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Newsletter
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DIVIDEND NEWS
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0.50% APY*
IMPORTANT NOTICE
COMING
WITH THE 4th QUARTER OF 2012
THE BOARD OF DIRECTORS HAS DECLARED
A DIVIDEND OF 0.50% PER ANNUM ACROSS
THE BOARD FOR ALL SAVINGS
*BASED ON APY PROGRAM
COMPOUNDING QUARTERLY
MINIMUM DEPOSIT OF $20.00 THIS IS A VARIABLE RATE
ACCOUNT: THE RATE IS DETERMINED EVERY QUARTER
BY THE CREDIT UNION'S BOARD OF DIRECTORS.
$250,000 NCUA SHARE INSURANCE
PROTECTION NOW PERMANENT
July 22, 2010 -President Barack Obama signed into law the
Dodd-Frank Wall Street Reform and Consumer Protection Act. Included
in this sweeping legislation are provisions making permanent the
current $250,000 maximum federal deposit insurance level, which had
been temporary until
December 31, 2013.
Federally insured credit union member accounts are insured
to at least $250,000 by the National Credit Union Share Insurance
Fund, a federal insurance fund backed by the full faith and credit
of the U.S. Government.
For more information about insurance coverage, please visit
the National Credit Union Administration's (NCUA) website at
www.ncua.gov
NEWS FROM ANNUAL SHAREHOLDER MEETING
PRESIDENT'S REPORT
Welcome to our Annual L.A.ELECTRICAL
WORKERS CREDIT UNION Share holder meeting.
The last years have been financially trying time for many of our
members and their extended families. L.A.Electrical Workers Credit
Union has been painfully aware of our members 'struggles in this
hard and very trying economy. The Executive Board of Directors and
Credit Committee with the help and directions of our Staff Managers
have tried to alleviate many of our members financial problems and
work with them to find a solution hopefully, there seems to be a
"glimmer" of light in this "economic tunnel"
In spite of this economic turbulence, it is with great pride to
announce that once again, L.A.Electrical Workers Credit Union has
been awarded the prestigious "5-Star Superior Rating" by Bauer
Financial Inc., the nation's leading independent bank and Credit
Union Rating research firm. We have the distinction of being an
"Exceptional Performance Credit Union" and the 5-Star Superior
rating" indicates that L.A.Electrical Workers Credit Union
"Continues to be one of the strongest in the nation"
We can thank for this proud achievement, the volunteers of the
Executive Board of Directors, Credit Committee, Supervisory
Committee and Office Personnel for their diligence conducting the
Business of the L.A.Electrical Workers Credit Union and service to
our Member/Shareholders.
we can soon see light at the end of this
"Economic Tunnel". L.A.Electrical Workers Credit Union would like to
thank all Loyal Members/Shareholders for their continued support,
allowing for the continuing growth of our Credit Union
L.A.Electrical Workers Credit Union also would like to thank Jeff
Powell for his many years of volunteer service on the Credit
Committee and as Secretary of the Executive Board of Directors.
Thank you Jeff for your dedication to
L.A.Electrical Workers Credit Union.
Jose G. Lem.
President
TREASURER'S REPORT
Once again our Credit Union has been awarded
by Bauer Financial with the
5-Star Superior Rating
giving us the honor of:
Exceptional Performance Credit Union
Bauer Financial is the Nation's leading independent Bank, and Credit
Union rating and research firm; reporting and analyzing the
performance of U.S. Banks and Credit Unions since 1983.
No Institutions pays Bauer Financial to rate it, nor can any
choose to be excluded. In short this is a very prestigious honor to
be awarded to a Credit Union. Our Credit Union has been awarded this
5-Star rating for 25 consecutive years in a row.
THE ENDING FINANCIAL FIGURES FOR
2011 ARE:
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We increased our reserves in 2011 by
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207,414.85
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Our Net Profit for 2011 was
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228,413.25
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Our assets increased in 2011
by
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348,561.82
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Our shares Increased in 2011 by
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314,764.87
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Our total reserves at the
end of 2011
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9,531,831.20 |
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Our reserves are 20.21% of assets
This is well above Credit Union average
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THE OUTSTANDING PERFORMANCE RESULTS
FOR 2011 ARE:
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Assets
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47,164,629.01
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Shares
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32,245,276.55
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Investments
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40,557,690.18
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Income
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1,249,241.91
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Dividend paid |
455,700.00 |
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Number of members |
3368 |
In this tough economic times it is
important to note that your Credit Union is very strong, secure,
ready, and able to assist your needs as members and shareholders.
Our reserves are an important tool to keep this institution strong
and our goal is to serve the shareholders better than any other
Credit Union in the Nation.
