November Dear Fellow Members,

Size: px
Start display at page:

Download "November 2014. Dear Fellow Members,"

Transcription

1

2 November 2014 Dear Fellow Members, Five years ago, executive leadership at Darden Restaurants, Inc. partnered with Multi Media Federal Credit Union to build and launch your credit union, which is dedicated to providing cost effective banking services and financial education to Darden employees across the country. We are extremely proud of the unprecedented growth the credit union has experienced. Still, there are thousands of additional people our credit union can help, which is why we have unanimously agreed that a merger with USF Federal Credit Union is in the best interests of DCU, our members, our employees, and the sponsors we serve. Our primary motivation to merge is to accelerate service delivery to more members across the country. We ve thoroughly examined the benefits this merger can bring, and are convinced that partnering with a large, stable organization like USF FCU is an ideal way for us to propel the credit union forward, keeping it committed to its purpose and delivering the value, convenience, and service you ve come to expect. Best of all, this partnership allows us to continue serving you under the Darden Credit Union name, which would operate as a division of the USF FCU. Your board is confident in the plan designed by the combined management teams, and is excited to see the great benefits come to life. Like you, we are all members of DCU. We love our credit union, and are proud to represent you on the board of directors. We ve designed this guide to help you place an informed vote. We unanimously support this merger proposal, and we encourage you to vote yes when the time comes. You ll receive your official ballot in the coming days. In the meantime, we encourage you to review this guide. If you have any questions, simply service@dardencu.com. Best regards, Pat Harrigan, Chairman 2

3 Table of Contents Why Merge. 4 What was Considered.. 5 Merger Benefits. 6 What Stays the Same.. 9 What Changes Meet Richard Skaggs. 11 What s Next. 11 For more information: Visit DardenCU.com/Merger services@dardencu.com Call

4 Why Merge? We are merging with USF FCU in order to accelerate delivery of services to more people across the country. Despite aggressive, nationwide growth since launching in December 2010, DCU still serves less than 4% of the Darden Restaurants family. We ve been restrained by several important factors: Asset Size and Net Worth In our short history, the credit union has quadrupled in size, and even that is insufficient to serve as many people as we d like. The credit union is a not-for-profit financial cooperative, so the more members it serves, the better able it is to serve even more. The credit union is only able to grow at a pace its net worth can support, which naturally means a slow and steady approach to expansion. Since its inception, the credit union has considered potential mergers as a viable option to increase its asset and capital base, thereby enabling accelerated growth in a fiscally sound fashion. Liquidity The credit union will only lend money it has on deposit from members. The majority of DCU members are younger, and therefore have a more pronounced need to borrow (e.g. car loans) and less opportunity to deposit high balances (e.g. certificates, money market accounts). The credit union has borrowed money from other credit unions in order to loan funds to its members. Merging with a larger organization provides access to a larger deposit base, improving our ability to fulfill loan demand. Virtual Delivery DCU is primarily a virtual institution, with only one small branch located in Orlando, Florida. The credit union was built to open accounts, deliver account access, and fulfill loans remotely through technology and shared branches. Technology of this sort can be very expensive to deploy and maintain. We ve done our best to provide solutions to meet your needs, but we know it s insufficient. A merger with a larger organization will allow for improvements to our electronic delivery tools, including improved online and mobile banking platforms. 4

5 Is Darden Selling the Credit Union? No. Darden is the credit union s sponsor, not owner. As a cooperative, the credit union is owned by its account holders, or members. Darden provided critical support required by the credit union. This support came in many forms, including financial, operational, and moral. The credit union s board of directors includes several Darden executives who (generously) give their time and experience to help the credit union deliver on its promises. The merger with USF FCU is in no way driven by recent events with Darden Restaurants, Inc. The credit union will continue to serve the Darden family of restaurants, as well as Red Lobster employees. In addition, we will continue to serve the employees and retirees of the Orlando Sentinel, the credit union s original field of membership. What was Considered? As the board examined the proposed merger, it identified several critical factors, all of which have been satisfied. Read on for more information on each of these considerations. There were to be no layoffs of staff as a result of the merger There must be philosophical alignment between the two credit unions The credit union must continue to serve the Darden family under the Darden Credit Union name There must be tangible benefits to members and employees 5

6 What are the Benefits? DCU, its members, its employees, and its sponsors would all benefit from the proposed merger. By leveraging both institutions existing resources and core competencies, and by taking advantage of their combined scale, we estimate this valuable partnership would yield more than $1 million in operating expense savings in the first three years. This can be accomplished while expanding credit union services to more members more quickly. Most importantly, these projected savings do not come from planned staff reductions, but rather from systems consolidation, reduced operating redundancies, and improved vendor pricing. These efficiencies translate into more resources to offer enhanced benefits to all stakeholders. Member Benefits Members will experience greater long-term value through additional branch locations and effective remote delivery, enhanced account and convenience services, improved value through better rates and lower fees, and the peace of mind that comes from knowing you are banking with a safe and sound institution. Expanded Accounts and Online Services We know DCU members expect unparalleled access to competitive products and services, primarily through electronic channels. Meeting those expectations requires significant investments in technology. With greater resources, the new credit union will continue to offer competitive products while enhancing online, mobile and call center experiences at a faster pace than Darden Credit Union could accomplish independently. In the near term, you ll experience new, dynamic mobile access to your accounts, including the ability to deposit checks remotely through your smartphone. In the long term, the credit union will vastly improve the online banking experience through new tools and further enhance phone banking, among other improvements. 6

