Central One Federal Credit Union

central
connection
A newsletter for members of
Spring 2013
Annual Meeting/Board
Announcement
The 61st Annual Business Meeting of the Board of
Directors will be held at 5:00 pm on Monday, May
20th, 2013 at the Credit Union Main Office, 714 Main
Street, Shrewsbury, MA. Nominations to serve on the
Board of Directors will be placed before the members
at this meeting. In order to be nominated, a member
must qualify by either:
1.) having served on the Central One Federal Credit
Union Board of Directors, Supervisory Committee
or as an Associate Board Member, for a full term.
or:
2.) provide nomination papers signed by 1% of the
Credit Union Membership (289 signatures), and
mailed, by the deadline of April 1, 2013, to the
Chairman of the Nominating Committee.
3.) nominations will not be accepted from the floor.
The qualified member must also submit the following
information to the Board of Directors by the deadline,
April 1, 2013:
1.) A Statement of Qualification and Biographical
Data, including work experience.
2.) A Statement certifying that the individual, if
elected, is willing to serve.
All paperwork should be submitted by
April 1, 2013 to:
Mr. James S. Chalke, Chairman, Nominating Committee
Central One Federal Credit Union
714 Main Street
Shrewsbury, MA 01545
The Nominating Committee has received Statements of
Qualification and Certification from Christine Baril of
Shrewsbury, MA; Roland G. Carlson of Worcester, MA;
and Carl Masshardt of Auburn, MA and will place each
in nomination.
More Information inside.
Family Day transforms
into Member Tribute
Month!
For years, members have come to enjoy Family Day at our
Shrewsbury headquarters as a time for food and familyfun; a way for your credit union to say “Thank You” for
being part of the Central One family!
While approximately 800 people join us each year for
this celebration, we realize that a one-day, one-location
event limits the number of members who
can attend. Therefore, to allow
more members to participate, we’re
transforming Family Day into Member
Tribute Month—a full month of fun
and “Thanks” at all four branch locations.
“Member Tribute Month” will include
month long appreciation activities and
events at all four branches.
There will be hot dog trucks, ice
cream trucks, pretzel makers,
clowns, children’s shows,
discounts on services, our
annual Shred Days and more!
“Member Tribute Month” will
start on April 1st, 2013 and end
on April 27th, 2013 with a live
WXLO broadcast and a $5,000
Grand Prize raffled that day!
Hope to see you all!
Please check centralfcu.com for
more details!
Legal Counsel
A Will Does Not Deal
With All Assets
Statistically a great portion of all Americans Michael N. Abodeely, Jr.
Attorney
do not have a Will. If one does not have a
34 Mechanic Street
Will, the State will parcel out your property. Worcester, MA 01608
508-791-1199 ext. 229
Everyone needs a Will, however, a Will does [email protected]
not provide for all of our assets. A Will,
affects only probate property such as things
an individual owns by himself. Jointly held assets are not probate
property. Trust property is not probate property. Any bank
accounts or assets with beneficiary designations such as insurance
policies and 401K’s are not probate property.
At a bank or brokerage one can have a pay-on-death (POD) or
transfer-on-death (TOD) accounts that name a beneficiary. Your
home may be placed in a trust with you named as beneficiary and
someone else as the beneficiary after your death. These assets are
not distributed by a Will.
A Will will not govern some transfers of real estate such as joint
tenancy with the right of survivorship or tenants by the entirety.
This means that when one owner dies the property passes directly
to the survivor. Property may be held as tenants in common with
the portion of the real estate you own passing in your Will. You
must then indicate who you wish your portion of the property to
pass to.
Wills also do not govern insurance policies. For example if the
beneficiary is an ex-spouse, that person will receive the money
upon your death.
A Will will not keep itself up to date. You must review your Will
as frequently as possible for any changes in who you would like to
carry out your wishes.
The preparation of a Will is less
expensive than a Trust however,
Trusts are appropriate in special
circumstances depending on the needs
and requirements of the donor and
his/her beneficiaries such as financial
decisions or protection of assets for
your spouse, children and other
potential beneficiaries.
For answers to any questions
please feel free to contact me.
