Carolina People Matter

Carolina People Matter
Spring 2015
A Quarterly Publication for the Members of CPM Federal Credit Union
A Message from our CEO
We are celebrating a big anniversary! We
turn 60 this year and we remain proud
to operate as a member-owned, not-forprofit, full-service financial institution
focused solely on serving you!
We were founded in 1955 by employees
of the Charleston Paper Mill and that
was how we got our original name.
Since then we expanded to serve other
major employee groups throughout the State. I recently joked that CPM
stands for Cars, Paper, and Marines. “Cars” reflects that we are the credit
union of BMW and support more than a dozen of their Tier 1 suppliers
as well as other automotive suppliers. “Paper” reflects our founding
by the Mill employees and our continued support of MeadWestvaco
and KapStone. “Marines” reflects our support of the Marine Corps
Air Station - Beaufort and the Beaufort area. Of course, our mission to
serve is much broader than this. We have a huge presence in Orangeburg
and proudly support the residents of the County and major employers
including Husqvarna and the County of Orangeburg. We also proudly
support many companies who made a home in South Carolina coming
from Germany, France, China and elsewhere. What binds us together
in supporting these varied groups? It is our mission to deliver service
and value to the hard working people of South Carolina and we boil that
down to “Carolina People Matter”.
Since the last newsletter we continued to offer great service and some of
the lowest consumer loan rates in the State. If you need a personal loan,
personal line of credit, car loan, boat loan, motorcycle loan, credit card,
home equity line of credit, or mortgage you must check out our rates
and service! And we finally saw some deposit rates go up, including
our money market rates! Featured accounts include our Diamond CD
earning 0.60% annual percentage yield (APY) for 6 months and our new
12-month Kickstart IRA earning 0.75% APY!
As a member-owner you also deserve an update on our recent real estate
activity. Our actions underscore our commitment to deliver on what
matters most to our members. In December we completed the sale of the
3-story office building adjacent to our HQ in North Charleston. We found
we did not need this excess office space and by shedding this asset we
freed up capital to invest in something more meaningful to our memberowners. In the last week of December we completed the purchase of land
in Nexton® in Summerville, South Carolina and we committed to build
a new full- service branch. We will build a 3,400 square foot full-service
branch in this new and exciting high-tech community – South Carolina’s
first to offer community-wide gigabit broadband service. Nexton is the
heart of the Region’s most vibrant growth area and a community focused
on the future. When the new branch opens in 2016 we will relocate the
operations of our small Summerville branch into the new branch. Our
new branch will be a modern, one-story, full-service facility on the corner
of Brighton Park Boulevard and Rose Drive with dedicated parking, 2
drive-up teller lanes, drive-up ATM, night drop, and safe deposit boxes.
In March 2015 we closed our limited service branch in St. Matthews.
We continue to operate the ATM at that location. The branch at 606 F.R.
Huff Drive was open only 4 days each week and we determined it was far
Did You Know...
Changes Coming to Ward off Hackers
The Internet and email are powerful tools, but also a significant avenue
of vulnerability. Because our core value is Carolina People Matter, this
quarter’s data security topic addresses steps to keep hackers at bay.
What are we doing?
• CPM Anytime Online Banking changes: To protect your
accounts from unauthorized access we will be making changes to
strengthen CPM Anytime Online Banking this quarter. Changes
will include our requiring all users to establish complex passwords
(such as requiring a combination of upper and lower case letters,
symbols and numbers). We will also require you to choose new
authentication questions and answers. This process will give you
better choices of authentication questions and ones which would be
very unlikely for hackers to be able to answer. Be on the lookout
for further communications on these changes.
What can you do?
• Keep All Software Updated: It is especially important to update
your browser (e. g. Microsoft Internet Explorer (IE), Mozilla
Firefox, Google Chrome), antivirus program, operating system (e.
g. Windows 7), , applications used to read/play files (e. g. Java,
Adobe PDF Reader, Flash, QuickTime, etc.) and browser plugins. Microsoft recently announced they will stop supporting all
but the most current version of Internet Explorer as of January 12,
2016. Right now the most current version is IE 11. That means
Microsoft will stop supporting IE7, IE 8, IE 9, and IE 10 in just
under a year. Those browsers represent over 22% of CPM users
visiting our public web pages and over 21% of our users logging
into CPM Anytime online banking pages. Since using a tool no
longer supported by security upgrades and patches will place you
at risk of exposing your personal data we strongly encourage you
to upgrade to the most recent version of whatever browser you use.
• Scrutinize Emails Before Clicking on Links and Attachments:
Exercise caution with email attachments. If you don’t recognize
the sender, it’s often best to delete the message and attachment
without opening. If in doubt, contact the sender to verify the
authenticity and purpose of the email. Similarly, be wary of (don’t
click) links that purportedly lead to sensitive accounts (e. g. credit
union accounts, or online payments). Better to access such sites
directly, using bookmarks or typing the correct link yourself.
more effective to serve members from our large full-service branch
at 1174 Boulevard in Orangeburg. We made significant investments
in our Orangeburg branch recently, including remodeling the entire
parking lot to improve traffic flow and adding a second drive-up
ATM with deposit capabilities.