7 Greater Convenience The proposed merger would offer you greater convenience through additional branch and ATM locations. DCU members in the Tampa Bay region will have access to USF FCU s five branches and multiple ATMs. Further, the credit union would continue to offer access to accounts through the nationwide shared branching and surcharge free ATM networks. Improved Safety & Soundness The proposed merger would offer DCU greater financial strength by increasing capital, reducing risks, and reducing expenses. Greater financial strength means you can rest easy knowing your money is safe and secure, and that you belong to a community of people making sure it stays that way. Employee Benefits Our employees will experience greater career opportunities, both geographically and in terms of specialization. Competitive Benefits Package The credit union strongly believes that delivering a superior member experience begins with delivering a superior employee experience. Offering employees a competitive compensation and benefits package is a key part of that experience. The proposed merger would enable the credit union to offer industry-leading benefits to its employees. Greater Career & Personal Development Opportunities Another key part of a superior employee experience is offering career and personal development opportunities. Whether it s receiving valuable training to ensure each person excels in his or her current role, or development work to prepare for future positions, the combined credit union will have the resources and commitment to make it a reality. This allows the credit union to attract and retain the highest quality employees to serve you. 7

8 Credit Union Benefits Greater Financial Strength USF FCU is a well-run credit union with a strong net worth (capital) ratio of nearly 12%. Under the proposed merger, the new credit union expects to maintain a capital position above 11%. Greater capital means having financial strength and resources to invest to improve the value of your membership. Ultimately, the merged credit union s size and strength translates into more members being served, which in turn further strengthens the cooperative. Reduced Risk The merger would reduce potential risk by spreading membership and loan portfolio exposure over several geographic areas and employee profiles. That diversity allows the credit union to be less dependent on the economic fluctuations of any single market or group. Reduced Expenses DCU and USF FCU s combined scale would give the new credit union the opportunity to capture operating efficiencies and renegotiate vendor contracts to reduce costs. In fact, we project the combined credit union will realize more than $500,000 in operating expense reductions the first year without eliminating staff. Sponsor Benefits Our sponsors, including the University of South Florida, Darden Restaurants, Red Lobster, and the Orlando Sentinel will offer even better credit union services to their employees, students, and families. The private label operating strategy (Darden Credit Union, a division of USF FCU) will ensure each type of member experiences no disruption to credit union services. 8

9 What Stays the Same? Member Experience We believe there are two key parts to delivering a superior member experience: the level of service you receive, and the convenience and ease with which you manage your money. Approval of the proposed merger would not detract from the distinctive member experience you ve come to expect. Quite the contrary, as the larger credit union will be able to make significant improvements to the tools and ways in which you access and manage your money. Credit Union Staff You ll continue to rely on our dedicated team of professionals to serve you after the merger is completed. This team will be supplemented by the nearly 100 employees of USF FCU. Focus on You The proposed merger would never change our philosophical focus, which is to provide you with affordable, convenient financial products and services that are meaningful to your life. Whether it s our policy to reach out to help members in need of assistance due to natural disaster, or offering our trailblazing Credit Builder Car Loan product to those in need, the credit union will remain committed to serving you first and foremost. Local Management The new credit union will operate from two administrative offices: one on the USF campus in Tampa, and the other from inside Darden s Restaurant Support Center in Orlando. Both offices will house key senior leadership and operating support personnel, ensuring the credit union remains focused on its key constituents. Deposit Insurance Your accounts will still be insured up to $250,000 by the National Credit Union Administration. Any member with combined balances exceeding this amount will be contacted to ensure their account ownership is established in such a way as to maximize their insurance coverage. 9

10 What Changes? Name Darden Employees Federal Credit Union will become Darden Credit Union, a division of USF FCU. In addition, we will serve Red Lobster employees as Red Lobster Credit Union, a division of USF FCU. Charter The new credit union will operate under USF FCU s current charter, with the addition of DCU s field of membership. Essentially, there will be no change for members, or for those eligible to join the credit union. Size The new credit union will be nearly $500 million in assets with nearly 50,000 members. That s a relatively large institution in the credit union world, and gives the credit union some real operating advantages. Board of Directors USF FCU s Board of Directors would expand from seven seats to nine, with the two new seats designated for representatives from DCU s Board. President/CEO Richard J. Skaggs, President/CEO of USF FCU, will be the CEO of the merged credit union. Jim Kasch, DCU s current CEO, would become the Chief Sales Officer for the merged institution. For more information on Mr. Skaggs, please see the next page. Accounts and Services Some of the products and services may change slightly as we integrate systems and combine the product lines. Our intention is to minimize any service disruption to you. Any changes we make would be with the intent of offering you accounts and services that best meet your changing financial needs. 10

11 Meet Richard (Rick) Skaggs Richard Skaggs is an accomplished financial services executive with more than 25 years of experience, and has been leading USF FCU since September Prior to joining USF FCU, Skaggs was the top executive at the Orlando based Consumer Credit Counseling Service of Central Florida. Beginning in 2005, he led 13 counseling offices statewide. In January 2009, the organization merged with Consumer Credit Counseling Service of Greater Atlanta, where Skaggs took the reins as regional president. In May, the organization re-branded as the CredAbility Network. Prior to joining Consumer Credit Counseling Services, Skaggs was EVP of Vista Federal Credit Union (now Partners FCU), a $1 Billion financial institution serving the Walt Disney Company. Skaggs is a Leadership Orlando Alumnus, a member of the Government Affairs Committee and Financial Literacy Task Force with the Florida Credit Union League, Board Member for Florida Credit Union Shared Services and an Academy of Finance Advisory Board Member. He has completed graduate level course work, holds a Bachelor of Science Degree from Troy State University and graduated from Florida State University s Credit Union Management Institute. What s Next? In the coming days, you ll receive your official ballot packet. If you have an address on file with DCU, you ll receive your packet via . If not, you ll receive your packet via standard mail. Voting will be administered by an independent, third-party firm, and neither the Board nor management will have access to vote results prior to the annual meeting. The vote management company has controls in place to verify membership and prevent duplicate voting. You may cast your vote by mail, fax or in-person at the annual meeting on December 11 th. Please refer to your ballot for details. Due to the requirements of ballot security, we are unable to accept ballots at our branch. Final results will be presented at the conclusion of the annual meeting. 11

12 1000 Darden Center Drive Orlando, FL

Welcome Packet. The official merger date of ILWU-FSC FCU and ILWU Credit Union is February 1, 2016. 866.445.9828 www.iiwucu.org

