Gmcuquartnewssummer09final

Quarterly Interest is the official publication of Greater Minnesota Credit Union Board of Directors Bob Oehrlein Chairman Jason Horrigan, Vice Chair Russell Mills, Secretary Steven Ahlness, Treasurer Carl Anderson, Director John Sandy, Director Dennis Schulz, Director Darla Stenstrom, Director Supervisory Committee Terry Dalbey, Chair Jack Sahlstrom

Quarterly Interest

er m m Su !! FUN!

Summer 2009

$25.50 Adults $16.99 Kids (under 48”)

BRANCHES: MORA 112 S. Lake St. • Mora, MN 55051 (320) 679-3863

Universal Tickets Ride Tickets Bargain Books

MILACA 400 3rd Ave. SW • Milaca, MN 56353 (320) 983-2511 ISLE 390 Isle St. W. • P.O. Box 697 Isle, MN 56342 (320) 676-3607 ELK RIVER P.O. Box 333 Elk River, MN 55330 (763) 441-3842 PINE CITY 900 Main St. S. • Pine City, MN 55063 (320) 629-1178 OGILVIE 200 W. Hwy 23 • P.O. Box 158 Ogilvie, MN 56358 (320) 272-9918 1-800-808-2830 • www.gmcu.com Hours Mora, Milaca, Isle, Pine City, Ogilvie Monday-Thursday Lobby: Drive-thru: Call Center: Lobby: Drive-thru: Call Center:

8:30 am - 4:30 pm 8:00 am - 5:00 pm 7:30 am - 5:00 pm Friday

8:30 am - 6:00 pm 8:00 am - 6:00 pm 7:30 am - 6:00 pm Saturday Drive-thru: 8:00 am - 12:00 pm Call Center: 8:00 am - 12:00 pm Elk River Monday-Thursday Lobby: 8:30 am - 4:30 pm Drive-thru: 7:30 am - 5:00 pm Friday Lobby: 8:30 am - 6:00 pm Drive-thru: 7:30 am - 6:00 pm Saturday Lobby: 8:30 am - 12:00 pm Drive-thru: 8:00 am - 12:00 pm

GMCU’s Loyalty Package

$9.00 $10.00 $4.00

Exhibits + Omni Adults $13.00 $10.50 Kids (pricing may change Aug.1, 2009)

GMCU Awards 15 Scholarships to Mora and Ogilvie Students! Greater Minnesota Credit Union’s Scholarship Committee awarded a total of $7,500 in scholarships this year. Winners in the Tradition category: Katelyn Souba (Mora HS) Logan Orazem (Mora HS) Brooke Weidendorf (Mora HS) Emily Swenson (Milaca HS) Brooke Pautz (Milaca HS) Anna Goetsch (Isle HS) Randy Peterson (Isle HS) Patricia Kanke (Kanke Home School) Haakon Hansen (Pine City HS) Akshya Mahindru (Ogilvie HS) David Krebs (Ogilvie HS)

Winners in the Non-Traditional category: Amanda Follmer (Circle Pines) Miranda Swanson (Mora) Samantha Wellinski (Ogilvie) Melissa Alto-Kintigh (Moose Lake) Applicants outlined noteworthy activities, achievements, honors, school or community memberships, and volunteer or community outreach. They also answered the essay question, “Describe your most meaningful achievements. How do they relate to your field of study? How do they relate to your future goals?”

“Discover the Difference” President’s Report

Greater Minnesota Credit Union Has Money to Lend! Just ask John and Deanna Szczech. They refinanced their vehicle loan from a higher rate at another financial institution! Boy are they happy with their new payment! You could be, too! Give us a call. CARS BOATS RVs MOTORCYCLES NOW is the time to purchase or refinance a new car, boat, RV or motorcycle

72 Month Term 60 Month Term 48 Month Term

as low as 4.74% APR1 as low as 4.25% APR as low as 3.74% APR

IT GETS EVEN BETTER... and COOLER! Bruce and Aoulene Hauschulz recently received a Home Equity loan from GMCU. For the first time in 38 years they now have Central Air in their home... just in time for the hot, humid summers in Minnesota. That’s Cool!

84 Month Term as low as 4.74% APR To apply for your loan, call 800.808.2830, visit www.gmcu.com or a branch to get the ball rolling. 1 APR is Annual Percentage Rate . As low as rate includes discount for having a GMCU checking account with auto pay or direct deposit. These rates also apply if you want to refinance your current car, boat, RV or motorcycle loan from another financial institution that meet the promotional terms2. 2 Car Boat RV Motorcycle Terms; Car, Boat, RV, Motorcycle 2007 or newer, 15% down, 85% Loan To Value. On approved credit. Rates and Terms subject to change. Promotion may end at any time. Cost per $1,000 is apprx. $15.98 @ 72 months. 3 Home Equity Loan Terms: New Money Only. Minimum amount $5,000, 80% Loan To Value. Closing Fees apply. Cost per $1,000 is apprx. $14.01 @ 84 months. On approved credit. Rates and Terms subject to change. As low as rate includes discount for having a checking account with auto pay or direct deposit. Promotion may end at any time.

