Grand re-opening 515 Branch pg 5

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1 Hall of Famer Floyd Little Annual Meeting pg 3 Grand re-opening 515 Branch pg 5 It s Tax time pg 5 Winter 2017 An Empower Federal Credit Union Publication.

2 Message From The President John Wakefield President/CEO Member Giveback $24.0 Million over 9 years For the 9th straight year, Empower Federal Credit Union s Board of Directors has declared an end of year $3.25 million giveback for 2016 that equates to a combined total of $24.0 million over the past 9 years. Please understand that the Board does not have to declare a giveback and is not required to do so in the future. After the bonus dividend and interest rebate was distributed at the end of 2016, I received thank you s from members and also s wanting to know how exactly the giveback works and why we do this versus a bank or even many other credit unions. To refresh everyone s memory on the how, the giveback is simply based upon how much business you conduct with Empower over the course of the year. The more you save with us and earn dividends (in banking terms its interest on deposits but we must by credit union regulation call it officially as a dividend on shares since members are owners and not stockholders), the more you earn over the course of a year. We take those earnings, apply a percent to those earnings equally to all members, and distribute that back to you in the form of a bonus dividend. The same process is applied to the loan rebate we take the interest that you have paid to Empower, apply a percent, and give that back to you in the form of an interest rebate on your loans applied to all in good standing. The amount back to you personally can be substantial. Over the course of 9 years, we know of members who have gotten back thousands of dollars over that time period. However, we also know of members who have received as little as a few pennies because they only have the minimum $25 membership share account with us. Those members have suggested that we either give a higher minimum amount back or simply don t do it at all. I personally prefer to pay just a few pennies so that a member is given a friendly reminder that in order to get a larger giveback, they need to either deposit more money or take out a loan(s) with us just like everyone else. By encouraging members to do more business with us, it will simply add to our future success. Regarding the reason as to the why, if you own stock or have a mutual fund, the two ways for you to earn money is either through price appreciation of that stock and/or the dividends paid on those shares of stock. The concept is very similar when Empower declares and distributes a giveback and the money goes to back to the owner/ member. The owner of shares of stock is the recipient of dividends; however, the owner of both loans and shares in a credit union is you! Empower does not issue shares of stock or have stockholders. The very act of paying a bonus dividend and interest rebate is what separates a credit union from a bank. We may have similar products as a bank, but we do not have the same ownership structure. And the more business you do with us, the better the ability for us to continue to declare and distribute a giveback in the future. On behalf of Empower, thank you for being a member/owner and sharing in our success and we hope you received a substantial amount of the giveback either for 2016 or for all of the years we have distributed a giveback! Because Of You... Another Giveback to: Our Members from: $3.25 Million Membership eligibility required. Federally insured by NCUA. 2 Empower Federal Credit Union SPOTLIGHT Federally Insured By NCUA

3 Notice of Board Election and Annual Meeting Thursday, May 18, 2017 Location: Empower Federal Credit Union 1 Member Way Syracuse, NY :00pm Five positions on Empower Federal Credit Union s Board of Directors are up for election. The election will not be conducted by ballot. When there is only one nominee for each position to be filled, there will be no nominations from the floor. The current directors holding these seats are re-nominated by the Nominating Committee. Other members who would like to be considered for nomination may submit a petition. Contact Allynn Toney at the Credit Union: (315) , to obtain a Nomination by Petition packet. Members wishing to be nominated via petition must submit the following: 1. A petition signed by 500 Empower Federal Credit Union members; 2. A signed certificate stating agreement to the nomination and willingness to serve if elected; 3. A summary of qualifications and a brief biography. Minimum qualifications to serve on the board: 1. Must be a member in good standing of Empower Federal Credit Union, at least 18 years of age; 2. Must be bondable; 3. Must be available to attend regular Committee and Board of Directors meetings. Name Length of Membership Length as Volunteer George Gill 47 years 31 years Director Associate Director Chair Vice Chair MPS Nominating David Gleason Paul Januszka Jan Mileskey Nancy Pizzuti 31 years 21 years Director Finance Supervisory 58 years 54 years Director Supervisory Building & Grounds Chairman Vice Chairman Treasurer 44 years 20 years Director Building & Grounds MPS Secretary Associate Director Chair Vice Chair 19 years 18 years Director Supervisory Policy MPS Finance Building & Grounds Volunteer Positions Held Professional Position Former Payroll Manager and retired as Information Technology Manager for Nestle s Assistant Superintendent Rockland County BOCES Retired, Niagara Mohawk Retired, Nestle s Safety & Training Manager Retired, Haylor, Freyer & Coon Petitions and accompanying documents must be submitted to Empower Federal Credit Union, 1 Member Way, Syracuse NY 13212, no later than April 8, A notice of all nominations will be posted in all Empower branches by April 13, Empower Federal Credit Union SPOTLIGHT 3

