots Upon completion of this course, you may qualify for an automobile insurance discount by your insurance company (Contact your insurance agent for details). You must complete the entire 4-hour course to be eligible for any discounts. We hope you will join us for this 4-hour session! Class size limited! Payment due: 2/27 Painting 101 Park National Bank Main Office 50 North Third Street - Newark Saturday, March 21 • 9 - 11:30 am • $30 a person Have you ever wanted to give painting on canvas a try but you are too nervous? No talent or experience is necessary to join our class today! Join us for a morning of fun as local artist, Kathy Anderson (kathyandersonart.com), provides you with plenty of guidance to ensure that you leave at the end of the session with a completed canvas. Price includes: Canvas, easel, paints, brushes, light refreshments. Payment due: 3/2 Spring Mystery Tour Somewhere in Ohio • Tuesday, April 14 • $84 a person Join us for our Spring Mystery Day Tour to somewhere in Ohio! Which direction will we drive today?…. Only the driver knows! We are sure to have a grand time visiting one of the oldest (blank) in the United States; visit some famous voices of America; have lunch in a historic building; and a little shopping time to explore at your leisure. We hope you will join us! Price includes: All included sightseeing; lunch and all applicable taxes and gratuities. Payment due: 3/14 A Spring Happening Featuring…The John Schwab Duo Highwater Congregational Church 1213 Dutch Lane Rd - Newark Thursday, April 16 • 5:30 pm dinner • $23 per person Join us for a Freedom Years Spring Happening! Tonight you will be treated to a home cooked dinner and an exclusive entertaining performance by the John Schwab Duo! John Schwab is the former lead guitarist and vocalist for the McGuffey Lane Band. John’s repertoire includes country, songs from the 50’s, and more! We are sure to enjoy the Duo’s performance this evening! We hope you will join us for our Spring Happening! Price includes: A plated dinner of pork loin, scalloped potatoes, green beans, tossed salad, and assorted homemade pies, rolls, coffee, iced tea, coffee, lemonade; and an exclusive performance by the John Schwab Duo. Call today to reserve your seats for you and your friends! Payment due: 3/23 Sister Act ~ The Musical Palace Theatre, Columbus • Wednesday, April 29 7:30 pm performance • $56 per person Join us for this evening performance of Sister Act at the Palace Theatre in Downtown Columbus. We will stop for dinner (on your own) at Easton Town Center before arriving at the theatre. Sister Act is Broadway's feel-amazing musical comedy smash! Featuring original music by 8-time Oscar® winner Alan Menken, Sister Act tells the story of Deloris Van Cartier, a wannabe diva whose life takes a surprising turn when she witnesses a crime and the cops hide her in the last place anyone would think to look—a convent! Under the suspicious watch of Mother Superior, Deloris helps her fellow sisters find their voices as she unexpectedly rediscovers her own. A sparkling tribute to the universal power of friendship, Sister Act is reason to rejoice! Price includes: Deluxe motor coach transportation; orchestra seats (AA-FF); all applicable taxes, and gratuities on included items. 2015 Freedom Years Vacations We have some terrific extended vacations planned for you! Please call us to receive a detailed brochure and reservation information on any or all of the following: Payment due: 3/27 Lighthouses of the Mid-Atlantic Featuring Ocean City, Baltimore and Virginia Beach May 5 -11 Vacation highlights: • Deluxe motor coach transportation • 2-nights accommodations in Baltimore, MD • 1-night accommodation in Ocean City, MD • 3-nights accommodations in Virginia Beach, VA • Deluxe continental breakfast daily • 6 dinners and 1 lunch, including a Maryland Crab Feast • Visits to many historic lighthouses along the way • Visits to Fort McHenry, the Naval Academy, Chesapeake Bay maritime Museum, Ward Museum of Wildfowl Art, the Wright Brothers National Memorial, and the Norfolk Naval Station • Scenic Annapolis lunch cruise • Scenic wild pony viewing cruise onboard Assateague Explorer • Visit to Outerbanks, NC and tour of Whalehead Club • Visit to winery with tasting • All luggage handling • All taxes and gratuities on included features Price per person: A deposit of $300 per person is due with reservation $1,799 double occupancy, $2,149 single, $1,699 triple occupancy, $1,649 quad occupancy. Final payment due: 3/2 Northern California Escape April 23 - 30 Featuring… Sacramento, San Francisco, Angel Island, Napa Valley Wine Train, the California Zephyr Train & more! Price per person: A deposit of $300 a person due with reservations. $2,999 double occupancy, $3,799 single occupancy Alaska Yukon by Land & Sea July 7 - 19 Aboard Holland America’s Noordam Featuring… Denali National