Message from CEO James Gergen
I am pleased to report that since the last newsletter we accomplished the following:
We held our annual meeting in June at which Gwendolyn H. Miller was named a Director Emeritus to honor her 41 years of volunteer service to CPM. Laurie Anderson, Herbert Glaze, and Melissa Peterson were elected to continue their service on the Board. Alicia Webb was newly elected to the Board after having served as the Chair of our Supervisory Committee. Ardith Rossignol was appointed as the new Chair of the Committee.
We are making a record number of loans to our members and we are on pace to increase the size of our loan portfolio by 18% in 2016. We shop 21 banks and credit unions for their consumer loan rates and typically our rates are the lowest or second lowest. We ask an independent service, Datatrac, to compare our loan and deposit rates to all banks and credit unions in the State. On our website it is easy to find our best deals as they are the ones with great rates certified by Datatrac. We continue to offer great rates and low payments on car loans, boat loans, personal loans, mortgages, home equity lines of credit, and credit cards.
In August, our rates dropped to the lowest in our history for 10, 15, and 20-year fixed rate mortgages, and we charge no points on our fixed rate mortgages. We introduced an exciting new 30-year mortgage and it started attracting borrowers the first week
we made it available. It is a 15/1 ARM (adjustable rate mortgage). It offers a lower initial payment than a fixed rate 30-year loan and the interest rate and payment are fixed for the first 15 years. Check our website for details.
We improved our mobile banking solution with an Instant Balance feature. If you opt to turn on this feature you can conveniently view the available balances on your accounts from your smart phone without having to login.
We improved our statements effective with the July statements. Your statement information is now better organized and the statements are more colorful and easier to read.
We received a record number of applications for the Easterling Memorial scholarship this year. There were so many worthy applicants that we awarded four scholarships.
We are financially strong and continue to earn a 5-star rating from the independent rating service Bauer Financial. Our results provide you the strength and security you deserve in your financial institution.
As always, thank you for your loyal membership. We are on a mission to serve you. Our vision is simple. All One Team. All About the Member. Deliver Service and Value Every Day
See a brief message about CPM Federal Credit Union below. We hope you enjoy the video.
(Click here for a direct link to the video.)