NOTICE OF CHANGES IN TEMPORARY NCUA INSURANCE
COVERAGE FOR TRANSACTION ACCOUNTS
All funds in a "noninterest-bearing transaction account" are insured in full by the National Credit Union Administration through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to members under the NCUA's general share insurance rules.
The term "noninterest-bearing transaction account" includes a traditional share draft account (or demand deposit account) on which the insured credit union pays no interest or dividend. It does not include any transaction account that may earn interest or dividends, a negotiable order of withdrawal ("NOW") account, money-market deposit account, and Interest on Lawyers Trust Account ("IOLTA"), even if share drafts may be drawn on the account.
For more information about temporary NCUA insurance coverage of transaction accounts, visit www.ncua.gov.
2010 was an excellent year. SeaComm has been noticed. We have been recognized as a high performing credit union; a Best Companies to Work for in New York; have been highlighted in one of our industry trade publications; and we continue to have a strong balance sheet.
Here is an overview:
This past August we were honored with the distinction of being given the Crystal Performance Award for Excellence by Raddon Financial Group. In a letter to us, Raddon said, “Despite challenging economic conditions, SeaComm Federal Credit Union was able to perform at the highest levels.” This award is based on certain performance indexes, including a balanced scorecard measurement of growth, income, efficiency and margin management. More than 500 credit unions were evaluated for this award.
In mid-January, we received notification that we had been chosen as one of the Best Companies to Work for in New York for 2011. Our selection as one of the top 20 small to mid-sized companies was based upon a survey in which our employees were asked to participate, along with requested criteria we had to provide. We are extremely proud to be included in this elite group.
In a recent interview with the Credit Union Journal, we were able to share with everyone in our industry what we have known for a long-time, and that is what began in a toolbox remains the same simple business philosophy that has been in place for the past 47 years, and has continued to serve us well. Our success has much to do with never forgetting our roots and taking care of people. You have to earn a profit, but ultimately, taking care of those in our communities in which we do business, will and continues to be what we are all about.
In order to ensure that our members are maximizing our services requires us to really hone in on what they want. Understanding what each individual needs; then and only then, will we be able to put the right product and or solution into their hands. Our focus is simple…improve the financial lives of our nearly 40,000 members. It has been our long-term strategy, do the right thing for the right reason and success will follow.
At the same time, we acknowledge that our results also stem from effective margin and balance sheet management with a strong emphasis on expense control. We are constantly looking for ways to diversify. The more diversified our income stream, the more likely we can offset any adverse economic conditions that come our way.
Our employees are an intricate part of this equation as well. Without the hard work and dedication of the staff, we would be unable to offer the plethora of products and or deliver the exceptional service our members have come to expect.
Our financial position remains solid. Year-end assets climbed in excess of $400 million, an annual growth of more than $66 million from year-end December 31, 2009. At the same time, our net operating expenses YTD were at 1.89%, well below our goal of 2.95%. We finished the year with a net income of $4.4 million, garnering us more than $38 million in total equity to-date. If you have been following the news, having adequate capital is essential for any financial institution. It is sort of a “rainy day” fund, which enables the Credit Union to be prepared for any uncertainty and be viable well into the future.
As you have heard through the news, there have been all sorts of new financial reform legislation enacted since the Federal Government had to provide a life line of credit to a number of Wall Street Investment Banks and large retail banks like Bank of America near demise. Unfortunately, every financial institution in America has now been lumped all together. As a Credit Union industry, we have not cost the taxpayers one dime, however, we continue to be painted with the same brush. The newest of that legislation comes from the Dodd-Frank Wall Street Reform and Consumer Protection Act. One of the more significant pieces is the proposal by Federal Reserve Board to implement the “Durbin Amendment” to that reform act, which will affect the way our interchange works. This interchange is the small percentage paid back to us of each swipe a member makes on their debit card. We in turn use those funds for fraud protection, the plastic that the debit card is comprised, as well as the technological infrastructure that the card platform operates. Even though the new rule clearly states financial institutions under $10 billion in assets will be exempt, it is inevitable that we will pay for this platform with a much higher fee structure. It is an area of genuine concern for us and our trade associations. The Credit Union National Association and the National Association of Federal Credit Unions continue to lobby on our industries behalf.
Beyond this newsletter, it is important for you to know how the Credit Union is doing on an ongoing basis. Each month, our balance sheet and income statement are posted in the lobbies of all of our branches. In addition, throughout the year I record podcasts addressing our current position, as well as how the industry is fairing, along with what pending regulations are being put into place and how they will affect us as a financial institution. All podcasts are posted on our website, therefore I encourage you to visit www.seacomm.org and listen to these informative discussions.
