FIRST QUARTER 2018
! r a C w Ne Rates as low as
2.25% APR* up to 60 months and 90 days, no pay!
FREE GIFT!
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If it’s time to trade up to a new vehicle, let Gulf Credit Union help you get the best deal. We’re competitive and quick, so you can be in a new vehicle in no time while enjoying low rates with no hassle. *APR = Annual percentage rate. All loans and rates are subject to credit approval and product participation. All rates are subject to change. See credit union for details. Insured by NCUA. Special conditions apply.
Federally Insured by NCUA
for auto loans $20,000 or more
**While supplies last.
Member Access ……………………………………………… 2
New Drive-Thru Hours …………………………………… 5
Choosing a Business Structure ……………………… 3
2018 Holidays ……………………………………………… 6
Your Financial Health …………………………………… 4
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PERSONAL LOANS AS LOW AS
% 8.40 APR*
*APR = Annual Percentage Rate • Loans and rates subject to credit approval and product participation. See Gulf Credit Union for details. • Insured by NCUA
ANNUAL MEETING AND NOMINATIONS ANNUAL MEETING
Business Meeting and Election
Tuesday, February 20, 2018 | 7:00 p.m. - 7:30 p.m. Groves KC Hall 3749 Lincoln Avenue Groves, TX The Nominating Committee was appointed at the November 16, 2017 Board of Directors meeting. Those serving on this committee are: Barry Gorman (Chairman), Camille Jones, and Robert Adams. Two terms are up for election at the February 2018 Annual Meeting. The Nominating Committee respectfully nominates Libby Arnold and Carl Duplantis. In order to vote in the election, members must have an account in their own name, social security number, and be at least 16 years of age. If you are a Gulf Credit Union member interested in seeking election to the Board of Directors, please contact Kathy Wolford, Executive Assistant, at 409.984.7443, for more information and to receive a director application.
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APPLICATIONS MUST BE RECEIVED IN HAND OR POSTMARKED BY FEBRUARY 10, 2018. WWW.GECU.ORG
MEMBER’S ACCESS TO CREDIT UNION DOCUMENTS According to Section 91.315 of the Texas Administrative Code, upon request, members of Gulf Credit Union are entitled to review or receive a copy of the most recent version of the following credit union documents: balance sheet and income statement, a summary of the most recent annual audit, written board policy regarding access to the articles of incorporation, bylaws, rules, guidelines, board policies and copies thereof, and Internal Revenue Service Form 990. Please make requests by writing to Gulf Credit Union, ATTN: Office of the President/CEO, P.O. Box 848, Groves, TX 77619; or by phone, 409.963.1191.
Choosing a Business Structure The Incorporation Process 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. In previous newsletters, we have looked at the various types of business structures so now we will talk about the incorporation process. To form a corporation or LLC, formation paperwork must be filed with the appropriate state agency, usually the Secretary of State, and filing fees paid. A corporation’s formation document is typically called the Articles of Incorporation or Certificate of Incorporation, depending on the state’s guidelines. An LLC’s formation document is typically called the Articles of Organization or Certificate of Organization. Incorporation documents advise the state and the public of certain details concerning the company. Incorporation documents become a formal record of the corporation’s or LLC’s existence. State corporation and LLC filing fees range widely—from less than $40 to more than $500. The typical time to have incorporation documents approved also varies. Standard incorporation filings can take four to six weeks to be approved and returned to the business owner. Most states offer expedited filing services for an additional fee, reducing the turn-around time for filing documents to a few days or even a few hours. Corporations and LLCs must disclose certain information in their incorporation documents. The mandatory disclosures vary slightly by state but most require: Company name - Typically they must also include an identifier such as Corporation, Incorporated or Company or abbreviation of those terms. For LLCs it must typically include the term “Limited Liability Company” or “LLC.” The state holds final approval rights on the desired name to ensure it is not already in use by another company in that state, or is not “deceptively similar” to a name already in use. Business purpose - A company’s incorporation document typically must include a brief statement of the company’s business purpose, declaring the proposed scope of a company’s operations. Business purpose clauses are of two types, general or specific. General business purpose - some states allow a general-purpose clause, indicating that the company is formed to engage in “all lawful business”. Specific business purpose - some states require a more complete explanation of exactly what type of business the company will undertake. Registered Agent - Most states require incorporated companies to name a registered agent, which is the party that accepts important legal and tax documents on behalf of the company. The registered agent must have a physical address (no P.O. Boxes) in the state of incorporation, and must be available at that address during normal business hours. A business owner has the option of serving as the company’s registered agent as long as he or she meets the same requirements of the registered agent. Examples of important documents typically delivered to the registered agent include Service of Process (Notice of Litigation), tax notices, and annual filing notices. Incorporator - The person or company who initiates the company’s formation filing is the incorporator. Most states require that the name, signature and address of the incorporator (or organizer for LLCs) be included in the incorporation documents. Next time, we will discuss the advantages of using a registered agent and the required disclosures for corporations, LLCs and nonprofits. Gulf Credit Union is here to help you with your Business Banking needs. Please contact Todd Gaudin, VP of Commercial Lending at 409.984.7436 or his assistant, Tracy Chesser at 409.984.7477, to learn more about how Gulf Credit Union can help you and your business.
