Dear fellow members,

We’ve heard it before … the reward for work well done is more work … and our amazing staff, management team and board are working diligently every day to ensure that our credit union continues on the pathway to success and prosperity. 

Financial ‘Gurus’ south of the border are still describing the US situation as a ‘struggling economy that is going into rehab’ as more and more houses are ‘bank owned’.  The ripple effect on our own Canadian economy has required credit union regulators to ‘step up’ their due diligence to safeguard and protect members’ deposits.  Over the past 6 months, our management team has been working tirelessly to meet increased regulatory deadlines for which we are all very thankful.   

In spite of all the challenges that we face, our credit union is showing a realistic profit considering that our local economy has suffered this year due to the lower US exchange rate … our American neighbors are not spending as much here in Fort Erie as we would like … and the weather in April and May significantly impacted the tourist and hospitality trade in the Niagara peninsula. 

I’d like to remind everyone that when you bank with our credit union, the profits benefit Fort Erie; our people, our local businesses and our entire community.   Our Christmas Club Promotion in March has helped to encourage members to save and look forward to the holiday season.  We are confident that our current Mortgage Promotion … 3.85% for 5 years … will help to rejuvenate our  local real estate market and encourage members to consider buying a new home while the rates remain this low.

Keep your eyes and ears open to the ’buzz’ about Fort Erie Credit Union … we look forward to launching more exciting promotions in the future  and we want you to pass along all the great news to your family, friends and neighbors – bank where you live! 

Thank you for your membership, your trust and your loyalty.

Barrie Golding - President

Dear fellow members,

First of all I would like to thank your board members for having the confidence in me to elect yours truly as Chair for another year.

2009 was tough to say the least; due to everyone's hard work, we finished the year with a profit. Although the economy is not out of the woods yet, I believe that the course we have set will improve our net profit for 2010. It will not be easy. We will maintain a conservative approach to our business activities, and with our great staff, management and board, we will sail through any storms that come our way.

As credit unions, we are all facing the same problem - the erosion of our membership primarily due to an aging population. Sadly, at our last AGM, we announced the passing of 41 members. Moving forward, our goal is to increase our membership by being proactive in areas that will attract a younger membership base. For example, we are looking at introducing a Facebook page, student programs and making our website more interactive for the whole family. Presently, we have many younger members, like my family, who have joined the credit union because Grandma and Papa have opened accounts for them. Our goal is to keep these young members as they mature into adults.

Our marketing committee is working to put these programs together - we hope to see the results of their efforts in the near future.

Have a great summer! I plan to spend all the sunny days improving my golf game - wish me luck!

Barrie Golding - President

Dear fellow members,

By the time we go to press, the Fort Erie Community Credit Union will have completed our first six months of fiscal 2009.  To say the least, this has been a very unusual year with the Canadian economy slowing down, lay offs in many types of businesses and high regional unemployment. 

The good news is that our credit union is riding the storm thanks to our great Management, Staff and Board.  In June we experienced an ‘On Site Verification’ review by the Deposit Insurance Corporation of Ontario (DICO). Although the final results have not been received, our exit meeting proved to me that our team – Management, Staff and Board – are on the right track; the inspectors were highly complimentary in their findings.

On a more personal note, like you, our family has taken a hit with our investments.  Along with many members, I am concerned that when we reach retirement age, will we be able to survive on just pensions alone? Like everyone else these days, we are looking to protect our investments and also save money on our day to day expenses.

Thanks to our credit union, Maggie and I saved almost $700 per year switching our car insurance on our two vehicles to CUMIS.   Check with any of our staff; they will provide you with the CUMIS contact numbers.

We are also investing in our credit union’s Index-Linked Term Deposits. Based on the S&P/TSX 60, you can invest in either 3 or 5 year terms and here’s the great news – the principal amount is guaranteed, so you never lose your original investment.  Just to give a few examples, these are the most recent returns:

3-Year Terms:   due June 2009 – paid 12.298%; annual return 3.94%
due March 2009 – paid 7.8891%; annual return 2.56%
due December 2008 – paid 17.05%; annual return 5.39%

5 year Terms:    due March 2009 – paid 23.1451%; annual return 4.25%
due December 2008 – paid 50.00%; annual return 8.45%
due September 2008 – paid 50.00%; annual return 8.45%

The stock market is at it’s lowest in many years and remember, you never lose your original investment. The June/July/August 2009 series – 3 year and 5 year terms – is available for sale until August 31.

Now that the good weather is finally here, here’s hoping that everyone has a safe and enjoyable summer.  Keep an eye out for our Community Shred Day in September and our 3rd Annual Breast Cancer BBQ & Bake Sale in October.

Barrie Golding – President

Dear fellow members,

First of all, may I say it is an honor to be elected President of the Fort Erie Community Credit Union.  Fellow members may not know that our Past President, Pat Sparling was the second in her Family to be elected into the position; her father, Mr. William Morris held the position for 7 years (1968 -1975) so you can see I have some very large shoes to fill.

The coming years will be a challenging time for all financial institutions.  Although our Credit Union is in great shape financially, the “trickle down” effect of the Sub Prime crisis in the USA will affect everyone.  Combine that with the ever changing dollar & soaring gas prices, our local economy may face further challenges. 
On a more personal level, our goals remain the same for all members of Fort Erie Credit Union:  to maintain & increase membership and to continue to provide the best services & products to our members while meeting the objectives & goals that we set for ourselves.

These goals cannot be achieved without our amazing Staff; they are our lifeline to our membership.  This year, we will be introducing some exciting & innovative new programs that will be the joint effort of the Staff, Management and our Board of Directors.

Barrie Golding - President