Welcome Christopher Shrum
Christopher Shrum joins the Central One Federal Credit Union’s
team as the new Insurance Executive for Oak Tree Insurance
Agency. He has a consistent record of successfully managing
relationships with clients, customers, and internal business
partners. Driven as a leader, Chris strives for imaginative,
forward-looking ideas to improve what is already effective.
Since graduating from the University Of Massachusetts Amherst
Isenberg School Of Management, Chris has worked with Fidelity
Investment’s tax exempt retirement plans participating in
some of the largest 403b and 457 employer sponsored plan
implementations. He then transitioned to the for-profit/retail
sector of Fidelity. Soon he led his team of 401k Retirement
Investment Specialists to national team of the quarter in 2006
and 2007 based upon asset retention and more importantly
customer satisfaction. He was rewarded as Senior of the Quarter
Q1, Q2, and Q3 of 2007. This is given to the team leader with
the greatest impact on the organization and voted by peers.
During the down turn in capital markets of 2008, Chris
supported the directors and fund managers of Fidelity’s fixed
income product lines; analyzing customers and competitors to
help drive revenue-generation strategies, new product launches,
and competitive product positioning initiatives.
Just prior to Central One, Chris led the way across every sales
category for 2011 with the Hanover Insurance Group. He was an
active member of Hanover Insurance Group’s Advisory Council
to Senior/Executive leadership team creating change related to
systems, procedures and workflows to gain efficiencies and meet
changing customers’ and agents’ needs.
With the support of Oak Tree’s current CISR Dawn Penzone, Chris
hopes to bring a consultative approach to Oak Tree and Central
One. He believes co-creative collaborations breed long standing
relationships and genuine word of mouth growth. Chris and
Dawn’s customer focused approach will bring powerful long
standing relationships.
Oak Tree Insurance Agency, LLC
714 Main Street
Shrewsbury, MA 01545
508-841-0515
1-800-527-1017
Fax 508-842-2955
Make Sure To Follow Us!
Central One is now on Facebook, Twitter,
LinkedIn and YouTube. Be sure to
follow us to stay on top of Central One
happenings. Links can be found in the
top right of centralfcu.com. We look
forward to you utilizing these additional
communication channels!
• Employee Social
Security Tax Rate
Returns to 6.2%:
The reduced 4.2%
rate for employee
Social Security
taxes that was in
effect for 2011
and 2012 has
expired. The employee Social Security tax rate will return to
6.2% for 2013 wages up to the taxable wage limit of $113,700.
Consequently, employees’ net pay under the taxable wage limit
will decrease accordingly. The maximum Social Security tax that
an employee would pay will be $7,049.40 for 2013.
TAX TALK
New 2013 Tax Laws
Hammer & Ingle, LLC is glad to be sharing
with you some of the highlights of the
new tax law signed by President Obama on
January 2, 2013. If you have any questions
on the following topics or other items in
the new tax law, please do not hesitate to
contact our office.
Hammer & Ingle, LLC
415 Boston Turnpike
Shrewsbury, MA 01545
508-842-3883
65 Walnut Street
Suite 302
Wellesley, MA 02481
781-425-2050
On January 1, 2013, the Senate passed an amended version of H.R.
8, the American Taxpayer Relief Act of 2012, by a bi-partisan vote of
89-8. Later in the evening of January 1, the House followed suit and
by a vote of 257-167, approved the Senate’s amended version of H.R.
8.
• Mortgage Debt Relief: A one-year extension of the Mortgage
Debt Relief Act of 2007 provision that allows for taxpayers who
have mortgage debt relief canceled or forgiven to have up to $2
million excluded from income. This would expire at the end of
2013.
Summarized below are some of the more notable provisions included
in the new law. It is only a summary and not a comprehensive
compilation of all of the provisions that are included therein.
• Other miscellaneous individual provisions included in the
legislation:
• Marginal Rates: For taxpayers earning less than $400k (single),
or $450k (joint filers), income tax rates remain unchanged. For
amounts above these thresholds, the rate increases from 35% to
39.6%. These are permanent changes
For individuals below the $400k/$450k thresholds, extend
and make permanent the marriage penalty relief and child
tax-credit provisions
A two-year extension of the provision allowing for the
deduction of state/local general sales taxes
• Capital gains and dividends: For taxpayers above the thresholds,
the top tax rate on long-term capital gains and dividends would
rise from 15% to 20%. For taxpayers below these thresholds, the
15% rates remain. These are permanent changes.