Park, Fairbanks, Dawson, Whitehorse, Glacier Bay, Ketchikan, Vancouver, Canada & Inside Passage Price per person ranging (depending on cabin category on ship): A deposit of $1,000 a person due with reservations. $5,399 - $6,295 double occupancy American Empress Riverboat Cruise August 8 -16 Featuring… The Columbia & Snake Rivers and the beauty of the Pacific Northwest Price per person ranging (depending on cabin category on riverboat): A deposit of $1,000 a person due with reservations. $5,500 - $7,699 double occupancy 2015 Trip/Event Cancellation Policy: The cancellation of Freedom Years one-day trips or events will be non-refundable after payment is made unless the space is filled from an available wait list or a substitution is made by another member. Trips may be paid for by cash, check, or VISA. Checks should be made payable to Park National Bank - Freedom Years. Refund policies on extended vacations vary from trip to trip. Please review the cancellation policy included on each trip brochure. Travel/Health Policy: It is required that persons needing assistance be accompanied by a companion who is capable and totally responsible for providing that assistance. Neither Freedom Years nor its suppliers may assist with medications, wheelchairs, or physically lift persons onto transportation vehicles. Travelers needing special assistance must notify Freedom Years when they make their reservations. Please note that the Americans With Disabilities Act does not apply outside the United States. At-a-glance Day Trips FEBRUARY 4 Anything Goes the Musical The Ohio Theatre Columbus Waitlist! FEBRUARY 4 & 5 Facebook Class PNB Main Office Newark Waitlist! FEBRUARY 10 Electronic Banking Class PNB Main Office Newark Details enclosed! FEBRUARY 20 Euchre Night 2015 PNB Main Office Newark Call for availability! MARCH 5 Mamma Mia! The Musical Ohio Theatre Columbus, Ohio Waitlist! MARCH 10 New! AARP Driver Safety PNB Main Office Details enclosed! MARCH 11 Shen Yun’s Classical Chinese Dance Ohio Theatre Ne w! Columbus Details enclosed! MARCH 21 Painting 101 PNB Main Office Newark Details enclosed! MARCH 26 South Pacific! The Musical La Comedia Dinner Theater Springboro, Ohio Waitlist! APRIL 14 Spring Mystery Tour Somewhere, Ohio New ! Details enclosed! APRIL 29 Sister Act, The Musical Palace Theatre New! Columbus Details enclosed! MAY 13 A Derby Celebration! Newark, Ohio Details coming soon! APRIL 16 Spring Happening N ew! Highwater Congregational Church Newark Details enclosed! Extended Vacations & Get-a-ways... APRIL 8 - 9, 2015 Vera Bradley Outlet Fun! Fort Wayne, IN Waitlist! APRIL 20 - 23 Las Vegas Get-A-Way Las Vegas, NV Call for availbility! APRIL 23 - 30 Northern California Escape Sacramento, San Francisco & Gold Country Highlights enclosed! MAY 5 - 11 Lighthouses of the Mid-Atlantic Featuring Ocean City, Baltimore and Virginia Beach Details enclosed! JULY 7 - 19 Alaska Yukon by Land & Sea Aboard Holland America’s Noordam Highlights enclosed! DECEMBER 6 - 8 Greenbrier at Christmas White Sulphur Springs WV Details coming soon! NOVEMBER 30 DECEMBER 3 San Antonio Christmas San Antonio, Texas Details coming soon! FY Adventure Collection... JANUARY 26 - 31 Walt Disney World Freedom Years Style! Orlando, FL Waitlist! MAY 16 - 24 A Scottish Dream Scotland & England Waitlist! AUGUST 8 - 16 American Empress Riverboat Cruise Portland, OR Highlights enclosed! OCTOBER 27 NOVEMBER 8 A Southern Africa Safari! South Africa, Zambia & Botswana Call for availability! M A K E R E S E R VAT I O N S TO D AY ! 7 4 0 . 3 4 9 . 3 7 3 9 | F r e e d o m Ye a r s @ P a r k N a t i o n a l B a n k . c o m PARK NATIONAL BANK EQUAL HOUSING LENDER Member FDIC Trust & Investment Services 50 North Third Street Post Office Box 3500 Newark, Ohio 43058-3500 ParkNationalBank.com Phone: 740.349.3900 FINANCIAL FINANCIAL MANAGEMENT MANAGEMENT FOR FOR SIN SIN A good year A review and outlook for the financial markets and the economy. January 2 — The economic recovery in the U.S., now in its sixth year, produced much good news in 2014: • The S&P 500 rose 11.4%, and the Dow Jones Industrial Average posted a 7.5% gain on the year, following the stellar performance of stocks in 2013. • The six months of economic growth that included the 5% spurt in the third quarter were best half-year period since 2003. • 2.7 million jobs were added through November, the best year for employment growth since 1999. • Oil prices declined sharply in 2014, bringing major relief at the gas pump to U.S. consumers. All signs point to lower oil prices for the intermediate future. But the picture is not entirely rosy, it never is. While the U.S. is doing well, Europe and Japan are not. Countries using the Euro have not yet surpassed their pre-recession economic output, as the U.S. has. The Dow Jones World Index, which excludes the U.S., fell 5.5% in 2014. Robust, stable economic growth requires strong