P R O F I L E - First Entertainment Credit Union

THIRD QUARTER 2013 :: For Members Only :: The journal for every stage of your financial world.
I S S U E
T H I R T Y - N I N E
P R O F I L E
Abraham Laboriel, Sr.
Much More Than All That Jazz
Member since 2011
LOCATIONS
HOURS
PRESIDENT’S
MESSAGE
The Credit Union Difference.
A L L B R A N C H E S : M-Th 8:30 am to 5:00 pm
Fri 8:30 am to 6:00 pm
B U R B A N K , E N C I N O, M I R A C L E M I L E ,
S A N TA C L A R I TA & S T U D I O C I T Y B R A N C H E S :
Sat 9:00 am to 2:00 pm
MAIN OFFICE
6735 Forest Lawn Dr., Hollywood
BURBANK
2520 Olive Ave.
Greetings to all in the First Entertainment family,
Well, they’re at it again – we are starting to hear rumblings about the government
looking to tax credit unions. It’s not the first time and it probably won’t be the last.
Some brief history – in 1937, Congress granted credit unions an exemption from
federal income tax due to the structure, nature of service, and not-for-profit status of
these organizations. The exemption was renewed in the 1950s, and again in 1998.
Historically, Congress has realized that credit unions exist to serve the financial
good of a membership made up of everyday citizens, not corporate shareholders.
They recognize the overall benefit to their constituency and society as a whole.
As the country continues to adjust to the new economic climate, and the government
looks for ways to boost revenues, some in Washington have proposed removing the
federal income tax exemption for credit unions. Of course this stance makes little
sense, as the credit union model has not changed since the initial tax exemption.
The fact is, credit unions still benefit the public today as they did in 1937, and they
provide the only true alternative to the profit-driven bungling banks.
At First Entertainment and other credit unions, stockholder profits just don’t play a
role in our decision-making because we don’t have stockholders. We are a financial
cooperative, made up of a group of like-minded citizens banded together to enjoy
the benefits of fair banking fees and practices, outstanding loan rates, and fantastic
customer service. It’s about fostering a personal relationship with members, and an
operational philosophy that works to make you money, instead of finding ways to
take it from you.
Credit unions are member-owned not-for-profits. We answer to you, our memberowners. We have low fees, great loan rates, high interest savings, and offer some
of the best services in the financial industry. We operate to benefit good people like
you and your neighbors and coworkers, rather than amassing record profits every
quarter for a few wealthy investors.
Across the nation, credit unions have continued to see record membership growth
as more and more people come to realize the credit union difference. For more
than 45 years, First Entertainment has been providing members with the best that
banking has to offer. Elimination of the credit union tax exemption could potentially
take that away. Hopefully, the powers-that-be in Washington will remember that.
C U LV E R C IT Y
Sony Pictures Plaza
10000 West Washington Blvd.
ENCINO
17656 Ventura Blvd.
MIRACLE MILE
5750 Wilshire Blvd.
PARAMOUNT STUDIOS
Mae West Building
(This branch restricted to individuals with studio lot access.)
SANTA CL ARITA
27093 McBean Parkway
RELOCATING
IN AUGUS T 2013
SANTA MONICA
2425 Colorado Ave.
STUDIO CITY
4067 Laurel Canyon Blvd.
WARNER BROS. STUDIOS
Building 19
(This branch restricted to individuals with studio lot access.)
First Entertainment
TOLL FREE: 888.800.3328
www.firstent.org • mail@firstent.org
Autoland Auto Buying Service
323.845.4436
First Entertainment Investment Services
323.845.4434
Media Benefits Insurance Services
323.845.4495
Your savings federally insured to at least $250,000
and backed by the full faith and credit of the United States Government
Charles A. Bruen
President/CEO
NCUA
National Credit Union Administration, a U.S. Government Agency
Cover Photo: Tom Keller Photography. The information in the Show is as
current as possible. However, the credit union reserves the right to add,
change or delete services. All rates and terms are subject to change without
notice. the Show is published quarterly by First Entertainment Credit Union.
