the CHRONICLE Best Annual Report
Chairman Seltzer, Vice Chairman Ron Lloyd, Secretary-Treasurer Mike McCurdy, Sandy Conrad, Mary McGrath, Lesly Cruz (apprentice), Galen Johnson, Clarence Wrightstone, Fred McKinley and Brian Henry. Also attending and representing the Supervisory Committee were Chairperson Bruce Wappman and member Larry Thompson. There were 43 persons attending the meeting including BCFCU employees, the board of directors and committee members.
Chairman Seltzer presented the Annual Report to all persons present, as a copy was available at each place setting for the meeting. Chairman Seltzer noted the net income for 2020 of $75,140.39, an increase of $9,618 from the 2019 result. He also noted total assets of $40,473,772 as of 12/31/2020, an increase of $6,766,999 over the preceding year.
Chairman Seltzer asked those present to review the remainder of Condition and Income Statements and the minutes of the 2020 Blue Chip Federal Credit Union Annual Teleconference Meeting held October 3, 2020. There being no additions or corrections to the minutes as presented and following a motion by Ms. Angie Connaghan and second by Lisa Marks, those present approved the minutes as presented in the Annual Report.
Chairman Seltzer noted an error in the Election of Officers on the 2021 Annual Meeting Agenda. Mike McCurdy (Incumbent) should be placed on the list and Fred McKinley (Incumbent) should be removed. Chairman Seltzer noted the paper ballots to be handed out had been corrected to reflect the change.
Chairman Seltzer requested additional nominations from the floor and a motion to include Lesly Cruz (Apprentice) to the ballot was placed by Ms. Mary McGrath. There being no additional nominations from the floor, nominations were closed and Chairman Seltzer instructed the ballots to be distributed to those present with an instruction to write in the name of Lesly Cruz on the ballot if she were the voters’ choice.
The ballots were distributed and collected by BCFCU employees present at the meeting. As the ballots were being counted, Chairman Seltzer acknowledged the recent retirement of long-term employee Susan Deamer to the group, which responded with applause of appreciation for Susan’s service to the credit union.
Chairman Seltzer, after receiving the result of the voting, announced the slate of directors for the 2021 class would be Ms. Conrad, Mr. Johnson and Mr. McCurdy. Chairman Seltzer advised all present the BCFCU Board is searching for persons interested in Apprenticeships to the board and Supervisory Committee members, noting that information should be shared with persons who may be interested in volunteering to serve the credit union. A motion to adjourn was placed by Mr. Wrightstone with a second by Mr. McKinley. The meeting adjourned at approximately 10:30 AM
Respectfully submitted, Attested: Michael McCurdy, Secretary Bradley Seltzer, Chairman
Chip Federal Credit Union Up to $75 million 2021 ANNUAL REPORT Statement of Condition 12/31/2021 ASSETS Member Loans 16,172,687 Allowance for Loan Loss (92,869) Allowance for Share Loss (4,763) Total Cash 659,998 Total Investments 27,761,189 NCUA Capitalization 349,186 Other Assets 56,688 Total Fixed Assets 625,168 Accrued Assets 75,260 TOTAL ASSETS 45,602,544 TOTAL LIABILITIES 36,302 EQUITY Total Member Shares 40,614,269 Regular Reserves 443,572 Undivided Earnings 4,105,705 EQ Acquired Merger 402,695 TOTAL EQUITY 45,566,241 LIABILITIES+EQUITY 45,602,544 Income Statement - YTD 2021 12/2021 YTD INCOME Loan Income 1,171,415 Investment Income 247,139 Fees/Charges/Misc 432,486 TOTAL INCOME 1,851,040 EXPENSE Operating Expenses 1,570,510 Provision for Loan Loss (18,972) Provision for Share Loss 2,838 ATM/Debit Loss 21,966 Other Expenses 32,602 TOTAL EXPENSE 1,608,944 NET BEFORE DIVIDENDS 242,096 DIVIDENDS TOTAL DIVIDENDS 106,440 NET AFTER DIVIDENDS 135,655 2021 Annual Meeting Minutes The 73rd Annual Membership Meeting of the Blue Chip Federal Credit Union was held Saturday, March 20, 2021 at the Manor at Mountain View on Fishing Creek Road. Board Chairman Bradley Seltzer welcomed all participants and called the meeting to order at 9:05 AM. Chairman Seltzer
all present in the Pledge of Allegiance, and then introduced Vice Chairman Ron Lloyd to open the meeting in prayer. Following a time of fellowship and breakfast, Chairman Seltzer opened the business meeting and the Secretary
there was a board quorum present,
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Merck Sharp & Dohme Federal Credit Union Over $200 million White Rose Credit Union $75-$200 million 335 West Butler Avenue, Chalfont, PA 18914 (215) 996-3700 www.msdfcu.org Federally insured by NCUA. ANNUAL 2021 REPORT
