How Safe Is My Money? Come One

Connection
F I N A N C I A L
FALL 2008
for M em b ers of M O R R I S T O W N federal credit union
How Safe Is My Money?
It is hard to avoid media reports about our national economic crisis, including the subprime mortgage mess, foreclosures, bank failures and government takeovers. Fortunately
Morristown FCU has strong answers to our members’ safety concerns. Here are the facts:
Credit Unions Are Healthy, With Strong Balance Sheets
Credit unions are well-capitalized with an overall capital-to-asset ratio of 11.1 percent
(compared to 10 percent for banks). In total dollars, that is a capital cushion of $90
billion. Your credit union’s capital-to-asset ratio was a solid 13.73% at the end of
September 2008.
Come One,
Come All
Please join us at the Open House for our new
Dover branch office on Saturday, November 8, at
9:00 a.m. There will be refreshments and activities
for the kids – lots of fun for one and all. So mark
your calendar and stop by our new office. We look
forward to seeing you there!
Credit union Mortgage delinquencies at the end of the first quarter stood at only 0.7
percent. First Mortgage charge-offs were only 0.06 percent. Your credit union’s First
Mortgage charge-offs were 0%.
Credit Unions Have Steered Clear Of The Sub-Prime
Mortgage Mess
Credit unions are more conservative and hold more of their Mortgage Loans (about
70 percent) in portfolio rather than selling them on the secondary market. Credit
unions have been affected by the sub-prime debacle mainly through “collateral
damage.” Some members have had trouble making payments on loans because of
sub-prime mortgages they have gotten elsewhere or because they have lost jobs.
But credit unions went into this crisis with strong balance sheets and they will
still be strong when the crisis is over.
Federal Insurance Covers Credit Unions
Virtually all credit unions are fully insured by the National Credit Union
Share Insurance Fund that is administered by the National Credit
Union Administration, an agency of the U.S. government. This
insurance covers credit union deposits up to $250,000 per account.
You can sleep well knowing your credit union is sound and
your funds are safe! If you have any questions, call us at
(973) 455-4020 and we will be glad to explain our
financial policies.
In This Issue:
2009 Annual
Meeting & Election
Funds For The Holidays
IRAs Better Than Ever
Dover members, it is no longer necessary
to write a check to receive cash from your
Checking Account. Simply mention to the
teller that you want to withdraw the requested
amount from your Checking Account.
President’s
R eport
I am happy to introduce a “bigger and
better” Morristown FCU that is eager to
serve you! We are pleased to welcome
former members of Dover New Jersey
Spanish American FCU as fellow
Morristown FCU members. We have
completed the merger of the two systems
and all operations are now fully integrated. Best of all, our new Dover
branch office is now open for business!
We continue to offer all the great services you have come to expect:
lower or no fees, great loan rates and high savings yields, and
convenience that saves time, energy and expensive gas. Our responsive
staff, great service and friendly atmosphere have not changed – they
have simply been enhanced!
The staff at our free-standing Dover branch office, convenient and
accessible 24/7, invites you to come in, check us out and conduct
all your financial business. You will receive a cordial “welcome” (or
“bienvenidos”) when you visit.
I think you will be delighted with the expanded money management
products and services you will receive as the result of our expansion.
We look forward to making your financial life more profitable,
enjoyable and manageable. We are so happy to welcome you to our
“bigger and better” financial family!
Yours truly,
Richard C. Myers, President/CEO
Holiday Accounts
Holiday Account funds are now available so you can get a
head start on your shopping. They will make your holidays
more affordable and enjoyable.
Plan For 2009 Holidays!
It is never too early to start planning for next year’s holiday
season. Avoid the last-minute scramble for money by
opening your 2009 Holiday Account now. This is the best
way to make sure you will have the funds you need for next
year’s celebration. Whether you are thinking about that
perfect holiday gift or considering seasonal travel, a
Holiday Account is the way to save! Stop by the
credit union or give us a call for details.
Annual Meeting
On May 20, 2009, the 56th annual
meeting of Morristown FCU will take
place at noon in the AB auditorium
in the Honeywell Administration
Building, Morristown. The meeting
will include an election for positions
on the Board of Directors.