As always, we strive to look for ways to better serve our members. In December, we launched a new mobile branch platform. This is our newest delivery channel, which enables anyone to now access their SeaComm accounts 24 hours a day, 7 days a week through a web-enabled cell phone or mobile device. This is a free service. It is important for everyone to know, that we are always on the lookout to find additional ways to make doing business with us even easier.
Be assured as your trusted financial partner, we will work diligently to remain strong in order to serve you well into the future. On behalf of the Board of Directors, management and staff, I would like to thank everyone who has made SeaComm what it is today and for allowing us to continue to serve your financial needs. We look forward to working together in 2011.
Respectfully,
Scott A. Wilson
President & Chief Executive Officer
COMMUNITY SUPPORT THROUGH FUNDRAISING!
SeaComm dedicated its fundraising efforts in 2010 to supporting local animal shelters in the communities that we serve. After completing a year of bake sales, soup sales and several miscellaneous raffles, the staff was pleased to present a $2075 check to The North Country Animal Shelter in Malone, the Massena Humane Society, Potsdam Humane Society and the Ogdensburg SPCA.
With the start of the new year comes other opportunities and the staff is opting to take part in the Cancer Society Relay for Life, which will be held June 3, 2011, at the Louisville Arena in Massena and June 17, 2011 in Franklin County. Watch for basket raffles, bake sales, cancer bracelet sales and luminary sales to help us raise money for each of these deserving events.
Are you getting sticker shock while shopping for a new or used vehicle? Are you “lowering your standards” to get
the vehicle payment you want? Is buying less than what you really want the solution? Do you have a “dream vehicle”
you think you can’t afford?
STOP DREAMING....we have the solution for you!
The DrivingSense™ vehicle financing program will put you behind the wheel
of that new or used car, van or light
truck you want with a monthly payment you can afford. Like a lease, DrivingSense™ offers monthly payments
that
are considerably lower than conventional financing. But, unlike leasing, with DrivingSense™ financing, you
own the vehicle without all the hassle or
hidden costs associated with leasing!
All current year and previous model cars, vans and light trucks (up to three years used) qualify. Discover the advantages of DrivingSense™ for yourself!
No first or last payment or money due at signing
Vehicle upgrade potential
Vehicle ownership flexibility
No capitalization fees
No application or acquisition fees
No early payoff penalty
Mileage options of 12,000, 15,000 or 18,000 per year available
Option to sell, trade, finance or return vehicle at loan maturity
For more information about DrivingSense™, call or visit any one of our convenient SeaComm locations today, or
click on the logo above to go to the DrivingSense™ CarBuilder™ calculator to see for yourself how low your vehicle
loan payment will be......You’ll love it!
Platinum Cash Back
Our no-frills, economic credit card for the member who wants just the basics. This card
is an ideal starter card for establishing credit or rebuilding a solid credit score. You are also eligible to earn "cash back" (up to a 1% rebate) on card purchases, with money credited to your VISA account each December.
Platinum Points
This VISA card allows you to earn "points" with every card purchase. Earn one point for each $1 you charge on your SeaComm Platinum VISA with our ScoreCard Program. Use your points to purchase airline and travel services or name-brand electronics, home furnishings, appliances, toys, sporting goods and much more!
Attractive card features:
Credit lines can be as low as $250;
No Annual Fees: This is a potential savings of up to $45 over other credit cards.
Low Every Day Rates: Save over other bank and store cards with a rate well below the
national average!
25 Day Interest-Free Grace Period: You have a minimum of 25 days without a finance
charge on new purchases if you pay the total “new balance” on your monthly statement each
month by the due date.
No Cash Advance or ATM Fees: You can get advances 24 hours a day with no SeaComm
fee, from any ATM displaying the VISA logo.
Free Travel Insurance Coverage: When you charge tickets on any common carrier (airline,
train, ship or bus) you’re automatically covered to $250,000 with VISA Platinum Cash Back or
$1,000,000 with VISA Platinum Points
Additional Services: Emergency card replacement, cash advances up to $300 per day, at
any ATM, the benefits of extensive VISA travel services and optional insurance for auto rental
damages.
The SeaComm FCU web sites are for the use and convenience of the members of SeaComm FCU and other interested parties. Individuals attempting to use these web sites for unlawful purposes will be prosecuted to the full extent of the law.