Welcome Packet. The official merger date of ILWU-FSC FCU and ILWU Credit Union is February 1, 2016. 866.445.9828 www.iiwucu.org Welcome Packet The official merger date of ILWU-FSC FCU and ILWU Credit Union is February 1, 2016. Table of Contents Welcome to ILWU Credit Union page... 1 Important dates for you to know... 2 Explore

More information

Contact us! MATT Locations: Phone: Online: Direct Deposit Rate Update

Contact us! MATT Locations: Phone: Online: Direct Deposit Rate Update Savings Services Savings Services We ll Help You Reach Your Financial Goals Whether you re interested in short-term savings with immediate access to your funds or long-range investments with high earning

More information

The Future of Account Opening

The Future of Account Opening The Future of Account Opening Why Online Applicants Can Be Your Most Profitable Customers Table of Contents o o o o o Executive Summary: The Future of Retail Banking How Many Apply? The Scale of Online

More information

Corporate System Resolution Corporate Credit Unions Frequently Asked Questions (FAQs)

Corporate System Resolution Corporate Credit Unions Frequently Asked Questions (FAQs) 1 Corporate System Resolution Corporate Credit Unions Frequently Asked Questions (FAQs) 1. What does this FAQ cover? This document covers the background and an overview on how corporates have historically

More information

Annual report. to our members. This credit union is federally insured by the National Credit Union Administration

Annual report. to our members. This credit union is federally insured by the National Credit Union Administration Annual report to our members 2013 This credit union is federally insured by the National Credit Union Administration OSU Federal s core values Member focus Education Integrity Social responsibility Cooperative

More information

Randstad Managed Services A better brand of managed services

Randstad Managed Services A better brand of managed services Randstad Managed Services A better brand of managed services Staffing procurement plus. In today s world of work, contingent staffing has become a function of both Human Resources and Procurement, reflecting

More information

Shareholder & Public Relations 407-244-3100 973-305-4005

Shareholder & Public Relations 407-244-3100 973-305-4005 FOR IMMEDIATE RELEASE Contact: Valley National Bancorp CNLBancshares, Inc. Dianne M. Grenz, EVP Chirag Bhavsar, EVP Director of Sales, & Chief Financial Officer Shareholder & Public Relations 407-244-3100

More information

Understanding a Firm s Different Financing Options. A Closer Look at Equity vs. Debt

Understanding a Firm s Different Financing Options. A Closer Look at Equity vs. Debt Understanding a Firm s Different Financing Options A Closer Look at Equity vs. Debt Financing Options: A Closer Look at Equity vs. Debt Business owners who seek financing face a fundamental choice: should

More information

The Credit Union Regulatory Improvements Act Side by Side Comparison 110th Congress 109th Congress 108th Congress Current Law

The Credit Union Regulatory Improvements Act Side by Side Comparison 110th Congress 109th Congress 108th Congress Current Law The Credit Union Regulatory Improvements Act 1. Business Lending a. Aggregate Cap Same Same 20 percent of assets 1.75 x net worth ratio, not to exceed 12.25 percent of assets. b. Business Loan Exemption

More information

A MESSAGE FROM THE CHAIRMAN NEWSLETTER

A MESSAGE FROM THE CHAIRMAN NEWSLETTER A MESSAGE FROM THE CHAIRMAN In 1936, being a member of a credit union really meant something. It meant you had a voice in your financial institution. It meant that you were a part of a community. It meant

More information

An unconventional solution that makes solid business sense

An unconventional solution that makes solid business sense Business owners across the globe face a similar challenge: how to sell more, spend less and attract and retain highly-skilled, productive employees. And for the average small or mediumsized business owner,

More information

Amalgamation Plan. April 2012. Proposal for the Amalgamation of Community Credit Union of Cumberland Colchester & Valley Credit Union

Amalgamation Plan. April 2012. Proposal for the Amalgamation of Community Credit Union of Cumberland Colchester & Valley Credit Union Proposal for the Amalgamation of Community Credit Union of Cumberland Colchester & Valley Credit Union April 2012 Prepared for the members of Community Credit Union of Cumberland Colchester & Valley Credit

More information

md&a Prospera Credit Union MANAGEMENT S DISCUSSION AND ANALYSIS For the year ended December 31, 2014

md&a Prospera Credit Union MANAGEMENT S DISCUSSION AND ANALYSIS For the year ended December 31, 2014 Prospera Credit Union MANAGEMENT S DISCUSSION AND ANALYSIS For the year ended December 31, 2014 INTRODUCTION Prospera Credit Union (Prospera) is a BC-based credit union serving members from the Okanagan

More information

UNDERSERVED. Empowering the. 2014 Credit Union National Association Inc. Reprinted with permission. Dianne Molvig

UNDERSERVED. Empowering the. 2014 Credit Union National Association Inc. Reprinted with permission. Dianne Molvig Empowering the UNDERSERVED Dianne Molvig 28 CREDIT UNION MAGAZINE u DECEMBER 2014 u creditunionmagazine.com 2014 Credit Union National Association Inc. Reprinted with permission. More CUs are seeking CDFI

More information

NCUA LETTER TO FEDERAL CREDIT UNIONS

NCUA LETTER TO FEDERAL CREDIT UNIONS NCUA LETTER TO FEDERAL CREDIT UNIONS NATIONAL CREDIT UNION ADMINISTRATION 1775 Duke Street, Alexandria, VA 22314 DATE: February 2011 LETTER NO.: 11-FCU-02 TO: SUBJ: Federal Credit Unions Duties of Federal

More information

Infinity Federal Credit Union. Governance Policy. Table of Contents. Introduction.. 2. Corporate Governance Policy Statement 2

Infinity Federal Credit Union. Governance Policy. Table of Contents. Introduction.. 2. Corporate Governance Policy Statement 2 Infinity Federal Credit Union Governance Policy Table of Contents Page Introduction.. 2 Corporate Governance Policy Statement 2 Roles and Responsibilities of the Board and Management 2 Board Committees.