In accordance with the credit union’s
bylaws, a nominating committee that
included Chairman Garry Nichols
and members Bill Theofanous and
George Yearwood, has nominated
candidates to fill three-year vacancies on the Board. The nominees are
Dave Nelson, Thirumalai Palanisamy and Harold Whetsell. Additional
nominations can be made by petition; there will be no nominations from
the floor.
Any member who wants to submit a nominating petition can obtain
forms and rules from the credit union’s main office. Bylaws require that
the petitions be signed by one percent of the credit union’s members – a
minimum of 75 signatures. Each petitioning nominee must submit a
statement of qualifications, biographical data and a signed certification
stating that he or she accepts the nomination and is willing to serve if
elected. Petitions and certifications must be returned to the credit union
office no later than March 14, 2009.
An election will be conducted by mail and will be decided by a plurality
vote. If no petitions are received and there is only one nominee for
each vacancy, names of nominees and incumbent board members will
be placed on a ballot that will be mailed to all members 16 and older
by April 13, 2009. If petitions are received and an election is necessary,
Tellers of Election will be appointed to oversee ballot counting. Ballots
must be returned to the credit union no later than May 16, 2009. Election
results will be announced May 20 at the annual meeting.
Just In Time For The Holidays
Money For Your Wish List!
Home Equity Loan
Home Equity Line Of Credit
As Low As
As Low As
5.00%
APR*
Fixed Rate
Now is a great time for a trip to visit the family, to
consolidate bills or make home renovations to get
ready for winter. Our Home Equity Loans and Lines
Of Credit (HELOC) are perfect to finance any of
your fall plans. Draw against your home’s equity and
make those dreams come true!
To finance set expenses, a fixed-rate Home Equity
Loan could be your solution. When you want the
flexibility to borrow money as you need it, you might
4.00%
APR*
Variable Rate
prefer a variable-rate HELOC. Either way, the interest
may be tax-deductible (ask your tax advisor).
Borrow From Your House!
Apply online 24/7 at www.morristownfcu.org.
You can also stop by the credit union or call
(973) 455-6267. Make the most of our great
Home Equity Loan and HELOC offers to fund
your wish list!
*APR=Annual Percentage Rate. Rates are based on applicant’s
creditworthiness and may vary from those shown above. Other rates
and terms available. Home Equity Line of Credit is based on the
Prime Rate as published in The Wall Street Journal. Contact credit
union for complete loan details.
Pass On The Gift Of
Credit Union Membership!
Give your family members a financial head start through credit union membership. There is no
better place to manage your finances than Morristown FCU. We save you money on loans, pay
you more for your savings, provide top-notch convenience and member service!
It is never too early, or too late, to prepare your family members for their financial future! In
addition to children, your parents, siblings, spouse and grandchildren can all join. Put them on
the path to financial success! Fill out the coupon and return it to the credit union.
✁
Refer-A-Member Coupon
Your Name_ _________________________________________________________________
Referral’s Name_______________________________________________________________
Referral’s Address_ ____________________________________________________________
___________________________________________________________________________
Referral’s Daytime Phone (_______________)______________________________________
Make As Many Copies As You Need. Refer All Your Family Members!
Holiday Schedule
MORRISTOWN OFFICE
Veteran’s Day
Thanksgiving Eve
Thanksgiving Day
Day after Thanksgiving
Christmas Eve
Christmas Day
Day after Christmas
New Year’s Eve
New Year’s Day
Day after New Year’s Martin Luther King Day
Presidents’ Day
Good Friday
Tuesday, November 11, 2008
Wednesday, November 26, 2008
Thursday, November 27, 2008
Friday, November 28, 2008
Wednesday, December 24, 2008
Thursday, December 25, 2008
Friday, December 25, 2008
Wednesday, December 31, 2008
Thursday, January 1, 2009
Friday, January 2, 2009
Monday, January 19, 2009
Monday, February 16, 2009
Friday, April 10, 2009
Open
Closing at 2:00 pm
Closed
Closed
Closing at 2:00 pm
Closed
Closed
Closing at 2:00 pm
Closed
Closed
Closed
Closed
Closed
Tuesday, November 11, 2008
Wednesday, November 26, 2008
Thursday, November 27, 2008
Friday, November 28, 2008
Wednesday, December 24, 2008
Thursday, December 25, 2008
Friday, December 26, 2008
Wednesday, December 31, 2008
Thursday, January 1, 2009
Friday, January 2, 2009
Monday, January 19, 2009
Monday, February 16, 2009
Friday, April 10, 2009
Closed
Closing at 3:00 pm
Closed
Open to 5:00 pm
Closing at 3:00 pm
Closed
Open to 5:00 pm
Closing at 3:00 pm
Closed
Open to 5:00 pm
Closed
Closed
Closed
DOVER BRANCH
IRAs – They Just
Keep Getting Better!
