Ease the Pain! - NAE Federal Credit Union

News
& Views
VOL. 69
News and Views is also
available as a pdf at
www.naefcu.org
www.naefcu.org
Winter 2015
GREAT RATES
for USED CARS!!!
Get 1.99%APR* on used cars up to 7 years old. Get
that new car loan rate with that used car pricing. NAE
offers used car financing as low as 1.99%APR for vehicles
as old as 2008. Go find that quality used car and give us a
call to help you with an NAE loan today!
*Loan rate based on credit worthiness and credit score. This rate applies to
model years 2008-2014. Term for 1.99%APR is up to 60 months.
Ease the Pain!
What is FAST, FREE, and EASY to use?
An NAE FREE Checking account with DIRECT DEPOSIT,
Online banking, and FREE Bill Pay. Save time and money!
Make managing your money easy! Visit a branch today to
get started or call 410-2000.
Our Annual Meeting is
Sunday, March 1, 2015!
The annual meeting of NAE Federal Credit Union will
be held on Sunday, March 1, 2015 at the Khedive Shrine
Activities Building on Woodlake Drive in Chesapeake.
The meeting will begin at 2:00 p.m. Make plans now to
attend. You can help chart the course of your Credit
Unions future.
Sunday, March 1, 2015 @ 2:00 pm. 645 Woodlake Drive,
Chesapeake, VA - Khedive Shrine Activities Building.
Door prizes will be given to members only.
DIRECTIONS
FROM I-64:
Take exit 289A
Greenbrier Pkwy
N. Turn LEFT on
to Woodlake Dr.
Turn LEFT at 645
Woodlake Dr.
Switch
and Save
today!
4.
%
99
APR*
Where can you find a credit card rate of 4.99% APR*?
HERE at NAEFCU! January 1st through February 28th,
2015 receive a rate of 4.99% APR* for 12 months from
the date of your purchase, balance transfer or cash
advance! And when you use your NAEFCU Platinum
Credit Card you earn SCORECARD POINTS. Visit
www.scorecardrewards.com, get set up and browse the
online catalogue for great gift ideas!
*This offer is available for a limited time only and is subject to credit approval.
Additional conditions may apply.
SKIP-A-PAYMENT?
Need extra cash after the holidays! For a nominal fee of $35
you can skip your January payment! Payment can be made
by cash, check, or deducted from your NAE account. Your
loan must be current and cannot have had a payment deferral
in the last 6 months. Call your Credit Union for details!
Board of Directors
Ted Thorbjornsen
Chairperson
Dudley King
Vice Chairperson
Paul T. Johnson, Jr.
Treasurer
Frank Bozarth
Secretary
Palmer Stillman
President/CEO
James McCrickard
Wallace Davis
John L. Robinson
Darryl Choate
Frank James
Roger Emory
CELEBRATES
1965
LOCATIONS & HOURS
Indian River
3701 Indian River Road
Chesapeake, VA 23325
Lobby
Mon - Fri: 10 am - 5:30 pm
Sat: 9 am - 1 pm
Drive up & loan dept.
Mon - Thurs: 10 am - 5:30 pm
Fri: 9 am - 5:30 pm
Saturday: 9 am - 1 pm
Battlefield BLVd
755 Battlefield
Boulevard North
Chesapeake, VA 23320
LOBBY
Mon - Thurs: 10 am - 5:30 pm
Fri: 9 am - 5:30 pm
Sat: 9 am - 1 pm
Drive up
Mon - Thurs: 10 am - 5:30 pm
Friday: 9 am - 6:30 pm
Saturday: 9 am - 1 pm
Taylor Road
2628A Taylor Road
Chesapeake, VA 23321
LOBBY
Mon - Thurs: 10 am - 5:30 pm
Fri: 9 am - 5:30 pm
Sat: 9 am - 1 pm
Drive up
Mon - Thurs: 10 am - 5:30 pm
Friday: 9 am - 6:30 pm
Saturday: 9 am - 1 pm
All Branches
Closed Sunday
49 members have served on the
Board of Directors
31 members have served on the
Supervisory Committee
16 members have served on the Credit Committee before we
eliminated the Credit Committee and established the position
of loan officer.
There have been two times in our history when we had more
loan demand than funds to make those loans. The first vehicle
application was for a truck. The member wanted to go into the
home fuel oil business. We contacted Fort Monroe Credit Union to
see if they wanted to invest in our credit union so that we could
make our first vehicle loan. They were pleased to accommodate
us because they had excess funds. We made the loan and the
member purchased the truck and started what is now a large fuel
oil distributorship in Virginia and North Carolina. The second time
we had more loan demand than funds, we contacted over two
hundred other credit unions that were interested in investing in
our credit union. They invested more than twenty million dollars in
nonmember deposits and we very quickly loaned it to new credit
union members through our indirect lending program with the
areas automobile dealerships.
Our assets grew to a historically high of one hundred thirty seven
million dollars while our loans increased to one hundred twenty
nine million dollars. As loan demand began to decline we returned
the nonmember deposits of the other credit unions as their
certificates matured. We could have kept the nonmember deposits
and made high risk investments, but we decided to stay with our
policy of letting our loan demand determine the size of our credit
union. In an effort to balance our investment portfolio, we have
invested in some Federal Home Loan Bank securities.
Two new employees have joined our management team. Richard
Hill, our Business Development Manager and Derek Tinsley, our
Director of Lending.
Be sure to come to our annual meeting Sunday March 1, 2015 in
order to take part in the election of officers and express your
opinion on how NAE is meeting your financial needs.
We welcome constructive criticism and look forward to seeing you
on March 1, 2015.
Phone for all three locations:
(757) 410-2000
1-866-5NAEFCU
(623328)
2015
As we enter 2015 and begin our 50th year
of credit union service to our members, I
am reminded of the many members who
have volunteered to help make our credit
union what it is today.
John Larry Robinson
Chairperson
H. J. Fitchett
Sara Fitchett
Jay Robinson
W. C. St. Sing
Tim Briggs
Ronnie Lehman
50 YEARS
PRESIDENT’S MESSAGE
Supervisory Committee
Advisory Board
Member Account
Verification
Palmer L. Stillman
President/CEO
NAE 50th Annual Meeting
Every year as part of
NAEFCU’s routine, annual
audit your Supervisory
Committee is required to
perform a verification of
member accounts. The
Supervisory Committee
has assigned this process
to NAEFCU’s external
audit CPAs. If you should
receive a verification
letter just compare the
balances stated on the
letter to your September
30, 2014 statement
balances. If you have any
discrepancies please note
and mail the letter back
to the external auditors,
their contact information
will be provided in the
letter.
Privacy Notice:
Why do I have to read
it? Each year NAE is
required to give our
members an updated
copy of our Privacy
Notice, please take a
moment to read it. As
required by federal and
state laws and as part of
the United States Patriot
Act, designed to fight
the funding of terrorist
activities as well as
money laundering,
the Credit Union must
legally collect and share
certain information
about you, our members
and are committed to
protecting your privacy.
Please access NAEFCU’s
Privacy Policy on our
website: NAEFCU
PRIVACY POLICY.
Holiday Closings:
NAE Federal Credit Union
will be closed in observance of
the following holiday:
Monday, Jan. 19, 2015:
Martin Luther King Day
Monday, Feb. 16, 2014:
President’s Day