This is Frontwave Credit Union's Member Newsletter for First Quarter 2019
REPORT OF THE BOARD OF DIRECTORS
J.S. GARWOOD
Welcome to the 18th Annual Meeting of the Camp Pendleton Federal Credit Union. I think it fitting too, that we extend that welcome to the new decade of the Seventies. I hope that you will forgive me the luxury of spending a few moments to talk about the past-- the decade we just finished--and then some comparisons. 1 January, 1960, the assets of the Camp Pendleton Credit Union amounted to $216,063.06- -there were $160,942.09 in shares and $209,000 .00 in loans. Dividends paid to 1947 members for the year ending 31 December, 1959, amounted to $8,696.14. All of the business was handled by two employees, Jim and Clara Taylor, and a number of volunteers, operating in an office about the size of a good-size packing crate. 1 January,1970,the assets of your Credit Union are $10,165,069. 71 - -there are $8,575,566.94 in shares and $10,057,832 .16 in loans. Dividends in the amount of $102,414.83 were paid to 25,424 members for the last quarter ending 31 December 1969 . Our dividends for the enti re year of 1969 amounted to $385,595 .17. This growth even extends to the manager-in 1959 he weighed 175 pounds, now he tips the scales at 215 pounds . Seri ously, though, the credit union has experienced tremendousO growth and it has not been due to chance. Granted that some of the increase can be attributed to the fact that we are located and serve personnel of the largest amphibious training base in the Marine Corps . However, I prefer to believe that the growth repre- sents the efforts and interests of the members, directors, commit- tees, representatives and staff. Your credit union has been in the forefront of all competition in matters of loan costs and dividends paid. When I read the various advertisements of finance companies,savings and loan organizations and banks, I am continually amazed that what is presented as such a "good dea1" does not measure up to what we offer our members • I trust that you too,realize this. If not,take a moment to consider: ~ % dividends paid quarterly against 4 and 5 percent by the others; 1% interest on loans {12%per annt111) against 1~ to 3 per- cent '(18 to 36 percent per anm.an) by the others ; life insurance on deposits up to $2,000.00, dollar for dollar, and credit life and disability insurance on loans up to $10,000.00.FREE . If the custom- ers of the other organizations want this service, they pay for it.
Sometimes we become so used to benefits received that we lose sight of them. Others want them . I know this because I am ap- proached frequently by persons desiring to join the credit union but are outside our field of membership . You cannot imagine thei.r disappointment when they are told that they are not eligi- ble. So, I say to you, count your blessings in having such a fin- ancial organization at your side . The benefits are incalculable. Still, we are not able to serve all of our members. We are exper- iencing a very tight money situation . Therefore, we have had to turn down loan applicants that under different monetary circt111- stances, we would ordinari ly accommodate . In an attempt to over- come the lack of money, 6%Debentures have been offered to the general public. This has helped some but the need continues. Can~ mercial sources charge more for the use of their money than the credit union can afford. You can help by increasing your deposits to savings through allotments and payroll deductions. Also, sell the credit union to others eligible for membership-tell that rich uncle about our debentures. Q look forward to the challenges of the Seventies-will they be as uitful as the Sixties? I believe so, especially when I look ck and reflect on the support given the credit union and which is expected to be continued, It is with such support that we will be able to maintain our record of service. To the members, the Commanding General and his staff, my fellow directors, committee members, representatives, the Manager and his staff, my heartfelt "thank you" for the past support and sincere hope that it will continue on into the Seventies-that whoever writes the President's report for the 28th Annual Meeting, will have the same glow of appreciation that I am experiencing at this moment. Respectfully,
J. S. Garwood
2
3
H OW 25 .394 MEMBERS SHARED IN $8,575,000
HOW $1 ,097 ,685 INCOME WAS SP ENT IN 19 6 9
26 .65% $10. or IHI 6,761
35.1% Dividends to Members $385,595.
1.9%
2.4% Public Relations / Education $27,077.
40.31 % $10. to $100. 10,237
4. 81% $2,000. to om $10,000 1,221
4.8% Interest on Borrowed Money $53,018.
. .
* * *
~ ···.
.
• f
7.6% L11a1 Reserves for Bad Loans $84,276.
Staff Salaries tEmployusJ $225,448.
12.% Life Savln1s and Loan Protection Insurance S130.35~
8.1 6% $500. to $2,000. 2,072
20.07% $100. to $500. 5,096 0
15.% 0pe11t1n1 Expenses $170,856.
CREDIT U~ N'S PAST 17 YEAR GROWTH
$13,000.