Questions or comments should be directed to: Roy MacKinnon, Vice President
Marketing • rmack@firstent.org
T H E
S H O W
PROFIL
Abraham Laboriel, Sr.
We caught up with Abraham during
some of the rare minutes when he’s
not in a recording session, performing
live, teaching or traveling the world.
Sharing anecdotes and attitudes, he
painted a colorful tale of life as
a musical magician.
Musician
Member
• First Entertainment Credit Union (2 years)
A Short Sample of his Top Credits
Al Jarreau “We’re In This Love
Together”
“Breaking Away”
“Theme from
Moonlighting”
Bette Midler
“Wind beneath
My Wings”
Big Mountain Baby
“I Love Your Way”
Bill Medley & Jennifer
Warnes “I’ve Had the
Time of My Life”
Chaka Khan
“Night in Tunisia”
Dolly Parton
“Nine to Five”
Elton John, Dionne
Warwick “That’s What
Friends Are For”
Guitar Player Magazine says Abraham
Laboriel Sr. is “the most widely used
session bassist of our time.” Musician
Larry Carlton says, “There are a lot of
great bass players in the world, but there
is one and only one, Abraham Laboriel.”
What does First Entertainment say? He’s
an artist who is as humble, passionate
and inspiring, as he is talented. We also
describe him as a glowing example of
our credit union’s unique membership.
George Benson
“Give Me the Night”
Hanson “MMMBop”
Herb Alpert “Rise”
James Ingram
“Just Once”
Jeffrey Osborne
“On the Wings of Love”
Joe Cocker & Jennifer
Warnes “(Love Lifts Us)
Up Where We Belong”
Leo Sayer
“You Make Me Feel
Like Dancing”
Lionel Richie
“All Night Long”
“Say You Say Me”
“Penny Lover”
“Truly”
“Dancing on the
Ceiling”
Sheena Easton “Strut”
First Entertainment is an idea
whose time has come. They
are so personable
&
accurate & honest.
“I was born and raised in Mexico
City. My parents are from Honduras,
and we belong to an ethnic group
called Garifuna, which means ‘Black
Caribbean.’” Abraham’s father was a
talented musician and tried to teach him
classical guitar at age six. “But when I
was four – from being mischievous – I
lost the tip of my index finger on my left
hand. Fingering chords became very
difficult – the tip of that finger is very
important to play guitar. There were a
lot of chords and things that I was not
able to do. So when I was eight years
old, I gave up.” Fortunately for the
music world, Abraham’s “retirement”
only lasted until age 10. “ I started to
play by ear with American pop records
and developed my own unorthodox
style that included adding the bass lines
on the guitar with my injured finger
while playing the chords with the rest.
It changed my technique and musical
tastes forever. I fell in love with American
music at age 10 and have never stopped
loving it.”
Back on the musical track, Abraham
moved to the U.S. in 1968 to attend
the Berklee College of Music in Boston.
While studying to earn a composition
degree, his teachers learned that he
could play the electric bass. There were
no teachers of electric bass at Berklee at
that time. “I discovered for myself how
the bass served as a floating anchor
for the music both rhythmically and
harmonically and my unique approach
to the instrument was born.” Abraham
credits his father for imbuing him with
a deep understanding of the role of the
bass. “I knew the function of the bass
and would approach it as a real bass
player, as opposed to other guitarists
who switch to bass.” When he got his
degree, he was already established as
a bass player at school. From there, the
doors flew wide open. Henry Mancini
encouraged him to “head west, young
man,” and off he went to Los Angeles.
Today, with nearly 5,000 recording
sessions to his credit, Abraham has
worked with a list that reads like a
“Who’s Who” of entertainment royalty.
The names range from jazz greats such
as Ella Fitzgerald and Herbie Hancock,
T H E
S H O W
to pop legends that include Burt
Bacharach, Elton John, Dolly Parton,
Michael Jackson and Barbra Streisand.
In addition to albums, he’s done movie
scores, TV recordings, jingles and live
performances.