You are never too young – or too old – to begin thinking about
your retirement. And there is no better time than now to make
your 2008 contributions!
Contribution limits have increased to a maximum of $5,000 for
2008. If you are 50 or older, you can make an additional $1,000
“catch-up” contribution to your IRA. We offer Traditional and
Roth IRAs, as well as Coverdell Education Savings Accounts to
save for your future.
Your account is completely safe. Your IRA funds are insured up
to $250,000 by the National Credit Union Administration, an
agency of the U.S. government, making for long-term financial
security. In addition, credit unions have remained stable in the
midst of the current financial crisis because they do not make
risky loans and they have a high capital-to-asset ratio. IRA
contributions may also be tax-deductible (consult your
tax advisor.)
Call (973) 455-4020 for more information, or stop by the
credit union to open an IRA. Use Payroll Deduction as a way
to accumulate funds and start earning dividends right away.
There is no annual fee to maintain your IRA and we offer very
competitive rates.
You can make your 2008 contribution up until April 15, 2009,
but there is no time like now to start saving for your future!
Veteran’s Day
Thanksgiving Eve
Thanksgiving Day
Day after Thanksgiving
Christmas Eve
Christmas Day
Day after Christmas
New Year’s Eve
New Year’s Day
Day after New Year’s Martin Luther King Day
Presidents’ Day
Good Friday
Put The ‘Happy’
In Your Holidays!
Need some extra cash for the holiday season? Your
credit union is here to help. Skip a loan payment*
in December and use the money to buy gifts, plan
a getaway or pay for holiday entertainment –
anything you’d like.
The cost is an affordable $35 per loan and can be deducted from your Share Savings
Account. Watch the mail – you will receive our Skip-A-Pay offer soon. Just return it to
us and put the ‘happy’ in your holidays!
* Includes Vehicle, Home Equity and Personal Loans.
Dover members, do not delay ordering your new Share Drafts (checks).
They should have the R&T numbers 221276781 in the lower left-hand corner of the check.
R AT E WAT C H
Effective November 1, 2008
Savings/Investment APY
Fixed and Variable Rate Loans. Share Draft Checking
Share and Club Accounts
.75%
access. For more details call our loan department at
.25%
(973) 455-6267.
Share Draft Accounts (min. bal $1000)
I.R.A. Shares
2.25%
$100 Application Fee (Refundable at Closing)
Roth I.R.A. Shares
2.25%
NO Appraisal Fee
Education I.R.A. Shares
2.25%
NO Legal Fee
Term Share Certificates ($2,000 Minimum)
NO Annual Fee
Certificates over $50,000 earn a .25% Bonus
NO Title Search Fee
NO Points
3 Months
2.500%
6 Months
2.875%
12 Months
3.000%
First Mortgages
24 Months
3.125%
We offer a full range of fixed and adjustable rate products for
36 Months
3.250%
new purchases or refinancing. Call our Mortgage Department at 1-800-543-5470.
Loans
24 Mo.
New Vehicles 5.00%
Used Vehicles 5.00%
MAPSTM
5.50%
36 Mo.
5.25%
5.25%
5.75%
48 Mo.
5.50%
5.50%
6.00%
60 Mo. 72 Mo.
5.75% 6.00%
5.75% N/A
6.25% N/A
(Lease-Like)
Share Secured
Up to 60 Mo. 5.75%
Education Loans
Up to 36 Mo. 9.00%
Home Equity Up to 15 Yrs. 4.00%
Unsecured Loans
VISA Classic
9.90%
VISA Platinum
7.80%
Personal
12.00%
Overdraft Protection
12.00%
Please note that all rates were in effect at the time of publication and are subject to change without notice. To confirm current rates, contact the credit union.
