January 2015 Issue - Clinchfield Federal Credit Union

CLINCHFIELD FEDERAL CREDIT UNION
QUARTERLY NEWSLETTER JANUARY 2015
Mark your calendars for the 2015 CFCU Annual Meeting! The date is Friday, March 27th
at 6:30 PM and will be held at the Unicoi County High School cafeteria and auditorium.
Your night will include a great meal, gospel music by The Landmarks, and the phenomenal motivational humorist Dr. Dale Henry will be speaking! A short business meeting and
board of directors election will be held. The night will wrap up with some fabulous door
prizes!
As a member, you attend free of charge. You may bring a guest for only $10.00 and can
pay anytime at the credit union prior to the event. Please call us to make your reservation
or fill out the reservation form below, cut it out, and return it to the Credit Union. If you receive e-statements, please contact us so we can fill out your reservation form for you. We
look forward to seeing you at this exciting event! This night is for you.
2015 Annual Meeting Reservation Card
Please reserve ____ places for me at the CFCU Annual
Meeting at Unicoi County High School at 6:30 p.m.
Reservations must be made to CFCU by Tuesday, March
24th. Call 743-9192 to make your reservation! FREE for
members. Guests and Joint owners only $10
Name: _________________________________________
Guest/Joint Owner: ________________________________
BILL PAY IS NOW FREE!
Not only have we made Electronic Bill Pay a FREE
service to you, we are happy to announce that you will
be able to access your Electronic Bill Pay from your
Online Banking with one single sign-on! The single
sign on is scheduled for January 22nd, 2015. All of your
payees and any scheduled payments will automatically
carry over to the new site if you have been using bill
pay previously.
If you have any questions regarding access to your
Electronic Bill Pay from your Online Banking please
feel free to contact Allison Anderson or Lisa Hatcher
at (423) 743-9192. We are excited to continue to enhance our products for you.
January 2015
CLINCHFIELD FEDERAL CREDIT UNION
www.clinchfieldcu.com
Hello from the CEO
Dear CFCU Members,
2015. Wow! Seems like yesterday we were looking at the turn of the century and
worrying about Y2K! I guess it’s true that “time flies when you are having fun”!
Yes at CFCU we are having loads of fun! On a daily basis it is fun to see members
leave with more money in their pockets than they came in with! Working on a loan is
like working a puzzle and there is a tremendous satisfaction in putting the puzzle together in a way that is right and good. With each loan that we do, we look at many things,
including how to best serve our member, what the interest rate will be, and can the member really afford the payment? We also look at the “big picture” to see if there is any
way we can restructure debt to save money. It’s amazing sometimes how we can take
equity in a house or car and consolidate high interest debt to save hundreds and thousands of dollars for members.
Also fun is our way of rewarding members for making 12 consecutive payments on
time. The loan rate is calculated according to your credit score. We will
“bump” or give you credit for the next higher score when you come back for another
loan. This means if you are “B” credit, we will give you the “A” credit rate. It makes a
huge difference in payment and the amount of interest paid. I don’t know of any other
financial institution that does this!
It’s fun to watch members bring in their home building, buying or remodeling projects and let us help these dreams come true. I love to look at an appraisal and hear what
is going to be done to “customize” the house for the new owners. From adding porches
to remodeling kitchens, digging swimming pools or just painting, it’s very exciting to
see!
We’ve had lots of fun redesigning our Visa Card Program. We are dropping rates
and adding a rewards program called “Scorecard”! We will be using the website and
newsletter to tell you more in the near future!
One of the most heartwarming and fun projects of the year has to be our Relay for
Life team. It’s a blessing to see my co-workers’ enthusiasm and excitement over this
project. Our annual bake sale, the Thursday before Easter, is always a huge success!
Last year, every item sold and we exceeded our goal! The members that come to buy
our goodies are generous, often giving us extra because they want to support this worthy
endeavor.
Fun also comes in the form of our Annual Meeting. It’s a huge event with many
long time traditions. I love that members come early to fellowship with each other. It
lifts me up to hear the Landmarks sing! It’s fun to watch members laugh! Most fun of
all is that out of the 500+ people in the room, only 23 of us have to be there; the rest are
there because they want to be!
Another fun thing I get to do is to teach classes for Mr. Lewis one day every semester on Personal Finance. I walk in with a tray of cinnamon rolls and walk out with a
sense of security that our young people do want to know the “right” way to handle their
finances as adults.
If you know of any friends or neighbors that would like to join in the fun, please
bring them in to become a member. And, if you want to have a little more fun, just give
us a call!
A special note to my Central Baptist Church family and Pastor Larry Wiley; what a
blessing it is to attend church with loving, caring people. Good times, bad times, sickness, tragedies, celebrations; you are always there for our family and I thank each and
every one of you for being special.
