Groundbreaking Celebration for New Education First FCU Headquarters

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1 Groundbreaking Celebration for New Education First FCU Headquarters Recently, EFFCU welcomed the Beaumont Chamber of Commerce and City of Beaumont elected officials at the groundbreaking celebration of its new $9.1 million administrative headquarters. Smart Living June 2015 The 25,000-square-foot, two-story building will be located on the same lot on Eastex Freeway as the current administrative offices, and will house several corporate departments, as well as space for our lending and commercial banking teams to meet with their customers. Jimmy Lackey, President and CEO of Education First shared, We are celebrating not just the groundbreaking of a new EFFCU Board of Directors pictured left to right: Charles Starcke, Chairman of the Board; Dr. John Storey; Dale Ortego; Dr. Hubert Monroe, Secretary; James Ruby; Shirlene Cook, Treasurer; Ron Jackson, Vice-Chairman and EFFCU past president. building, but the beginning of a new chapter in our story. We are making an investment to better serve our current and future members. Estimated date of completion is April Stay tuned for your invitation to the ribbon-cutting! Debit or Credit Convenience Comes to You All EFFCU locations are now equipped with Instant Issue technology, allowing new members to instantly receive their personal debit or credit card on the spot! Not only does this allow us to provide our members with immediate solutions for their financial needs, but it also eliminates the wait for a replacement card to arrive in the mail if yours has been lost or stolen. If you don t have an EFFCU debit or credit card, here are some of the conveniences you are missing out on: EFFCU VISA Debit Card Linked directly to your EFFCU Checking Account Accepted at thousands of locations in person or online Choice of three designs Zero fraud liability EFFCU Gold or Platinum VISA Credit Card 4.99% APR* introductory rate for 12 months No balance transfer fees No cash advance fee No annual fee Gold card members receive award points for all purchases made with their card and double points for the entire month of December! Platinum card members enjoy a lower APR * APR = annual percentage rate. Contact us today to learn more or apply online!

2 Retirement Announcement The Board of Directors of Education First Federal Credit Union announces the retirement of its President and CEO, Jimmy Lackey, effective June 30, Mr. Lackey began his career with the credit union in 1983 and has served in his current position of leadership since Under Mr. Lackey s direction, EFFCU has expanded its footprint from two branches in Beaumont to nine branches in six counties, added Business Services (commercial banking) and has helped grow EFFCU assets from $210 million in 1983 to its current $330 million. Keith Brenek The Board of Directors has appointed Keith Brenek, current Executive Vice- President, to succeed Mr. Lackey as President and CEO. Mr. Brenek, a native Texan, earned his BBA in Accounting from Southwest Texas State University. Mr. Brenek has built a career in the financial services industry, starting as an auditor in 1984 for the Texas Credit Union League to CEO at Beacon Credit Union. In 2008, Mr. Brenek joined us as Executive Vice-President and is looking forward to serving our existing members and welcoming new ones to the EFFCU family. Small Business Loans to Grow If your business is experiencing growth, you want to meet its demands. But what if you don t have the funds readily available? Whether you need to expand your space, hire more employees or upgrade your technology, a small business loan might be a good option to take your business to the next level. Banking on Your Balance Sheet Before you approach lenders, here s what you need to know that will help you land that loan. The first thing a lender will review is Trudy Johnson Director, Business Services your balance sheet. A business with a debt-to-equity ratio (sometimes called leverage ratio) between 1-to-2 and 1-to-1 is generally considered in good standing (however, different thresholds may apply in different industries). For example, if your business has $75,000 in total debt and $125,000 in total assets, your debt-to-equity may make the grade. Next in line of importance is a measure current assets against current liabilities, called a current ratio. A 2-to-1 ratio, where assets are twice the liabilities, is generally considered good, but a 1-to-1 ratio may be acceptable, too. Satisfactory ratios vary by industry. Lenders will also want to look at your balance sheet from the previous quarter, but may ask to see this information for up to a full year of operations. They will compare your balance sheet with a comparable business of similar size to see how you measure up. Finally, cash flow, defined as net income plus depreciation, will be scrutinized. Let Us Help If you re ready to expand your business, Education First will help you understand what you need to take the next step. Contact a member of our Business Services team, Trudy Johnson or Sharon Garza, to find out more about how to qualify for a business loan at or We re here to help you find the business loan that is just right for your needs. EFFCU: 2015 Better Business Bureau Torch Award Finalist In May, Education First was honored as a finalist at the 18 th Annual Awards Presentation for the BBB Southeast Texas Torch Award. 2