CREDIT UNION STAFF
Main Office
Richard C. Myers
President / CEO
Accounting
Robert J. Caruso, Chief Financial Officer
Silvana Lyons, Sr. Accountant
Main Office
101 Columbia Road
P.O. Box 1057
Morristown, NJ 07962-1057
Phone: (973) 455-4020
Fax: (973) 455-3404
E-mail: [email protected]
Lending
Phone: (973) 455-6267
Fax: (973) 455-3805
E-mail: [email protected]
Hours
Monday Thru Friday:
8:00 a.m. - 4:00 p.m.
Website:
www.morristownfcu.org
Dover Office
23 Prospect Street
Dover, NJ 07801
Phone: (973) 361-3770
Fax: (973) 361-1528
Hours
Monday Thru Thursday:
8:30 a.m. - 5:00 p.m.
Friday:
8:30 a.m. - 6:00 p.m.
Saturday:
8:30 a.m. - 12:00 noon
Lending
Joanne Jankunas, Loan Manager
Robin Ward, Loan Officer
Member Services
Mary E. Conley, Member Services
Manager
Adriana Torres, Sr. Member Services Rep.
Katirya Montalvo, Member Services Rep.
Operations
Nina A. Short, Chief Operating Officer
Tellers
Patricia Pawlicki, Morristown
Judy Rhodes, Teterboro
Dover OFFICE
Esther Guzman, Manager
Yajaira Mendoza, Operations
MP 14472 10/08 Marketing Partners (888) 641-1215
Monica Restrepo, Accounting
Sonia Posada, Lending
Hilda Gonzales, Credit Cards
Yasmin Azofeifa, Collections
Gloria Largacha, Member Services
Yvette Vasquez, Member Services
Luz Reyes, Teller
Claudia Sanchez, Teller
Board of Directors
Harold H. Whetsell, Chairman
George Yearwood, Vice Chairman
J. Wayne Anderson, Treasurer
Bill Theofanous, Secretary
John Fleming
Dave Nelson
Garry Nichols
Thirumalai Palanisamy
Kundan Patel
Supervisory Committee
Chuck Donovan, Chairman
Joseph Rosser
Leslie Rosser
Financiera
C O N E C C I O N
OTOñO 2008
PA R A L O S S O C I O S D E M O R R I S T O W N F E D E R A L C R E D I T U N I O N
¿ESTA SEGURO MI DINERO?
Es inevitable evadir los reportes sobre nuestra crisis económica nacional, incluyendo los problemas con las
hipotecas del mercado secundario, los embargos, los fracasos de los bancos y las adquisiones de parte del
gobierno. Afortunadamente, en la cooperativa podemos contestar todas sus preguntas y aclarar todas las
dudas que tenga sobre la seguridad de su dinero. A continuación algunos hechos:
Las Cooperativas se han Mantenido Libres del Problema de las
Hipotecas del Mercado Secundario
Las cooperativas son mas conservadoras y mantienen mas préstamos hipotecarios (alrededor de 70%) en
sus carteras en vez de venderlas al mercado secundario.
Las Cooperativas Están Cubiertas por un Seguro Federal
Todas las cooperativas están aseguradas por el Fondo de Seguro de la Unión Nacional de Cooperativas
que es administrado por la Administración Nacional de Cooperativas (NCUA), una agencia del gobierno
federal. Este seguro cubre los depósitos por un monto de hasta $250,000 por cuenta. Usted puede dormir
tranquilo sabiendo que sus fondos están seguros. Si usted tiene alguna pregunta comuníquese con
nosotros al (973) 455-4020 y gustosamente le explicaremos nuestras políticas financieras.
