HOLIDAY CLOSINGS - Progressive Credit Union

THE PCU DIVIDEND
Volume XXII / No. 2 / www.progressivecu.org / March 2014
From the desk of Joel A. Slomon, President
Dear Members,
As you review our annual statement, I remind you that Progressive Credit Union
is the second oldest credit union in New York State. While much has changed
since a small group of businessmen banded together in 1918 to provide capital
to each other when the banks would not, our mission remains the same.
“PEOPLE HELPING PEOPLE.”
Recently many new laws and regulations have changed the way a credit union
interacts with its membership. We apologize if you find some of these new
regulations inconvenient. However, the purpose is to always keep the credit
union strong and protect the member account integrity.
As technology advances so does Progressive Credit Union.
Starting April 2014 look for . . . .
AFTER HOURS PHONE SERVICE
When you call Progressive Credit Union after business hours (4:00 pm), or on Saturdays,
our virtual branch will be ready to serve you. You will be able to speak with a
representative to assist you with your balance, transaction and “It’s Me 247” needs.
ONLINE BANKING
At “It’s Me 247” (www.progressivecu.org), our online banking service, we offer live
chat member service support with your balance transactions, balance transfers,
and bill pay. It’s only a click away.
Look for fliers in this mailing to further explain to you; all the expanded service
options Progressive Credit Union is now providing. We look forward to seeing you
at Progressive Credit Union’s 96th Annual Meeting on Monday, April 28th at the
Affinia Hotel. See invitation enclosed.
Respectully,
Joel A. Slomon, President
Progressive Credit Union
SUNDAY
6
13
20
27
MONDAY
7
14
21
28
SUMMER FRIDAY HOURS
Progressive Credit Union
will close at 3:00PM on Fridays
effective Friday,
May 23rd thru
Friday, Sept. 5th.
Payments received after 3:00PM
on those days will be posted
the next business day.
Holiday
ClosingS
2014
Memorial Day
Monday, May 26
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FREE PARKING AVAILABLE for Annual Meeting (not valid for SUVs)
Central Garage located in the Affinia Manhattan Hotel, West 31st St.
(between 6th Ave & 7th Ave.)
Special Dietary Needs (kosher or vegetarian)
contact R. Donner at 212-695-8900 by Wednesday April 16th.
Independence Day
Friday, July 4
Labor Day
Monday, September 1
Columbus Day
Monday, October 13
Veterans’ Day
Tuesday, November 11
Thanksgiving Day
Thursday, November 27
Christmas Day
Thursday, December 25
dividend RATES EFFECTIVE APRIL 2014
REMINDER
TAKE ADVANTAGE OF
ALL THAT PROGRESSIVE
CREDIT UNION
HAS TO OFFER!
RATE
APY
$100.-4,999.99
0.15%
0.15%
$5,000.-49,999.99
0.50%
0.50%
$50,000. +
0.75%
0.75%
0.15%
0.15%
Traditional
0.75%
0.75%
Roth
0.75%
0.75%
SHARES - TIERED
SHARE DRAFT
®
$300. +
ALL IRA SHARES
ALLPOINT
SURCHARGE FREE ATM
Please visit www.allpointnetwork.com
SHARED BRANCHING
Shared Branching gives you
convenient access to your
Progressive Credit Union Account.
Members may perform the
following transactions:
4 DEPOSITS
4 LOAN PAYMENTS
4 WITHDRAWALS
ALL NEW SHARE CERTIFICATES OF DEPOSIT DIVIDENDS
ARE PAID ON A QUARTERLY BASIS.
ALL CERTIFICATES
RATE
APY
DIV. PMT
One Year
.080%
0.80%
Qtrly.
15 Months
.080%
0.80%
Qtrly.
18 Months
1.10%
1.11%
Qtrly
Two Years
1.35%
1.36%
Qtrly
Three Years
1.60%
1.61%
Qtrly
Five Years
2.30%
2.32%
Qtrly.
at the following locations:
Consumers Federal Credit Union
425 Neptune Ave
PARKING
REMINDER
Brooklyn, New York 11224
Tel. (718) 266-2204
Hours of Operation:
Monday, Tuesday, Wednesday, Friday
9:00 A.M.-4:00 P.M.
Thursday 9:00 A.M.-6:00 P.M.
Greater Metro Employees
Federal Credit Union
31-10 37th Avenue
Progressive Credit Union supports
The Foundation for
Medical Evaluation and
Early Detection
Check website
http://www.foundationforscreening.org/
for free screenings this quarter.
DISCOUNTED PARKING TICKETS
ARE $10.00 for two hours
Progressive Credit Union
is not responsible
for additional charges
on all oversized vehicles
(ie: vans and SUVs).
PENNMARK GARAGE
305-319 WEST 33RD STREET
between 8th and 9th ave.
Suite 403
Long Island City, NY 11101
Tel. (718)-361-1002
Hours of Operation:
Mon - Fri 10:00 A.M.-3:00 P.M.
IMPORTANT NEWS ABOUT IRAS
Please note that the ­deadline for all IRA 2013 contributions is Tuesday, April 15, 2014. IRA
catch-up limit is $1,000.00. Contact R. Julie Cruz for all your IRA needs at Ext. 103.