How does he manage so many different
genres, project types and personalities?
“A lot of that has to do with being in
Los Angeles. The studio musicians here
specialize in being versatile.” It also
traces back to childhood. “At an early
age, I started listening to every style of
American music. I was playing country
and western, jazz, Elvis Presley, Little
Richard and Doris Day. So my approach
was not one-dimensional. I really fell in
love with music as a whole. I approach
it as music and then the heart that I play
with is the heart of a servant. I go to
Diana Ross or Quincy Jones or Lionel
Richie and I say, ‘What can I do with my
instrument to help you achieve what you
want to do with your song?’ Dolly Parton
would call and I would come to her
with the same attitude: ‘How can I use
my instrument to help you accomplish
the song?’ As opposed to walking in
with an attitude of ‘This is how I play
and if doesn’t fit your song, it is
your problem.’”
Outside of the studio, Abraham
performs live with his band Open Hands
(www.openhandsmusic.net). “I’ve also
been teaching at Shepherd University.
Increasingly, I’ve been devoting more
time to education, traveling the world
doing music clinics and seminars.”
When it comes to First Entertainment,
Abraham finds complete harmony.
“First Entertainment is an idea whose
time has come. They are so personable
and accurate and honest. “Nowadays,
the big banks don’t recognize anybody;
there are different employees every day.
They don’t know who you are. So it is
beautiful to walk in and shake people’s
hands and have them know who you
are and care about you. We are very,
very happy. They respect us for being
their clients and they also respect us
for being people.”
Abraham and his wife enjoyed taking
advantage of First Entertainment’s
auto loan program – topped off
with personalized service. “First
Entertainment gave us the absolute
best rate on the planet, and when
the time came to send the dealership
money, the branch manager said ‘I’m
on my way to FedEx, so I’ll drop the
check off there personally so that it
gets to the dealer on time.’ I cannot
commend him enough. I think First
Entertainment has to do with what I was
talking about. Musicians are servants.
It’s nice to bank where people treat you
with the same attitude of service; What
can I do for you?”
Thank you, Abraham, for hitting such
a high note on our behalf. It’s music
to our ears.
We may not be Google, or Yahoo, or even
Ask.com, but we are committed to helping our
members become the smartest and savviest
financial experts they can be. That’s where the
GET SMART section of our website comes into
play. It’s chock-full of information goodness.
From tools to help you make a decision on
investments, to what savings and loans might
be best for you, we’ve got it all – and it’s
growing all the time. There is even a variety
of resources just for youth and young adults
looking to head down the right financial path.
Here’s just some of what’s waiting for you ...
Security Tips – When using Mobile Banking
and Mobile Deposits, we want your financial
experience to be as secure as possible. We’ve
even got tips on how to secure your tablet for
safe online banking.
Job Advice – An employed membership is
a happy membership, so we’ve put together
some short articles on today’s “hot jobs”, how
to put the right spin on your resumé, and how
you can expand your professional network to
show it off.
Financial Enlightenment – Knowledge is
most important right when you find yourself
needing it, such as knowing how to protect
your finances before and in a disaster, or
getting the answers to tax questions ahead of
when your filing is due. We’ve even hooked
you up with several sub-sites that focus in on
different age groups and their particular needs.
Googleplex for young students, Money Mix for
the 18-30 set, and Plan-It for those members
needing a “ready to retire” toolkit.
Life Lessons – The world’s pretty big and
sometimes hard to get a handle on, so we’ve
gathered tools to make you more productive
online and off. From great apps to financial
tips on planning for college or marriage,
there’s a lot to learn.
Interactive Tutorials – From how to buy a
new or used car to credit management, even
how to balance a checking account. We’ve got
a host of helpful interactive tutorials for you.
We can even connect you with fuel economy
comparisons and crash test ratings.
the Show – We know what you’re thinking.
“I’m already reading the Show right now,
why do I need to it online?” Well, we have all
our past issues available on our website; that
means even more educational articles on a
variety of subjects all a couple clicks away!
