CURRENT INTEREST FALL 2016
Take the
HUNT Out of Auto Loans Join Us for International Credit Union Day Thank you for your loyalty to Gulf Credit Union! We appreciate your continued trust in us; we consider it a privilege to assist with your financial needs.
$100
To show our gratitude, please join us in celebration.
Thursday, October 20, 2016 11:00 a.m. - 1:00 p.m. Main Location in Groves, 5140 W. Parkway We’ll celebrate International Credit Union Day with a delicious lunch.
Auto loans over $10,000 will receive a $100 gift card to Academy!
Auto loan rates as low as 1.75% APR* for 60 months! No payment for 90 days!
In addition, we will offer complimentary shredding services during this time to allow you to dispose of any sensitive documents. We look forward to seeing you at International Credit Union Day!
Credit Card Options ……… 2
Loan Structure …… 4
Santa ‘s Coming to GCU! … 6
Skip-A-Payment ……………… 3
Annual Meeting …… 5
Helping Hands …………… 7
WWW.GECU.ORG
P C U T U LL LIC R H K N E O P RE R A G T E O
*APR = Annual Percentage Rate All loans and rates are subject to credit approval and product participation. All rates are subject to change. Federally insured by NCUA. See Gulf Credit Union for details.
CREDIT CARD OPTIONS AND REWARDS
We are excited to offer you several types of credit card options that feature low rates and the local, friendly service you’ve come to expect from Gulf Credit Union. Our credit cards - consumer and business - are designed to give you convenient purchasing power.
CONSUMER CREDIT CARDS •• MasterCard®/Visa® Platinum
ӽӽ Enjoy our lowest introductory APR* offer. ӽӽ Great option for consolidating debt to pay down your balances on other credit cards faster or to save on interest. ӽӽ Our lowest interest rate card allows you to carry a balance each month and to enjoy a low monthly payment.
•• MasterCard®/Visa® Platinum Rewards
ӽӽ Earn one (1) point for every $1 you spend on your credit card. ӽӽ Redeem reward points in a variety of categories. ӽӽ Your card earns a one-time bonus of 5,000 points once you spend $1,000 on purchases within the first three (3) months1.
•• MasterCard® World/ Visa® Signature
ӽӽ Earn one (1) reward point for every $1 spend and additional point values for travel reward redemptions. ӽӽ Premium concierge service+. ӽӽ Your card earns a bonus of 10,000 points after making $3,000 in purchases within the first three (3) months.
BUSINESS CREDIT CARDS
Each business credit card offers features such as: individual spending limits for employees, the option of consolidated or individual billing statements, enhanced MasterCard/Visa Business benefits, multiple payment options and multiple employee credit cards at no additional cost.
•• MasterCard®/Visa® Business Platinum
ӽӽ Enjoy our lowest introductory APR* offer. ӽӽ Great option for businesses that revolve credit and enjoy low monthly payment options at competitive interest rates.
•• MasterCard®/Visa® Business Platinum Rewards
ӽӽ Earn one (1) reward point for every $1 spent on your business’s everyday credit card purchases. ӽӽ Redeem reward points through a comprehensive set of redemption points.
•• MasterCard® Business World/Visa® Business Signature
ӽӽ Earn one (1) reward point for every $1 spent and earn additional point values for travel rewards redemption. ӽӽ Premium Visa®/MasterCard® benefits+.
Subject to credit approval. Ask for details. | *APR = Annual Percentage Rate | 1Upon arrival, we will mail a letter acknowledging your new account. The Rewards Bonus period begins on the date of the new account letter and ends 90 days later. | +Certain terms, conditions and exclusions apply. Please consult your Guide to Benefits for specific benefit configuration.