Celebre con nosotros el día 8 de
noviembre a las 9:00 a.m. en la
sucursal de Dover. Tendremos
refrigerios y actividades para
niños. Marque su almanaque
y visitenos. Esperamos
poder saludarle ese día.
www.morristownfcu.org
101 Columbia Road
P.O. Box 1057
Morristown, NJ 07962-1057
VENGA UNO,
VENGAN
TODOS
Los socios de Dover no tienen que escribir un cheque
para retirar de su chequera. La cajera hara el retiro
por la cantidad que usted solicite. En esta edición:
Reunión Anual y
Elecciones 2009
Dinero para los Dias de Fiesta
IRAs Cada Vez Mejor
Reporte Del Presidente
R eport
Me complace presentarlos a una
cooperativá mas grande y mejor
que esta ansiosa por servirle. Le
damos la bienvenida a los socios de
la Cooperativa de Dover NJ Spanish
American FCU. Ya completamos
la fusión de las dos cooperativas,
sus sistemas y todas las operaciones y estamos completamente
integrados. Lo mejor de todo es que la sucursal de Dover está
operando a capacidad.
Continuamos ofreciéndoles el buen servicio que usted espera, menos
o ningún cargo, mejores tasas de interés en préstamos, mejores
dividendos en cuentas y la conveniencia de ahorrarles tiempo,
energía y gastos de gasolina. Nuestros atentos empleados, el buen
servicio y un ambiente amigable no han cambiado, han mejorado.
El personal de la sucursal de Dover, la cual es accessible y conveniente
las 24 horas/7 días a la semana, le invita a visitarlos y a hacer sus
transacciones allí. Recibirá un cordial saludo, ya sea un “welcome” o
un “bienvenidos” cada vez que nos visite.
Estoy seguro que estará encantado con nuestros servicios de
administración de fondos y los productos y servicios que recibirá
como resultado de nuestra expansión. Esperamos poder hacer de su
situación financiera una mas lucrativa, mas manejable y mas fácil.
Estamos felices de recibirlos en nuestra familia que ahora es mas
grande y mejor.
Richard C. Myers, President/CEO
Clubes de
Días Festivos
Los fondos de los clubes ya están disponibles para que
pueda comenzar sus compras para la temporada festiva
que se avecina. De este modo podrá conseguir mejores
ofertas al hacer sus compras ahora y sus días festivos
serán mas agradables y mas relajados.
Planifique Para los Días Festivos
del 2009!
Nunca es tarde para empezar a planificar para el
próximo año. Evítese el problema de buscar dinero
a última hora abriendo una cuenta de días festivos.
Visite la cooperativa o llámenos para obtener mas
información.
Reunión Anual
El 20 de mayo del 2009 se llevará a cabo la
quincuagésima sexta (56) reunión anual de
la cooperativa a las 12 del día en el Auditorio
AB del Edificio Administrativo de Honeywell
en Morristown. La reunión incluirá las
elecciones de candidatos a la junta de
directores.
De acuerdo con los reglamentos de la
cooperativa, el comité de nominaciones
compuesto por el Presidente de la Junta,
Garry Nichols y los miembros Bill Tehofanous
y George Yearwood, han nominado
candidatos para cubir las vacantes en la junta por un término de tres años.
Los nominados son Dave Nelson, Thirumalai Palanisamy y Harold Whetsell.
Cualquier nominación adicional puede hacerse por petición; no se aceptarán
nominaciones de la asamblea ese día..
Cualquier socio que quiera someter una nominación puede obtener la forma y
las reglas en la oficina principal de la cooperativa. Los reglamentos requieren
que las peticiones sean firmadas por el uno porciento del total de socios de la
cooperativa, equivalente a 75 firmas. Cada nominado tiene que someter un
documento con sus calificaciones, datos biográficos y una certificación firmada
de que acepta la posición y que está dispuesto/a servir en la junta. Las peticiones
y las certificaciones tienen que estar en la cooperativa no mas tarde del 14 de
marzo del 2009.
Se llevará a cabo una votación por correo y se decidirá por mayoría de votos. Si
no se reciben peticiones y hay solo un nominado para cada posición vacante, los
nombres de los nominados y de los miembros de la junta vigentes se colocarán
en una papeleta que seráá enviada por correo antes del 13 de abril del 2009. Si se
reciben peticiones será necesario tener unas elecciones y se escojerán oficiales de
elecciones que supervisen el proceso de contar papeletas. Las papeletas tienen
que ser devueltas a la cooperativa antes del 16 de mayo del 2009. Los resultados
de las elecciones se anunciarán el 20 de mayo durante la reunión anual.
