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Despite Market Woes, CUs
Continue to Thrive
FOR IMMEDIATE RELEASE
HARRISBURG —
This week
has been turbulent for financial markets and financial
services companies. In the wake of federal bailouts of
mortgage giants Fannie Mae and Freddie Mac; banking and
securities firm Lehman Brothers; and insurance giant AIG,
the good news is that Pennsylvania’s credit unions continue
to provide a safe haven for consumers seeking to put their
savings or to borrow for personal, student, car, or mortgage
loans.
“We understand there is confusion in the financial markets,
conflicting news reports, and it is very difficult for
consumers to make sense of the turmoil,” said Jim McCormack,
Pennsylvania Credit Union Association President/CEO. “Yet at
the same time, consumers should know that their local credit
union is a safe place for their money and for loans.”
In a non-scientific poll of credit union leaders, virtually
all credit unions are reporting increased inflows of
consumer deposits, as well as strong demand for consumer
loans. Those same credit union leaders reiterated they have
not been adversely affected by the problems in the mortgage
market and continue to have funds available to make prudent
loans to creditworthy borrowers.
“Pennsylvania credit unions have not engaged in the risky
lending practices like many other players in the financial
marketplace,” said Association Chair Diana Roberts, CEO of
Hershey Federal Credit Union. “Therefore, we as credit
unions have no need to tighten our lending policies since we
have always been lending prudently.”
All deposits in Pennsylvania credit unions are
federally-insured up to at least $100,000 by the National
Credit Union Administration. Deposit insurance coverage for
credit unions is the same as FDIC insurance for banks. In
addition, Pennsylvania’s credit unions are extremely well
capitalized at 11.7 percent, well above the federal
regulatory requirement of 7 percent.
Article
provided by the Pennsylvania Credit Union Association
09/18/2008
Berks Community Federal Credit Union Gives Back $90,000 to
Members in 2007 On behalf
of the President/CEO and Board of Directors, Berks Community
Federal Credit Union is pleased to announce that we will be
issuing a patronage dividend and loan interest refund,
likely the largest such dividend/refund ever issued in the
history of BCFCU! This special patronage dividend/refund
will be deposited into your regular share account the week
of December 25, 2007.
As a member you should expect that YOUR
Credit Union is run properly and efficiently. It has taken
several years for BCFCU to return to profitability, and now
that 2007 has proven to be far more successful than
anticipated, it’s time to share the wealth with you. We
recognize that some challenging and difficult decisions have
been made during this time, but as you now can see they have
worked out for the best.
The patronage dividend is based upon
two factors: how much you earned from your regular (Type 01
& 02) share accounts and money market accounts, along with
what you have borrowed (and still owe on) from the credit
union. Qualifying members* will receive a 17% dividend
based on the dividends earned from January 1 – November 30,
2007, and a 4% loan interest refund based on interest paid
during the same time period.
It has been many years since YOUR
Credit Union has provided a patronage dividend. We hope
that you will tell your friends and family about BCFCU so
they too can experience the value of membership at BCFCU.
While patronage dividends are not guaranteed each year (as
they are based on earnings and other financial
considerations), we hope that our continued success will
allow us to make this an annual event.
Sincerely,
Terry Shoemaker
President/CEO
*To be
eligible, you must be a member of record at BCFCU as of
11/30/2007 and have a BCFCU regular share, money market
and/or loan open as of December 22, 2007. Loan refund does
NOT include student loans, VISA accounts, and Better Choice
loans.
George Arnold Retires After 40 Years of Service at
Berks Community Federal Credit Union
Berks Community Federal Credit Union’s
Vice-Chairman, George (Tommy) Arnold Jr., retired December
31, 2007 from the Board of Directors. George joined the
credit union in 1955. His volunteer work began as a
Supervisory Committee member in 1967. In 1975 he began
serving on the Credit Committee and became chairman of that
committee in 1979. George has served on the Board of
Directors since 1978, and has served the credit union for 40
years. George Arnold retired as a class “A” tool maker from
Dana Corporation in 1983. His dedication helped to build
Dana Reading Federal Credit Union. His commitment was
instrumental in helping the credit union offer low-cost,
financial products and services and continued when the
credit union received a community charter and became Berks
Community Federal Credit Union in 2000. The credit union was
the first not-for-profit financial institution in Berks
County to open up its membership to everyone who lives and
works in the county. The credit union now has two branch
locations, 1251 N. Front Street, Reading and 806 Mountain
Home Road, Sinking Spring. Berks Community Federal Credit
Union has over $42,000,000 in assets and services over 7,500
members in Berks County and surrounding areas. March 17,
2008 marks the credit union’s 55th Anniversary.
The success of the credit union would not have been possible
without such dedicated volunteers like George Arnold Jr.
Important Changes to Your MasterCard®
Debit/ ATM Account
As a result of a change to federal law,
you may no longer receive a receipt every time you use your
MasterCard® Debit/ ATM
Card, or when you use your card for a purchase. Although
Berks Community Federal Credit Union ATMs will still provide
receipts, not all ATMs may. Federal law generally requires a
receipt to be made available for these electronic funds
transfers. However, the law also provides an exception for
$15.00 or less. Now, for any transaction less than $15.00,
the merchant will make the decision whether to give you a
receipt. For transactions over $15.00, federal law continues
to require that a receipt be made available.
Notable Notes
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First credit union to
receive a Community Charter in Berks County
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Established since 1953 in the Credit Union Business
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Very Well Capitalized
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Dedicated Board of Directors, Committee Volunteers, Management
and Staff
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Community Involvement
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Recipients of the Dora Maxwell Award, 1997 for Social
Responsibility
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Member of the Pennsylvania Credit Union League
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Low/No Fee Services
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Active member of the Schuylkill Valley Chapter of Credit Unions
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Wide array of products and services
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Active Children’s Club
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