Vol. 26 Issue 3

During economic downturns there is a strong tendency to take a wait-and-see approach to finances. Consumers tend to safeguard money by investing in safer choices like depositing funds into local financial institutions that offer lower, but secure guaranteed rates. We have witnessed this “flight to safety”. Even with lower rates being paid on our deposit products the money continues to flow into GMCU. We know that at some point, and it isn’t too far off, members will start to reverse that trend by taking money out, at least a portion of their liquid funds, and begin putting their funds back into the market. This return to the market means a commitment to planning. As members, you must now think about the risk level you are willing to take. I think we all recognize that no matter how hard we try, recovering our lost investments will not occur over night. You must plan a safe and sound strategy for future investments. You must guard against any type of offerings that seem too good to be true. There are many “opportunities” that will be placed in front of you that will tout great returns and little, if any risk. Be careful and diligent in evaluating these types of offers. The best advice I can offer is Caveat Emptor, Latin for “Let the buyer beware”, and should be repeated every time someone asks you to make an investment. Greater Minnesota is financially strong and continues to serve its members with outstanding products and services. We are not offering high rates on share certificates or other savings instruments because we cannot find any high-return investment vehicles to place those funds into. Lending activities have slowed dramatically and we have developed a very adequate level of liquidity. We continue to make loans for any reasonable member need or want. We have stayed true to our mission of service and have used our competitive advantages to assist our members. By having a strong capital base we have weathered this economic downturn and are gearing up for the upturn in the economic cycle. We are now looking at new opportunities to serve you even better. Strategic alliances are being developed and new products and services are being explored that will make membership even more valuable to you as time goes on. We are more committed than ever to being your financial institution. The phrase of Discover the Credit Union Difference is something that you will want to encourage your friends, neighbors and family members to see. Give them the greatest opportunity for financial success by getting them to give us a try. They will thank you for introducing them to us.

Steve Ahlness, CEO/President

Rate Watch Loans Auto, New - 2007

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* ............................(as low as)

Mortgages First Mortgage ............................(as low as)

6.04% APR*

............................(as low as)

4.74% APR*

Home Equity

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.

GMCU SEEKS SUPERVISORY COMMITTEE MEMBER Greater Minnesota Credit Union is looking for a member-ingood-standing to serve on the Supervisory Committee. The Supervisory Committee is comprised of volunteers who meet monthly to assess the status of Greater Minnesota Credit Union. Depending upon its analysis, the committee may make recommendations to the Board of Directors as to how to improve specific financial products, services and/or operating procedures. Among other duties, the Supervisory Committee is responsible for auditing GMCU’s financial operation and ensuring internal policies and accounting procedures, established by the Board of Directors, are in accordance with all state and federal regulations. If you possess the following qualifications • Accounting background preferred • Available once per month for meetings • Attentive to detail And are interested in serving your credit union, please send a resume and cover letter to: Bridget Moeller, Vice President Human Resources and Training Greater Minnesota Credit Union 112 South Lake Street Mora, MN 55051 A background check is required for this position. Application deadline is August 15, 2009.

WE’RE FIRIN’ UP THE GRILLS! FREE Member Appreciation Lunches Are Back!

For current rates, please go to www.gmcu.com. For more information, contact our Call Center at 800.808.2830.

Come on over and sit a spell as you enjoy lunch on us. Dates and times for each of our branch locations are below;

GMCU Closed: Labor Day

Monday, September 7, 2009

Friday, Friday, Friday, Friday, Friday, Friday,

July 10 July 17 July 24 July 31 August 7 August 14

Milaca Ogilvie Pine City Elk River Mora Isle

11am - 2pm 11am - 2pm 11am - 2pm 11am - 2pm 11am - 2pm 11am - 2pm

INVESTMENT CORNER

Randall W. Thiel

Investment Advisor Representative Financial Network Investment Corporation Direct line: (320) 679-8127 or (800) 808-2830 rthiel@cufinancialservices.com

Are You Leaving a Part of Your Future Behind? If you are changing employers, switching careers or even retiring, there is more than your immediate future at stake. The money you have in a 401(k) or other retirement plan with a former employer is likely to be a large source of your retirement income. What you do with that savings will affect you long after you have adjusted to a new career, job or retirement. Greater Minnesota Credit Union and CU Preferred Investments are here to help you sort through the many choices you have. Option #1 -- Cash Out You will be subject to federal and sate taxes, a minimum 20% tax withholding and a potential 10% early distribution penalty. Option #2 -- Leave your retirement savings in your former employers plan This option may not be permitted by your plan, or your access to and control of these funds may be curtailed.

Option #3 -- Roll your retirement savings directly into your new employers plan The flexibility of your new employers plan should be considered since the plan’s investment choices and terms affect your access and control of your retirements savings. Option #4 -- Move your retirement savings to an Individual Retirement Account (IRA) Our financial professionals at CU Preferred Investments can assist you in identifying an IRA that is right for you based upon your needs and objectives. If you have company stock as part of your former employer’s plan our financial professionals can also evaluate whether you should take advantage of the potential tax benefits that may come with distributing the stock. Working with CU Preferred Investments at GMCU can help you weigh all of your options. For more information contact Randy Thiel at (808) 808-2830 or (320) 6798127. “Securities and Investment Advisory Services are offered through Financial Network Investment Corporation, a registered broker/dealer and member of the SIPC. Financial Network Investment Corporation is not an affiliate of Greater Minnesota Credit Union.” Not FDIC/NCUSIF Insured Not a Deposit No Bank/Credit Union Guarantee May Lose Value Not insured by any federal government agency

GMCU GOES “BACK-TO-SCHOOL” FOR THE KIDS Visit any GMCU branch in August and drop off your school supplies donation. The school supplies donated will be given to the school district in which our branches are located. For a list of supplies needed, please visit any branch or our Web site and click on the branch link. Thank you for thinking of “the kids” this fall. THE GREATER MINNESOTA CREDIT UNION SOCIAL RESPONSIBILITY COMMITTEE