So visit www.firstent.org/getsmart today
to well, start getting smart-er! And we’d like
your help too. If you have a favorite source
of financial enlightenment that you’ve found
particularly helpful, we’d love to hear about it
– simply send it to marketing@firstent.org,
we’ll look into it and possibly share it with your
fellow members.
Bank On Your Schedule, Not On Ours
Hey, we get it; you lead a busy life. Work, family, “me” time – all
combined it doesn’t leave a lot of time to run to the credit union to
handle your financial needs. Thankfully, that’s no longer a problem!
First Entertainment has put together a variety of convenient services
designed to keep you connected to your accounts while staying
connected to the rest of your life. No matter where you are – LA, NY,
or anywhere in-between – we’re right there with you.
DIRECT DEPOSIT & PAYROLL DEDUCTION get the ball
rolling. With them in place, you no longer have to trudge to
the branch (or your mailbox) to make a deposit. These services
ensure your regular checks are electronically deposited directly
into your account.
FIRSTENT MOBILE APPS for your Smartphone gives
you access to your accounts anytime. You can do almost
everything on it: make transfers, view balances, deposit checks
electronically, even get cash (in a manner of speaking). Just
use our ATM Locator tab to find the ATM nearest you.
OVER 30,000 SURCHARGE-FREE ATMS are out there right
now, just waiting for you to visit. Finding one is easy thanks
to our ATM Locators on both www.firstent.org and Firstent
Mobile. That’s a lot of ways to put cash into your pocket!
CU.ONLINE gives online banking a good name. Allowing you
complete access to your accounts anywhere you have Internet
access, this service doesn’t stop there. Besides a wealth of
information on our products and services, it enables you to
apply for loans online making the whole loan process that
much quicker.
SOCIAL MEDIA tips and tricks give you pertinent information
on everything from financial education to upcoming promos
and events, temporary branch closures and system
maintenance notifications. Keep in touch via Facebook and
Twitter for all the latest news, plus some totally unrelated fun
stuff we think you’ll enjoy.
Today’s technology makes it easier to stay in touch than ever
before and that includes staying in touch with your account.
We’re just happy we could bring the two of you closer
together. For more information on any of these conveniences,
please visit us online at www.firstent.org or call us at
888.800.3328.
10, 15, 20, or 30 years ... no matter how
long you’re planning on staying in your home,
First Entertainment has a fixed-rate Home Loan
that’s got you covered. There’s something to be
said for stability and in a volatile housing market,
nailing down a great rate is something that pays
off in the long term. That’s where our fixed-rate
mortgages come in. They’re a low-risk option that
can help you stay within your means – even when
the economic world is changing around you.
Here’s what we mean: choose the term below that
best reflects the length of time you expect to stay in
your home. That term’s rate is then fixed (meaning
it won’t move around on you) for the length of the
term. It’s that easy, no surprises. Not only that, but
with First Entertainment, there are no application
fees to worry about either and loans can go as
high as $3,000,000. Plus, we also offer No Points
programs too.
For additional information on our all our fixed-rate
products, call our Real Estate Lending Department
today at 323.845.4411 or visit www.firstent.org
for additional loan options. So, what do you say ...
can we FIX you up?
