March 2015 - Progressive Credit Union

THE PCU DIVIDEND
Volume XXIII / No. 2 / www.progressivecu.org / March 2015
From the desk of Joel A. Slomon, President
It is my pleasure to announce the following SHARE CERTIFICATE PROMOTION.
This promotion is exclusively offered to our existing members who bring NEW MONEY
to the Credit Union and new members that join the Credit Union during the promotion.
EXISTING MEMBERS NEW MONEY and NEW MEMBERS ONLY
Available from April 15, 2015 through July 10, 2015
Share Certificate
13 Months
25 Months
32 Months
Minimum Deposit $5,000
Rate
APY
Dividends
1.15%
1.45%
1.55%
1.16%
1.46%
1.56%
Quarterly*
Quarterly*
Quarterly*
*Early withdrawal subject to penalty.
Please call the office at (212) 695-8900 and ask for Member Services to take advantage of this great offer.
We look forward to seeing you at this year’s 97th Annual Meeting.
Respectully,
Joel A. Slomon, President
Progressive Credit Union
PROGRESSIVE CREDIT UNION’S
97th
Annual Meeting
Please join us at the Affinia Manhattan Hotel
371 Seventh Avenue, New York, New York
Wednesday, April 22, 2015, 7:00 PM
Dear Member,
Please make every effort to join us as you will find this meeting to be interesting and informative. Enjoy a delicious dinner.
Lovely souvenirs will be given to those in attendance.
AGENDA
Reading of the Minutes of the 96th Annual Meeting
n Board of Directors’ Report
n Treasurer’s Report
n Loan Officer’s Report
n Supervisory Committee Report / Auditor’s Report
n Nominating Committee Report and Elections
n Scholarship Awards
n Good and Welfare
n
SPECIAL DIETARY NEEDS
For Kosher or vegetarian,
contact R. Donner at 212-695-8900
by Wednesday April 15th.
FREE PARKING AVAILABLE
for Annual Meeting (not valid for SUVs)
Central Garage located in the Affinia Manhattan Hotel,
West 31st St. (between 6th Ave & 7th Ave.)
ANNual report 2014 – Unaudited
IMPORTANT NEWS ABOUT IRAS
Progressive Credit Union COMPARATIVE BALANCE SHEETS
DEC. 31, 2014DEC. 31, 2013
assets
Cash and Cash Equivalents
$
3,779,859
$
4,014,831
Deposits with other Credit Unions
4,860,520
7,029,297
Bank Certificates of Deposit
1,488,000
2,184,000
Securities (held to maturity)
24,794,035
24,794,035
Federal Home Loan Banking of New York Stock,
at cost, which approximates fair value
1,121,200
1,149,700
Loans to Members (net) 631,824,493 622,308,266
Accrued Interest Receivable
2,549,178
2,735,281
Premise and Equipment (net)
11,685,601
12,094,068
NCUSIF Deposit
2,455,077
2,417,286
Other Assets
15,840,957
3,274,875
Total Assets
$700,398,920
$ 682,001,639
LIABILITIES & members’ equity
Liabilities
Members’ Accounts
$ 288,658,368
$ 298,858,567
Accounts Payable and Accrued Expenses
4,947,984
4,902,389
Accrued Interest Payable on
Other Borrowed Funds
8,071
21,045
Other Borrowed Funds 127,100,000 110,000,000
Other Liabilities
Total Liabilities
9,557,294
$430,271,717
8,040,866
$ 421,822,867
Members’ Equity 270,127,203$ 260,178,772
Total Liability and Member Equity
$700,398,920
$682,001,639
$800,000,000
Please note that the ­deadline
for all IRA 2014 contributions is
Wednesday, April 15, 2015.
IRA catch-up limit is $1,000.00.
Contact R. Julie Cruz for
all your IRA needs at Ext. 103.
PARKING NOTICE
EFFECTIVE JANUARY 1, 2015
PROGRESSIVE CREDIT UNION
NO LONGER OFFERS
DISCOUNTED
PARKING “TICKETS”
Please present your parking ticket
at the teller’s window.
You will be issued $20.00 toward
your parking expense.
Progressive Credit Union is not
responsible for additional charges
on all oversized vehicles
(i.e. vans and SUVs)
Progressive Credit Union has a
new secure way for you to send
sensitive documents to us.
Use our new Zix web portal system
to compose, receive, view, reply to
and forward encrypted messages over
the Internet. These security measures
ensure that no one except the intended
recipient can read the message.
To Access Zix Web go to:
https://web1.zixmail.net/s/welcome.
jsp?b=progressivecu.
700,000,000
ASSETS
600,000,000
500,000,000
Progressive Credit Union
supports
The Foundation for
Medical Evaluation and
Early Detection.
400,000,000
300,000,000
200,000,000
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Check the website
www.foundationforscreening.org/
for free screenings this quarter.
dividend RATES EFFECTIVE APRIL 2015
REMINDER
TAKE ADVANTAGE OF
ALL THAT PROGRESSIVE
CREDIT UNION
HAS TO OFFER!
RATE
APY
$100.-4,999.99
0.15%
0.15%
$5,000.-49,999.99
0.50%
0.50%
$50,000. +
0.75%
0.75%
0.15%
0.15%
Traditional
0.75%
0.75%
Roth
0.75%
0.75%
SHARES - TIERED
SHARE DRAFT
®
$300. +
ALL IRA SHARES
ALLPOINT
SURCHARGE FREE ATM
Please visit www.allpointnetwork.com
SHARED BRANCHING
Shared Branching gives you
convenient access to your
Progressive Credit Union Account.