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EXTRA! EXTRA! Best Newsletter Holiday Hours: The Credit Union will be Closed: October 10 – Columbus Day November 11 – Veteran’s Day November 4 – Thanksgiving Day December 26 – Christmas Day (observed) January 2 – New Year’s Day (observed) The Credit Union will Close at 1pm: November 2 – Day after Thanksgiving Notice to Members Without eStatements: Debit Cards – Why Should I Use Credit instead of Debit? Using your Debit Card as Credit when you checkout helps to protect you even more than by just using Debit. While either transaction is protected by the issuer (the CU), selecting Credit also comes with extra protection from Visa; Visa actually offers zero liability coverage for signature transactions. Another big reason: you're not punching in your PIN, so no one can try to watch you to steal your number. You even save money by using it as Credit; Credit transactions are always free to you, but Debit transactions cost $1 each after your 4 free PIN transactions per month. Holiday Loans Are you finding yourself a little short of cash this Holiday Season? Did you use your high interest credit cards to purchase that big-ticket gift? Are you looking for a way to relieve some of that stress? NE Welch FCU may be able to help you get the cash you need with our Holiday Loan promotion! Apply for a Holiday Loan from November through January – rates start at just 4.99% APR for a one-year term! Another easy option for our members is a Better Choice Loan. This loan offers a 3- or 6-month repayment term up to $1000 maximum (dependent on income). Stop in and take the stress out of this Holiday Season! Your dreams can become a reality with NEWFCU! Our affordable, low down payment programs for home buyers make home ownership possible Already own your home? Make work for you with a Home Equity Loan and tackle those home improvements, take a vacation, or buy new car! Apply for a Mortgage or a Home Equity Loan to save up to off your closing costs! This offer is only valid September 1, 2022 through November 30, 2022 – Apply Today! *$600 closing costs waiver offer available for Home Equity Loans with a minimum borrowed amount of $5,000 or an existing NEWFCU Home Equity Loan with an increase of $5,000 or more or for purchases (new mortgages). Home Equity loan request cannot exceed $150,000. Home Equity Loans available to residents in Erie County, PA and Chautauqua County, NY. All loans are subject to credit approval. Certain restrictions apply. Offers valid September 1, 2022 through November 30, 2022. NMLS #929900. Federally Insured by NCUA. Equal Housing Lende Effective January 1, 2023, members receiving paper statements will be assessed a $2 fee per statement cycle Youth (under age 18) and Senior (65+) members as well as members receiving eStatements will be excluded from this fee. Please contact the Credit Union at (814) 725-8190 or email cuoffice@newelchfcu.com with any questions or o learn how to enroll! Have you set up Home Banking Alerts or CardNav? Are you looking for an easier way to keep track of your spending? Did you know you could help prevent fraudulent usage of your accounts? Set up Home Banking Alerts to get notifications when your balance gets too low, deposits are made, when large withdrawals are taken and more! Use NEWFCU CardNav to receive realtime, in-app card use alerts, turn cards off and on, and more! Available in the App Store and Google Play Effective November 1, 2022, our hours are changing at the North East Office. Please see the updated Office Hours on Page 2 of this newsletter. Car Sale We currently have a 2014 Jeep Grand Cherokee 1 for sa e! The car can be v ewed at our ma n o fice NADA Va ue ava lab e upon request For more informat on, please cal 856-696-2525 ext 6011 Don't Pinch Yourself- You re Not Dreaming! Our Annua Fal Auto Loan Special s back and i s a most oo good to be rue Beginn ng September 1st, you can get he car of your dreams w th rates going as ow as 1 74% APR2 Bay Atlantic Federal Credit Union Up to $75 million North East Welch Federal Credit Union Up to $75 million
Home ownership is the dream. We’re here to make it simple. With the right mortgage, it’s easy to find the perfect place to call your own!
want to be left guessing about any details on the path to closing. Our competitive rates, flexible terms, and flexible payment options are designed to keep you in control.
Home ownership is one of the smartest ways to strengthen your financial outlook. Investing in a home of your own can boost your credit score, strengthen borrowing power, and even serve as a nest egg for retirement. If you’re new to the buying process, make sure you start off on the right foot. Getting pre-approved is the best first step. It lets you know your exact budget and shows sellers that you’re serious about purchasing. In a record-setting housing market like this, you don’t want to miss out! Start the pre-approval process today by stopping by a branch, visiting us online at www.LSFCU.org/mortgage or call a specialist at (866) 898-1818.
