WINTER 2020 4296-0120-CCNEWS VOLUME 22, NUMBER 1
THANK YOU MEMBERS As another year begins, we extend a sincere thank you to our members for your loyalty, business, and goodwill over the past year. You made International Credit Union Week a huge success. Members dropped off over 4,300 pounds of paper to shred on Credit Union Shred Day in October. The Credit Union also made a donation to Gillette Children’s Specialty Healthcare of $420.00. We donated $10.00 for each of the 27 new accounts and 15 new loans that were opened during International Credit Union Week.
T HA NK Y OU
CONGRATULATIONS! Our President, Brian Finch has retired after 21 years of service. Thank you for your dedication, commitment and the knowledge you contributed to the Credit Union. We wish you a happy, healthy retirement.
DON’T MISS OUT – HOME EQUITY RATES AS LOW AS 2.99%* Crow Wing Power Credit Union (CWPCU) is offering Home Equity Loans with rates as low as 2.99%*. If your current home equity or mortgage loan has a higher rate, now is the time to give the credit union a call to see how easy it is to move your loan, lower your rate, and save money. No closing costs if your loan is $100,000 or less, unless an appraisal is required. This program is perfect for those that plan to pay their small balance loans off within three to five years. Avoid huge closing costs associated with fixed rate mortgages and keep your servicing local. You can reach a Member Service Representative at 218-825-2208 or 877-563-3072. Loans $50,000 or less can be amortized for 15 years and balloon in five years. Loans $50,001 to $100,000 can be amortized for 20 years and balloon in three years. Loans over $100,000 can be amortized for 30 years and balloon in three years. * Other rates and terms available based on collateral and credit score. All loans are subject to credit approval. Not available on current Credit Union Loans.
CONSUMER LOANS AS LOW AS 2.49%* If you are in the market for a new or used vehicle, fish house, ATV, or snowmobile; our consumer loan rates are as low as 2.49%. Call a Member Service Representative at 218-825-2208 or 877-563-3072 for more details or go to www.cwpcu.org. * Other rates and terms available based on collateral and credit score. All loans are subject to credit approval. Not available on current Credit Union Loans.
FIXED RATE MORTGAGE LOANS CWPCU is partnered with AmeriCU Mortgage to provide members a full array of home loan options. Buying your first home, moving up or down-sizing, purchasing a vacation or investment property; they have the mortgage solution for you. The experienced staff will help guide you through the maze of loan programs to find the right loan to fit your needs. Come to the people you know and trust. Save money on the closing costs and work with Crow Wing Power Credit Union for your mortgage loan solution. CWPCU NMLS #408088, AmeriCU NMLS #3028.
TAX DOCUMENTS Mortgage interest (Form 1098), dividends (Form 1099-INT), and IRA distribution (Form 1099-R) documents will be mailed prior to January 31, 2020. IRA Contribution and rollover (Form 5498) documents will be mailed after the tax return deadline of April 15, 2020. Our tax documents will not be forwarded by the post office. Be sure we have your correct mailing address.
TIMELY REMINDERS Upcoming Board Meetings: January 16, February 20 and March 19, 2020. The Credit Union is open on Martin Luther King Day and Presidents Day! Transactions will be dated for the following business day.
MORTGAGE LOANS
SAVINGS RATE
APY
Regular Savings
.40%
.40%
Holiday Savings
.80%
.80%
Home Equity Up to 80% of tax assessed value Rates as low as 2.99% 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
.15%
.15%
(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
1.35% 1.95% 2.15%
1.36% 1.96% 2.17%
APY=Annual Percentage Yield Rates subject to change without notice. effective 1-1-2020
NMLS #408088
FINANCIALS November 30, 2019 Members .................................................... 5,391 Assets ............................................ $87,069,995 Deposits........................................ $79,188,400 Loans ............................................ $55,873,593 Reserves.......................................... $7,424,545