Extend through 2013 the above-the-line deduction for
qualified tuition and related expenses
The Five Cs of Credit
if liquidated, help repay the loan. Again, regulations limit and
dictate how much collateral we require. The loan request generally
cannot exceed 80% of the collateral value. The 80% requirement
is usually associated with liens against real estate. Other types of
collateral such as accounts receivable and inventory may be at a
lower percentage rate or lower maximum Loan-to-Value.
Planning to apply for a small business loan? At Central One Federal
Credit Union, we give every credit request the respect it deserves. All
requests are put through the “Five Cs of Credit” test and are given a
thorough review by our staff.
• Capacity
Your business plan and/or prior year(s) financials must show that
you can produce enough cash to repay the loan. This is the most
critical of the five Cs.
• Conditions
• Capital
How much equity do you have? First you’ll need to be prepared
to contribute some of your own money toward the business to
ensure its success. We can only lend you a portion of your start-up
or acquisition costs, not 100%. Funds for these costs can come
from deposits, an equity loan against your personal residence, or
other sources.
• Collateral
A lender looks at collateral as an additional credit enhancement.
It won’t necessarily make the monthly payments, but it could,
Be prepared to prove that the conditions are right for your type
of business. Make sure there is a market for your business, based
on the conditions of the local, regional and national economy,
the type of industry, the competitiveness of the business and your
experience in the industry and managing a business.
• Character
This is the general impression you make on the lender. Your
educational background and business experience will be reviewed,
along with your credit score. It’s important to manage your
personal credit carefully. Statistics show that the way you handle
your personal credit is a strong indicator of how you’ll manage
your small business credit.
Board of Directors Nomination
Information
MONEY MATTERS
Christine Baril
Christine Baril serves on the ALM and the Supervisory
Committees. She was appointed a member of the Supervisory
Committee in 2002 and as a member of the Board in 2010.
Prior to her appointment, she worked as an outside independent
auditor for the Credit Union for several years.
Mrs. Baril has over twenty years of experience with local and
regional accounting firms, where she has serviced not-for-profit,
governmental and commercial organizations, performing audits,
reviews and various accounting reports. She has been a manager
at P.L. Jones & Associates, CPA’s since 2004.
Mrs. Baril has been a member of the AICPA since 1993, and
the Massachusetts Society of CPA’s since 1992. She is a 1989
graduate of Anna Maria College and is an active member and
volunteer of both the St. Mary’s Parent Association and the
Shrewsbury Girl Scout troops.
Roland Carlson
Mr. Carlson became a member of the Board of Directors in the
early 1960’s. He was re-elected to the Board in 1994. He has
served on both the Personnel and Asset Liability Committees. He
is currently the Chairman of the Board of Directors.
Mr. Carlson began his career in 1958 with the New England
Power Company Maintenance Department and transferred to
the New England Power Service Company in 1969 as a Material
Control Analyst. He became an Internal Auditor in 1971 and
held that position until 1987 when he became an Inventory
Control Analyst. He retired in 1993.
Mr. Carlson served 10 years on the Board of Commissioners for
the Worcester Housing Authority. He also served on the Citizens
Advisory Committee for the City of Worcester for two years. He
received a B.S.B.A. from Clark University in1982. He served in the
United States Navy from 1956-1958.
Carl Masshardt
Mr. Masshardt has served on the Board of Directors for over
twenty years, after spending four years on the Supervisory
Committee, two years of which he served as Chairman. He is the
current Chairman of the Personnel Committee and an alternate
member of the Member Business Loan Committee.
Mr. Masshardt was employed by National Grid, until his recent
retirement in October, 2009, where he worked as a meter
technician. He has been married to his wife, Pamela, for thirty
three years and has two sons who both reside in Pennsylvania.
Mr. Masshardt has been a Union member for 40 years, 25 years
with B.U.W. Local 330 and 15 years with Teamsters Local 170.