More information

California Information Technology Strategic Plan

California Information Technology Strategic Plan California Information Technology Strategic Plan 2013 Update Edmund G. Brown Jr. Governor Carlos Ramos Secretary of Technology Focusing on Outcomes Table of Contents Message from the Secretary of California

More information

Access, Convenience and Connection For Your Members. A Portfolio Of Solutions For You.

Access, Convenience and Connection For Your Members. A Portfolio Of Solutions For You. Access, Convenience and Connection For Your Members. A Portfolio Of Solutions For You. The co-op family of products and services Provides Mike Miyamura with convenience, accessibility and a connection

More information

Agreement to Acquire 100% Ownership of Protective Life Corporation

Agreement to Acquire 100% Ownership of Protective Life Corporation [Unofficial Translation] June 4, 2014 Koichiro Watanabe President and Representative Director The Dai-ichi Life Insurance Company, Limited Code: 8750 (TSE First section) Agreement to Acquire 100% Ownership

More information

Proposal to Change an Academic Program. Bachelor of Manufacturing Management for Online Delivery

Proposal to Change an Academic Program. Bachelor of Manufacturing Management for Online Delivery Proposal to Change an Academic Program Adding an Online Version of an Existing Program at The University of Minnesota, Crookston Bachelor of Manufacturing Management for Online Delivery Prepared and Submitted

More information

Service, value, and convenience for your business

Service, value, and convenience for your business Service, value, and convenience for your business Alaska USA for your business. It makes great business sense! To learn more about Business Checking Visit any branch Go to alaskausa.org Call (800) 525-9094

More information

Fast Starter By Shelly Garcia

Fast Starter By Shelly Garcia San Fernando Valley Business Journal August 1, 2005 Fast Starter By Shelly Garcia When it opened in May, California United Bank held the distinction of being the largest publicly-held state-chartered bank

More information

Valley National Bancorp to Acquire CNLBancshares, Inc.

Valley National Bancorp to Acquire CNLBancshares, Inc. Valley National Bancorp to Acquire CNLBancshares, Inc. Expanding Our Florida Presence Forward Looking Statements The foregoing contains forward-looking statements within the meaning of the Private Securities

More information

sponsored by White paper What can CRM bring to your business? A study of the benefits offered by CRM across all areas of the business

sponsored by White paper What can CRM bring to your business? A study of the benefits offered by CRM across all areas of the business sponsored by >> White paper What can CRM bring to your business? April 2011 A study of the benefits offered by CRM across all areas of the business Contents Executive summary p 3 The evolution of CRM p

More information

Wright-Patt Credit Union, Inc.

Wright-Patt Credit Union, Inc. The WPCU Vision: To be the best financial institution members have ever experienced and the best place employees have ever worked. Wright-Patt Credit Union, Inc. Wright-Patt Credit Union, Inc. Wright-Patt

More information

2014 ANNUAL REPORT. annual report

2014 ANNUAL REPORT. annual report 2014 2014 ANNUAL REPORT annual report COMPANY Walter Investment Management Corp. TICKER WAC (NYSE) MARKET CAP $623 million, as of March 26, 2015 EMPLOYEES 6,100 OPERATIONS BUSINESS SERVICING VOLUME ORIGINATIONS

More information

2016 DollarWise Summer Youth Contest Final Quiz Study Guide

2016 DollarWise Summer Youth Contest Final Quiz Study Guide 2016 DollarWise Summer Youth Contest Final Quiz Study Guide The DollarWise Summer Youth Contest Final Exam questions are designed to test your full knowledge of the information provided in the contest.

More information

Inform. Financial Resource Center SM. Marketing Solutions. About Our Financial Resource Center. Benefits of the FRC.

Inform. Financial Resource Center SM. Marketing Solutions. About Our Financial Resource Center. Benefits of the FRC. Inform. Financial Resource Center SM Marketing Solutions. About Our Financial Resource Center. Financial Resource Center (FRC) is a packaged content service that provides fresh content, online resources

More information

CHAIRMAN S REPORT PRESIDENT/CEO REPORT SUPERVISORY REPORT TREASURER S REPORT

CHAIRMAN S REPORT PRESIDENT/CEO REPORT SUPERVISORY REPORT TREASURER S REPORT 2014 ANNUAL REPORT P.O. Box 4900 Orlando, FL 32802-4900 407.426.6000 or Toll-Free 888.843.8328 InsightCreditUnion.com Equal Housing Lender Federally Insured by NCUA CHAIRMAN S REPORT We have much to celebrate

More information

Now, let me begin our presentation. Please turn to Page 2.

Now, let me begin our presentation. Please turn to Page 2. Good afternoon. My name is Seiji Inagaki from Dai-ichi Life Insurance Company. I would like to thank all of you for attending the presentation today relating to our acquisition of Protective Life Corporation.

More information

Capital Advisory Group 442 W. Kennedy Blvd., Suite 380 Tampa, FL 33606 813 254 1070

Capital Advisory Group 442 W. Kennedy Blvd., Suite 380 Tampa, FL 33606 813 254 1070 Capital Advisory Group 442 W. Kennedy Blvd., Suite 380 Tampa, FL 33606 813 254 1070 This brochure is required by law and provides information about the qualifications and business practices of Capital

More information

Realizing CRM Success

Realizing CRM Success Realizing CRM Success An Exclusive CRM Position Paper for RFG Clients January 2005 2005 Raddon Financial Group, Inc. 701 East 22nd St., Suite 400 Lombard, IL 60148 p. 800-827-3500 f. 630-792-8700 www.raddon.com

More information

And as their needs changed over the years, so has PHEAA in order to best meet those needs regardless of the challenges.

