WITH THE 2ND 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
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
NEWS FROM 2014 ANNUAL SHAREHOLDER MEETING
Welcome to our 2014 Annual LA Electrical Workers CreditRichard "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.
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
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.
Buying and moving into our new building, at 3820 East Colorado
Blvd., and addinga bold
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
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
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
Bauer Financial is the Nation's leading independent bank and
Credit Union rating &
OUTSTANDING PERFORMANCE RESULTS FOR 2013:
Even in these tough economic times,
it's important to note that your Credit Union is very
Credit Union investments elections are well diversified and have
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
For our Credit Union members & families, we wish you all a healthy, happy and very prosperous year!
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
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.
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
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.
KARL BAJER/Chairman Guy Dionne and Jose Lem Report From JANUARY 2013 through DECEMBER 2013