Quarterly Interest

is the official publication of

Greater Minnesota Credit Union
Board of Directors
Quarterly Interest
Bob Oehrlein Chairman Summer 2009
Jason Horrigan, Vice Chair

m m er “Discover the Difference”

Vol. 26 Issue 3

Su !!
Russell Mills, Secretary
Steven Ahlness, Treasurer

FUN!
Carl Anderson, Director
Adults $25.50
President’s Report
John Sandy, Director
Dennis Schulz, Director Kids $16.99
GMCU’s Loyalty Package
During economic downturns there is a strong
Darla Stenstrom, Director Greater Minnesota Credit Union Has Money to
(under 48”) Lend! Just ask John and Deanna Szczech. They
tendency to take a wait-and-see approach to finances.
Supervisory Committee Consumers tend to safeguard money by investing in
refinanced their vehicle
Terry Dalbey, Chair safer choices like depositing funds into local financial
Jack Sahlstrom loan from a higher rate
institutions that offer lower, but secure guaranteed
at another financial in-
rates. We have witnessed this “flight to safety”. Even
stitution! Boy are they
BRANCHES: with lower rates being paid on our deposit products
MORA
happy with their new
Universal Tickets $9.00 the money continues to flow into GMCU. We know that at some point,
112 S. Lake St. • Mora, MN 55051 payment! You could be,
and it isn’t too far off, members will start to reverse that trend by taking
(320) 679-3863 Ride Tickets $10.00 too! Give us a call.
money out, at least a portion of their liquid funds, and begin putting their
MILACA Bargain Books $4.00 funds back into the market.
400 3rd Ave. SW • Milaca, MN 56353
CARS BOATS RVs
(320) 983-2511 MOTORCYCLES
This return to the market means a commitment to planning. As members,
NOW is the time to purchase or refinance a new
ISLE you must now think about the risk level you are willing to take. I think we
car, boat, RV or motorcycle
390 Isle St. W. • P.O. Box 697 all recognize that no matter how hard we try, recovering our lost invest-
Isle, MN 56342 72 Month Term as low as 4.74% APR1 ments will not occur over night. You must plan a safe and sound strategy
(320) 676-3607 60 Month Term as low as 4.25% APR for future investments. You must guard against any type of offerings that
Exhibits + Omni 48 Month Term as low as 3.74% APR
ELK RIVER seem too good to be true. There are many “opportunities” that will be
P.O. Box 333 placed in front of you that will tout great returns and little, if any risk. Be
IT GETS EVEN BETTER... and COOLER!
Elk River, MN 55330 Adults $13.00 Bruce and Aoulene careful and diligent in evaluating these types of offers. The best advice I
(763) 441-3842 can offer is Caveat Emptor, Latin for “Let the buyer beware”, and should be
Kids $10.50 Hauschulz recently re-
PINE CITY repeated every time someone asks you to make an investment.
900 Main St. S. • Pine City, MN 55063 (pricing may change Aug.1, 2009) ceived a Home Equity
(320) 629-1178
loan from GMCU. For
the first time in 38 Greater Minnesota is financially strong and continues to serve its members
OGILVIE years they now have with outstanding products and services. We are not offering high rates on
200 W. Hwy 23 • P.O. Box 158 share certificates or other savings instruments because we cannot find any
Ogilvie, MN 56358 GMCU Awards 15 Scholarships to Mora and Ogilvie Central Air in their
home... just in time for high-return investment vehicles to place those funds into. Lending activities
(320) 272-9918
Students! the hot, humid have slowed dramatically and we have developed a very adequate level of