And as their needs changed over the years, so has PHEAA in order to best meet those needs regardless of the challenges. 2015 House Appropriations Hearing PHEAA Testimony - Submitted James Preston President & CEO March 12, 2015 Mr. Chairman, members of the Committee and staff - on behalf of our Board of Directors, our nearly

More information

Elements of a Successful MBL Program. Creating And Sustaining Your MBL Competitive Advantage

Elements of a Successful MBL Program. Creating And Sustaining Your MBL Competitive Advantage Creating And Sustaining Your MBL Competitive Advantage Jim Devine, CEO, Hipereon, Inc. Let s Define Some of The Strategic Concerns For Member Business Lending Where are we Now? There are 2,000+ Credit

More information

Home Financing Guide

Home Financing Guide Home Financing Guide Table of Contents Is Home Ownership Right for You? 1 Basics about Your Mortgage Options 2 Conventional or High Ratio Mortgage 3 Options for a Down Payment 3 Understanding Amortization

More information

OceanFirst Financial Corp. Expands Central and Southern New Jersey Presence with Cape Bancorp, Inc. Merger

OceanFirst Financial Corp. Expands Central and Southern New Jersey Presence with Cape Bancorp, Inc. Merger Joint Press Release OceanFirst Financial Corp. Expands Central and Southern New Jersey Presence with Cape Bancorp, Inc. Merger FOR IMMEDIATE RELEASE Toms River, NJ, and Cape May Court House, NJ, January

More information

School District Bond Issues

School District Bond Issues MICHIGAN DEPARTMENT OF TREASURY BUREAU OF STATE AND AUTHORITY FINANCE SCHOOL BOND QUALIFICATION AND LOAN PROGRAM 2014 Annual Report Table of Contents 1 Program Overview 3 Statewide Perspective 4 School

More information

A GUIDE TO ASSET CLASSES. We understand that everyone has different goals when it comes to their savings. When building your investment portfolio it

A GUIDE TO ASSET CLASSES. We understand that everyone has different goals when it comes to their savings. When building your investment portfolio it Investor Portfolio Service (IPS) A GUIDE TO ASSET CLASSES. We understand that everyone has different goals when it comes to their savings. When building your investment portfolio it s important to understand

More information

STATEMENT OF THE FEDERAL DEPOSIT INSURANCE CORPORATION RICHARD A. BROWN CHIEF ECONOMIST

STATEMENT OF THE FEDERAL DEPOSIT INSURANCE CORPORATION RICHARD A. BROWN CHIEF ECONOMIST STATEMENT OF THE FEDERAL DEPOSIT INSURANCE CORPORATION by RICHARD A. BROWN CHIEF ECONOMIST on LESSONS LEARNED FROM THE FINANCIAL CRISIS REGARDING COMMUNITY BANKS before the COMMITTEE ON BANKING, HOUSING,

More information

Stronger Reporting Needed for the Black Business Loan Program; Some Statutory Provisions Outdated

Stronger Reporting Needed for the Black Business Loan Program; Some Statutory Provisions Outdated December 2009 Report No. 09-41 Stronger Reporting Needed for the Black Business Loan Program; Some Statutory Provisions Outdated at a glance The 2007 Legislature passed the Florida Black Business Investment

More information

Savings @ Work. APG Federal Credit Union : Benefiting Your Employees. Federally insured by NCUA

Savings @ Work. APG Federal Credit Union : Benefiting Your Employees. Federally insured by NCUA APG Federal Credit Union : 1 Your Bottom Line Here at APG Federal Credit Union, we believe that people lead happier lives when they are financially healthy. That s why we developed, a program designed

More information

STEADY GROWTH IN LENDING AND DEPOSITS PROPELS CITY NATIONAL BANK TO STRONG 2015. Year of Hallmarks Positions Bank for Future Expansion

STEADY GROWTH IN LENDING AND DEPOSITS PROPELS CITY NATIONAL BANK TO STRONG 2015. Year of Hallmarks Positions Bank for Future Expansion STEADY GROWTH IN LENDING AND DEPOSITS PROPELS CITY NATIONAL BANK TO STRONG 2015 Year of Hallmarks Positions Bank for Future Expansion MIAMI, FL (January 26, 2016) City National Bank (CNB), Florida s premier

More information

Welcome Back to Community Banking. Macon-Atlanta State Bank Transition Toolkit

Welcome Back to Community Banking. Macon-Atlanta State Bank Transition Toolkit Welcome Back to Community Banking Macon-Atlanta State Bank Transition Toolkit 1 Welcome Letter from President/CEO James R. Neill 3 About Us 4 Key Transition Dates 5 Deposit Accounts 6-7 Statements Account

More information

State Small Business Credit Initiative. Increasing Access to Capital for Florida s Small Businesses Presented by: Stephen Heiman

State Small Business Credit Initiative. Increasing Access to Capital for Florida s Small Businesses Presented by: Stephen Heiman State Small Business Credit Initiative Increasing Access to Capital for Florida s Small Businesses Presented by: Stephen Heiman SMALL BUSINESS JOBS ACT OF 2010 Created the State Small Business Credit Initiative

More information

Please feel free to reach out to us at the following to receive more information: Erin Ciaravino, eciaravino@westloan.com, 936.521.2911.

Please feel free to reach out to us at the following to receive more information: Erin Ciaravino, eciaravino@westloan.com, 936.521.2911. Erin Ciaravino CRM & Marketing Specialist Weststar Mortgage Corporation 32310 Tamina Road Magnolia, TX 77354 Phone 936.521.2911 Email eciaravino@westloan.com To whom it may concern; We are excited to announce

More information

Since 2013, our goal has been to renew our focus on better serving the members lending needs and to continuously review all areas for efficiency.