10-YEAR FIXED
15-YEAR FIXED
20-YEAR FIXED
30-YEAR FIXED
*As of 06/12/13, our 30-year fixed rate is 4.250%, Annual Percentage Rate of 4.300%. The monthly payment schedule would be: 359 payments of $1,456.15 at an interest rate of 4.250%, 1 payment of $1,450.41 at an
interest rate of 4.250%. Our 20-year fixed rate is 4.125%, Annual Percentage Rate of 4.194%. The monthly payment schedule would be: 239 payments of $1,813.26 at an interest rate of 4.125%, 1 payment of $1,812.65 at an
interest rate of 4.125%. Our 15-year fixed rate is 3.500%, Annual Percentage Rate of 3.587%. The monthly payment schedule would be: 179 payments of $2,116.06 at an interest rate of 3.500%, 1 payment of $2,114.22 at an
interest rate of 3.500%. Our 10-year fixed rate is 2.625%, Annual Percentage Rate of 2.749%. The monthly payment schedule would be: 119 payments of $2,807.25 at an interest rate of 2.625%, 1 payment of $2,806.73 at
an interest rate of 2.625%. The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $296,000 and an estimated property value of $400,000. The property is located in Los
Angeles, CA and is within Los Angeles County. The property is an existing single family home and will be used as a primary residence. An escrow (impound) account will not be established. The rate lock period is 45 days and
the assumed credit score is 740. If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner’s insurance premiums. Standard qualifying credit and
ratios are required. Property insurance is required. Other terms may apply for purchase transactions. Other rates and terms are available for loans up to $3,000,000. Rates and guidelines are subject to change without notice.
411
the
HOLIDAY HOURS
TELL ME MORE ABOUT
LOANS
ESERVICES
SAVINGS
OTHER SERVICES
•First500, Money Market
•Vehicle, Personal
•Online Banking
•Family Membership
Accounts & Term Savings
& Secured Loans
•Mobile Banking
•Financial Planning
Certificates
•Home Purchase,
•Mobile Deposit
•Deposit by Mail Envelopes
•Checking Services &
Refinance & Home
•Online Billpay
•Travel Services
Debit Card
Equity Loans
•Electronic Statements •Theme Park Discounts
•IRAs & Health Savings
•Email Alerts
•Discount Legal Services
Accounts
For materials, email marketing@firstent.org. Include your name and mailing address.
First Entertainment will be closed in observance of the following holidays:
Monday, September 2 , Labor Day
nd
Monday, October 14 , Columbus Day
th
W W W.FIRSTENT.ORG
888.800.3328
ANNUAL MEETING
Election
& Results
Every year at our Annual Meeting, you elect
dedicated individuals to serve as your credit
union’s Board of Directors and Supervisory
Committee, all of whom volunteer their time,
knowledge and efforts without compensation.
Your Board of Directors establishes the
general policy and direction of the credit
union, ensuring that First Entertainment
continues to operate in a safe and prudent
manner. The Supervisory Committee reviews
credit union operations in order to ensure
compliance with all state and federal laws
and regulations.
First Entertainment would like to acknowledge
our Board of Directors and the Supervisory
Committee for their tireless work, which
benefits all our credit union members. We
also would like to express our thanks for
their time and commitment. All nominated
members were elected at the 45th annual
membership meeting held April 25, 2013.
Time for a Change:
Life Stages & Transitions
“All the world’s a stage, and all the men and women merely
players: they have their exits and their entrances …”
Mr. Shakespeare’s famous line from As You Like It is timely due to recent changes happening
with First Entertainment Investment Services. After serving the financial planning
needs of First Entertainment members for over eight years, I decided it’s time for a change –
by the time you’re reading this, I’ll be happily enjoying my retirement and taking advantage
of the sunny vistas Florida has to offer! I’ve planned this particular life stage for some time,
but it took a little rebound in the housing market to make it happen. I miss the credit union
members and staff I came to know over the years, and carry with me all the great memories
of our working together. So with that said, it’s out with the old and in with the new, as Jeffre
St. John has tipped his hat and exited Stage Right toward the rising sun.
Cue Stage Left and in enters Robert Helm, your new LPL Investment Advisor Representative.
With more than 13 years experience, Robert’s resume highlights multiple starring roles,
including having managed over $385 million dollars of client assets for Charles Schwab’s
Private Client group, as well as guided members’ investments within the brokerage and
investment program at Logix (formerly Lockheed Federal Credit Union). Seeking new
challenges, he’s here to offer his expertise and experience to First Entertainment’s members.
But he’s not all business; when Robert isn’t managing his clients’ investments – or spending
time with his family and friends – he’s a huge film fanatic and quietly harbors a lifelong
passion … okay, maybe slight obsession … with baseball, both as an ex-player and as a fan.
