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The Quarterly Newsletter of Greater Metro Federal Credit
Union
Spring 2009
We Are Back!
 After almost four months to the day, the New York City Building Department signed off on removing the Vacate Orders from the building where our office is located in Long Island City, Queens. Deemed safe and meeting all code requirements, Tenants were FINALLY permitted to return to the building.
The cleanup of our office was completed several weeks earlier. The biggest area of concern was to re-establish communication lines and Verizon eventually re-cabled the premises and all of our systems and connections were ready to be switched on.
Members who had been calling in over the last four months were reaching a Call Center that was set up by our processor out in Michigan. Issues that couldn’t be handled by the Center, such as Credit/Debit card matters, were transferred back to an Greater Metro employee at our Disaster Recovery Site in Manhattan. That site had two phones and three computers. Credit Union employees made daily trips to the Queens Post Office to pick up member mail deposits and payments in order to process them the same day. The VA Branch was staffed with more employees and as a benefit; the Branch did not close during lunchtime, offering members greater access to the Credit Union. Monthly statements contained updates on the status of our return.
The Credit Union took a week to transition back into the space before we opened to the public, our membership. On Monday, March 23, 2009, Greater Metro employees picked up member calls. Member access to the building began the following week.
The Credit Union’s primary objective during this disaster was to continue to provide members with the best possible service. I believe that we were successful in this and we apologize to those that were inconvenienced where things fell through the cracks.
Our disaster was nothing compared to the disaster in the financial marketplace. I am proud to say that credit unions have fared extremely well during the crisis. Adherence to policies and regulations set by our regulator, the NCUA, limited the lending and investing activities that have brought down the once darlings of Wall Street. Your Credit Union has had a continuous increase in assets, which is a measurement of growth and member confidence. At year-end 2007 our assets stood at $52 million. By the end of March 2009 we were over the $70 million mark. Our higher certificate rates may have much to do with this, but the fact that we are more capitalized than most financial institutions provides members with the security and safety missing from the financial marketplace.
There’s no way around this but our four month dislocation has set our exciting 2009 initiatives back. Projects relating to growing our SEGs, deploying surcharge-free ATMs, promoting new loan and savings products and even changing our name to be more inviting to our diverse membership have been delayed. Even certain Credit Union events such as the year-end audit, annual Board of Director election process and the Annual meeting have and will be delayed because of our situation.
Every effort will be made to catch up and get your Credit Union running bigger and better. We apologize for any inconveniences you encountered. We so greatly appreciate your patience and loyalty and we hope that we’ll be your primary financial partner to get you through the current economic situation and for years after.
Sincerely,
Peter Nalaskowski
President
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Lower Your Loan Payment
& Claim A Free Gift!*
Now is a great time to purchase a new vehicle! Due to the current economic conditions, many car dealerships are experiencing a lull in sales and are especially eager to sell their vehicles. As a result, they are often willing to negotiate, which means a cheaper purchase price for you!
 Plus, you can rest assured you are getting the best deal on your new vehicle when you finance it at Greater Metro FCU. With a variety of affordable rates and terms, we are sure to have a loan that works for you!
Free GAP Insurance
Protect yourself and your purchase! For loans over $25,000, you receive free GAP insurance (covers the difference between your loan amount and your vehicle’s depreciated value). Ask us for details.
Hit The Road!
Simply call (800) 361-1012, visit us online at www.greatermetrofcu.org or stop by the Credit Union to apply or for more information.
These offers are good through July 31, 2009!
*For loans of $15,000 or more. Credit Union reserves the right to substitute equivalent make/model of what is shown.
**APR=Annual Percentage Rate. Rates shown are for qualified borrowers and are the lowest rates available. Rates are subject to change without notice. Actual rates depend on the term of the loan and creditworthiness. Contact the Credit Union for complete details.
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NCUA Corporate Stabilization Plan
The National Credit Union Administration (NCUA) is the federal regulatory body that oversees Natural Person Credit Unions, of which Greater Metro is one. They also oversee Corporate Credit Unions. Corporate Credit Unions are “credit unions for credit unions.” They provide the clearing services and liquidity for individual credit unions. Your Greater Metro checks and wires clear through Members United Corporate Federal Credit Union which is one of 28 Corporate Credit Unions.
These Corporates hold funds and invest them in regulatory approved financial instruments. These instruments in some cases were required to be written down in the latter part of 2008, resulting in reported losses for these institutions. The NCUA stepped in to ensure the stability of these Corporates by pledging funds from the National Credit Union Share Insurance Fund (NCUSIF). All federally insured credit unions contribute to this fund and were now assessed a pro rata portion of the Corporate “bailout.” The larger the credit union the larger was the assessment. Greater Metro's share amounted to a little over $400,000. This amount was taken as an expense in 2008. The NCUA and Congress are still working out ways to address the handling of the financial situation affecting the economy but more specifically the effects on credit unions.
If you’ve followed the news, credit unions have fared very well during the crisis. Assets have grown throughout the industry which in turn provides funds for consumer lending. Here at Greater Metro, members have moved funds from other institutions increasing our asset size to $73.4 million as of March 31, 2009. This not only represents a 12% increase over what was held at year-end 2008 but also represents your trust in Greater Metro . Our Net Capital to Asset ratio stands at twice the regulatory requirement which is much higher than most financial institutions.
Our goal for the future is to give our members more in products and services along with our competitive rates and safety.
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Annual Meeting & Board Elections
The Annual Meeting has been scheduled to take place on Wednesday, July 8, 2009 at 6 p.m. at our Credit Union office located in Suite 403 at 31-10 37th Avenue in Long Island City, New York. At this meeting, reports will be given regarding the results of operations for the year ended December 31, 2008.
During the meeting, the announcement of our newly elected Board of Directors will be made. Prior to the fire in November, the Board Chairman formed a nominating committee to receive, review and eventually select candidates to fill two open seats on the Board. These openings are due to the expiring terms of two Directors. The nominating committee selected Mr. Robert G. Morrison and Mr. Jerome J. LoMonte as candidates.
Members in good standing and who are at least 18 years of age are eligible to run for Board positions. Even though the time to submit names for nomination through the nominating process has ended, members may still submit their names through the petition process. As was noted in the insert to your March Statements, petitions may be delivered to the Credit Union by May 24, 2009. If all of the requirements of the petition process are met, such as the submission of a resume indicating the qualifications and biographical data of the petitioning member, a statement certifying that if elected the member would accept the position and most importantly a petition signed by 1% of the membership with a minimum of 20 and a maximum of 500, then that member will be added as a candidate for the Board.
For additional information regarding the election process, contact the Credit Union at (800) 361-1012 extension 210.
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Add More To Your Springtime Budget!
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Offices Will Be Closed
Labor Day
Monday, September 7, 2009
Columbus Day
Monday, October 12, 2009
Veterans’ Day
Wednesday, November 11, 2009
Thanksgiving
Thursday, November 26, 2009
Christmas
Friday, December 25, 2009
New Year’s Day
Friday, January 1, 2010
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Collateral Protection Insurance (CPI)
 CPI is automobile insurance charged to a member for not maintaining the agreed upon coverage. These premiums are assessed after the member fails to provide the appropriate insurance documentation. These premiums will be immediately charged to the member’s savings or checking account. Refunds may be obtained by providing the Credit Union with proof of insurance.
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