Sandy
Page 2
Employees
Sandy Lingerfelt, CEO
Amy Banks, SVP of Operations
Allison Anderson, SVP of Marketing & IT
Clarissa Lane, CFO
Lou Hatfield, VP of Lending
Erica Nicholson, VP of Compliance
John McFadden, VP of Collections
Julie Bradford, Administrative Assistant
Mimi Van Dyke, Mortgage Loan Officer
Missy Wainwright, Loan Officer
Alexis Gambrell, Loan Officer
DeAnna Oaks, Loan Officer
Lisa Hatcher, ACH/EFT Coordinator
Amy Hensley, Sr. MSR
April Simmons, Marketing Asst/MSR
Vickie Chambers, Head Teller
Sarah Hyder, MSR
Jessica Grindstaff, MSR
Kimberly Miller, MSR
Rachel Ray, MSR
Marsha Street, File Clerk
Kathy Charles, Receptionist
Reedie Griffith, Receptionist
Board of Directors
Paul C. Monk, Chairman
Wade Tilson, Vice-Chairman
Andrew Landers, Secretary
Sandy Lingerfelt, Treasurer
Todd Love, Board Member
Frank Cooke, Board Member
Mitch Manuel, Board Member
Walter Harris, Board Member
Jamie Miller, Board Member
Supervisory Committee
Clarence Bailey, Chairman
Glenn Tilson, Vice-Chairman
Paul Berry, Committee Mbr
Tim Whitson, Committee Mbr
W.R. “Bull” Phillips, Committee Mbr
IMPORTANT DATES
TO REMEMBER
Monday, February 16th
Closed for Presidents Day
3rd Annual Relay for
Life Bake Sale
Thursday, April 2nd
9:00 a.m.
January 2015
CLINCHFIELDwww.clinchfieldcu.com
FEDERAL CREDIT UNION
Page 3
STATEMENT OF FINANCIAL CONDITION
December 31, 2014 (Unaudited)
ASSETS
Loans to Members
$
49,140,511
Allowance for Loan Losses
(181,020)
Cash & Cash Equivalents
2,402,438
Investments
Prepaid Expenses & Deferred Charges
23,996,072
132,517
Fixed Assets
1,394,035
Accrued Income
157,796
Deposit to NCUSIF
654,705
11,041
Other Assets
TOTAL ASSETS
$
77,708,094
$
49,872
LIABILITIES & EQUITY
Accounts Payable
Taxes Payable
-
Accrued Expenses
76,515
1,574,906
Other Liabilities
TOTAL LIABILITIES
$
1,701,293
$
28,003,855
MEMBER EQUITY
Regular Shares
Share Draft Accounts
5,100,856
IRA Certificates
11,710,775
Share Certificates
21,758,765
66,322
Other Deposits
TOTAL MEMBER EQUITY
$
66,640,572
$
1,320,433
RESERVES & UNDIVIDED EARNINGS
Regular & Legal Reserves
8,045,796
Undivided Earnings
TOTAL RESERVES & UNDIVIDED EARNINGS
$
9,366,229
TOTAL LIABILITIES & EQUITY
$
77,708,094
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Condolences to the family of former CFCU board
member Bill Smith. Bill was a very dedicated
board member for 27 years. His tenure as
Chairman of the Building Committee led to the
success and excellence of our present facility.
We enjoyed seeing so
many familiar faces at
the Erwin Christmas
Parade. Special Thanks
to Todd Love and Curtis
Edwards for supplying
our float and to Missy
Wainwright for her
Gingerbread House
design!
1038 N. Main Ave., Erwin, TN 37650
www.clinchfieldcu.com
Ph: (423) 743-9192
Fax: (423) 743-6156
Hours: Mon-Fri 8:15 AM - 4:30 PM
Drive-Thru open on Friday until 6:00 PM
VIRTUAL BRANCH
ONLINE BANKING
www.clinchfieldcu.com
CLINCHFIELD CONNECTION
VOICE RESPONSE
1-800-724-7442
CFCU Fee Schedule as of March 1, 2015
Online Banking/Mobile Banking/ FREE
Electronic Bill Pay
Lost/Re-issue Card or PIN
$5
Card and PIN Re-issue
$7
ATM Surcharge on Foreign Cards $2.50 per transaction
Network ATMs
FREE
Non-Network ATMs
$1 per w/d
*additional surcharges may apply at ATM
machines outside the EZConnect Network
Visa Gift Cards
$3.50/card
Teller Checks
$1 each (1 free per day)
Check Cashing Fee
*Free for active members
Checks over $100= $5
Checks under $100= $3
Overdraft from Savings
$1
Non-Sufficient Funds
$27
Returned Deposit Item
$15
Wire Transfer
In $5, Out $15
Foreign Wire Transfer
$55
Foreign & Other Collection
$10
Stop Payments
$20
Safe Deposit Boxes
$20 / $25/ $40
Safe Deposit Box Late Fee
$10
Skip A Pay Fee
$20
Statement or Check Copies
$3 each
ACH Origination
$10
Legal Requests (garnishments, levy, etc.)
$10/$35
Account Verification
$10/ request
Account Research
$15/hr
Printed Activity report
FREE
Mail returned to CFCU
$5/statement after 2
Coin Processing for Members
FREE
Coin Process for Non-members
10% of amount
Dormant Fee
$2/mo if less than $100
Early Closure Fee
$25 within 6 months
CRR Retirees Breakfast
The Clinchfield Railroad Retired Employees will be meeting for
breakfast at Maple Grove Restaurant at 9:00am on the following
dates: Jan 1st– Feb 5th– March 5th–April 2nd-May 7th-June 4th–
July 2nd– Aug 6th– Sept 3rd– Oct 1st– Nov 5th- Dec 3rd