3 Place Your Trust in Us Credit Unions No. 1 Trusted Financial Institution A recent Harris Interactive poll revealed what we already know credit unions have worked hard to earn your trust! Local credit unions are the most trusted financial institutions, with 77% of Americans having some or a great deal of trust in them. Here s how other financial institutions fared in the poll: Community banks also scored high, with 76% of Americans placing trust in them. 70% of Americans have at least some trust in local branches of regional banks. Only 50% of Americans have trust in big national banks. Influencing Factors Many factors come into play when a financial institution is chosen as the place you trust with your money. According to the poll, among those influencing factors are: Personal experience Quality of products and services Quality of customer care Amount charged in fees Respondents age 69+, baby boomers and Gen Xers all rated personal experience higher than millennials as an important trust influencing factor. Social media played a minor role in influencing millennials and Gen Xers on their level of trust, but had less influence on baby boomers and those 69+. The size of area the financial institution served also proved to be a key factor in earning trust. Interestingly, in the Harris survey, the smaller the area of influence of the financial institution, the higher the amount of trust placed in it. This contributed to local credit unions and local community banks being ranked as the most trusted institutions. How We Earn Your Trust Day by day, we strive to earn your trust. We do not take it for granted. At Education First FCU, we know you have a lot of banking options. That s why we put our members first each and every day. Our success is largely determined by our members success, so you can rest assured we have your best interests in mind. Here are some of the many benefits we deliver to our members to show you your trust is well-placed in us: Lower rates on loans Higher interest on savings Technology that allows you convenient access to our full suite of products and services Valuable FREE Financial Literacy & Education Discounts on hundreds of products and services through LoveMyCU Rewards Community investment through scholarships, charitable giving and volunteerism Whether you prefer doing your banking online, from your mobile device or by walking into a convenient branch, we are here to serve you, every day, every way. To learn more about the benefits of membership and how to join Education First FCU give us a call at , visit us online at or simply stop by one of our convenient branches in six counties. Source: Harris Interactive survey #99, Oct. 30, 2014, We are flattered by the nomination, said Jimmy Lackey, President and CEO of EFFCU, but far more humbled by the fact that the nomination came from one of our members. Ramona Young, the member who nominated EFFCU for the award said, Education First is amazing! Not only are they friendly and know me personally, but they take care of me. They helped me get a better rate on an auto loan, and now that my husband and I are planning to buy a house, we will look to them for our mortgage also. I wouldn t bank anywhere else! Ms. Young s nomination is an inspiration to our entire staff. It s one thing to strive to deliver that kind of service to our members, but to actually have one of our members go the extra mile to recognize us for it is a reward beyond compare, said Lackey. 3 The Torch Award was introduced in 1997 as a way to recognize businesses in the Southeast Texas region committed to maintaining exceptionally high standards of ethical behavior. I wouldn t bank anywhere else! Ramona Young, Member 9 years

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5 Could Assumptions Harm Your Retirement Plan? Provided by Sal Guerrero, CRPC 1. Assuming retirement will last years. Historically, retirement has lasted about years for most Americans. The key word here is historically. When Social Security was created in 1933, the average American could anticipate living to age 58 as a man or 62 as a woman. By 2014, reports indicated life expectancy for the average American had increased to , 2 decades, we have had moderate inflation (and sometimes worse, think 1980). What happens is that over time, even 3% to 4% inflation gradually saps your purchasing power. Your dollar buys less and less. If your income doesn t keep up with inflation essentially, you end up living on yesterday s money. As you retire, you may assume that an extremely conservative approach to investing is mandatory. But given how long we may live and how long retirement may last growth investing may be important. So assuming you ll only need 10 or 15 years worth of retirement money could be a big mistake. In 2014, the Centers for Disease Control and Prevention s National Center for Health Statistics said that the average 65-year-old American male can expect to live to nearly 83. The average 65-year-old American female has an average life expectancy of Assuming too little risk. Holding onto your retirement money is certainly important; so is your retirement income and quality of life. Over the past few Sal Guerrero may be reached at or [email protected]. Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information should not be construed as investment, tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your Financial Advisor for further information. 1 [1/28/14] 2 [10/9/14] Sharon Garza Named Employee of the Month Congratulations to Sharon Garza, who was selected by the Beaumont Chamber of Commerce as the Employee of the Month for April Sharon has been employed with Education First Federal Credit Union for 6 years. She joined EFFCU in 2009 as a Financial Services Representative in our Kountze branch, and in 2013 she moved to the Business Services department, where she now serves our members with commercial needs as a Business Loan Officer. Sharon was nominated by her supervisor, Trudy Johnson, who said, Sharon is good at everything she does. She is always able to help when asked to assist with something. Whether it is a member with a question about our loan products or her colleagues who may have questions about business accounts she gladly does it all! Pictured left to right: Dale Champagne, Membership Director, Beaumont Chamber of Commerce; Sharon Garza; and Trudy Johnson, Director of Business Services, EFFCU. 5

6 FOLLOW US ON IN THIS ISSUE Facebook.com/BankSmart Call us 24/7 at or ➊ Groundbreaking Celebration ➋ Retirement Announcement ➌ Credit Unions No. 1 Trusted Financial Institution ➍ 2015 Scholarship Winners ➎ Could Assumptions Harm Your Retirement? ➏ CEO Message Visit us at P.O. Box Beaumont, TX This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material. Websites not belonging to this organization are provided for information only. No endorsement is implied. Images may be from one or more of these sources: istock, Fotolia Bluespire Marketing bluespiremarketing.com CEO Message In 1983 my wife, Sheilah, and I put down roots in Beaumont, Texas, when I began my career at Education First FCU. For the past 32 years we have been blessed to call Southeast Texas our home. During this time we raised a family and have made many friends that we worked, worshipped and volunteered alongside of. Among those many fond memories are those that I have spent at Education First. And so, as the English proverb goes, all good things must come to an end. It is with both joy and sadness and many wonderful memories that I will retire as President and CEO effective June 30, I thank you for the confidence and trust that you have placed in me over the years. It has been my extreme pleasure to serve you, the membership. Sincerely, Jimmy Lackey President and CEO By the Numbers Thanks to prudent management and responsible lending practices, Education First is in a strong financial position to continue serving the needs of our member-owners for years to come. Assets $338,716,269 Capital $38,742,849 Member-Owners 33,820 As of April 2015.