4 Direct Deposit Reminder Whether you are having your tax refund deposited to your account, or other funds being sent to the credit union - be sure to give the correct information. Use the 14 digits on the bottom of your checks, following Empower s routing and transit number ( ). This will insure that your deposit will be posted to your checking account. To find this information online: Login to Online Banking Select the account you wish to receive funds Click on the Account Details tab The Electronic Account Number is what you will need to provide for direct deposit. When You Travel... Traveling with your Empower Mastercard can add convenience and security to your trip. For your travel security, login to Online Banking and send us your destination and travel dates via the Message Center, select credit/ debit card for subject. We will note on your account that there may be unusual or out-of-town charges. Together, we can protect the security of your card! Don t have an Empower Mastercard? Call us at , or go online to apply. Note: Savings account numbers will be 15 digits in length and can be found on the Savings Account Details page. Are You Ready to Invest? If you re fortunate enough to have money left over after paying the costs of living, you may be able to make that extra money go to work for you by investing it to earn a financial return. Investment planning involves deciding how best to put your money--your capital--to work to achieve your financial goals. Ask Empower s Investment Team About Investing. Our knowledgeable CFS* Financial Advisors at Empower Investment Services and Retirement Solutions will provide the tools and techniques to help educate and advise you in your investment choices all based on your best interests. So, Are You Ready To Invest?...Call Us Today At ext *Non-deposit investment products and services are offered through CUSO Financial Services, L.P. ( CFS ), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members. Partial article supplied by Broadridge Investor Communication Solutions, Inc. Materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable. The information in these materials may change at any time and without notice 4 Empower Federal Credit Union SPOTLIGHT

5 It s That Time Again... TAX TIME Schedule your appointment today Call or ext Schedule Online Empower Tax Services, LLC (formerly known as Empower Associated Services, Inc.) is affiliated with Empower Federal Credit Union (EFCU). Empower Tax Services, LLC provides year-round service for tax preparation, IRS audits, estimated taxes and assistance with tax questions. Join Us for Our Grand Re-Opening of the 515 Erie Blvd. West Branch Celebration April 27 th - April 29 th Meet Hall of Famer Floyd Little Saturday, April 29 th from 10am to 12pm Empower Federal Credit Union SPOTLIGHT 5

6 Western Lights Grand Opening Visit the Western Lights Branch 4729 Onondaga Blvd. Syracuse, N.Y Lobby Hours: Mon-Thu: 9:00 am - 5:00 pm Fri: 9:00 am - 5:30pm Sat: Closed Sun: Closed Drive-thru Hours: Mon-Fri: 7:30 am - 6:00 pm 6 Empower Federal Credit Union SPOTLIGHT

7 Don t Forget Your Card With the recent change to the chip-enabled cards, many ATMs and Point of Purchase machines have changed. In some cases you may just need to insert the card quickly and remove it, while other machines require you leave the card in place until the transaction is complete. The main thing to remember as we all grow more accustomed to these machines is to take your card back once the transaction is complete. Your Exclusive NEW Auto Buying Resource With our exclusive, cutting-edge technology you ll find car searching a breeze. Our site provides all the information, data and inventory you need in your next car search with the 24/7 convenience you expect. Access millions of cars in inventory, research and compare vehicles and apply for your loan anytime, anywhere! Experience the ease of car buying: empowerfcu.com/autosearch We Are Closed For The Holidays: Saturday, May 27 Monday, May 29 Memorial Day Tuesday, July 4 Independence Day Saturday, September 2 Monday, September 4 Labor Day Monday, October 9 Columbus Day We Can Help Fill TheGaps We are proud to offer private student loans. See how our various financing options bridge the gap in paying for college expenses. Visit: empowerfcu.studentchoice.org or call Refinance Your Mortgage Contact one of our professional mortgage experts today to learn more * empowerfcu.com Loan approval based on creditworthiness. Membership eligibility required. NMLS # Federally insured by NCUA. Empower Federal Credit Union SPOTLIGHT 7

8 1 Member Way Syracuse, NY PRESORTED STANDARD U.S. POSTAGE PAID PERMIT NO SYRACUSE NY Warm Up to a great auto loan In the market for a different vehicle? Our competitive rates and friendly service make the process convenient and quick. Whether you re buying a new or used vehicle, Empower Federal Credit Union is your full-service auto loan expert empowerfcu.com Federally insured by NCUA. Membership eligibility required. Loan approval based on creditworthiness.