Since 2013, our goal has been to renew our focus on better serving the members lending needs and to continuously review all areas for efficiency. 2014 Excellence in Operations, Sales & Service Application Miscellaneous Category Introduction is a financially sound and member focused financial institution. Net worth, loan loss ratios, and deposit

More information

ASSANTE OPTIMA STRATEGY

ASSANTE OPTIMA STRATEGY ASSANTE OPTIMA STRATEGY At Assante Wealth Management, we believe that an integrated approach to managing your wealth is a better approach. ASSANTE OPTIMA STRATEGY: A BETTER WAY Are you well invested? Wondering

More information

First Open-Ended Trust Fund Incorporating Target Maturity Strategy for Investment in Japanese Local Government Bonds

First Open-Ended Trust Fund Incorporating Target Maturity Strategy for Investment in Japanese Local Government Bonds Press Release June 30, 2010 First Open-Ended Trust Fund Incorporating Target Maturity Strategy for Investment in Japanese Local Government Bonds - Japan Public Bond Fund 2020 (nick name: Home Land Journey

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 8-K Current report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event

More information

Advantages and disadvantages of investing in the Stock Market

Advantages and disadvantages of investing in the Stock Market Advantages and disadvantages of investing in the Stock Market There are many benefits to investing in shares and we will explore how this common form of investment can be an effective way to make money.

More information

Arizona State Retirement System Supplemental Retirement Savings Plan Investment Policy Statement

Arizona State Retirement System Supplemental Retirement Savings Plan Investment Policy Statement Arizona State Retirement System Supplemental Retirement Savings Plan Investment Policy Statement June 8, 2007 1 ASRS Supplemental Retirement Savings Plan Investment Policy Statement I. Overview and Purpose

More information

Dear Company Representative:

Dear Company Representative: Dear Company Representative: Turbine Federal Credit Union is now accepting new companies into its field of membership. The credit union is specifically geared toward serving manufacturing companies with

More information

Asset quality remained strong and in line with expectations with a continued low level of impairments in the quarter.

Asset quality remained strong and in line with expectations with a continued low level of impairments in the quarter. VIRGIN MONEY: Q3 2015 TRADING UPDATE Virgin Money Holdings (UK) plc (the Group ) has delivered a strong trading performance in the third quarter of 2015 as it continues to create Britain s leading challenger

More information

Timothy K. Zimmerman President and CEO Of Standard Bank Monroeville, PA

Timothy K. Zimmerman President and CEO Of Standard Bank Monroeville, PA Testimony of Timothy K. Zimmerman President and CEO Of Standard Bank Monroeville, PA On behalf of the Independent Community Bankers of America Before the United States House of Representatives Committee

More information

2016 Community Bank Investor Conference

2016 Community Bank Investor Conference Richard P. Smith, President & CEO FIG Partners 2016 Community Bank Investor Conference February 3-4, 2016 SAFE HARBOR STATEMENT Certain comments included in this presentation may involve forwardlooking

More information

MISSION OF THE FARM CREDIT ADMINISTRATION

MISSION OF THE FARM CREDIT ADMINISTRATION Testimony of the Honorable Kenneth A. Spearman Chairman and Chief Executive Officer Farm Credit Administration Before the Subcommittee on Agriculture, Rural Development, Food and Drug Administration, and

More information

Logo and tagline. 2014 Investment Shareholders Update. meridiancu.ca 1-866-592-2226. Dear Shareholder,

Logo and tagline. 2014 Investment Shareholders Update. meridiancu.ca 1-866-592-2226. Dear Shareholder, 2014 Investment Shareholders Update Dear Shareholder, As we look back on the first half of 2014, I m happy to report that Meridian s continued focus on serving and meeting the needs of our Members while

More information

DILUTED EPS $0.67, UP 26% FROM $0.53

DILUTED EPS $0.67, UP 26% FROM $0.53 FOR IMMEDIATE RELEASE CITIGROUP THIRD QUARTER CORE INCOME RISES 27% TO $3.1 BILLION First Nine Months Core Income up 32% to a Record $9.7 Billion Revenues up 15% to $16.8 Billion from $14.6 Billion DILUTED

More information

Medium-term Business Plan

Medium-term Business Plan Mitsubishi UFJ Financial Group, Inc. Medium-term Business Plan Tokyo, May 15, 2015 --- Mitsubishi UFJ Financial Group, Inc. (MUFG) announced today that it has formulated its medium-term business plan for

More information

ATEL Growth Capital Fund 8, LLC. Financing Tomorrow s Technologies... Today

ATEL Growth Capital Fund 8, LLC. Financing Tomorrow s Technologies... Today ATEL Growth Capital Fund 8, LLC Financing Tomorrow s Technologies... Today RISK FACTORS Investors are encouraged to carefully read the Prospectus for ATEL Growth Capital Fund 8, LLC which has been provided

More information

2/23/2012. Strategic Planning is a Continuous Cycle. Metrics to Measure Operational Results and Align with Strategic Planning. What are Metrics?

2/23/2012. Strategic Planning is a Continuous Cycle. Metrics to Measure Operational Results and Align with Strategic Planning. What are Metrics? Strategic is a Continuous Cycle Metrics to Measure Operational Results and Align with Strategic Brian L. McGuire, Ph.D., CMA, CPA, CBM, CITP Associate Dean, College of Business MBA Director Professor of

More information

Industry models for insurance. The IBM Insurance Application Architecture: A blueprint for success

Industry models for insurance. The IBM Insurance Application Architecture: A blueprint for success Industry models for insurance The IBM Insurance Application Architecture: A blueprint for success Executive summary An ongoing transfer of financial responsibility to end customers has created a whole

More information

Mitel and Aastra Announce Plan to Merge

Mitel and Aastra Announce Plan to Merge NEWS RELEASE Mitel and Aastra Announce Plan to Merge Combination creates a billion dollar company with a global installed base and the technology and scale to migrate those customers, and the broader market,

More information

Federally Insured by NCUA

Federally Insured by NCUA 2014 ANNUAL REPORT Federally Insured by NCUA Table of Contents Board of Directors... 2 Minutes of the 61st Annual Meeting... 3 Chairman s Report... 4 Chief Executive Officer s Report... 5 Treasurer s Report...

