THE LAST WORD
Dear Member,
2009 is proving to be a challenging year for your credit
union! The past few years we have been the exception rather
than the norm from the financial challenges that others have been facing. We have been growing and very profitable. In fact last year, we gave back a Patronage Refund to our membership while others were struggling. This
year, we have had some members file bankruptcy on us or default on their loans with fairly large balances. That
has led to a loss of approximately $1 million dollars to our financial statement! Roughly 80% of this loss can be
traced back to one member. We now have additional safeguards in place to limit the dollars that one member can
borrow, so we will not have this type of problem in the future.
That number is larger than the total amount of net income I had projected for the year. That means that we
will show a negative net income at year end. That is okay, as we now have addressed the issue and that is why we
have built up capital the past few years. Capital is a cushion for bad times, so we will simply use up some capital.
We are, as of 8-30-09, at 8.23% as a Capital Ratio. To be a 1 rated credit union, per N.C.U.A. guidelines, you must have 7% as your ratio.
As you can see, we are well above that number, so we are fine. We have been aggressive lenders and have continued that trend. We are helping a lot of people in these difficult times and that is a part of
our commitment to you! We are still profitable on a monthly basis, so we will earn our way out of the situation. I want to assure you that we
are safe and sound for your financial transactions.
Callahan and Associates tracks all credit unions across the country. In our peer group, we are in the top 10% in Return of Member
(ROM) based on our 6-31-09 financial numbers! They use 16 different member service ratios to come up with their ranking. The total
ROM of AFCU was 94%! I think that shows the value of being a member of Aberdeen Federal Credit Union! We are here to serve you, our
members, and we will stay committed to that philosophy. I give you all of this information because I want you to feel comfortable with your credit union! I want you to know the facts as they are
and not have others interpret them for you. We are rock solid and will be here for a long, long time to serve your financial needs into the future. Make Aberdeen Federal Credit Union your one stop financial center! One last bit of information! We have now installed an ATM at Aberdeen Central High School. We did this to better serve our membership and to help Aberdeen Central as well. We are offering them a portion of the fees collected at the ATM to help make this a joint venture.
We hope this is a long term relationship and beneficial to all parties! Check it out the next time you are at the new high school!
October 2009
Happy Credit Union Day 2009
Sincerely,
We’re celebrating a special day, and you’re part of it!
Doug Thompson
President/CEO
DAKOTA FINANCIAL SERVICES
INSURANCE & INVESTMENTS
OFFICE CLOSINGS:
Insurance Services
at your
Credit Union...
Auto
Home
Farm
Renters
Business
Crop/Hail
Annuities
Life & Health
Medicare
Supplements
Personal
Umbrella
Recreational
Vehicles
Hello PeeWee Pals!
Fall is here and it’s back to school once again!
I love my summers, but I really missed my
friends at school. I can’t wait for the Gypsy Day
Parade this year. I am helping out the Credit
Union with their float this year! It should be
so much fun! I hope to see everyone on the
parade route!
The Credit Union has some pretty exciting
things coming up! Make sure you stop by
the Credit Union on International Credit
Union Day on Thursday, October 15th.
You will be able to register for some
pretty cool prizes and they will be serving
cookies and drinks too! Also stop by the
Credit Union on Halloween to get some
candy on Friday, October 30th!
Well I hope everyone has a great school
year! I hope to see you at the Credit Union
soon!
P.S. Look for an invite coming up this fall at
Skateaway!
PEE WEE WINNERS
Your Pal,
June - Derek Lout
PeeWee
July - Carson Simes
August - Annabelle Eastman
Mic Daggett
Insurance Agent
Located at
Cassie Monson
Insurance Agent
Get a Quote Today!
605-229-5200
Monday, Oct. 12th - Native American Day
Wednesday, Nov. 11th - Veterans Day
Thursday, Nov. 26th - Thanksgiving Day
Thursday, Dec. 24th - Close at 1:00 p.m.
Friday, Dec. 25th - Christmas Day
Thursday, Dec. 31st - Close at 3:00 p.m.
Friday, Jan. 1st - New Year’s Day
BUSINESS HOURS:
Lobby:
Monday - Friday 9am - 5pm
Drive Up Windows:
Monday - Friday 7:30am - 5:30pm
Saturday 9am - Noon
CUTALK
1.866.398.1929
Join us Thursday, October 15 to
celebrate International Credit Union
Day with this year’s theme “Your
Money, Your Choice, Your Credit
Union.” Your money is hard-earned;
and in a time of economic uncertainty,
it’s safe in the hands of Aberdeen
Federal Credit Union.
More than 177 million people
worldwide belong to a credit union.
Credit unions don’t belong to
shareholders hoping to turn a profit
from your cash. Credit unions are member-owned, and any earnings are returned to you
in the form of better rates and higher earnings. Take full advantage of your credit union
membership. Meet your borrowing and savings needs with our member-friendly, lowpriced services.
In honor of International Credit Union Day we will have refreshments and prize
registration in the lobby on Thursday, October 15th from 9:00AM to 5:00PM. We
will also be collecting canned goods and non-perishable food items the whole month of
October. All donations will be given to the Salvation Army to help those in need. Together
we can make a difference!
It’s your money, and this International Credit Union Day, we want to thank you
for trusting Aberdeen Federal Credit Union to take care of you. We have only your best
interests in mind. Let us know how we’re doing and what we can do to make your credit
union membership even better. Call us today at 605-225-2488 or stop by on October 15
and say hello.
We look forward to seeing you!