liquidity. We continue to make loans for any reasonable member need or
1-800-808-2830 • www.gmcu.com summers in Minnesota. That’s Cool!
Hours
want. We have stayed true to our mission of service and have used our
Greater Minnesota Credit Union’s Winners in the Non-Traditional
Mora, Milaca, Isle, Pine City, Ogilvie Scholarship Committee awarded a category: 84 Month Term competitive advantages to assist our members. By having a strong capital
base we have weathered this economic downturn and are gearing up for
Monday-Thursday total of $7,500 in scholarships this as low as 4.74% APR the upturn in the economic cycle. We are now looking at new opportuni-
Lobby: 8:30 am - 4:30 pm year. Amanda Follmer (Circle Pines) ties to serve you even better. Strategic alliances are being developed and
Drive-thru: 8:00 am - 5:00 pm To apply for your loan, call 800.808.2830, visit
Call Center: 7:30 am - 5:00 pm
Miranda Swanson (Mora) www.gmcu.com or a branch to get the ball rolling.
new products and services are being explored that will make membership
Friday Winners in the Tradition category: Samantha Wellinski (Ogilvie) even more valuable to you as time goes on. We are more committed than
Lobby: 8:30 am - 6:00 pm 1 APR is Annual Percentage Rate . As low as rate includes dis- ever to being your financial institution.
Drive-thru: 8:00 am - 6:00 pm
Melissa Alto-Kintigh (Moose Lake) count for having a GMCU checking account with auto pay or
Call Center: 7:30 am - 6:00 pm Katelyn Souba (Mora HS) direct deposit. These rates also apply if you want to refinance
Saturday
Logan Orazem (Mora HS) Applicants outlined noteworthy ac- your current car, boat, RV or motorcycle loan from another The phrase of Discover the Credit Union Difference is something that you
Drive-thru: 8:00 am - 12:00 pm financial institution that meet the promotional terms2. will want to encourage your friends, neighbors and family members to see.
Call Center: 8:00 am - 12:00 pm Brooke Weidendorf (Mora HS) tivities, achievements, honors, school 2 Car Boat RV Motorcycle Terms; Car, Boat, RV, Motorcycle 2007 Give them the greatest opportunity for financial success by getting them to
Elk River Emily Swenson (Milaca HS) or community memberships, and or newer, 15% down, 85% Loan To Value. On approved credit.
Monday-Thursday give us a try. They will thank you for introducing them to us.
Lobby: 8:30 am - 4:30 pm
Brooke Pautz (Milaca HS) volunteer or community outreach. Rates and Terms subject to change. Promotion may end at any
time. Cost per $1,000 is apprx. $15.98 @ 72 months.
Drive-thru: 7:30 am - 5:00 pm Anna Goetsch (Isle HS) They also answered the essay ques- 3 Home Equity Loan Terms: New Money Only. Minimum amount
Friday
Lobby: 8:30 am - 6:00 pm
Randy Peterson (Isle HS) tion, “Describe your most meaningful $5,000, 80% Loan To Value. Closing Fees apply. Cost per $1,000
Drive-thru: 7:30 am - 6:00 pm Patricia Kanke (Kanke Home School) achievements. How do they relate is apprx. $14.01 @ 84 months. On approved credit. Rates and
Saturday Terms subject to change. As low as rate includes discount for
Lobby: 8:30 am - 12:00 pm
Haakon Hansen (Pine City HS) to your field of study? How do they having a checking account with auto pay or direct deposit. Steve Ahlness, CEO/President
Drive-thru: 8:00 am - 12:00 pm Akshya Mahindru (Ogilvie HS) relate to your future goals?” Promotion may end at any time.
David Krebs (Ogilvie HS)

