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Newsletter

 
_______________________________________________________________________
 
    DIVIDEND NEWS
    0.40% APY*
 
                   
 
                              IMPORTANT NOTICE
           COMING WITH THE 4TH  QUARTER OF 2014
   THE BOARD OF DIRECTORS HAS DECLARED
A DIVIDEND OF 0.40% 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 2014 ANNUAL SHAREHOLDER MEETING 
 
 
 
PRESIDENT'S REPORT
 
Welcome to our 2014 Annual LA Electrical Workers Credit
 Union Shareholders Meeting.

Last year marked our 60th anniversary of this great credit union
and many historic changes have occurred.  The purchase of this
new home, modification of multiple loan structures and their
rates, and new ATM Cards.  These are a few examples.

The details of these changes will be discussed in detail under
the treasurer’s report.

Many of these changes would not be possible without the support
 of our shareholders.

I would like to personally thank the Board of Directors and the
 Credit Committees for their time and commitment to this Credit union.

I would also like to thank our managers Jose Salazar and Annette Santos
and their staff for all of their hard work and patience during
these advancements.

In addition, I would like to say thank you to I.B.E.W.  Local 11
Business Manager, Marvin Kropke and Staff, for the fraternity they
have extended to this credit union.

The LA Electrical Workers Credit Union is on a path of growth
in membership and financial options with goals of making this
financial institution the first choice.

 
   Richard "Dick" Reed
         President 
 
 TREASURER'S REPORT
 
As 60 years and counting.  As we begin our 61st year, we look back at 2013 as a new beginning.

Buying and moving into our new building, at 3820 East Colorado Blvd., and addinga bold new lightning bolt to our logo have brought many positive comments from our members.

Also, 2013 has brought a 6% increase in membership to the Credit Union.Plus, more exciting news to accompany the 1.9% on new car loans.

After more than 3 decades at 12% for Vacation Fund loans, the Board of Directors recently lowered the rate to 9%. Additionally, most loan rates were lowered by 3-5% and  some vehicle terms were raised from 60 to 72 months.

Something entirely new:   A personal Line of Credit (PLC) up to $10,000.  with a very low interest rate, attached to the Prime Rate.  PLC is similar to a credit card, but without the credit card liability and expense to the Credit Union or the member.The ATM's are finally on their way.  Weeks (?) from delivery with debit cards being sent to all members with checking accounts, soon after the ATM arrivals. If you haven't opened achecking account, now is the time.

This year the Vacation Fund plans to get into the 21st Century by purchasing a new computer system and blowing up our 1970's model.  Our computer company is currently working on a proposal.

 5 Star Rating *****

  For the 27th consecutive year, LAEWCU has received a 5-Star Superior Rating as an    Exceptional Performance Credit Union, by Bauer Financial.

Bauer Financial is the Nation's leading independent bank and Credit Union rating & research firm; reporting and analyzing the performance of U. S. Banks and Credit Unions since 1983.

           YEAR ENDING FINANCIAL FIGURES FOR 2013 

  Reserves Increased

 99,460.12

  Net Profit

 (85,407.03)

  Assets  Decreased

 161,921.35

  Shares  Decreased

 137,654.88  

 ● Total Reserves       9,506,241.97
 ● Reserves= 20.53% of assets
      This is well above National Credit Union averages 
     (Currently at 7%  -  8%)    

           OUTSTANDING PERFORMANCE RESULTS FOR 2013: 
 

  Assets

 46,310,598.15

  Shares

 31,252,752.49

  Investments

 35,748,951.26

  Income

 911,599.15  

 ● Dividend paid 293,150.00
 ● Number of members 3527
 
 

Even in these tough economic times,  it's important to note that your Credit Union is very strong, secure, ready, and able to continue assisting the needs of our members and their families.

Credit Union investments elections are well diversified and have significantly outperformed the U. S Treasury.

 

DELINQUENCY LIST:

 Average only 5 members accounts for the year.

 VACATION FUND LOANS:

 Download loan application from LAEWCU web-site.Complete and fax to CU to expedite the process. Loan check will be mailed as quickly as possible.

 National Credit Union Administration (NCUA).

 $28,469.87 (NCUA) insures accounts up to $250,000.00.)  This fee will continue to be reduced as the recession and Credit Union closures subside.  ($34,182.33 / 2012 & $92,427.66 / 2011)

A special thanks to all the volunteers on the Board of Directors, Supervisory and Loan Committees for all the time they spend helping make the Credit Union successful.

Also, the outstanding staff of the Credit Union, who show up every day willing to give our members their best.

For our Credit Union members & families, we wish you all a healthy, happy and very prosperous year!

 Respectfully Submitted

                                                                                                                                             

   Harvey "Butch" Bachand
    Treasurer/MG/CEO

 

                              
   
   
 
  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. 

 The Supervisory Committee performed a 100% Verification of Member 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 you Credit Union is financially sound and invite inquiries from the members at any time.

  I wish to thank the Credit Union staff for their prompt  and courteous  cooperation.

               
     JIMMY HOLIDAY/Chairman
   Joe Farino and Tad Horiguchi
 
 
 
 
 
 CREDIT COMMITTEE REPORT
 

 The Credit Committee would like to welcome you to the year 2014.  We hope this year will be better for our members then last year.  Members are in better position to negotiate when they are pre-approved for a loan with us and it 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 1.90% APY on a new car loan.

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 is one way.  Check your credit report yearly and report any disputes or mistakes on it, by law you can get 1 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. We hope that his 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 Lem
 
   
             
              Report From JANUARY 2013 through DECEMBER 2013  

 

TOTALS

 

 LOANS APPROVED

1707 6,462,070.72

LOANS REJECTED

3 128,617.65

EXTENSIONS GRANTED

0 0

EXTENSIONS REJECTED

1

641.33

 SHARE W/D GRANTED

1 24,000.00

SHARE W/D REJECTED

0

 0

COLLATERAL RELEASED

0 0

COLLATERAL RELEASED REJECTED

0

 0

 HOME EQUITY LOANS APPROVED

1 100,000.00

HOME EQUITY LOAN REJECTED

0

 0

INTERVIEWS

114 114

BOARD ACTIONS

0

0
     
     
                                                                      
 
 
 
  
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