Improving Your Financial
Health in 2013
Macroeconomic issues are beyond our control,
and we often have to accept a degree of
uncertainty when it comes to the financial
outlook both at home and abroad. But you
shouldn’t leave your personal financial future
to chance. You can make positive adjustments
like these to help ensure that you are better
prepared for whatever the future might bring:
Michael J. Canfield
W.F. Financial Services
Located at Central One’s
Main Office
714 Main Street
Shrewsbury, MA 01545
508-842-7400
800-527-1017 x506
Fax 508-842-6092
• Pay down debt. Start with credit cards that have the
highest interest rates, and always pay more than the
monthly minimum.
• Increase your savings. No matter what your goal is—
maybe a vacation or an emergency fund—create a timeline
and action strategy to help you get there.
• Develop a budget. Track your monthly and yearly
expenditures so you can see exactly where your money
goes—and how much discretionary income you have left to
work with.
• Review your credit report. Everyone is entitled to one
free report a year from Equifax, TransUnion, and Experian.
Request yours at www.annualcreditreport.com.
• Assess life changes. Review your insurance coverage,
retirement plan, will, and estate plan to ensure that they
continue to meet your needs.
• Protect your identity. Review statements for suspicious
activity, avoid using your social security number, make
online purchases only on secure websites (which have
addresses that begin with https), and don’t open e-mails
from unknown senders.
• Further your financial knowledge. There are countless
websites, TV shows, and books that can help you learn
more about personal finance.
No matter what 2013 brings, your financial advisor can help
navigate your way to your goals. Please do not hesitate to
contact our office with any questions you may have. Most
important, best wishes for a happy and healthy New Year!
Michael J. Canfield is a financial executive practicing at W.F. Financial Services,
714 Main St., Shrewsbury, MA 01545. He offers securities as a registered
representative of Commonwealth Financial Network®, a member firm of FINRA/
SIPC. He can be reached at 508-841-0506 or at [email protected].
© Copyright 2012 Commonwealth Financial Network
Central One’s Auto Loan Rates Are
As Low As 1.49% APR* For
Purchases And Refinances!
Turn To Our Mobile Banking
Solutions This Year For More
Peace Of Mind.
We have lowered our Car Loan Rates so ANY Purchase or
Refinance from ANOTHER INSTITUTION can qualify for the
Whether you’re out shopping or
at the airport, you can easily and
securely manage your money with
our free mobile banking solutions.
1.49
%
APR*
Quickly check your balance, see
recent transactions, transfer
funds and more — all while you’re
on the go.
Enjoy less stress and more financial
control this year with our mobile
banking solutions at your side.
Combine our low auto loan rates and
our FREE Auto Advisor service, you will
save a bundle!
Apply Today!
*Annual percentage rate. Actual rate based on credit and other factors and available for purchases and
refinances only. Refinance rate may vary. Rate not valid on existing Central One auto loans. Purchases made
in last six months may qualify with copy of purchase and sales agreement. Rate may be adjusted for vehicle
age or high mileage vehicles. Based on rate listed above, estimated payment per $1000 borrowed is $28.42,
36 month term.
Mobile Deposit of Checks; save time
from going to your local branch for
a deposit.
Locate Surcharge Free ATM’s on your
Mobile App!
Search “Central One Federal Credit Union” in your Smart Phones
App Store
Student Choice
Shred Day Dates
Shred Day will be April 20th 2013
in Shrewsbury and Westborough – 9:30-11:30 am
& April 27th, 2013
in Auburn and Northborough – 9:30-11:30 am
When scholarships, grants, and federal aid aren’t enough, private
student loans can be a necessary and cost-effective way to fill
educational funding gaps.
These loans are in the name of the student but often require a
co-signer in order to meet credit criteria. They are not guaranteed
or subsidized by the government. Instead, they are based on the
student’s credit and/or the credit of any co-signers.
Undergraduate students should consider private student loans
only after taking advantage of all lower-cost sources of funding,
including Federal Stafford loans.
How is the Student Choice private loan solution different than
other private student loans?
Unlike for-profit lenders, your credit union exists only to serve
the best interests of its members. This allows us to offer zero
origination fees, lower rates, a convenient line-of-credit structure,
and more flexible repayment terms than many other lenders.
Branch Hours
Shrewsbury Main Office · 714 Main Street · 508-842-7400 · 1-800-527-1017
Monday and Thursday...................................................................................7:00 a.m. to 6:00 p.m.
