Quarterly Interest

is the official publication of Greater Minnesota Credit Union

Greater Minnesota Credit Union. Offers Scholarship Program
Board of Directors As part of our commitment to higher education, Greater Minnesota Credit Union is Quarterly Interest
Bob Oehrlein Chairman offering a scholarship program to its membership. The program, which establishes
Winter 2010
Jason Horrigan, Vice Chair Traditional and Non-Traditional scholarships, is open to all members pursuing higher Vol. 26, Issue 1
Dennis Schulz, Secretary education, regardless of age or employment status. A total of 10 scholarships will be
Steven Ahlness, Treasurer
awarded. Scholarship amounts, application criteria and the application packet can
Carl Anderson, Director
John Sandy, Director be found on our Web site at www.gmcu.com. Scholarship packets are also available “Discover the Difference”
Darla Stenstrom, Director at any branch location, and at local high schools.
President’s Report
Supervisory Committee Traditional Applicants: Deadline for applications is determined by your high school.
Terry Dalbey, Chair I begin this newsletter article by paying tribute to one of our own
Please consult your high school office. If your high school does not have a scholar- who recently left us, Russell Mills. Russell faithfully served this
Jack Sahlstrom
John Sandy ship program, please follow the deadline for Non-Traditional Applicants. credit union as a member of the Board of Directors for 24 plus
Branches Non-Traditional Applicants: Deadline for applications is April 16, 2010.
75th years, many as the Board Secretary. Russ lived the credit union
MORA Annual Meeting philosophy each and every day. He was concerned about the welfare
112 S. Lake St. • Mora, MN 55051 Minnesota Family Involvement Council of everyone; believed that all men and women should be treated fairly
(320) 679-3863 and equally; believed that people are helped by people and not by
Scholarship Program The Greater Minnesota Credit Union
the action of government. For me Russ was a mentor and a friend.
MILACA Board of Directors and staff invite you to
400 3rd Ave. SW • Milaca, MN 56353 The Minnesota Family Involvement Council (FIC) has $11,000 available in scholarship I know that I will miss Russ Mills but we will also miss his leadership and spirit. Join me
(320) 983-2511 money for Minnesota credit union members who are continuing their education! attend the 75th Annual Business Meeting.
in keeping that spirit, which Russ instilled in all of the lives he touched, alive in this credit
ISLE union and just as importantly in the world we all live in.
P.O. Box 697 • Isle, MN 56342 Those interested in applying need to complete a one-page application form and Doors Open: 6:00 p.m.
(320) 676-3607 submit a typed essay (up to 500 words in length) answering the question: Business Mtg.: 7:00 p.m.
When: Monday, April 12, 2010 As we close out 2009 I want to thank each and everyone for remaining loyal to your
ELK RIVER credit union. The financial challenges we have all faced during 2008 and 2009 have
P.O. Box 333 • Elk River, MN 55330 “Credit unions were established in the U.S. 100 years ago, yet many Americans Where: Grace Lutheran Church
(763) 441-3842 301 Forest Avenue influenced our lives for years to come and many of these changes are positive. We, as a
know nothing about them. As the manager of a credit union, what strategies nation, have learned to once again save. For many years, we were a nation of spenders,
PINE CITY would you employ to give credit unions a higher profile and help them grow?” Mora, MN
900 Main St. S. • Pine City, MN 55063 not saving money for the unforeseen rainy day. This economic downturn has certainly
(320) 629-1178 The purpose of the business meeting is demonstrated why everyone needs to build a rainy day fund. Building a savings account
Applicants are encouraged to research the topic using any sources available. The or holding money in reserve is part of any financial planning program. Building a strong
OGILVIE
scholarship deadline is Monday, Feb. 1, 2010. Twenty scholarship recipients will be to review the annual reports of the Board
200 W. Hwy 23 • P.O. Box 158 of Directors, the President/CEO, Credit reserve structure has made all of the difference for this credit union. We build and maintain
Ogilvie, MN 56358 selected and announced in the spring of 2010. Applications are available at each of reserves to effectively deal with the unforeseen issues that periodically come upon any
Greater Minnesota Credit Union’s branches or can be completed on line at; Manager and Supervisory Committee
(320) 272-9918 economy. For the credit union, as it is for you our individual members, a strong financial
https://www.mncun.org/Family_Involvement_Council_Scholarship_Application_334. for the fiscal year ending December 31,