We are an energetic, optimistic, and focused 60-year old! We look
forward to the growth, change and renewal our next 60 years will
bring. As long as we remember you own the credit union and it is our
mission to deliver service and value to you every day I am confident
the best is yet to come for us and for you, our member-owners.
James Gergen
CONSUMER LOAN RATES
Product APR* (as low as)
New Autos1.69%
Used Autos1.99%
Boats3.99%
Motorcycles, RVs, 5th Wheels, ATVs
4.99%
Personal Loans8.50%
My Line Anytime (Line of Credit)
8.50%
Share or Certificate Secured
Up to 36 months
2.99%
37-60 months4.99%
CPM Visa Credit Card Rates:
Visa© Classic 16.00%
Visa© Gold (variable rate of prime + 7%**)
10.25%
Visa© Platinum(variable rate of prime + 5%**) 8.25%
Visa© Secured Credit Card
16.00%
Visa© Firefighter Gold Card
10.25%
Home Equity Line of Credit:
Discount Rate
Variable Rate
1.99%
Fixed Rate
APR *(as low as)
3.25%
3.99%
*APR = Annual Percentage Rate. All rates are subject to change without
notice. Terms and conditions apply. Discount rate is for the initial 6
months, rate will be adjusted to the qualifying tier rate plus prime with
a maximum of 18%. Current projected rate after initial discount as low
as 3.25% up to 90% LTV.All loan rates are tiered based on credit score
unless otherwise stated. No rate will be higher than 18% APR.
“As Low As” rates listed below are our best rates based on approved
credit; actual rate offered may be higher depending upon applicant’s credit
rating and other underwriting factors. All advertised rates are subject to
change without notice. See a Branch Representative for details.
What is an Annual Meeting?
What is the Annual Meeting? An annual meeting is held every year and
gives YOU, the Members, the opportunity to review the prior year’s
financial statement, learn more about the credit union and elect the Board
of Directors. This year, our annual meeting is scheduled for Saturday,
June 20th at 10 AM. The meeting will be held at the CPM Headquarters
located at 1066 E. Montague Ave., North Charleston, SC 29405. You will
have a chance to meet some of our volunteers and staff who make our
Credit Union work.
This year, the Nominating Committee has nominated Michael J. Chodnicki
and James B. Jeffries to serve on the Board of Directors:
Michael J. Chodnicki has 36 years of experience
in the paper and forest products industries and is
currently employed at KapStone Charleston Kraft
as the Wood Procurement Manager in Charleston,
SC. He manages a department of 50 personnel with
an annual budget of $145MM. He has been a CPM
member for 36 years, serving on the Supervisory
Committee and the Board of Directors for the last
14 years. He currently serves as the Vice Chair of
the Credit Union Board of Directors.
James B. Jeffries has served on the board of both
the TRMC Credit Union Advisory Board (2003 –
2005) and First Steps – Orangeburg (2007-2009).
He has served on the CPM Board for 2 years and
currently holds the position of Secretary for the
Credit Union. He recently retired from Regional
Medical Center in Orangeburg, SC where he
worked as a registered pharmacist.
Mortgage Specials:
5/5 ARM
Call 1.877.906.7032
7/1 ARM
Call 1.877.906.7032
Rate
APR* (as low as)
Fixed Rate
10 years
2.875% / 3.066%
Fixed Rate
15 years
2.99% / 3.122%
*APR = Annual Percentage Rate. APRs calculated on a single family
primary residence mortgage for loan amount of $150,000.00 at loan-tovalue ratio of 80%. Example: $150,000.00 fixed rate mortgage for a term of
180 months with a 3.122% APR; monthly principal and interest payment will
be $1,035.15. Example 10-year: $150,000 fixed rate mortgage for a term of
120 months with a 2.875% APR; monthly principal and interest payment will
be $1,439.77. Subject to approval. Rate based on credit rating, collateral
and standard underwriting criteria. LTV not to exceed 90% and loans from
$50,000 to $600,000. Rates available for home purchase and refinancing.
Restrictions may apply. See mortgage representative for details.
Jaeger Capital Management invites YOU
to Spend Time with Us
We can help you plan and invest for the future and
much more. Just stop by and see Andrew Jaeger
for more information. Watch for our lobby days
coming soon to a branch near you. Can’t wait for
lobby days? Call us at 803.834.3499 today for an appointment.
Registered Representative of INVEST FINANCIAL CORPORATION, member
FINRA/SIPC, INVEST and its affiliated insurance agencies offer securities,
advisory services and certain insurance products. INVEST is not affiliated with
Jaeger Capital Management LLC or CPM Federal Credit Union or other entities
named and does not offer tax advice. Products offered are: • Not NCUA insured •
Not Credit Union Guaranteed • May lose value including loss of principal.
Holiday Closing Schedule
Please note the dates that your local CPM branches will be closed:
Memorial Day, May 25th
Federally insured by NCUA