With Your Future In Mind - PeoplesChoice Credit Union

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With Your Future In Mind
Winter 2009
INSIDE THIS ISSUE:
A Message from the President
Message from the P. 1
President
Dear Valued Member,
Financial Fitness For Life P. 1
Series Returns in January
New Partnership Delivers P. 2
More Financial Products
Options
Annual Meeting Notice P. 2
win an
ipod®
Our employees and volunteers
truly care about our members.
One way we show this care
is by not charging late fees
on car loans or credit cards.
Good luck getting that from
a bank!
How many financial institutions
don’t charge late fees on
consumer loans? E-mail Bryan
the correct answer at bcarle@
peopleschoicecreditunion.com,
by February 15, for a chance
to win an ipod®!
2008 was a tumultuous year for the stock market and many financial institutions.
While PeoplesChoice is not immune to the general economy’s woes, our business
model is unique and we have a good story to tell.
Our story starts with an all-volunteer board of directors. This dedicated group of
members receives no compensation to serve on the board—their mission is to enrich
the financial lives of our members, not to make money for stockholders and
executives. Our board is concerned about the quality of the service you receive as
a member, improving our communities, and the overall safety of our credit union.
It’s the lack of board oversight, coupled with greed, that has caused so many bank
failures and a massive taxpayer bailout. It’s important to note that the credit union
cooperative banking system has never required taxpayer assistance!
PeoplesChoice Credit Union performed very well during the last major recession 20
years ago. Back then, we had 5 percent capital. Today, we enjoy 10 percent capital
(the government regulator considers 7 percent “well capitalized”). This capital
percentage is the most important safety and soundness measurement, and it affords
protection to our members during these difficult times.
Though our 2008 forecast was not rosy, we are pleased to report positive earnings
that are 20-to-30 percent ahead of budget. And while fuel and food inflation have put
a tremendous burden on our members, our charge-offs are less than anticipated. In
fact, the amount we plan on charging off for 2008 is less than what some big banks
lose on just one mortgage loan! Members are very loyal to PeoplesChoice—even in
the midst of bankruptcy our members repay their loans because they know we'll be
here in the future.
With your future in mind,
Luke Labbe
President
Financial Fitness For Life Series Returns
In January
PeoplesChoice Credit Union presents Financial Fitness for Life, a series designed to
assist our members in making smart financial decisions. The following programs, presented in conjunction with Salem Advisory Group, LLC, will be held at the Saco office.
All programs are free and open to the public.
1. Financial Management: How Financial Success Happens. Learn how to develop a
sound financial strategy that covers all the financial bases, from insurance to
investing to estate conservation.
Thursday, January 22, 5:30 pm—7 pm
2. Investment Fundamentals. Invest an hour in your future and join us for an educational presentation on making sound investment decisions.
Thursday, January 29, 5:30 pm—7 pm
3. Retirement Investment Strategies. Will you outlive your money? Join us for a
workshop focused on developing sound retirement investment strategies.
Thursday, February 5, 5:30 pm—7 pm
4. Small Business, Big Mistakes. Develop financial strategies to help preserve your
business and avoid costly mistakes.
Thursday, February 12, 5:30 pm—7 pm
Free pizza & refreshments at every program!
VISION STATEMENT: We will provide an exceptional member experience by delivering
unequaled value in meeting our members’ needs.
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www.PeoplesChoiceCreditUnion.com
SACO OFFICE
23 Industrial Park Rd.
Saco, Maine 04072
(207) 282-4156 tel
(207) 284-1735 fax
(877) 785-6328 toll-free
ST. JOSEPH’S OFFICE
35 Bradbury Street
Biddeford, Maine 04005
(207) 284-2448 tel
(207) 284-2498 fax
BIDDEFORD OFFICE
369 Elm Street
Biddeford, Maine 04005
(207) 284-8483 tel
(207) 282-8647 fax
SANFORD OFFICE
39 Country Club Rd.
Sanford, Maine 04073
(207) 490-2000 tel
(207) 490-2058 fax
WELLS OFFICE
774 Post Road, Rt. 1
Wells, Maine 04090
(207) 646-2597 tel
(207) 646-3498 fax
New Partnership Delivers More
Financial Products Options
We are excited to announce our partnership with Salem Advisory Group, LLC, an
independent Registered Investment Advisory and financial services provider. This
collaboration will allow us to offer a greater variety of investment products to our
members. Salem Advisory Group is based in Kennebunk; a Salem Advisory staff
member will be available at our Saco office each day.
Registered representatives from Salem Advisory will be available to meet oneon-one with members at any of our offices on an appointment basis. With this
new partnership, we’ll be able to offer a full array of financial services and
products, including 529 college-savings plans, plus a host of business tools for
self-employed members.
Here’s an overview of the services Salem Advisory Group provides:
• Fee-based Registered Investment Advisory and financial planning services
tailored to meet your goals and objectives
• Full menu of financial products to help you achieve your goals and dreams
• State-of-the-art investment research and financial planning technology
Salem Advisory Group offers a full spectrum of financial products, including:
Mutual funds • Stocks • Bonds • Annuities • Brokerage account services
Life insurance • Disability income insurance • Long-term care insurance
Learn more at www.salemadvisorygroup.com. To schedule a no-charge,
no-obligation financial consultation at any PeoplesChoice office, call
(207) 282-4156.
These products are not credit union products and are not insured by the NCUA. Principal value may fluctuate or lose value depending on market conditions.
Securities offered through H. Beck, Inc., Member FINRA/SIPC. Salem Advisory Group, LLC and H. Beck, Inc. are unaffiliated.
Annual Meeting Notice
PeoplesChoice has nine board members who volunteer numerous hours serving
the best interests of the entire membership. Every year, the terms of three
directors expire. The directors whose terms expire in April 2009 are:
Susan A. Deschambault
Jeffrey R. Letellier
Leo Simard
All three have expressed a willingness to serve another three-year term and will
be submitting their names to the nominating committee (chaired by Raymond
Gagnon) for consideration.
Members wishing to be considered or to recommend someone for the office of
director must submit a petition signed by at least 148 credit union members (1
percent of the current membership), and forward it, along with a statement of
qualifications, biographical data, and a certificate signed by the nominee that
she/he is agreeable to the nomination
and will serve if elected. Deadline for
2009
nominations is March 1, 2009. Send
Annual Meeting
petition and information to:
Ann Peterson
Secretary of the Board
PeoplesChoice Credit Union
23 Industrial Park Rd.
Saco, Maine 04072
Sunday,
April 5, 2009
Steve White Gym
20 Maplewood Avenue
Only members may serve on or vote
for the board of directors. Members
Biddeford, Maine
must be 18 years or older to serve on
or vote for candidates for the Board of
The meeting starts
Directors. Elections will be conducted
at 1:00 p.m.
by mail unless there is only one nominee for each position to be filled, in
which case the nominees will be certified at the annual meeting. There will be no nominations from the floor unless
circumstances cause a nominee to withdraw prior to the annual meeting.
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