1-800-808-2830 • www.gmcu.com 2009. base is necessary to insure our future.
html
Hours
75th Annual Meeting (continued) Seeking Board Candidates 2010 is the year that positive change begins to occur for all of us. We expect consumer
Mora • Milaca • Isle • Pine City • Ogilvie confidence levels to build and unemployment rates to decrease. We expect to see
Monday - Thursday To apply, please submit a letter of interest/purpose, resumé and three references borrowing needs escalate and interest rates to stay low. The average consumer has held
Lobby: 8:30 am - 4:30 pm postmarked and mailed by February 13, 2010 to: There are two board seats available at
Drive-thru: 8:00 am - 5:00 pm the 2010 annual business meeting, those off making major purchases because of the uncertainty of the economy. This pent up
Call Center: 7:30 am - 5:00 pm Greater Minnesota Credit Union, Attention: Nominating Committee demand will begin to burst and consumers will be making capital purchases spurring the
Friday 112 S. Lake Street, Mora MN 55051 of Russell Mills who passed away in
Lobby: 8:30 am - 6:00 pm November 2009 and Jason Horrigan. economic recovery this country needs.
Drive-thru: 8:00 am - 6:00 pm
Call Center: 7:30 am - 6:00 pm Potential Board members will be subject to pre-directorship screening. Members Jason Horrigan will run again in 2010.
Saturday Greater Minnesota Credit Union wants to help each and every one of you. We have always
Drive-thru: 8:00 am - 12:00 pm interested in serving should contact Peter Masterson at 800-808-2830 Ext. 8151 with been there for you our members and we have money to lend. We want you to be part of
Call Center: 8:00 am - 12:00 pm specific questions. Anyone seeking to serve on the Board
must follow the guidelines as outlined in the solution. We will work with you to buy that new or used car. We want you to buy that
Elk River boat or recreational vehicle. It may be time to re-insulate or put new windows, doors or
Monday-Thursday Mail Ballot Option the Credit Union’s bylaws. Individuals
Lobby: 8:30 am - 4:30 pm
interested in running for the Board must siding on your homes. Just remember your credit union is here to serve you and only you.
Drive-thru: 7:30 am - 5:00 pm If there are more board candidates than available seats, GMCU will conduct a mail
Friday ballot sent to all eligible voting members of the credit union in early March. If there is either submit an application to the nomi-
Lobby: 8:30 am - 6:00 pm
nating committee, or petition the member- Merry Christmas and Happy New Year to one and all.
Drive-thru: 7:30 am - 6:00 pm only one candidate for each open seat, the election will be deemed unnecessary and
Saturday the candidates will be named to the Board at the annual meeting. ship for inclusion on the ballot.
Lobby: 8:00 am - 12:00 pm Steve Ahlness, CEO/President
Drive-thru: 8:00 am - 12:00 pm
 Financial Fitness with
Randall Thiel • Neither you nor your heirs will own income tax on GMCU Financial Privacy Notice
Randall W. Thiel qualified withdrawals.
Investment Advisor Representative
Financial Network Investment Corporation
• Annual Contributions may be made after age
70 ½ if you or your spouse are still working and
Privacy Commitment
At Greater Minnesota Credit Union (GMCU), we consider any personal Rate Watch
Direct line: (320) 679-8127 or (800) 808-2830 earning income. information you may supply to us to be personal and confidential, and we Loans
rthiel@cufinancialservices.com are committed to using this information solely for the purpose of providing
There are many tax considerations to review and be you with superior service and convenient access to the right products and Auto, New - 2008
............................(as low as) 5.54% APR*
2010 represents potentially a once in a lifetime opportuni- aware of that help determine if converting your Traditional services. We believe you do your financial business with GMCU because
ty to make your retirement and your financial future a little IRA to a Roth IRA is an appropriate financial decision for we have a strong history of protecting your privacy. Please take a moment Boat & RV, New - 2008
............................(as low as) 5.54% APR*
easier. Thanks to new tax law provisions (taking effect in you. to read this Privacy Notice for important information regarding how we
2010), converting your traditional retirement savings plan safeguard your privacy. Auto, Boat & RV, 2007-2003
............................(as low as) 7.14% APR*
into a Roth IRA where your assets can potentially grow To learn more about Traditional to Roth IRA Conversions,
and be withdrawn tax free is not subject to income restric- please contact our CU Preferred Investments, Inc. Finan- Information We May Collect Unsecured
............................(as low as) 11.24% APR*
