2nd Quarter 2017 Message

July 1, 2017

 

Dear Member,

 

It has been over six years since I last communicated with you as Chairman of the Board of Directors. During that time, my predecessor, Scott Seaholm has manned the helm of the Credit Union and has done an exemplary job.  Due to his planned retirement later this year, he has relinquished the office and I was elected at our last Annual Membership Meeting in February.  On behalf of the Board of Directors and the entire membership, may I say; thank you Scott, for your leadership over these past six years.

 

As you have been reading lately, the economy has continued to recover from the past several years recession. The jobless rate has fallen to near normal levels, Wall Street is rallying and the Federal Reserve has a favorable outlook for the future.  As such, the Federal Reserve raised its benchmark rate this spring for the second time in three months as the nine-year-old economic stimulus campaign which began at the beginning of the financial crisis winds down.  Those members with a Home Equity Line of Credit (HELOC) and/or a Kwik Cash loan will see modest increases in the interest rates of those loan products, to 4.00% and 8.50%, respectively, beginning on July 1, 2017.

 

But there is good news for those of us with share savings accounts. At the June Board of Directors meeting, the Board voted to increase share savings rate APYs to 0.12%, 0.15%, 0.17%, 0.37% and 0.52% respectively across the savings tier levels for third quarter.

 

With good news on the financial front and your Credit Union’s staff and Board committed to ensure your best interest with your personal finances, that’s two more reasons to celebrate the Fourth of July holiday. Have a fun, enjoyable and most important, a safe holiday.

 

Sincerely,

 

 

John R. Ness

Chairman

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