1953
c::::::J Projected Growth For 1D70
REPORT OF THE TREASURER-MANAGER
l J
Sunmer, 1969, found your Credit Union changing its By-Laws to al- low members to retain membership in CPFCU for life .••• "once a mem- ber, always a member. 11 Another beneficial change in Federal Law now pennits federal employees to have payroll deductions to the Credit Union. This affords civilian employees the counterpart to military savings allotments. One of our major goals in 1970 is to get everyone eligible to save by this convenient method. This brings up some startling statistics worthy of mention. Al- though we outstripped the percentage growth of every Savings and Loan Assn. in San Diego County with gains of 20 per cent in loans and 21 per cent in shares, we cannot afford complacency. Some shocking figures bear this out . 16,71B members or 66 per cent of the membership own less than 6 per cent of Credit Union shares with an average of only $29 per member. Further,1273 or 5 per cent of the members own 56 per cent of shares amounting to $4,B59,000 or an average of $3,817 each . These divergent figures tell a sad story of the lack of under- standing by too many members about the advantages and benefits of systematic savings.If each of that large group of members increas- ed their savings by an average of only $71 in 1970, your Credit Union would have $1,186,978 more to loan to members and on which to earn higher than average dividends. Change even penetrated our hard-working staff,with several employ- ees leaving for reason of transfers, illness and other causes. A -"\;omplete reorganization of departmental functions occurred during ~ he year to provide smoother work flow and faster services to mem- bers . I take this opportunity to conmend your staff, officials and vol- unteer representatives for great cooperation, energy and enthu- siasm for the job we are all involved in • • .. serving one another .As each year slips swiftly by, a greater concern and encouraging at- titude is noted from the Secretary of Defense to all echelons of our broad field of membership regarding credit union affairs • Thanks to one and all. What is ahead for your Credit Union in the great seventies?
JAMES R. TAYLOR
The fabulous sixties ended with a year of fantastic change for your Credit Union in 1969. Webster says change means substitute, alter, ex-change, or make different . All of these action words came into play to produce the most dynamic year of your Credit Union's history. Not all of the changes were desirable but most were unavoidable. Certainly, the extrenely "tight money" situation adversely affect- ed our loan policies in many ways. Just at the time we had launch- ed our new Quick Cash loan service, it had to be curtailed along with student college loans and business loans. Short repayment tenns and higher down payments on new and used car loans also worked a hardship on many members . To keep pace with an extreme increase in loan demand and new mem- bers, we were forced to borrow heavily from other credit unions and banks, sometimes at prohibitive rates of interest. The untimely liquidation of 29 Palms Federal Credit Union in May. 1969, forced your Board of Directors to make a big decision. Th decision was to bury the floundering Credit Union and give birth to a 29 Palms branch of the CPFCU . The outstanding success of the branch office is now history, but not without its own problems. Rapid growth in membership and heavy loan demand by members put even a tighter bind on available money. 29 Palms members were ~e- positing (saving) only $1 for every $3 they borrowed. To cope w1th this imbalance of funds, your Board authorized the issuance to the public of Investment Certificates . The certificates earn 6 per cent on minim1111 $5,000 deposits for one year and 6½ per cent on certificates of $25,000 or more for 90 days. Through this device, and encouragement of our members to save regularly,we hope to meet our member's every credit need in 1970. Probably the greatest noticeable change in the main office is our "Talking Tenninals" connected directly to a 360-40 IBM computer in Los Angeles. The tenninals give members inmediate access to their accounts. Awithdrawal, share deposit or loan payment is instan- taneously recorded, showing the member's new balances.
. , j
Perpetual change!
J. R. Taylor Treasurer-Manager
8
9
BOARD OF D !RECTORS 1969
• 0
JOS9H S. 0AIWOOO ,,..w..
JAMES I . TATlOI T~on...,
• J
ION£ CANNON s.a......,
LOUIS SCHllSINOEI USMC (let) Diredor
IASI SOT. MAJ. 01010£ PAUEI VM:e PrHident
(Carolyn Simpson)
MA.IOI MAK HAIDEN Director
CMDI. 1.0 . SHIILET Director
MISS CAMP PENDLETON FEDERAL CREDIT UNION 1969
LEE BRYAN
LT. COL. GEORGE HOAGLAND 29 Palms MCB, Director
29 Palms MCB, Director
14
15
lfA,t tA1yr1 rlfillf ,lo.t CPFCU. .....•.
•
COMMANDING GENERAL MARINE CORPS BASE CAMP PENDLETON, CALIFORNIA 92055
February 9, 1970
11 "I '~ I '
Josephs. Garwood, President Camp Pendleton Federal Credit Union Camp Pendleton, California 92055 Dear Mr. Garwood:
C011manding Officers at all levels recognize the contribution of their federal credit union in stimulating systematic savings and creating a source of credit for provident or productive purposes which would not otherwise be available. The growth of Camp Pendleton Federal Credit Union serves to emphasize this fact. Thousands of military and civilian personnel at Camp Pendleton are enjoying the ben~fits of credit union member- ship. Not the least of these benefits is the personal financial counseling which has as its most important goal the encouragement of self help and the wise management of resources. J As Commanding General, I express my appreciation to the duly ' ~ elected officers and c011mittee members (as well as to all other dedicated men and women) whose prudent direction and unselfish efforts have made these services available to more and more people. All eligible personnel, military and civilian, are encouraged to make use of the Camp Pendleton Federal Credit Union services, when- ever and however they may be needed.
A 'GOING THING' Your Credi1 Union is a 'going thing' • thanks 10 members like these and 1housands of others who make it all possible. Remember, it's your Credit Union. You, the Members own it! With your continued enthusiastic support, it can be even more of a 'GOING THING'. YOUI CAMP PENDLETON FEDERAL CIEDIT UNION
•
Corps Base
16
Page 1 Page 2-3 Page 4-5 Page 6-7 Page 8 Page 9 Page 10-11 Page 12-13 Page 14-15 Page 16-17 Page 18-19 Page 20Made with FlippingBook - professional solution for displaying marketing and sales documents online