Tuesday and Wednesday..............................................................................7:00 a.m. to 4:30 p.m.
Friday....................................................................................................................7:00 a.m. to 5:00 p.m.
Saturday.................................................................................................................8:30 a.m. 12:30 p.m.
Auction Scams: the Most Common
Type of Online
Fraud
The Federal Trade Commission
states auction scams are
the most prevalent type
of Internet fraud and the
number of victims and dollars
lost continues to rise. Many
victims believe the auction
sites should reimburse them
but the truth is they are fairly powerless once a crime has
occurred. If you are the victim of this type of crime you need to
report it to the proper authorities right away. Here are some tips
to help protect you when making a bid at an auction site:
• If it looks too good to be true, it probably is!
• If a link takes you away from the original auction site,
you are being set up. Websites are put up and taken down
quickly. These scams are designed to get your money quickly
and leave no trace.
• Avoid online escrow services that require you to set up
accounts with online payment services. If the service states
that they comply with US Financial and Business Code, it is
a scam. There is no such code!
• Use your credit card. Most credit card companies provide
charge-back protections. Don’t do business with sellers who
accept credit cards, but later tell you that you must use
your credit card to do a wire transfer. Wire transfers of this
nature have no protection.
• Don’t give out your personal information. Your Social
Security number, driver’s license, date of birth, etc. are not
needed to process your credit card.
• Beware of a competitive bidder. Con artists may enter
competitive bids to drive up the price.
• Contact the seller before you bid. A disconnected phone
number or undeliverable email address is a warning sign of
a scam.
• Print and Save Everything. Print the seller’s identification
number, the description of the item you’re purchasing, any
e-mail correspondence that went back and forth between
you, what you paid for the item and how you paid for it.
Save everything concerning the transaction. You may need
it if you are indeed a victim.
Northborough · 148 Main Street · 508-393-8112
Monday and Thursday...................................................................................7:00 a.m. to 6:00 p.m.
Tuesday, Wednesday and Friday................................................................7:00 a.m. to 4:30 p.m.
Saturday....................................................................................................................8:30 a.m. to noon
Auburn · 63 Southbridge Street · 508-832-2100
Monday and Thursday...................................................................................7:00 a.m. to 6:00 p.m.
Tuesday, Wednesday and Friday................................................................7:00 a.m. to 4:30 p.m.
Saturday....................................................................................................................8:30 a.m. to noon
Westborough · 40 South Street · 508-366-5553
Monday and Thursday...................................................................................7:00 a.m. to 6:00 p.m.
Tuesday, Wednesday and Friday ..............................................................7:00 a.m. to 4:30 p.m.
Saturday....................................................................................................................8:30 a.m. to noon
Bank At Work Locations (no public access)
Northborough · 55 Bearfoot Road (National Grid)
Thursday..........................................................................................................9:00 a.m. to 11:00 a.m.
Friday................................................................................................................ 12:00 p.m. to 2:00 p.m.
Salem · 24 Fort Avenue
Tuesday...............................................................................................................9:00 a.m. to 1:00 p.m.
Thursday........................................................................................................... 8:00 a.m. to 1:00 p.m.
Waltham · 40 Sylvan Road
Monday through Friday...............................................................................8:30 a.m. to 2:30 p.m.
Board of Directors
Roland G. Carlson, Chairman of the Board
James S. Chalke, Vice Chairman
Jeffrey M. Pond, Secretary
Christine A. Baril
Michael J. Cavanaugh
Diane L. Collins
Elaine Racine
Carl W. Masshardt
Robert Scarfo
Senior Management
David A. L’Ecuyer, President/CEO
Michael P. Rooney, CFO
Craig S. Madonia, Senior Vice President, Lending
April B. Healey, Vice President, Retail Services
Wendy B. Morin, Vice President, Human Resources & Administration
Jeffrey A. Dunn, Vice President, Lending
CU CLOSINGS
Central One will be closed for the following holidays.
Presidents’ Day
Columbus Day
Monday, February 18
Monday, October 14
Memorial Day
Veterans Day
Monday, May 27
Monday, November 11
Independence Day
Thanksgiving Day
Thursday, July 4
Thursday, November 28
Labor Day
Christmas Day
Monday, September 2
Wednesday, December 25
Federally Insured by NCUA