ANNual report 2013
Progressive
Credit Union COMPARATIVE BALANCE SHEETS
assets
DECEMBER 31, 2013DECEMBER 31, 2012
Cash and Cash Equivalents
Deposits with other Credit Unions
9,213,297
24,804,267
Securities (held to maturity)
24,794,035
24,794,035
Federal Home Loan Bank of New York stock,
at cost, which approximates fair value
1,149,700
182,000
Loans to Members (net)
622,308,266
470,934,308
Accrued Interest Receivable
2,735,281
2,801,110
Premise and Equipment (net)
12,094,068
12,494,880
NCUSIF Deposit
2,417,286
2,397,896
Other Assets
3,274,875
3,989,801
Total Assets
$
$
4,014,831
$
4,555,666
682,001,639$
546,953,963
LIABILITIES & members’ equity
Liabilities
Members’ Accounts
Accounts Payable and Accrued Expenses
4,902,389
5,308,643
Accrued Interest Payable on Other Borrowed Funds
21,045
0
Other Borrowed Funds
110,000,000
0
Other Liabilities
8,040,866
11,302,065
$
298,858,567
Total Liabilities
421,822,867
Members’ Equity
Total Liability and Member Equity
$
306,098,729
260,178,772$
240,855,234
682,001,639
$
ASSETS
Respectfully Submitted,
500,000,000
400,000,000
Robert A. Familant
Treasurer/CEO
300,000,000
2005
2006
546,953,963
The Balance Sheet was derived from the
Financial Statements of Progressive Credit
Union, which are audited by a national
accounting firm.
600,000,000
200,000,000
2004
289,488,021
$
$800,000,000
700,000,000
$
2007
2008
2009
2010
2011
2012
2013
Fees and Charges
Progressive Credit Union Staff - Office Phone Number
212.695.8900
Abandoned Property Fee
$30.00
Ext.
EXECUTIVE Fax 212-695-6377
ATM Inquiry Fee (8 free/month)
$0.50
106
Robert A. Familant, Treasurer/CEO
ATM Transaction Fee (8 free/month)
$1.00
116
Charles H. Rogers, Chief Operating Officer
Certified Share Draft Fee
$2.00
118
Rita Ryan, Chief Lending Officer
Certified Teller Check Fee
$5.00
105
Roberta H. Donner, Executive Assistant
Collection on Foreign Bank Check Fee
LEGAL Fax 212-695-6377
126
David Koshers, General Counsel
127
Margaret Chance, Collections /Quality Control
INTERNAL OPERATIONS Fax 212-695-6377
$20.00
Domestic Wire Transfer Fee – Incoming
FREE
Domestic Wire Transfer Fee – Outgoing
$30.00
IRA Maintenance Fee (Deducted annually on July 1st)
$10.00
IRA Termination Fee (Prior to age 59-1/2)
$25.00
Money Order Fee
$3.00
Research of Prior Year Activity Fee (per year)
$15.00
112
Cheuk Lee, V.P. Financial Operations
117
Diana C. Rojas, SR. Financial Operations Specialist
Return Item Fee (check/ACH)
$30.00
111
Charnessa R. Jones, Financial Operations Specialist
$10.00
130
Karona Pich, Jr. Staff Accountant
Share Account Monthly Minimum Balance
Fee on balances of $200.00 or less
Share Draft Stop Payment Fee
$10.00
121
Warren Whiteoak, Internal Auditor
Teller Check Stop Payment Fee
$10.00
MEMBER SERVICE Fax 212-695-6377
102
Julia Coleman, Member Service Manager
103
R. Julie Cruz , IRA Specialist
123
Cathyann Collymore, Member Service
115
Faith Rhouili, Member Service
132
Dexter Hill, Member Service Office Assistant
133
Sarah Bekhit, Teller
113
Janet Leidecker, Receptionist
Loan Processing Fax: 212.695.0759
Member Service Fax: 212.695.6377
REAL ESTATE Fax 212-695-6377
104
Michael M. Dee, V.P. Commercial Lending
TAXI MEDALLION LENDING Fax 212-695-0759
114
Maria E. Nodarse, V.P. Lending
119
Karen Shilletto, Sr. Loan Specialist
107
Richard Fiderer, Sr. Loan Specialist
120
Filippos Stefanidis, Loan Specialist
125
Aroka Blyden, Loan Specialist
100
Jean E. Britton, Loan Specialist
129
Edward Heim, Loan Specialist
204
Bi Jun Chen, Loan Department Assistant.
136
Ryan Santo, Loan Department Assistant.
Auditors
BDO USA, LLP
Certified Public Accountants
Luke Parris, Loan Participation Coordinator
Special Project Management
131
Emily Oami, Director, Special Projects
Board of Directors
Joel Slomon, President
Gerald Shulman, Vice President
Robert A. Familant, Treasurer
Deborah Chassen, Secretary
Brian R. Workman, Director
Supervisory Committee
Arthur C. Meisel, Chairman
Gary S. Parker, CPA
Michael Fanger
LOAN PARTICIPATIONS Fax 212-695-0759
124
131 West 33rd Street, 7th Floor, New York, NY 10001
212.695.8900
www.progressivecu.org
Fax 212-695-0759
PCU Office Hours
Mon.-Fri.: 8:30 a.m.-4:00 p.m.
Payments accepted from 8:30AM - 3:30 PM
Payments received after this time will be posted the next
business day. Progressive has a 24 hour automated voice mail
­system for your convenience.