CEO RAISES FUNDS & DELIVERS AMBULANCES TO UKRAINE CHILDREN'S HOSPITAL In October, our President & CEO, Bruce Foulke, completed his second humanitarian trip to Eastern Europe to carry out additional aid for those affected by the events in Ukraine. During his trip to Poland, he delivered a new ambulance and additional medical supplies to Ohmatdyt Children’s Hospital in Lviv in Western Ukraine. The ambulance was one of several that were purchased through fundraising efforts led by Foulke. Foulke stated “I, along with the entire American Heritage family, are committed to this cause as it affects so many lives even within our own Philadelphia community. We must continue to be compassionate global citizens and do our part in aiding in these relief efforts.” Because of Foulke's extraordinary efforts to help those affected by the war in Ukraine, American Banker has named him as Credit Union Executive of the Year. BRIGHTENING THE HOLIDAYS ALL SEASON LONG Nothing shines like American Heritage during the holiday season. Our free Grand Illumination has become one of the most beloved holiday traditions in Philadelphia. We invite the community back to our campus all season long. Stroll our campus, enjoy the lights and decorations, and take family photos now through the New Year. Parking is available on site. Enter our campus from Red Lion Road or Jamison Road. Lights will shine daily beginning at dusk. For more information, visit AmericanHeritageCU.org/Lights On All Purchases 3 CASH BACK Now Until January 31, 2023! Learn more inside. HOLIDAY CASH BACK REWARDS! CASH REWARD MASTERCARD® Foulke has rallied credit union leaders across the U.S. and Poland to raise hundreds of thousands of dollars to purchase urgently needed supplies for refugees. — American Banker Magazine WE OFFER YOU THE RIGHT FINANCIAL SOLUTIONS BECAUSE YOU’RE FAMILY PATRIOT The A Newsletter for Members of American Heritage Credit Union December 2022 Liberty Savings Federal Credit Union $75-$200 million American Heritage Credit Union Over $200 million Join us in welcoming Reuther Material to Liberty Savings Our member community is growing, and we have an exciting new addition to announce! Join us in welcoming our newest Select Employer Group (SEG), Reuther Material, to the Liberty Savings family. Reuther Material has provided building materials to the NJ/NY area for over 90 years. They are a family owned and operated company, and have been giving locals top-tier service since 1927. We are honored to have the employees and families at Reuther Material join us. Everyone at Liberty Savings looks forward to making them feel right at home. A LIBERTY MORTGAGE: YOUR KEY TO LIVING ON EASY STREET LIBERTY HORIZONS A Quarterly Publication for Members of Liberty Savings Federal Credit Union // Winter 2022 It’s true: finding and securing the right mortgage can be easy. At Liberty Savings, we’re proud to be at the forefront of making home ownership accessible and simple. Our home buying products give members like you the power to enter into this competitive real estate market with confidence. Whether you’re thinking about buying your first home, moving, or need to refinance, make sure you’re working with the best team on your side. You don’t
North East Welch Federal Credit Union Up to $75 million CHROME Federal Credit Union $75-$200 million
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What Was New in 2021
White Rose Credit Union continued to implement initiatives and services to improve convenience for our members.
A New East York Branch
Our new location on East Market Street opened its doors to members in the fall. The new East York Branch features a newer open concept layout including teller pods, floor to ceiling glass offices, and artwork from local photographers.
Online Appointment Scheduling
In February members were given the opportunity to begin scheduling appointments right from the credit union’s main website. The options allow guests to select a location, reason, and even a specific staff member if they choose.
Instant Issue Cards
The addition of Instant Issue capabilities gives members the option to utilize an on-site printed replacement card in the event of an emergency or instance where they may not be able to wait for a replacement via the mail.
Digital Wallet
As a part of our Fiserv conversion that concluded at the end of 2020, Digital Wallet features were added to all White Rose Credit Union Debit and Credit Cards in the fall of 2021. This feature allows members to add their debit or credit card to their smartphone’s Digital Wallet. This addition created easier ways for members to pay via Apple Pay, Google Pay, and Samsung Pay without presenting their card.
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IT’S YOUR LIFE.
President/CEO Report
A message from our President, Debra A. Kauffman.
The 2021 year was a successful one for our team members, our members, and our community members.
After unforeseen delays due to COVID-19, we successfully opened our new East York Branch with a crowd for the books at our East Market Street Location. Our grand opening stayed true to our roots, with local businesses on hand to provide wine, beer, and food to those that celebrated with us. The East York Branch is a symbol of our continued growth and commitment to our members.