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JOHN PAT WHITE II, CRPC
COULD ASSUMPTIONS HARM YOUR RETIREMENT PLAN? TWO COMMON MISCONCEPTIONS TO THINK ABOUT #1) Assuming retirement will last 10-15 years. Historically, retirement has lasted about 10-15 years for most Americans. The key word here is “historically”. When Social Security was created in 1933, the average American could anticipate living to age 58 as a man or 62 as a woman. By 2014, reports indicated life expectancy for the average American had increased to 78.8.1,2 So assuming you’ll only need 10 or 15 years worth of retirement money could be a big mistake. In 2014, the Centers for Disease Control and Prevention's National Center for Health Statistics said that the average 65-year-old American male can expect to live to nearly 83. The average 65-year-old American female has an average life expectancy of 85.5.2
Vice President, Wealth Management Gulf Investment Group
john.white@cunamutual.com 409.984.7452
#2) Assuming too little risk. Holding onto your retirement money is certainly important; so is your retirement income and quality of life. Over the last few decades, we have had moderate inflation (and sometimes worse, think 1980). What happens is that over time, even 3-4% inflation gradually saps your purchasing power. Your dollar buys less and less. If your income doesn’t keep up with inflation, essentially, you end up living on yesterday’s money. As you retire, you may assume that an extremely conservative approach to investing is mandatory. But given how long we may live, and how long retirement may last, growth investing may be important.
This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information should not be construed as investment, tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your Financial Advisor for further information. Citations 1 - www.ssa.gov/history/lifeexpect.html [1/28/14] 2 - www.usatoday.com/story/news/nation/2014/10/08/us-life-expectancy-hits-record-high/16874039/ [10/9/14]
HOLIDAY SKIP-A-PAYMENT OUR GIFT TO YOU!
The holidays are quickly approaching and you may want some extra cash the season to help cover the costs of a gift for someone special or maybe even for a gift for yourself. As a valued member of Gulf Credit Union, you have the opportunity to skip a payment on your loan during this holiday season. Members who have qualifying loans can choose to skip your payment during the month of November or December for only $30 per loan. If you have more than one qualifying loan, you may skip a payment for each. Your completed skip-a-payment form must be received by Monday, October 24, 2016, for November deferrals, or it must be received by Monday, November 21, 2016, for December deferrals. Holiday deferral forms will be mailed to your address or you can pick up a form at the Gulf Credit Union location nearest you. Please contact our Loan Department for more details.
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WHAT IS THE BEST BUSINESS LOAN STRUCTURE FOR ME?
Before starting any business one of the first questions you will need to ask yourself is “What is the best business structure for me?” You may operate your business under any one of several business structures. Each type of business structure has certain advantages and disadvantages that should be considered. Typically, businesses are created and operated under one of the following types: • Sole Proprietorship (DBA) • Limited Liability Partnership (LLP) • General Partnership (GP)
• Limited Partnership (LP) • Corporation (C or S) • Limited Liability Company (LLC)
While these aren’t all of the business entities available, these are some of the most common business structures that we see in use in Texas. Previously, we looked at the Sole Proprietorship. Today, we will take a look at the Limited Liability Company (LLC) business structure. The limited liability company (LLC) is a hybrid business form, combining the liability protection of a corporation with the tax treatment and ease of administration of a partnership. The LLC is America’s newest form of business organization; the great bulk of laws authorizing LLCs in the United States were passed in the 1980’s and 1990’s. LLCs enjoy pass through taxation—sidestepping the double taxation of company profits borne by C corporations (although LLCs can elect with the IRS to be taxed as a corporation). Multi-owner LLCs file an informational tax return but pay no tax on company profits. The members (owners) report their share of the LLCs profit or loss on their individual tax returns, and any tax due is paid at the individual level. Single member LLCs report company profits on Schedule C and any tax due is also paid at the individual level. LLCs are created by filing formation documents, typically called Articles of Organization or Certificate of Organization, at the state level and paying the required state filing fee. Some advantages of a limited liability company are: 1. LLCs enjoy pass-through taxation. 2. Members (owners) are not personally responsible for the business debts and liabilities. 3. LLCs generally have no restrictions on the number of members allowed. 4. Members have flexibility in structuring the company management. 5. The LLC does not require as much annual paperwork or have as many formalities as corporations. Some disadvantages of a limited liability company are: 1. LLCs are more expensive to form than sole proprietorships and general partnerships. 2. Ownership is typically harder to transfer than with a corporation. 3. Because the LLC is a newer business type, there is not as much case law to rely on for determining precedent. More information on selecting a business structure can be found on the Secretary of State website at www.sos.state.tx.us or on the SBA website at www.sba.gov. Gulf Credit Union is here to help you with your Business Banking needs. Please contact Todd Gaudin at 409.984.7436 or his assistant, Tracy Chesser, at 409.984.7477 to learn more about how GCU can help you!