Coming soon this fall,
members will be able to enjoy
25,000 SURCHARGE-FREE
ATMs nationwide. AFCU has joined the CO-OP
Network!
To locate the nearest CO-OP Network ATM
close to you, visit www.co-opnetwork.org, or look for
the CO-OP symbol right on the ATM. You can also
download the entire database of 25,000 surcharge
free ATMs to your GPS navigation device such as
Garmin, TomTom, Route 66 and more.
Re-Loadable Debit Cards Available
At the Credit Union!
If your kids are beyond the excitement of putting
coins into their piggy banks, how about moving on
to some plastic? That’s right; your teenagers might be
ready for a debit card.
Aberdeen Federal Credit Union has a great new
product called Debit Pass, a re-loadable debit card that
is not linked to your account. A re-loadable debit card
works similar to credit cards in how they look and
how you use them. But when you use a re-loadable
debit card, the money comes out of how much you
loaded onto the card. By showing your teens how to
be responsible with plastic now, you could be saving
them from some poor money choices in the future.
Kids need to learn that they’re responsible for
their debit card, and that there’s a limit to that money.
If you think your teen is ready for a re-loadable debit
card, call us and talk to Member Services today!
Calendar of Events
FINANCIAL DATA
as of August 31, 2009
MEMBERS ................................... 9,703
October 15 – International Credit Union Day – Join
us for refreshments and prize registration in the AFCU
lobby 9-5.
December 8 – Senior Rewards Holiday Banquet.
Cost $6.00 per person at the Ramkota Inn. Must
RSVP to Lynne at 225-2488 by December 1. Enjoy a
great meal and entertainment.
We have some great news to announce…we have installed an ATM
at Aberdeen Central High School. Aberdeen Federal Credit Union will
be donating $1.00 to the Aberdeen Public Schools Foundation for every
monetary transaction made on the CHS machine. Your AFCU ATM card
will be surcharge-free on this machine! The machine is located by the back
entrance to the gymnasium.
proceeds go toward AFCU Relay for Life Team.
followed by entertainment. Tickets must be purchased
the meeting
the of the fraud comes from
Plastic cardbefore
fraud statistics
are up, andatmuch
Credit
Union.
criminal activities you can’t control. But you can help yourself by being
December
17 & 18 – Holiday Open House – AFCU
January 23 – 75th Annual Meeting – Enjoy
great food, short business meeting, followed by
entertainment. Tickets must be purchased before the
meeting at the Credit Union.
LOANS ...................... $68,227,133.46
TOTAL
ASSETS ...................... $80,603,073.58
TOTAL
CAPITAL ..................... $6,634,326.30
CURRENT RATES
We’re Doing Our Best to Help Protect You
December 11 – Annual Relay for Life Basket &
and Your Cards Against Fraud
Bake Sale – AFCU Lobby 9 AM till goodies last! All
January
23 – 75th Annual Meeting – Enjoy great food, short business meeting,
lobby. Refreshments will be served.
SHARES &
CERTIFICATES ........ $72,538,070.57
responsible and aware of actions that will minimize risk. Aberdeen Federal
Credit Union also can help by using protective measures to fight plastic card
fraud.
At Aberdeen Federal Credit Union, we’re proud of the measures we take
to help protect your credit cards. At first, some measures may seem a bit
inconvenient; but before getting frustrated, realize they are for your safety.
We’re also working hard to make sure every card transaction is valid.
We will try to contact you immediately if we flag your transaction as being
potentially fraudulent; please understand we’re only trying to protect you. If
we can not get a hold of you, we will have to restrict your card until we verify
the charges are yours. Remember that this is for your protection. Please make
sure all your personal information is up to date. If you’re traveling, it can’t hurt
to let us know in advance that you will be having charges from other countries
or out of state.
Remember Aberdeen Federal Credit Union is always here to help. For
questions you might have about plastic card fraud or any other concerns,
contact us today at 605-225-2488.
Invest in America – A Huge Success!
Both our members’ bottom line and our country’s economy have been
boosted thanks to Invest in America’s discounts. More than 102,000 cars
have been sold through the Credit Union Member Discount From GM and
Chrysler’s Credit Union Member Cash program!
Your opportunity for saving on your next car has gotten even better!
Chrysler and GM both have additional promotions going on right now that
you can add to the above discounts.
And don’t forget, when you finance your new vehicle with Aberdeen
Federal, you’ll save even more with our low loan rates!
Talk to a loan officer to learn more about Invest in America or to get
approved for an auto loan. You can also go to www.lovemycreditunion.org
for more details on these great discount programs.
as of September 1, 2009
SHARES
APY*
Shares
.15%
Super Shares
.25%
Christmas Club
1.00%
IRA
2.52%
CERTIFICATES
APY*
3 Month
1.01%
6 Month
1.26%
12 Month
1.51%
18 Month
1.76%
24 Month
2.02%
All rates are subject to change.
Please call the Credit Union about
applicable fees & terms.
*Annual Percentage Yield.
financial data current rates
Aberdeen Federal
Credit Union
Extends our ATM
Network!
Aberdeen Federal Credit Union Adds New
ATM in Town
Nominations for the
Board of Directors
Accepted
Aberdeen Federal Credit
Union will have 3 positions on
the Board of Directors up for
Re-Election at the 2009 Annual
Meeting.
The Annual Meeting for
2009 will be held January 23,
2010. Nominations can be submitted to Nominating Committee, Chairman David Bunsness.
Mail nominations to David
at: 1805 S. Lincoln St., Aberdeen, SD 57401.
Nominations must be received by the Nominating Committee on or before December 7,
2009.