We continued to implement convenient services such as Digital Wallet and Instant Issue, which gives us the ability to print debit and credit cards on the spot for members. This gives members the flexibility to have their new debit card right away in instances where they cannot wait for one in the mail.
As we move forward in 2022, you can expect to see additional convenient and online services for our members. We continue to see consumer spending and lending patterns increase towards pre-pandemic levels and remain committed to serving our members no matter what.
Debra A. Kauffman President/CEO
Expect to see additional convenient and online services.
Chairperson’s Report
A message from our Board Chairperson, James R. Sanford.
am proud of the accomplishments made this year. An ongoing commitment to implementing technology infrastructure and service enhancements enables our credit union to continually evolve and make it easier and more convenient for members to access and manage their accounts.
As we continue to move forward and face whatever challenges come our way, am grateful for the continued support of our members. The hard work and dedication of our staff taking care of our members and assisting them with the appropriate products and services help them be financially successful.
want to thank my fellow Board Members and the Supervisory Committee for their time, commitment, and dedication to ensure the financial strength of White Rose Credit Union for today and years to come. Alongside the Senior Management Team, we make decisions throughout the year to grow the credit union and keep our member’s best interests at the forefront.
Our purpose as a member-owned financial cooperative is to provide the best value and highest service level possible while maintaining the safety and soundness of our credit union. Our commitment to this remains steadfast.
It’s your life. We Care.
James R. Sanford Board Chairperson
Supervisory Report
A message from our Supervisory Committee.
Have you ever wondered, what does a Supervisory Committee do? The Supervisory Committee for White Rose Credit Union meets once a month to perform audits on a variety of information from new member accounts, documentation, account records, and more.
If you have taken out a loan, you may notice that there is a lot of information requested. We are responsible for spot checking new loans to ensure that all legally required documentation and regulatory items are completed. We report and follow up on any discrepancies to ensure that our credit union is in compliance.
Normally, we report our findings to the Board of Directors on a quarterly basis and follow up with the necessary departments to ensure corrections and changes are completed when needed.
An ongoing commitment to implementing technology.
Financial Literacy In Action
It pays to learn financial literacy. Literally.
White Rose Credit Union introduced Zogo, the financial literacy app, to local high schools during the summer of 2021.
The app, in partnership with White Rose, offers bite-sized financial literacy modules on over 300 topics. Users earn “pineapples” for completing each module, which can be used to redeem gift cards to popular brands like Adidas, Amazon, Target, Starbucks and more.
Students at Central York and Dallastown Area High Schools competed in a summer-long competition on the Zogo app.
If you’re ever interested in volunteering your time to your credit union, and this type of work appeals to you, reach out to a team member at White Rose Credit Union. We would surely appreciate your assistance.
Thank you for another great year!
Donna J. Rawhouser Supervisory Committee
White Rose Credit Union Scholarship
The Supervisory Committee is seeking volunteers.
At the end
of the summer, the top scoring students at each high school were awarded $500 scholarships. Congratulations to Katelyn and Harvey for being the top Zogo players for our summer contest!
Every year, White Rose Credit Union awards two - $500 scholarships. Students must be White Rose Credit Union Members by the date of their application, be a senior in high school up to a junior in an institution of higher learning, and submit a credit union related essay. Applications are scored anonymously by the scholarship review committee. Congratulations to Chloe Hoover and Holden Smith our 2021 White Rose Credit Union Scholarship recipients.
A new home for our East York Branch. White Rose invited the community to help ring in a new location on East Market Street in the fall of 2021. The day featured prizes and giveaways, Mark and Val Wines Stony Run Brewhouse and Gingerbabies Catering were on hand to help celebrate the new building. followed by a ribbon cutting ceremony with the York County Economic Alliance. Platinum Pump Sponsor Scholarship Sponsor CYHS Homecoming Student Section Sponsor Courageous Conversations Sponsor Community Involvement We remained out and about for the 2021 year! $1,986.20 raised by employees through Jeans for a Reason Sponsorships 24 local business supported through our #ShowYourSelfieShopLocal campaign OVER 22,000 Tootsie Rolls were tossed out at parades in 2021. OVER 35 local organizations that benefited this year from WRCU. In-Branch Drives Christmas wish list for local family through Adopt-a-Family Food drive for the York County Food Bank School supply drive for NENA Clothing drive for the York County YDC 127 community members that used Zogo, our financial literacy partner. WE CARE.
East York Grand Opening