More information

The value based Credit Union model. the alternative to consumer banking in the 21 st Century

The value based Credit Union model. the alternative to consumer banking in the 21 st Century The value based Credit Union model the alternative to consumer banking in the 21 st Century CUDA August 2009 1 Contents Introduction...3 CUDA s Statutory Prudential Management Framework: A comprehensive

More information

One Sector, One Voice: Working Together on Consumer Issues

One Sector, One Voice: Working Together on Consumer Issues 1 Remarks on the State of the Credit Counseling and Financial Education Sector by Susan C. Keating President and CEO National Foundation for Credit Counseling at the Association of Independent Consumer

More information

A Guide For Business Operation, Start-Up, Relocation, and Expansion in Downtown Naples

A Guide For Business Operation, Start-Up, Relocation, and Expansion in Downtown Naples A Guide For Business Operation, Start-Up, Relocation, and Expansion in Downtown Naples This Section provides information on Financial Resources & Assistance. D owntown Naples, Florida is the ideal place

More information

Purpose Driven Life Insurance

Purpose Driven Life Insurance Purpose Driven Life Insurance American National Insurance Company Galveston, TX Has someone ever called you on the phone and tried to sell you life insurance or another product without knowing anything

More information

FEDERAL CORPORATE CREDIT UNION CHARTERING MANUAL

FEDERAL CORPORATE CREDIT UNION CHARTERING MANUAL FEDERAL CORPORATE CREDIT UNION CHARTERING MANUAL National Credit Union Administration Office of Corporate Credit Unions TABLE OF CONTENTS INTRODUCTION-------------------------------------------------------------------------

More information

Brokerage Portfolio. Platinum Cash Back Now Available for Visa Platinum Debit Cardholders

Brokerage Portfolio. Platinum Cash Back Now Available for Visa Platinum Debit Cardholders Brokerage Portfolio Spend more time enjoying your money, and less time managing it. Platinum Cash Back Now Available for Visa Platinum Debit Cardholders Take control of your money and your time. For many

More information

Duck Creek. On-Demand

Duck Creek. On-Demand Duck Creek On-Demand Ever wonder how your business could benefit from cloud computing? Wonder no more. Once considered an emerging technology, cloud computing is now being used by businesses in all industries

More information

MERGER QUESTIONS AND ANSWERS FOR FIDELITY BANK CLIENTS

MERGER QUESTIONS AND ANSWERS FOR FIDELITY BANK CLIENTS Why is Fidelity Bank merging? Why Barre Savings Bank and who are they? benefit Fidelity Bank clients? Fidelity Bank is one of the strongest independent local community banks in Central Massachusetts. The

More information

FAQs Cal State Online

FAQs Cal State Online FAQs Cal State Online 1. What is Cal State Online? Cal State Online is a coordinated systemwide collection of services that not only supports the delivery of online programs from systemwide campuses but

More information

Vice President, Marketing and Customer Experience Wealth Management

Vice President, Marketing and Customer Experience Wealth Management Vice President, Marketing and Customer Experience Wealth Management About the Organization: CUNA Mutual Group is the leading financial services provider to credit unions and their members worldwide. For

More information

CREDIT UNION TRENDS REPORT

CREDIT UNION TRENDS REPORT CREDIT UNION TRENDS REPORT CUNA Mutual Group Economics July 2 (May 2 data) Highlights First quarter data revisions were modest. The number of credit unions was revised down by and assets and loans were

More information

Healthcare Trends 2014: Pressure Rises and Delivery Organizations Respond

Healthcare Trends 2014: Pressure Rises and Delivery Organizations Respond Healthcare Trends 2014: Pressure Rises and Delivery Organizations Respond A Market Point-of-View September 2014 Impact Advisors LLC 400 E. Diehl Rd. Suite 190 Naperville IL 60563 1-800-680-7570 Impact-Advisors.com

More information

CITRIX SYSTEMS, INC. CORPORATE GOVERNANCE GUIDELINES

CITRIX SYSTEMS, INC. CORPORATE GOVERNANCE GUIDELINES CITRIX SYSTEMS, INC. CORPORATE GOVERNANCE GUIDELINES Set forth below are Citrix Systems, Inc. s corporate governance policies. These guidelines are subject to change from time to time at the direction

More information

Dividends paid quarterly FREE ATM or Visa Check Card available FREE Internet account access and online bill pay

Dividends paid quarterly FREE ATM or Visa Check Card available FREE Internet account access and online bill pay Switch Kit for the Dividend Checking Account USF FCU Dividend Checking No monthly service charge No minimum balance requirement Unlimited check writing Overdraft protection available from share savings

More information

CORPORATE RETIREMENT STRATEGY ADVISOR GUIDE. *Advisor USE ONLY

CORPORATE RETIREMENT STRATEGY ADVISOR GUIDE. *Advisor USE ONLY CORPORATE RETIREMENT STRATEGY ADVISOR GUIDE *Advisor USE ONLY TABLE OF CONTENTS Introduction to the corporate retirement strategy...2 Identify the opportunity - target markets... 3 Policy ownership: corporate

More information

The Future of Independent Agent Distribution. Jamie Green Vice President, Market Strategy National Underwriter Summit Professional Networks

The Future of Independent Agent Distribution. Jamie Green Vice President, Market Strategy National Underwriter Summit Professional Networks The Future of Independent Agent Distribution Jamie Green Vice President, Market Strategy National Underwriter Summit Professional Networks Profile of Today s Independent Professional Purpose: to better

More information

2013 North American Physician Practice Management Customer Value Enhancement Award

2013 North American Physician Practice Management Customer Value Enhancement Award 2013 2013 North American Physician Practice Management Customer Value Enhancement Award 2013 Frost & Sullivan 1 We Accelerate Growth Customer Value Enhancement Award Physician Practice Management North

More information

USGIF Individual Membership Restructure FAQs

USGIF Individual Membership Restructure FAQs USGIF Individual Membership Restructure FAQs USGIF has restructured its Organizational Membership and launched a new Individual Membership program to better align with member needs and the growth of the

More information

Dear Great Southern Bank of Buffalo Customer,

Dear Great Southern Bank of Buffalo Customer, Dear Great Southern Bank of Buffalo Customer, It is our pleasure to welcome you as a future Old Missouri Bank customer! We are excited about the opportunity to do business with you and are looking forward

More information

Thursday July 18, 2013 FOR IMMEDIATE RELEASE

Thursday July 18, 2013 FOR IMMEDIATE RELEASE Thursday July 18, 2013 FOR IMMEDIATE RELEASE Washington Federal Reports Higher Net Income, Announces the Acquisition of 51 Branches in Four States, and Completes Conversion to a National Bank Charter.