tions. Currently, in 2010 only, will these conversions be cial Advisors located at Greater Minnesota Credit Union, GMCU collects non-public personal information about you from the
given this special tax treatment. Taking action in the next 112 South Lake Street, Mora, MN 55051 by calling Randy following sources: Visa
............................(as low as) 9.49% APR*
calendar year may possibly lead you to a more comfort- Thiel at 800.808.2830. •Information we receive from you on applications or other forms;
able retirement in the future.
Securities and investment advisory services offered
•Information from your transactions with us;
•Information from your transactions with others;
Mortgages
Under the new tax provision: through Financial Network Investment Corporation, •Information from a consumer reporting agency. First Mortgage
• There are no longer any income limits on member SIPC. CU Preferred Investment Services, Inc., ............................(as low as) 6.29% APR*
converting a traditional IRA to a Roth IRA, so if you Greater Minnesota Credit Union and Financial Network Information We May Share Home Equity
didn’t qualify to convert to a Roth IRA before, you Investment Corporation are not affiliated companies. We do not disclose any non-public personal information about current or ............................(as low as) 6.29% APR*
will now be eligible. former members to anyone, except as permitted by law. If you terminate
• Please remember that you may have to pay taxes Mutual Funds, annuities and other investments available Fixed-rate mortgages are available through the secondary
your membership, we will adhere to the privacy policies and practices as market. For current rates and information, contact Carey at
on this conversion and if you do, you can convert in through Financial Network Investment Corporation are described herein. 320.679.3863 or 800.808.2830. Lowest rate subject to credit
2010, and can spread the tax bill over 2011 and not insured by the NCUSIF or any federal government score and checking/auto pay relationship. Rates are subject to
change at any time.
2012… making it easier to pay those taxes now so agency, are not deposits or obligations of nor guaranteed Confidentiality and Security
your savings can potentially grow and be withdrawn by Greater Minnesota Credit Union or any other affiliated GMCU restricts access to your personal and account information to those Certificates
tax-free in the future. entity. Investments are subject to investment risks includ- employees who need to know in order to provide products and services
$500 minimum deposit.
ing loss of principal invested. to you. We maintain physical, electronic, and procedural safeguards
12 month.................1.41% APY**
Other benefits of a Roth IRA will remain unchanged, that comply with federal regulations and guard your non-public personal
18 month.................1.56% APY**
including: Financial Network Investment Corporation nor any of its information.
24 month.................1.76% APY**
• Roth IRA savings are not subject to required representatives or agents give legal or tax advice. For
36 month.................2.12% APY**
minimum distributions, giving your more income complete details, consult with your tax consultant or What You Can Do To Help
48 month.................2.12% APY**
flexibility in retirement. attorney. GMCU is committed to protecting the privacy of its members. You can
60 month.................2.32% APY**
help by following these simple guidelines:
•Protect your account numbers, card numbers, PIN (personal identification
Mortgage Loans number) and pass words. Never keep your PIN with your check or credit
card, which can provide easy access to your accounts if your card is lost
*Annual Percentage Rate. **Annual Percentage Yield.
Penalty for early withdrawal. Rates are subject to
change at any time. Rates are current as of 12/26/09.
For current rates, please go to www.gmcu.com.
or stolen.

For All Your Needs! •Use caution when disclosing your account numbers, social security
number, etc., to other persons. If someone calls you and states that the
call is on behalf of the credit union and asks for your account number,
For more information, contact
our Call Center at 800.808.2830.

Special Holiday Hours:

you should beware. Official credit union staff will have access to your Martin Luther King, Jr. Day

Purchase - Refinance - information and will not need to ask for it.
•Keep your information current. It is important that we have current
Monday, January 18 - Closed

President’s Day
information on how to reach you. If we detect potentially fraudulent or
Home Improvement and More unauthorized activity or use of your account, we will attempt to contact you
Monday, February 15 - Closed

immediately. If your address or phone number changes, please inform us.

Call 800 808 2830 today.