Justo a Tiempo para los Días de Fiesta
¡Dinero para esa lista de deseos!
Préstamo de Equidad
en el Hogar
Tan Bajo Como A
5.00%
APR*
Tasa fija de interés
Linea de Credito de
Equidad en el Hogar
Tan Bajo Como A
00%
4.
APR*
Tasa variable
Ahora es el momento para viajar y visitar a la familia, consolidar deudas
o hacer mejoras al hogar para prepararse para el invierno. Nuestros
préstamos de Equidad y las Líneas de Crédito (HELOC) son perfectas
para financiar sus planes. Coja prestado contra el valor de su casa y haga
realidad sus sueños.
Para financiar gastos, un préstamo de Equidad en el Hogar con una tasa
de interés fija puede ser la solución. Si quiere la flexibilidad de coger
prestado el dinero a medida que lo necesite, una línea de crédito con
una tasa de interés variable es mejor. En ambos prestamos, el interés se
descuenta de la planilla de contribución de ingresos. (Consulte con la
persona que le llena sus planillas).
¡Tome Prestado de Su Casa!
Solicite a través de la página electronica 24/7 en www.moristownfcu.org
o visite una de nuestras facilidades o llámenos al (973) 455-6267.
Aproveche nuestros préstamos de Equidad en el Hogar o la Línea de
Credito (HELOC).
*APR= Porciento de Tasa Anual. Las tasas estan basadas en el crédito del solicitante y pueden variar de las que indicamos arriba. Hay otras tasas de interés y términos
disponibles. La línea de crédito de equidad en el hogar se basa en la tasa primaria de interés publicada en el Wall Street Journal. Comuníquese con la coperativa para
detalles completos.
IRAs-Cuentas de
Retiro Individual
¡Cada Vez Se Ponen
Mejor!
Regale una Membresía
a la Cooperativa
Los límites anuales de contribuciones a la cuentas de retiro han
aumentado a un máximo de $5,000 durante el 2008. Si usted
tiene mas de 50 años, puede aportar $1,000.00 adicionales.
Ofrecemos cuentas de retiro tradicionales y ROTH, y las cuentas
de ahorro educacionales Coverdell.
Nunca es demasiado temprano o tarde para planificar el futuro financiero de su familia.
Sus hijos,padres, hermanos, conyuges y nietos pueden hacerse socios. Encamínelos
hacia el éxito financiero. Complete este cupón y entréguelo en la cooperativa.
Su cuenta está completamente segura. Los fondos de su cuenta
están asegurados hasta $250,000 por la Administración Nacional
de Cooperativas (NCUA). Las contribuciones IRA son deducibles
de su planilla de contribucion sobre ingresos (consulte a la
persona que le completa las planillas). Para mas información
llame al (973) 455-4020 o visite una de nuestras oficinas y
abra una cuenta de retiro. Use la deducción automática de su
salario para acumular fondos y empezar a ganar dividendos
inmediatamente. No hay cargo the manteniniento anual en
la IRA y ofrecemos tasas competitivas. Usted puede hacer su
contribución del 2008 hasta el 15 de abril del 2009.
Regalele a su familia el primer paso hacia el bienestar económico con una membresía
en la cooperativa. No hay mejor lugar para manejar sus finanzas que la cooperativa de
Morristown FCU. Le ahorramos dinero en préstamos, le pagamos mas dividendos en
sus ahorros, le proveemos conveniencia y buen servicio.
✁
Cupón de Referir a un socio:
Su Nombre_ ________________________________________________________
Nombre del Referido__________________________________________________
Dirección del Referido________________________________________________
_ _______________________________________________________________
Teléfono Diurno del Referido (_______________)__________________________
Haga todas las copias que necesite. Refiera a todos los miembros de su familia.
Los socios de Dover deben ordenar sus cheques nuevos con el numero de ruta 221276781 en la esquina de abajo a la izquierda de los cheques.