economic partners. CAPE fears Higher stock prices are powered by two factors: increased profits and increased investor optimism. Optimism is generally measured by the price/earnings ratio. A high ratio means that investors are willing to pay a high price for future profits, and it suggests that they expect those profits to grow. Nobel Laureate Robert Shiller has traced a cyclically adjusted price earnings (CAPE) ratio from 1871 to the present. His CAPE ratio includes an inflation adjustment and a ten-year time frame for smoothing annual variability. For the 20th century, the average CAPE ratio was 15.21. At this writing the CAPE ratio stands at 27.34. Speaking historically, that number is in the stratosphere. That’s where it was in 2007, just before the financial meltdown. In 1929, before the Black Friday crash, it stood 32.56. Before the dot-com bubble burst, CAPE reached 43.83. A high CAPE ratio for the stock market is not necessarily a sell signal, even though it may be suggestive of “irrational exuberance.” High stock prices may also be a reflection of the absence of satisfactory alternatives for investing. However, once the CAPE has reached high levels, future increases in stock prices will have to be fueled primarily by increased profits, not improved investor sentiment. Housing Another cloud on the horizon is the housing market. New home sales in November were 1.6% below the year-earlier figure, and existing home sales fell 6.1%. Home price growth has slowed, following the recovery of the recession lows. Historically, the success of the housing industry has closely tracked the ups and downs of the economy generally. An uptick in interest rates in 2015 would not be helpful to home buyers or sellers. Continued on reverse... Page 1 of 2 Serving families, businesses & our communities for generations! Interest rates Throughout 2014 investors were concerned about what the Federal Reserve Board would do, and when they would do it. When interest rates go up, the value of existing bonds necessarily goes down, with the longest maturities hit the hardest. As it turned out, investors’ worst fears did not materialize. FINANCIAL MANAGEMENT MANAGEMENT FOR FOR SI SI FINANCIAL The story could be different in 2015, however. In December the Federal Open Market Committee reconfirmed its patience with below-normal interest rates so long as projected inflation remains below a target of 2% annually. Given the drop in oil prices rippling through the economy, that target is not likely to be breached in the near term. On the other hand, another quarter of 5% growth might stimulate the Fed to accelerate a plan of lifting interest rates back to normal levels. Additional comments from portfolio manager, Brad Zellar, Vice President and Trust Officer with Park National Bank's Trust and Investments: The Standard & Poor’s 500 Index is widely considered a good measure of the “broad” domestic stock market. As the article indicates, the Index rose 11.4% last year. Including dividends, the total return of the S&P 500 in 2014 was 13.7%. It marked the third consecutive year, and the fourth year of the last five, the Index had double-digit returns. The average annualized total rate of the return of the S&P 500 the last five years, through December 31, 2014, was 15.4%. It would be unrealistic, in our opinion, for investors to expect returns like these to continue when virtually every major global economy but ours is experiencing weakness. The article mentions Japan and Europe. China, too, is experiencing much slower growth than in its recent past. Even though exports account for less than 15% of economic output in our country, we are not immune from the effects of a global slowdown. At the risk of being too doom and gloom, which we are not, we recognize it has been more than three years since the last stock market “correction.” A correction is commonly defined as a decline of 10% or more in stock prices from a near-term high. Corrections are common – they occur about every 1 ½ - 2 years; and they are healthy – they provide patient, disciplined investors an opportunity to buy stocks at more attractive valuations. It brings to mind a quote from Warren Buffett, who reminds us that “markets are designed to transfer money from the active to the patient.” A message from… Kathy Myers, Trust & Investments 740.349.3903 Park National now has over $4.2 billion of assets under management. We’ll continue to adhere to a long term investment strategy, focus on risk reduction, and actively manage portfolios that routinely perform well relative to their benchmarks. If you have questions or would like to learn more just give me a call. We’ll schedule a time to meet. Thank you! Page 2 of 2 Not FDIC insured. Not bank guaranteed. May lose value. | Source: M.A. Co. © 2015 | All rights reserved. | February 2015 Serving families, businesses & our communities for generations!