Smart Living - Education First FCU

Smart
Living
Groundbreaking Celebration
for New Education First FCU Headquarters
June 2015
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.
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 2016.
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
Contact us today
to learn more or
apply online!
* APR = annual percentage rate.
www.EducationFirstFCU.org
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, 2015.
Mr. Lackey began his career with the
credit union in 1983 and has served
in his current position of leadership
since 2008.
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 VicePresident, 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
Johnson
Before you approach lenders, here’s what you need to know that Trudy
Director, Business Services
will help you land that loan. The first thing a lender will review is
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 409.896.8502 or 409.896.8528. 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 18th Annual Awards
Presentation for the BBB Southeast Texas
Torch Award.
2
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:
P ersonal 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:
L ower 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 409.898.3770, visit
us online at www.EducationFirstFCU.org
or simply stop by one of our convenient
branches in six counties.
Source: Harris Interactive survey #99, Oct. 30, 2014, www.harrisinteractive.com/NewsRoom.
“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.
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
3
4
Could Assumptions Harm Your Retirement Plan?
Provided by Sal Guerrero, CRPC
1. A
ssuming retirement will last
10-15 years.
Historically, retirement has lasted about
10-15 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 78.8.1, 2
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 85.5.2
2. 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
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.
Sal Guerrero may be reached at 409.896.8552 or
sal.guerrero@cunamutual.com.
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 800.369.2862.
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
www.ssa.gov/history/lifeexpect.html [1/28/14]
2
www.usatoday.com/story/news/nation/2014/10/08/us-life-expectancy-hits-record-high/16874039/ [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 2015.
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!”
5
Pictured left to right: Dale Champagne, Membership
Director, Beaumont Chamber of Commerce; Sharon Garza;
and Trudy Johnson, Director of Business Services, EFFCU.
FOLLOW US ON
IN THIS ISSUE
Facebook.com/BankSmart
Call us 24/7 at 409.898.3770
or 800.456.4684.
Visit us at www.EducationFirstFCU.org.
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
P.O. Box 26751
Beaumont, TX 77720-6751
This publication does not constitute legal, accounting or other
professional advice. Although it is intended to be a­ ccurate, 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.
©2015 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, 2015.
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.