RPIEFCU Newsletter April 2016

Vol. 38 No. 2

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ADDRESSING THE FINANCIAL NEEDS OF OUR MEMBERS THROUGH SAVINGS AND LOANS

PLEASE VISIT US IN OUR NEW LOCATION

PEOPLES AVENUE (ACROSS FROM THE HEFFNER ALUMNI HOUSE)

J-BLDG, J-LOT ENTRANCE

WE CAN'T WAIT TO SEE YOU!!

RPIEFCU

Thank you Bill!

Bill Mielke

Many thanks to Bill Mielke for serving on the Board. We wish him the best in his retirement . He was an excellent Compliance Officer!

Tidbits:

  • Election Results: Congratulations to our New Board members - Geoff Seber, Ellen Johnston and Pat Gray. Mary Alice O’Brien was also re-elected and has accepted the position of President. Our thanks to Carol Rosenberg for serving on the Board and for her great marketing efforts.
 Dividend Withheld:
  • Our Net Worth ratio has not improved so the Board of Directors decided to withhold a dividend for the quarter ending March 31, 2016.

What's New!

We want to thank you for your continued support and loyalty to the RPI Employees’ Federal Credit Union and we want to share with you the recent recommendations of our National Credit Union Ad-ministration (NCUA) audit. As you are aware, the negative profit that we have sustained the past few years is catching up to us and we were not able to pay out dividends or increase our services to our valued members. With this in mind, the auditors said it was time for us to consider merging with another credit union. It is our choice, at this time, with whom we merge with. However, if we do not merge and our net worth ratio declines any further, they will force a merger upon us. The Board of Directors began evaluating different credit unions with a requirement to maintain our “small credit union philosophy” which is concerned with the individual members and their needs. The minimal criteria in our search included loan flexibility at better rates, increased services, and the ability to retain our location at Rensselaer. We believe this is the right growth strategy for our Credit Union at this time as it will entice a younger generation to join. Therefore, the Board is putting forth a recommendation to our members to merge with the Albany Firemen Federal Credit Union (AFFCU). The AFFCU agrees to keep an RPI branch open with its current staffing and will provide many additional services to our members, including other branch locations. As RPI EFCU members you will need to officially vote on a date yet to be determined.

Office Closings:

The office will be closed on the following day's:

Memorial Day, May 30, 2016

Independence Day, July 4, 2016

Office phone 518-276-6593. Email: cu@rpi.edu Fax: 518-276-6715

Suggestions:

If you have suggestions or if there is other information you would like to see in the newsletter contact Sandi Butcher,redems@rpi.edu we are always looking for articles for the newsletter.

Contact us

  • (518) 276-6593
  • (518) 276-6715 fax
  • 3202 J-Bldg, RPI
    110 8th Street
    Troy NY 12180-3590
  • Email

Hours

  • 9:00am - 2:30pm
    (Wed: 11:30 - 2:30pm)
  • Exceptions:
  • Memorial Day - 5/30/16
  • Independence Day - 7/4/16

Events

Member Institutions

NCUA

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Chartered and serving the Capital District since 1978.