More information

STATEMENT OF. Dr. David McClure Associate Administrator Office of Citizen Services and Innovative Technologies General Services Administration

STATEMENT OF. Dr. David McClure Associate Administrator Office of Citizen Services and Innovative Technologies General Services Administration STATEMENT OF Dr. David McClure Associate Administrator Office of Citizen Services and Innovative Technologies General Services Administration BEFORE THE HOUSE COMMITTEE ON HOMELAND SECURITY SUBCOMMITTEE

More information

for guidance. Why The new place protect members, insureds and What is a merger? their members.

for guidance. Why The new place protect members, insureds and What is a merger? their members. Questionss and Answerss For members, clients and stakeholders Introduction This document has been preparedd to assist members, clients, insureds and stakeholders of both MDA National and MIGA to understand

More information

Mission To deliver quality, sound financial services that promote agriculture, commerce and industry in North Dakota.

Mission To deliver quality, sound financial services that promote agriculture, commerce and industry in North Dakota. Table of contents Mission 3 History 3 Organizational structure 3 Deposit base 5 Economic development 6 BND Services 6 Programs administered by BND 9 Research 10 1 Mission To deliver quality, sound financial

More information

USGIF Organizational Membership Restructure FAQs

USGIF Organizational Membership Restructure FAQs USGIF Organizational Membership Restructure FAQs USGIF has restructured its Organizational Membership and launched a new Individual Membership program to better align with member needs and the growth of

More information

The Redwood Credit Union Story

The Redwood Credit Union Story The Redwood Credit Union Story Welcome to Redwood Credit Union Since 1950, Redwood Credit Union (RCU) has been honored to provide trusted financial services to our communities. Today we serve over 225,000

More information

183 200% Driving Return on Mobility with Managed Services. million. 10.7 billion. internet usage on mobile devices has increased.

183 200% Driving Return on Mobility with Managed Services. million. 10.7 billion. internet usage on mobile devices has increased. Driving Return on Mobility with Managed Services Mobility is transforming behavior and business The widespread adoption of mobile consumer devices and the public s familiarity with mobile technology is

More information

Commonwealth of Virginia Information Technology Transformation Initiative

Commonwealth of Virginia Information Technology Transformation Initiative Title of Nomination: COMMONWEALTH OF VIRGINIA INFORMATION TECHNOLOGY TRANSFORMATION INITIATIVE Project/System Manager: GEORGE NEWSTROM Title: SECRETARY OF TECHNOLOGY Agency: OFFICE OF THE GOVERNOR Department:

More information

Back-to-Basics Stock Investment Focusing on Japanese Equity Investment and Dividends

Back-to-Basics Stock Investment Focusing on Japanese Equity Investment and Dividends Press Release December 3, 2010 Back-to-Basics Stock Investment Focusing on Japanese Equity Investment and Dividends Back-to-Basics Japanese Equity Fund Applications Accepted from December 6 Nikko Asset

More information

Idaho Digital Learning Academy

Idaho Digital Learning Academy Idaho Digital Learning Academy 1906 S. Vista Ave. Boise, ID 83705 Phone: (208) 342-0207 Fax: (208) 342-1031 Tech Support 1-800-927-8158 www.idahodigitallearning.org Dear Governor Otter, Thank you for your

More information

Introduction to Mortgage Lending

Introduction to Mortgage Lending Many experts think that credit unions have a high potential for greater growth in the mortgage lending area. In this chapter we explain the development of mortgage lending at credit unions, how mortgage

More information

Bringing Business To You

Bringing Business To You Bringing Business To You Company and Product Overview Profile January 2016 CU Business Group is a CUSO focusing solely on business services. The following are highlights of our history and the services

More information

Agreement to Acquire Symetra Financial Corporation, A Listed U.S. Life Insurance Group

Agreement to Acquire Symetra Financial Corporation, A Listed U.S. Life Insurance Group For Immediate Release Agreement to Acquire Symetra Financial Corporation, A Listed U.S. Life Insurance Group Tokyo, Japan, August 11, 2015 - Sumitomo Life Insurance Company ( the Company ; President: Masahiro

More information

Outsourcing 2010. www.iaop.org. Summary of Findings from IAOP s State of the Industry Survey. Produced with the support of

Outsourcing 2010. www.iaop.org. Summary of Findings from IAOP s State of the Industry Survey. Produced with the support of Outsourcing 2010 Summary of Findings from IAOP s State of the Industry Survey Produced with the support of Outsourcing 2010 Summary of Findings from IAOP s State of the Industry Survey For the past 18

More information

Proposal to Change an Academic Program. Bachelor of Science in Business for Online Delivery

Proposal to Change an Academic Program. Bachelor of Science in Business for Online Delivery Proposal to Change an Academic Program Adding an Online Version of an Existing Program at The University of Minnesota, Crookston Bachelor of Science in Business for Online Delivery Prepared and Submitted

More information

New Developments in Overseas Insurance Business ~ Agreement to Acquire 100% Ownership of a Listed

New Developments in Overseas Insurance Business ~ Agreement to Acquire 100% Ownership of a Listed New Developments in Overseas Insurance Business ~ Agreement to Acquire 100% Ownership of a Listed U.S. Life Insurance Group, StanCorp Financial Group, Inc. ~ July 24, 2015 Meiji Yasuda Life Insurance Company

More information

INSURANCE. Life Insurance. as an. Asset Class

INSURANCE. Life Insurance. as an. Asset Class INSURANCE Life Insurance as an Asset Class 16 FORUM JUNE / JULY 2013 Permanent life insurance has always been an exceptional estate planning tool, but as Wayne Miller and Sally Murdock report, it has additional

More information