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“STEADY AS SHE GOES”
The economic recovery continues to chug slowly forward for us here in South Florida. We are seeing significant infrastructure projects move along (though not fast enough sometimes, as I sit in the construction related traffic) and lo and behold – - cranes are in the air – - helping alter our skylines again. I just hope we all have learned from the past boom and bust cycles to not repeat the same mistakes.
Your Credit Union is doing well and steady, controlled growth continues. Loans have grown 4.59% year to date through August and deposits likewise 4.21%. The mission of our cooperative is pooling savers and borrowers in order to promote thrift and credit. Your Board of Directors is achieving this mission as evidenced by nearly $74 cents of every dollar on deposit loaned out. Of particular note is unsecured loans, an excellent vehicle to consolidate high rate credit card loans in to a lower rate, closed-end loan that yields significant cost savings for our members, has seen healthy growth. In addition, automobile loans outstanding, likely the second largest purchase expense our membership experiences, has grown a whopping 46% in the last twelve months.
No doubt, the savings our members reap from our attractive rates and terms translate in to significant beneficial financial peace of mind.
CONVENIENCE, 24/7 AND MOBILITY
We are constantly striving to maximize convenience for our members in doing their financial transactions. To that end, we are diligently working on continuous improvement of our already excellent electronic delivery channels. Even better mobile banking capabilities, enhanced “picture of a check” deposit solutions, and ever more increasing functionality with simple, intuitive navigation are all objectives we are tirelessly pursuing. We have some exciting announcements for future roll-outs coming soon so – stay tuned. Our vision is ultimately to enable our members to do nearly everything they can do via branch or call center, and more, by using any of the most popular electronic devices, with one sign-on, utilizing the most robust, safe and secure solutions available.
AND … NEW PRODUCTS
If that weren’t enough (!), we have introduced two new loan products that we think clearly lead the pack.
First, a 5/5 Mortgage, a unique mortgage loan that provides the attractive low rate of an adjustable rate mortgage (ARM) with the comfort of longer time between adjustments compared to a conventional 5/1 Mortgage. Rather than being a stable rate for 5 years and then subject to change every 1 year, the 5/5 is set for five year increments. Member response to this product has been quite positive as it provides the best of both worlds in terms of attractive starting rate and reduced volatility.
Second, we have made available the “skip-a-pay” auto loan. This product enables a member to take a “payment vacation” one month a year, month chosen by them, for no fee and with no impact whatsoever to their credit, for the life of the loan. This too has received positive response from members! It is an extremely unique product that many have utilized to take a break from the auto loan payment during summer vacation when a little extra spending cash comes in handy or in February when those credit card bills come in from the holiday shopping binge.
PART OF THE FAMILY
Thank you for being a member, a part of the Power Financial Credit Union family, and contributing to the success of this great organization. As you can see, the tremendous dedication and teamwork of staff, combined with a sincere commitment to the well-being of members, manifests itself in new products, new services, top notch delivery channels and a level of trust our members sincerely appreciate. Please tell your friends, family and co-workers about the wonderful things happening here at your Credit Union. We hear you. We respect you and we’ll help you. And we promise we will do the same for them. After all, that’s what family does.