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July cornerstone Fort Knox Federal Credit Union

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July cornerstone Fort Knox Federal Credit Union Powered By Docstoc
					July 2008

SAVE Big Money with YOUR Credit Union!
-Low Auto Rates...as low as 4.25% APR*!
-VISA Platinum Card...5% cash back on gas purchases!
-Home Equity Lines of Credit..3.95% APR introductory rate**!
-Money Market Accounts...new higher yields*!
...and Many More Ways to Save!
*See website for details.
**Introductory rate for the first six months. See website for details.

Inside:
-President’s Letter
-Fuel Costs: Miles Per Dollar
-Gas Saving Tips
-Branch News

Page 2
“Straight Talk On Your Credit Union’s Financial Conditions”
Fact: many financial institutions are under stress today. We have all heard that. In some
cases, the problems were caused by abuses in lending practices; in other cases, financial
institutions were caught in the marketplace re-adjusting after an unprecedented period of
record real estate appreciation. In all, it is an economic crisis that is likely to take awhile
to correct.

But what is the financial condition of Fort Knox Federal Credit Union? In short, your
Credit Union is an island of financial stability in this sea of economic unrest. Through
prudent investing, responsible lending practices and focusing our efforts on serving
members, Fort Knox Federal Credit Union has grown in assets while other financial
institutions have not.

In 2007, Fort Knox Federal grew in assets to $630 million at year end. Our loan portfolio
increased by 20.7% and deposits increased by 18.0%. In short, Fort Knox Federal was
able to help more members purchase homes, buy vehicles and pay educational expenses
while providing greater returns on members' investments in savings accounts, Money
Market accounts and certificates of deposit.

Why is your Credit Union so successful while other financial institutions are not?

First, management actively and continually structures and re-structures the Credit Union's
assets and liabilities to best serve the interests of our members. For example, more than a
year ago when the federal government continued to increase the prime rate, Fort Knox
Federal was able to keep its loan rates to members stable or, in some cases, reduced its
rates.
In fact, Fort Knox Federal voluntarily capped its adjustable rate Home Equity Line of
Credit loans last year even though these loans were indexed to the prime rate and were
scheduled to increase. In other words, your Credit Union voluntarily did not charge
members additional interest, even though it could have. That's just one example of your
Credit Union's focus on serving members' interest first.

Fort Knox Federal also avoided pitfalls, such as entering the sub-prime lending market.
While some other mortgage lenders almost went bankrupt, only three Credit Union
mortgages have defaulted out of more than $225,000,000 in total mortgage loans.

Second, as we have watched the prime rate plummet over the last few months, your
Credit Union has been able to keep the interest dividends it pays on members' savings
accounts at or above marketplace averages. We strategically structured a substantial
portion of our income stream to allow your Credit Union to keep interest rates up for
savers. By carefully preparing for whatever eventuality the economy throws our way,
Fort Knox Federal Credit Union is, and has remained, one of the leading credit unions in
the nation. Every independent reporting agency ranks Fort Knox Federal as one of the
most secure financial institutions, bar none. And nothing happening today or in the
foreseeable future will change that.

It is for all these reasons and many others that, without reservation, I can tell you that
your deposits are secure here at your Credit Union. Also, the loans your Credit Union
makes are both prudent investments of members' money and are at the most competitive
interest rates available from any financial institution in the area.

If you would like even more information, please let us know.


William J. Rissel, President/CEO

Page 3
Fuel Costs: Miles Per Dollar
Here’s what you pay annually to fuel your vehicle when comparing two mid-sized family
sedans:
What are those amounts in the parenthesis?
The figures in parenthesis are the savings that will go back into your pocket just by using
our VISA Platinum Card at the pump! (See back page for info)

Gas Saving Tips
Drive Sensibly - Aggressive driving (speeding, rapid acceleration and braking) wastes
gas. It can lower your gas mileage by 33 percent at highway speeds and by 5 percent
around town. Sensible driving is also safer for you and others, so you may save more than
gas money.
Observe the Speed Limit - While each vehicle reaches its optimal fuel economy at a
different speed (or range of speeds), gas mileage usually decreases rapidly at speeds
above 60 mph. As a rule of thumb, you can assume that each 5 mph you drive over 60
mph is like paying an additional $0.20 per gallon for gas. Observing the speed limit is
also safer.
Keep Your Engine Properly Tuned - Fixing a car that is noticeably out of tune or has
failed an emissions test can improve its gas mileage by an average of 4 percent, though
results vary based on the kind of repair and how well it is done. Fixing a serious
maintenance problem, such as a faulty oxygen sensor, can improve your mileage by as
much as 40 percent.
Check & Replace Air Filters Regularly - Replacing a clogged air filter can improve your
car's gas mileage by as much as 10 percent. Your car's air filter keeps impurities from
damaging the inside of your engine. Not only will replacing a dirty air filter save gas, it
will protect your engine.
Keep Tires Properly Inflated - You can improve your gas mileage by around 3.3 percent
by keeping your tires inflated to the proper pressure. Under-inflated tires can lower gas
mileage by 0.4 percent for every 1 psi drop in pressure of all four tires. Properly inflated
tires are safer and last longer.
Source: www.fueleconomy.gov and http://gmdynamic.com/gmfuelcalc/
*Based on 45% highway and 55% city. Compared vehicles are a 2008 Hyundia Elantra and a 2008 Pontiac G6.


Page 4
We Can Save You Money!
Platinum Visa Card – The card that pays back…
-5.00% cash rebate from gas purchases*
-1.25% cash rebate on other purchases
-No annual fee

New Low Rate Auto Loans
Refinance an existing loan from another financial institution or buy a new or used vehicle
and...Lower your monthly payments!
-As low as 4.25% APR**
-On terms up to 60 months
-No hidden fees
-Easy! No hassles
Limited Time Only
*5.00% off gas purchases paid at the pump. 5.00% off will not be shown at the pump, but will appear on your billing statement.
**Annual Percentage Rate. See website for complete details.
Branch News
57th Annual Membership Meeting
Fort Knox Federal Credit Union held its 57th Annual Membership Meeting on May
13,2008. Carl Hurley and Kentucky Sassafras lead the entertainment to the 700 plus
members in attendance. During the meeting, your Credit Union discussed the financial
highlights from 2007. Congratulations to Leo Pike for being inducted into The Ancient
Order of Saint Christopher.

Officers
Board of Directors
Reba Watson                  Chairman
J. Marvin Hawk               Vice Chairman
Howard A. Williams           Treasurer
Jo Exler                     Secretary
Richard (Dick) L. Ardisson   Member
Richard L. Brandenburg       Member
Rosemary Deaton              Member
William (Gene) Keith         Member
Henry Wheatley               Member
Leo C. Pike                  Director Emeritus

Committee Members
Credit Committee:
Robert D. Harman             Chairman
William J. Mahanna           Secretary
Ted Burch                    Member
Griselda Price               Member

Supervisory Committee:
Danny Hutcherson             Chairman
Henry Wheatley               Secretary
James Davidson               Member
Tim Goblirsch                Member
Rene' J. Emond               Member

Executive Staff:
William J. Rissel            President/CEO
Carolyn F. Drake             Executive Vice President

MAIN OFFICE
3939 South Dixie Blvd
Radcliff, KY 41060
www.fortknoxfcu.org

				
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