Members may perform the
following transactions:
4 DEPOSITS
4 LOAN PAYMENTS
4 WITHDRAWALS
ALL NEW SHARE CERTIFICATES OF DEPOSIT DIVIDENDS
ARE PAID ON A QUARTERLY BASIS.
ALL SHARE CERTIFICATES
RATE
APY
DIV. PMT
One Year
1.00%
1.00%
Qtrly.
15 Months
1.00%
1.00%
Qtrly.
18 Months
1.10%
1.11%
Qtrly
Two Years
1.35%
1.36%
Qtrly
Three Years
1.60%
1.61%
Qtrly
Five Years
2.30%
2.32%
Qtrly.
at the following locations:
Consumers Federal Credit Union
425 Neptune Ave
Brooklyn, New York 11224
Tel. (718) 266-2204
Hours of Operation:
Monday, Tuesday, Wednesday, Friday
9:00 A.M.-4:00 P.M.
Thursday 9:00 A.M.-6:00 P.M.
Greater Metro Employees
Federal Credit Union
31-10 37th Avenue
Suite 403
Long Island City, NY 11101
SUMMER FRIDAY HOURS
Progressive Credit Union
will close at 3:00PM on Fridays
effective Friday,
May 22nd thru Friday, Sept. 11th.
Payments received
after 3:00PM on those days
will be posted the next business day.
Holiday ClosingS
2015
Memorial Day
Monday, May 25
Labor Day
Monday, September 7
Columbus Day
Monday, October 12
Veterans’ Day
Wednesday, November 11
Tel. (718)-361-1002
Thanksgiving Day
Thursday, November 26
Hours of Operation:
Mon - Fri 10:00 A.M.-3:00 P.M.
Christmas Day
Friday, December 25
Fees and Charges
Progressive Credit Union Staff
Office Phone Number 212.695.8900
EXECUTIVE DEPARTMENT – Fax 212-695-6377
Ext.
Abandoned Property Fee
$30.00
ATM Inquiry Fee (8 free/month)
$0.50
ATM Transaction Fee (8 free/month)
$1.00
106
Robert A. Familant, Treasurer/CEO
Certified Share Draft Fee
$2.00
131
Emily Oami, Chief Operating Officer
Certified Teller Check Fee
$5.00
118
Rita Ryan, Chief Lending Officer
Collection on Foreign Bank Check Fee
105
Roberta H. Donner, Executive Assistant
Domestic Wire Transfer Fee – Incoming
FREE
Domestic Wire Transfer Fee – Outgoing
$30.00
IRA Maintenance Fee (Deducted annually on July 1st)
$10.00
IRA Termination Fee (Prior to age 59-1/2)
$25.00
LEGAL DEPARTMENT – Fax 212-695-6377
126
David Koshers, General Counsel
127
Margaret Chance, Collections /Quality Control
INTERNAL OPERATIONS DEPARTMENT – Fax 212-695-6377
$20.00
Money Order Fee
$3.00
Research of Prior Year Activity Fee (per year)
$15.00
112
Cheuk Lee, V.P. Financial Operations
Return Item Fee (check/ACH)
$30.00
117
Diana C. Rojas, SR. Financial Operations Specialist
Share Account Monthly Minimum Balance
Fee on balances of $200.00 or less
$10.00
111
Charnessa R. Jones, Financial Operations Specialist
Share Draft Stop Payment Fee
$10.00
130
Karona Pich, Staff Accountant
Teller Check Stop Payment Fee
$10.00
INTERNAL AUDITOR DEPARTMENT
140
John Masullo, Internal Auditor
MEMBER SERVICE DEPARTMENT – Fax 212-695-6377
102
Julia Coleman, Member Service Manager
103
R. Julie Cruz, V.P. IRA, Accounts Payable
123
Cathyann Collymore, Member Service
115
Faith Rhouili, Member Service
133
Sarah Bekhit, Member Service
113
Janet Leidecker, Receptionist
LENDING DEPARTMENT – Fax 212-695-0759
124
Luke Parris, Director of Lending and Participations
119
Karen Shilletto, Taxi Medallion Loan Department Supervisor
125
Aroka Blyden, Loan Specialist
129
Edward Heim, Loan Specialist
120
Filippos Stefanidis, Quality Assurance Specialist/Projects Specialist
132
Dexter Hill, Loan Department Assistant
LOAN REVIEW DEPARTMENT – Fax 212-695-0759
142
Lisa Vitucci, Loan Review Officer
100
Jean Britton, Loan Reviewer
141
Bi Jun Chen, Loan Reviewer
131 West 33rd Street, 7th Floor, New York, NY 10001
212.695.8900
www.progressivecu.org
Loan Processing Fax: 212.695.0759
Member Service Fax: 212.695.6377
Board of Directors
Joel Slomon, President
Gerald Shulman, Vice President
Robert A. Familant, Treasurer
Deborah Chassen, Secretary
Brian R. Workman, Director
Supervisory Committee
Arthur C. Meisel, Chairman
Gary S. Parker, CPA
Michael Fanger
Auditors
BDO USA, LLP
Certified Public Accountants
PCU Office Hours
Mon.-Fri.: 8:30 a.m.-4:00 p.m.
Payments accepted from 8:30AM - 3:30 PM
Payments received after this time will be posted the next
business day. Progressive has a 24 hour automated voice mail
­system for your convenience.