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SAVE THE DATE FOR OUR ANNUAL MEETING NEW ATMs COMING SOON! Please mark your calendars and join us for our annual meeting. Tuesday, February 21, 2017 • 7:00 p.m. BOB BOWERS CIVIC CENTER 3401 Cultural Center Drive, Port Arthur, Texas Three board members are up for re-election. They are: Barry Gorman, Karen Brown and Carl Duplantis. Doors open at 6:00 p.m. Please join Gulf Credit Union in our efforts to support Relay for Life and the American Cancer Society. We have been very successful in our fundraising over the past years, and are looking to continue that tradition in this next year. Throughout the year, we will keep you updated on Raffles, Fundraising Opportunities, Shirt Sales, and other products offered to help us reach our goal of $20,000. If you would like more information, or wish to purchase any raffle tickets or products listed, please contact Gulf Credit Union at 409.963.1191.
Two of our locations will be receiving a new outdoor ATM! Beaumont, 2360 Dowlen Road, and Groves, 5140 W. Parkway, will have new ATMs within the next few months. We are excited for these improvements as we continually strive to provide the best service to you.
H eady G R A you R r A Fo
CURE?
. fferson Co Je . S id M f L if e o Relay For 2017
29, l i r p A , y a d nd Satur v e ., N e d e r la A o f B o s to n 16 0 0 B lo c k ig h t n N o o n - M id
FOR SALE
FOR SALE
Cooking For a Cure Cookbook
Shirts available for Pick-Up @ Groves Location
NOW ONLY $5.00
NOW ONLY $15.00 SIZES AVAILABLE:
150+ RECIPES FOR ANY OCCASION!
Adult Small - XXXL All Proceeds Benefit Relay for Life
All Proceeds Benefit Relay for Life
Congratulations to Kevin Nazier!!
He won two tickets and a parking pass to the October 16th Houston Texans/Indianapolis Colts game!! Jeri Kelley, Branch Operations Supervisor of our Mid County location, sold the winning ticket. With your help, we sold 1,528 tickets for a total of $6,400. All of the proceeds from the ticket sales will benefit the American Cancer Society’s Relay for Life. Congratulations, Mr. Nazier, we hope you enjoy the game.
EVERYTHING A WEBSITE SHOULD BE!
FRESH and EASY.
COMING SOON OCTOBER , 2016!
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BEST WISHES!
YOU BETTER WATCH OUT, YOU BETTER NOT POUT… SANTA AND MRS. CLAUS ARE COMING TO TOWN! Please join us and bring your child/children to visit Santa and Mrs. Claus at one of our locations: Sue Guilbeau, former Gulf Credit Union employee and longtime member of the board of directors, resigned from her position on the board in April, 2016. Mrs. Guilbeau was employed at the credit union for 17-and-a-half years, from July, 1974 until January, 1992. After her departure, she was elected to the board, serving in numerous positions within the board from 1995 until 2016. We would like to take this time to say “thank you” to Mrs. Guilbeau for all that she has done to help our credit union members and our employees. Best wishes to Mrs. Guilbeau during her retirement!
BRIDGE CITY: Thursday, December 1st • 3:00 p.m. – 5:00 p.m. GROVES: Friday, December 2nd • 3:00 p.m. – 5:00 p.m. BEAUMONT: Thursday, December 8th • 3:00 p.m. – 5:00 p.m. MID COUNTY: Friday, December 9th • 3:00 p.m. – 5:00 p.m. Each child in attendance who visits with Santa and Mrs. Claus will receive a small gift. Also, please note that Santa is a very busy man, and to be fair to each child/family in attendance and to ensure that there is ample time to visit with Santa and Mrs. Claus, there is a limit of one photo per family.
Welcome to Gulf Debit Rewards! We’re upgrading our debit rewards program! Gulf Debit Rewards is a simple, easy to use program that earns cardholders points each time they use their MasterCard® Debit Card and sign for the purchase.
$2 spent = 1 point
REDEEM POINTS Cardholders can redeem for rewards including gift cards, merchandise, travel, green products, experiences and charitable donations.