Everyone goes through life stages and transitions (Robert and I are prime examples) –
sometimes you’re ready for them, sometimes you’re not. Don’t get caught unprepared!
Planning ahead for these changes can help ease the financial burdens that may accompany
transitioning from one life stage to another. Providing life insurance for dependents, funding
future college costs, saving for a home purchase, and investing wisely for retirement are all
good ways to help manage these transitions more efficiently. That’s where Robert can help
you. Contact him today at either 323.845.4434 or robert.helm@lpl.com to set up a
FREE 30-minute consultation. After all, you never know when your next life stage may start!
Again, I’d like to thank all the members I’ve had the pleasure of serving over the years and
wish them continued financial success.
Your 2014 Board of Directors are:
Lucy Wander-Perna.........................Chair
Michael G. Edwards..................Vice Chair
Irwin Jacobson........................... Treasurer
Dennis Tange.............................. Secretary
Andrew B. Benson........................ Director
Gari Ann Douglass....................... Director
Stephen Raynes............................ Director
Jeffre St. John
CFP®, LPL Financial Advisor
Robert Helm
RFA, LPL Investment Advisor
Akihiko “Kiko” Washington....... Director
Howard Welinsky......................... Director
Your Supervisory Committee Members are:
Laura Valan......................................Chair
Jeff Mirkin...................Committee Member
Mitchell Nedick...........Committee Member
Linda Van Wagner......Committee Member
Patrick Walters...........Committee Member
The opinions voiced in this material are for general information only and are not intended to provide
specific advice or recommendations for any individual. To determine which investment(s) and strategies
may be appropriate for you, consult your financial and/or tax advisor prior to investing. Past performance
is no guarantee of future results.
Jeffre St. John is a registered representative with, and Securities offered through LPL Financial, Member
FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates.
Not NCUA Insured.
No Credit Union Guarantee.
May Lose Value.
First Entertainment Credit Union and First Entertainment Investment Services are not registered broker/
dealers and are not affiliated with LPL Financial. LPL Financial Advisors do not offer tax advice. Please
consult a tax professional.
T H I R D
Q U A R T E R
2 0 1 3
T H I R D
Q U A R T E R
2 0 1 3
P R S R T
S T D
U.S. POSTAGE
P.O. BOX 100 • HOLLY WOOD, CA 90078 - 0100
070113
Your savings federally insured to at least $250,000
and backed by the full faith and credit of the United States Government
NCUA
National Credit Union Administration, a U.S. Government Agency
Better Rates.
Smaller Payments.
More Savings.
Insurance. We all need it, we all have to pay for it, but it’s one of those
necessary things in life no one likes to talk about. But you know ... it’s
not a big, bad, gloomy subject, especially when you realize that by
protecting yourself, your family, and your assets, you can save a whole
lot of money at the same time. Money that you could be using for more
exciting adventures instead of just making an insurance payment.
Thanks to Media Benefits Insurance Services (MBIS),
First Entertainment’s wholly-owned insurance service, it’s simple to
put money back into your pocket. Our agents specialize in finding
you the best auto, vehicle, renter’s, and homeowner’s coverage at the
lowest possible rate. Better rates + smaller payments = more cash for
you to spend on other things. We’ve got special insurance programs
for boats and personal watercraft, mobile homes and RVs, even
trailers and motorcycles.
Enjoy big savings with special discounts like these:
•
•
•
•
•
•
Multi-Policy – up to 20% discount
Multi-Car – up to 30% discount
Select Professionals Group Discount – up to 15% discount
Good Driver – 20% discount
Good Student – up to 25% discount
Loyalty – up to 20% discount
So now that you know all the ways different insurance discounts
can fatten up your wallet, let MBIS help make it a reality. Contact one
of our agents today:
Cynthia Padilla, Agent
Main Office/Hollywood Branch
323.845.4489 or cpadi@firstent.org
Maria Valdez, Agent
Burbank Branch
323.845.4494 or mvald@firstent.org
P A I D
M M P
D I R E C T