SUMMER 2020
4296-0720-CCNEWS
VOLUME 21, NUMBER 1
ANNUAL MEETING AND ELECTION UPDATE
The Credit Union Annual Meeting has not been scheduled due to the COVID 19 pandemic. We are holding our election for the Board of Directors. Your ballot is enclosed along with a postage-paid envelope. Please exercise your right to vote by returning your ballot as soon as possible. Ballots must be received by 9:35 a.m. on July 16, 2020.
MEET THE CANDIDATES! Laurie Hoenig
I have been a resident of Crosslake since 1988 when my husband retired from the USAF. I worked in the financial field for 11 years before going back to school and I now own my own massage and bodywork business in Crosslake. I have been volunteering in my community for many years. I was involved with Girl Scouting for 42 years as a troop leader, community organizer, trainer and board member. Honesty, fairness, confidence, respect for others, using resources wisely and being responsible for what I say and do are some of the qualities I will bring to the Credit Union board. I would be happy and proud to serve on the Crow Wing Power Credit Union Board of Directors.
Paul Koering (Incumbent)
I have serviced on the Credit Union board since June of 2016. The Credit Union has seen exceptional growth and added many valuable services to our members over the past 21 years. If re-elected to the board of directors I will continue the tradition of a secure financial institution. I will work to add services and keep our rates competitive for saving and lending products.
Gordon Martin (Incumbent)
It’s been my pleasure to serve on the Crow Wing Power Credit Union board for the past 21 years. I feel the Credit Union is an excellent opportunity to give the cooperative members more value by providing lower loan rates and very competitive rates on deposits. Keeping your deposits safe and secure is a top priority for me. With your support, I will continue to promote the high quality of service the Credit Union members look for and deserve.
Doris Mezzenga (Incumbent)
I am very proud and honored to serve on the Board of Directors for Crow Wing Power Credit Union. I am dedicated to providing excellent member service as well as competitive loan and savings rates to our members. Our Credit Union is strong and stable. If re-elected to the board I will continue this tradition and help to expand the services of the credit union.
Diane Viehauser
I have been a member of several credit unions since 1975. I firmly believe that credit unions are the best financial institutions in the country. I have been employed by three credit unions and served as both an employee and management. I have served as the Chairman and Secretary for the Central Minnesota Chapter of Credit Unions. I would love to bring my experience to the Board of Directors and continue to learn another facet of credit union operations. I look forward to serving the members of Crow Wing Power Credit Union and thank you for your vote.
SUMMER FUN AS LOW AS 2.24%*
The perfect way to finance your new fishing or ski boat is with a loan from your Credit Union because we understand the Brainerd Lakes lifestyle. If you prefer to keep your feet on dry land, we offer loans for motorcycles, camper/fish houses, and ATV’s. Trail riding, camping, water skiing and fishing are more fun when you have reliable equipment.
Call a Member Service Representative for pre-approval and then go shopping. If you have your loan elsewhere but would like a lower rate, call us about refinancing your loan to CWPCU.
*Rate based on credit score so your rate may be higher. Other rates and terms available based on collateral and credit score. All loans are subject to credit approval. Loan funds must be disbursed directly to the financial institution/dealer. Current CWPCU loans are not eligible for these rates.
SUMMER HOME IMPROVEMENT PROJECTS AS LOW AS 2.75%*
Upgrading your home just got easier and cheaper with a home equity loan from the Credit Union. With rates as low as 2.75%* and NO closing costs now is the time to finish the project you started earlier this year or refinance your existing home equity or HELOC to get a lower rate. Borrow up to $100,000 and lock in your rate for 3 years or borrow $50,000 or less and lock in your rate for 5 years.
The Credit Union also does Construction Loans. They are a twelve month interest-only loan and when the home is complete, the Credit Union can help you switch the construction loan to a 15, 20 or 30 year fixed rate mortgage.
For big or small projects, call a Member Service Representative at the Credit Union for the best option to save you time and money. *Rate based on credit score so your rate may be higher. All loans are subject to credit approval. Current CWPCU loans are not eligible for these rates/terms.
TIMELY REMINDERS
July 16, 2020 Monthly Board Meeting and Board of Directors Election. Upcoming Board Meetings August 20, 2020, September 17, 2020. Coming in October – Shred Day!
MORTGAGE LOANS
SAVINGS RATE
APY
Regular Savings
.20%
.20%
Holiday Savings
.80%
.80%
Home Equity Up to 80% of tax assessed value Rates as low as 2.75% Up to 30 year amortization with 3 or 5 year balloon Primary Residence, Cabin, or Land loans
(maximum deposit $100 per month)
Home Equity Line of Credit
IRA Savings
.50%
.50%
Checking
Up to 80% of tax assessed value Variable rate tied to Wall Street Journal Prime Rate Up to 15 year amortization Primary Residence, Cabin, or Land loans
.10%
.10%
(with a $500 average daily balance)
Fixed Rate 15,20,30 year Mortgages available.
Certificates ($1,000.00 Minimum) IRA Certificates available in 1 & 2 year term only
Your local loan processor Loans serviced by AmeriCU Mortgage NMLS #3028
Dividend penalty for early withdrawal
6 month Certificate 1 year Certificate 2 year Certificate
.60% 1.05% 1.20%
.60% 1.06% 1.21%
APY=Annual Percentage Yield Rates subject to change without notice. effective 7-1-2020
NMLS #408088
FINANCIALS May 31, 2020 Members .................................................... 5,418 Assets.......................................... $102,190,698 Deposits........................................ $94,272,723 Loans ............................................ $56,101,608 Reserves ........................................ $7,563,620