EARN MORE
Learn more now at
•
Shop over 2,000 merchants at our online mall and earn up to 10x bonus points when you use your rewards card.
•
Through Amplifi card-linked offers: Shop our exclusive network of local and national merchants and earn bonus points just for using our card at participating merchants.
GECU.ORG
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PROUD TO BE PART OF THE GCU FAMILY BY SHIRLEY MANUEL Wow!!!
40 years ago as a 19-year-old, I entered into the family of Gulf Credit Union. There are not enough words for me to express my gratitude for the blessings this life long journey has given my family and me. As I think of all the friendships and memories that I have made throughout the past 40 years, I am grateful and I never would have dreamed this would be my career at the age of 19. During my career, I have had the opportunity to serve our members by holding a variety of positions within the credit union. These positions include: teller, loan processor, loan officer, call center supervisor, lending/ collections supervisor and my current position as AVP of lending operations. I have experienced the credit union’s growth throughout the years from eight employees and a single Groves location in 1976 to the current
count of 91 employees and locations in Groves, Beaumont, Bridge City and Mid County. I’ve been blessed with my husband, Bobby for 34 years, and one beautiful daughter, Jessica. It has been a pleasure serving our wonderful members for the past 40 years. I treat and will continue to treat my members with the commitment of “people helping people” in my everyday job duties and a vision to “create a relationship.” I plan to continue to enjoy the coming years with Gulf Credit Union before I embark on my next journey in life – retirement! Please join us at our Groves location Wednesday, October 26, from 3 p.m. - 5 p.m. for a reception honoring Shirley and her 40 years of service at Gulf Credit Union.
SHIRLEY MANUEL AVP of Lending Operations
PUTTING OUR VISION INTO ACTION In early 2016, Gulf Credit Union started a volunteer initiative program named Helping Hands, as a way to take our vision of “People Helping People” and put it to work in the community. Thanks to GCU employees who volunteer their time and talents, we’re able to give back to our local communities and get others involved in our mission. We have partnered with The Arc of Greater Beaumont, The Humane Society of Southeast Texas, and the Veterans of Foreign Wars for some of our most recent events, as well as hosted a canned food drive benefitting The Southeast Texas Food Bank and a school supply drive for Buckner Children and Family Services. We continually look for events and opportunities to make a difference. Thanks to all of our employees and volunteers who make our communities stronger!
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GULF CREDIT UNION
P.O. BOX 848 GROVES, TX 77619
GULF CREDIT UNION IS FEDERALLY INSURED BY THE NATIONAL CREDIT UNION ADMINISTRATION. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act. *APR = Annual Percentage Rate. All loans and rates are subject to credit approval. Rates are subject to change without notice.
Hours of Operation LOBBY - Monday - Thursday: 8:30 a.m. - 5 p.m. • Friday: 8:30 a.m. - 5:30 p.m. DRIVE-THRU - Monday - Wednesday: 7 a.m. - 6 p.m. • Thursday - Friday: 7 a.m. - 7 p.m. • Saturday: 9 a.m. - 12 p.m.
VISION STATEMENT
MISSION STATEMENT
Gulf Credit Union’s vision is to “create a relationship” with members. Our vision is met by matching our member’s need with the right product.
From generation to generation, Gulf Credit Union is your partner in fulfilling your financial dreams.
GROVES
BRIDGE CITY
BEAUMONT
MID COUNTY
5140 West Parkway • 409.963.1191
4721 Hwy. 87 South • 409.735.5156
2360 Dowlen Road • 409.860.3600
2779 Aero Drive • 409.729.8280
TOLL FREE 800.448.5328
GULF CREDIT UNION BOARD OF DIRECTORS
TERM ENDS
Barry Gorman, Chairman 2017 Libby Arnold, Vice Chairman 2018 Karen Brown, Secretary 2017 Robert Adams, Treasurer 2019 Carl Duplantis 2017 Harold Guilbeau 2018 Camille Jones 2019 Johnny Lewallen 2019 8
2016 HOLIDAYS THANKSGIVING
Closed Thursday, November 24 Friday, November 25 Saturday, November 26
CHRISTMAS
Thursday, December 22 - Lobby will close at 5:30 p.m. and the drive thru will close at 7:00 p.m. Closed Friday, December 23 Saturday, December 24 Monday, December 26