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Old National Bank
Friday, Nov 7, 2008 @11:11am EST
Robert G. Jones is the President and CEO of Old National Bancorp and a member of its board of directors. He assumed this position effective September 7, 2004. Prior to joining Old National, Jones served for 25 years at KeyCorp, most recently as CEO of McDonald Investments Inc., the KeyCorp business unit that provides brokerage, capital markets, insurance, investment banking, and asset management services.
Jones began his banking career in 1979 as a management associate at Society National Bank, which merged with Key in 1994. At Society, he served in various capacities of increasing responsibility in retail and commercial banking, including election as president of the bank’s Columbus district in 1990 at the age of 32. He was Society’s Retail Center Executive when it merged with Key and was given similar responsibilities in the larger organization. Key continued to expand Jones’ role, tapping him to run its retail bank, then its client services function, which included banking operations, client satisfaction centers, electronic payments, investment services, loan services, and corporate real estate. Jones had served as McDonald’s CEO since 2002 and was a member of the parent company’s executive council. He is a 1979 Graduate of Ashland University with a Bachelor of Arts degree in Political Science and Business Administration. Jones currently serves on the Federal Reserve Bank of St. Louis Board of Directors.
Jones is active in the community, by being named to the boards of the University of Evansville, Ashland University, Evansville Regional Business Council, The Economic Development Coalition of Southwest Indiana, Evansville Day School, Deaconess Hospital, Riley Children’s Hospital, Youth Resources of Southwestern Indiana and Signature School Foundation. He is also chair of the Ronald McDonald House Capital Campaign and chair of the Evansville ARC Capital Campaign. He is a member of the Evansville-Vanderburgh School Corporation Superintendent’s Business Council. Jones is a steering committee member for the Southern Indiana College Access Network, community advisory board member for the Junior League of Evansville and external advisory board member for the Evansville Business Journal. In addition, Evansville Mayor Jonathan Weinzapfel appointed Jones to lead a task force aimed at developing a strategic plan for economic development in the four-county area surrounding Evansville.
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Financial Focus
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Types of Auto Loans
There are two types of auto loans: long-term and short-term.
Lending companies usually offer long-term loans only for new cars. A long-term loan generally lasts for a period of 36, 48 or 60 months. Loans for used vehicles are usually only available for shorter terms of 24 or 36 months.
Longer term plans carry a smaller monthly payment; however, you will pay more over the life of the loan. A three-year $15,000 loan that is lengthened to four years will decrease your monthly payment from $450 to $377. However, your interest rate will increase from 5 percent to 9.5 percent. The total amount you pay over the life of the loan would increase from $16,200 to $18,096. Our Auto Loan Early buyoff calculator helps you find out how much interest can you save by increasing your monthly payment (shortening your loan term).One potential pitfall of a long-term loan is that the car's value can drop below the loan principal amount if the vehicle is destroyed or stolen during the first year or two.
Short term plans will mean higher monthly payments, but you will be charged less interest and will pay less overall.
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Types of Mortgage
Fixed-rate and adjustable rate mortgages are the two most basic kinds of mortgage loans. You can choose a mortgage with the same interest rate forever, or one that changes.
Fixed-rate Mortgages
This is a very stable kind of mortgage. A fixed rate mortgage keeps the same interest rate for the life of the loan. For most people, especially first time homebuyers, this is the best option because you pay the same monthly principal and interest rate.
Adjustable Rate Mortgages (ARM)
Interest rates for adjustable rate mortgages (ARM) can change over time. Some people like these because you can get a lower interest rate and monthly payment in the beginning of your mortgage. Every ARM starts with an adjustment period, a specific amount of time when your interest rate stays the same. After this, your interest can go up or down, and can only go as high as the lifetime cap.
There are many combinations of fixed-rate and adjustable rate mortgages, so be sure to consult your homeownership counselor for help.