Rate Watch
Loans
Auto, New - 2007
............................(as low as) 3.74% APR*
Boat & RV, New - 2007
............................(as low as) 3.74% APR*
Auto, Boat & RV, 2006-2002
............................(as low as) 6.89% APR*
Unsecured
............................(as low as) 10.99% APR*
Visa
............................(as low as) 8.49% APR*
Mortgages
First Mortgage
............................(as low as) 6.04% APR*
Home Equity
4.74% APR*
............................(as low as)
Fixed-rate mortgages are available through the secondary
market. For current rates and information, contact Carey at
320-679-3863 or 800-808-2830. Lowest rate subject to credit
score and checking/auto pay relationship.
Rates are subject to change at any time.
Certificates
$500 minimum deposit.
12 month.................2.00% APY**
18 month.................2.00% APY**
24 month.................2.25% APY**
36 month.................2.40% APY**
48 month.................2.55% APY**
60 month.................2.60% APY**
*Annual Percentage Rate.**Annual Percentage Yield.
Penalty for early withdrawal. Rates are subject to
change at any time. Rates current as of 6/22/09.
For current rates, please go to www.gmcu.com. For
more information, contact our Call Center at
800.808.2830.
GMCU Closed:
Labor Day
Monday, September 7, 2009
GMCU SEEKS SUPERVISORY INVESTMENT Option #3 -- Roll your retirement savings directly into
your new employers plan
COMMITTEE MEMBER CORNER The flexibility of your new employers plan should
be considered since the plan’s investment choices and
Greater Minnesota Credit Union is looking for a member-in- terms affect your access and control of your retirements
good-standing to serve on the Supervisory Committee. savings.
Randall W. Thiel
Investment Advisor Representative
The Supervisory Committee is comprised of volunteers who Financial Network Investment Option #4 -- Move your retirement savings to an
meet monthly to assess the status of Greater Minnesota Credit Corporation Individual Retirement Account (IRA)
Union. Depending upon its analysis, the committee may make Direct line: (320) 679-8127 or Our financial professionals at CU Preferred In-
recommendations to the Board of Directors as to how to (800) 808-2830
vestments can assist you in identifying an IRA that is right
improve specific financial products, services and/or operating rthiel@cufinancialservices.com
for you based upon your needs and objectives. If you
procedures. have company stock as part of your former employer’s
Are You Leaving a Part of Your Future Behind?
plan our financial professionals can also evaluate whether
Among other duties, the Supervisory Committee is responsible you should take advantage of the potential tax benefits
If you are changing employers, switching careers or even
for auditing GMCU’s financial operation and ensuring internal that may come with distributing the stock.
retiring, there is more than your immediate future at
policies and accounting procedures, established by the Board of
stake. The money you have in a 401(k) or other retire-
Directors, are in accordance with all state and federal regulations. Working with CU Preferred Investments at GMCU can
ment plan with a former employer is likely to be a large
source of your retirement income. What you do with help you weigh all of your options. For more informa-
If you possess the following qualifications tion contact Randy Thiel at (808) 808-2830 or (320) 679-
that savings will affect you long after you have adjusted
• Accounting background preferred 8127.
to a new career, job or retirement. Greater Minnesota
• Available once per month for meetings
Credit Union and CU Preferred Investments are here
• Attentive to detail “Securities and Investment Advisory Services are offered
to help you sort through the many choices you have.
through Financial Network Investment Corporation, a
And are interested in serving your credit union, please send a registered broker/dealer and member of the SIPC. Finan-
Option #1 -- Cash Out
resume and cover letter to: cial Network Investment Corporation is not an affiliate
You will be subject to federal and sate taxes, a
Bridget Moeller, Vice President Human Resources and Training
minimum 20% tax withholding and a potential 10% early of Greater Minnesota Credit Union.”
distribution penalty.
Greater Minnesota Credit Union Not FDIC/NCUSIF Insured
112 South Lake Street
Option #2 -- Leave your retirement savings in your for- Not a Deposit
Mora, MN 55051
mer employers plan No Bank/Credit Union Guarantee
This option may not be permitted by your plan, May Lose Value
A background check is required for this position. Application
or your access to and control of these funds may be Not insured by any federal government agency
deadline is August 15, 2009.
curtailed.
WE’RE FIRIN’ UP THE GRILLS!
GMCU GOES “BACK-TO-SCHOOL” FOR THE KIDS
FREE Member Appreciation Visit any GMCU branch in August and drop off your school supplies
Lunches Are Back!
donation.
Come on over and sit a spell as you
The school supplies donated will be given to the school district in which
enjoy lunch on us. Dates and times
our branches are located.
for each of our branch locations are
below;
For a list of supplies needed, please visit any branch or our Web site and
Friday, July 10 Milaca 11am - 2pm click on the branch link.
Friday, July 17 Ogilvie 11am - 2pm
Friday, July 24 Pine City 11am - 2pm Thank you for thinking of “the kids” this fall.
Friday, July 31 Elk River 11am - 2pm
Friday, August 7 Mora 11am - 2pm THE GREATER MINNESOTA CREDIT UNION
Friday, August 14 Isle 11am - 2pm SOCIAL RESPONSIBILITY COMMITTEE