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Take Charge of Your Financial Health For many individuals, achieving and maintaining financial well-being is a lifelong pursuit. A sound strategy involves planning, preparation, performance, and follow-through at three vital stages of the financial life cycle. Protection. The first, and perhaps most crucial, stage in financial planning is protecting your assets, including your standard of living. Insurance programs for individual, family, and business needs generally offer a suitable level of protection. Accumulation. Many will want to save and invest through diversified investment programs in accordance with set financial objectives. Mutual funds, stocks, bonds, annuities, money market funds, limited partnerships, unit investment trusts and other investment vehicles are tools through which clients are able to meet these needs.*
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Wealth Management. Once assets are protected and growing, timely and effective management is vitally important in reaching our financial goals. Some areas where we can help include tax planning, trust services, transfer of assets, and legacy and estate planning.** Capable, compassionate expertise. Your representative is a fully registered, licensed, and experienced investment and retirement planning professional who wants to help you prepare for the future. Representatives are dedicated to helping clients build financial strength and security for life through sound strategies. *Available through CUNA Brockerage Services, Inc. 2000 Heritage Way, Waverly Iowa 50677, Member FINRA/SPIC. **Representative is not a tax advisor or attorney. For information regarding your specific tax situation, please consult a tax professional. For legal questions, including discussions about your estate planning needs, talk to your lawyer.
*Applications are available for iPhoneŽ and Android™ devices.
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JOHN PAT WHITE II, CRPC Vice President, Wealth Management Gulf Investment Group
john.white@cunamutual.com 409.984.7452
Safe and Sound Safe deposit boxes are available for rent at all Gulf Credit Union locations. It’s an ideal way to keep important documents and valuables in a safe, secure location. Please see a representative for details.
We’re Your Partner in Business Growth We believe in our community. That’s why we make major investments in commercial loans to help grow local businesses. “Neighbors helping neighbors” isn’t just a saying, it’s one of our core values. Thanks to our competitive rates and local, friendly financial experts, we’re ready to make your business dreams come true. Stop by and visit with one of our representatives.
Attention High School Seniors: Scholarships Are Available!
An investment in knowledge will always pay the best interest. Gulf Credit Union is pleased to offer up to TEN $1,000 scholarships for area students. Eligible students must be a member of Gulf Credit Union, a high school senior with a grade point average of C or above, and be 19 years of age or younger. Stop by any location of Gulf Credit Union for a brochure with additional information and the application. The deadline to turn in completed applications is March 5, 2018.
Are You Ready to say “Yes” to Home Upgrades? We Can Help! Is a home renovation on the horizon? Do you have plenty of ideas, but you’re low on funds? Don’t worry! Thanks to our low rates on home equity loans, we can help you say “yes” to home makeovers. We’re local and competitive, and that translates into savings for you. Stop by any of our locations for more information.
Updated Drive-Thru Hours
Beginning Monday, February 5, 2018, our drive-thru hours will change at ALL Gulf Credit Union locations.
Our new Drive-thru hours will be:
Monday – Friday: 8:00 a.m. – 6:00 p.m. | Saturday: 9:00 a.m. – 12:00 p.m.
Our Lobby hours will remain the same;
Monday – Thursday: 8:30 a.m. – 5:00 p.m. | Friday: 8:30 a.m. – 5:30 p.m.
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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
GROVES
BRIDGE CITY
BEAUMONT
MID COUNTY
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. 5140 West Parkway • 409.963.1191
From generation to generation, Gulf Credit Union is your partner in fulfilling your financial dreams. 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
Libby Arnold, Chairwoman 2018 Carl Duplantis, Vice Chairman 2018 Camille Jones, Secretary 2019 Robert Adams, Treasurer 2019 Karen Brown 2020
February 19th President’s Day
MARCH:
March 30th - 31st Easter Holidays
Barry Gorman 2020
MAY:
Johnny Lewallen 2019
Memorial Day
ADVISORY BOARD MEMBER:
Harold Guilbeau 2018 6
FEBRUARY:
May 28th
JULY:
NOVEMBER:
Independence Day
Thanksgiving Holidays
July 4th
SEPTEMBER: September 3rd Labor Day
November 22nd - 24th
DECEMBER:
December 24th - 25th Christmas Holidays