The ability to receive good returns this
year was achieved through superior investments selections, and
having a well diversified approach for the investments; by being
well diversified we were able to significantly outperform the
U.S.Treasury investments and increase our shareholder value for the
year, but the most important, I was able to act quickly, with the
help of Annette Santos as well as the Board of Directors, to achieve
this performance. This teamwork approach is needed for top portfolio
performance, and has worked well the last several years.
Based on all this team work, we were able to
apply a really good dividends to our members accounts; we started
paying them 1.00% and ending with 0.85%. There is no other Credit
Union or Financial Institution in California paying these amounts of
dividends to their members.
REGARDING OUR DELINQUENCY LIST:
Again this year, our delinquency list had an
average of only 5 members.
ATM SERVICE:
Our Board of Directors has been working hard
to implement the ATM Service.
This service should be ready at the end
of 2012.
VACATION FUND LOANS:
Our management has been working hard over the
weekends to disburse as quickly as possible the Vacation Fund Loans
to our members, we suggested to our members they download the loan
application from our web-site, complete it, and fax it to us, so we
mail them their loan check.
OUR BIGGEST EXPENSE THIS YEAR:
Again our biggest expense this year was the
one paid to National Credit Union Administration (NCUA), this time
the amount paid to this government agency was $92,427.66. This is my
fourth year as a Treasurer, and I appreciate the cooperation and
trust that you have placed in our management over the years. Even as
we are living in a very low interest cycle rate; through proper
investment selection, good timing, and putting our reserves to work
for us, we can achieve outstanding returns in 2012 and years ahead.
Thanks to all members for their loyal support,
to the Board of Directors, Committees and office staff for
cooperating with each other to make the 2011 again a successful
year.
Respectfully Submitted:
Jose Salazar
Treasurer/Manager
SUPERVISORY COMMITTEE REPORT
The Supervisory
Committee, under California law, makes audit of the books and
records and completely examine
the business and all other operations of your
Credit Union once a year.
A complete audit was performed by Betty
Weidman, CPA. The results were reviewed and all recommendations
were
implemented .
We are waiting for a compliance examination by the Department of
Financial Institutions. The Supervisory Committee
performed a 100% Verification of Members Accounts. The Committee
confirmed the accuracy of the Share and Loan balance
and all accounts will continue to be examined every quarter.
The Supervisory Committee concluded that your Credit Union is
financially sound and invites inquiries from members at
any time.
I wish to thank the Credit Union staff for their prompt and
courteous cooperation.
Tad Horiguchi
Chairman
James Holliday and Joe Farino
CREDIT COMMITTEE REPORT
The Credit Committee would like to welcome
you to the year 2010, and hope this year will be better for
our
members than the last year. Members are in better position to negotiate
when they are-pre-approved for a loan with us and
gives them the same power as a cash buyer.
To apply you will need to submit four current payroll stubs for proof of
employment, along with your loan application. A
clean credit history with no collection accounts, liens or charged
offs, with an impeccable credit
history we can go as low as 4% APY on a new car loan and 51/2 % on
used vehicles. If there
is a Bankruptcy on your credit report, we need to see the papers to see if all
things in there were discharged properly.
Remember, to let your credit work for you by
developing a solid credit history and building a strong score.
Your monthly
bills should never
exceed your income in one way. Check your credit report yearly and
report any disputes or mistakes on it,
by law you can get one free report per year.
The Credit Union has found the need to be more aggressive on the
collection of Credit Union delinquent loan accounts. We will take
the steps necessary to protect the member's trust in saving with us.
Your Credit Union is here to work with you.
Report From JANUARY 2011 through DECEMBER 2011
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BOARD ACTION
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3
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3 |
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LOANS APPOVED
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981 |
2,872,625.64 |
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LOANS REJECTED
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4 |
21,000.00 |
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EXTENSIONS GRANTED
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3 |
971.74 |
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EXTENSIONS REJECTED
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0
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0
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SHARE W/D GRANTED
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0 |
0 |
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SHARE W/D REJECTED
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0
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0
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COLLATERAL RELEASED
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3 |
1,395.70 |
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COLLATERAL RELEASED REJECTED
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0
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0
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HOME EQUITY LOANS APPROVED
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2 |
70,000.00 |
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HOME EQUITY LOAN REJECTED
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0
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0
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INTERVIEWS
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50 |
50 |
Remember, to let your credit work for you by developing a solid
credit history and building a strong score. One way is to make
sure your monthly bills neverexceed your monthly income. Check
your credit report yearly, and report any disputes or mistakes on
it; by law you are allowed to get one free report per year. The
Credit Union has fould the need to be more aggressive on the
collection of credit union delinquent loan accounts. We will
take steps necessary to protect the member's trust in saving with
us. We hope that this year brings on a vibrant economy and
members full employment. Your Credit Union is here to work
with you.
Fraternally:
Karl Bajer, Chairman
Guy Dionne and Jose Salazar
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