Musicians’ Interguild Credit Union 2nd Quarter 2010 A True Command Performance For Members Of Musicians’ Interguild Credit Union Only! An exclusive and limited engagement! For members who act quickly, MICU is offering New Auto Loan rates as low as 3.99%* for up to 60 months. This limited engagement is open to all members who are looking for the best auto loan rate available. Get pre-approved now and go shopping for that new vehicle you thought you couldn’t afford. You can complete an application online at www.musicianscu.org or call us toll free at 800-393-3833 and we’ll get an application to you right away. New car dealers are offering their vehicles at big discounts so now is the time to grab the discounted new vehicle of your choice, combine it with our exclusive rock-bottom loan rate and drive away with the best possible deal and the lowest possible payment. Now nothing stands between you and the new car you need. You owe it to yourself to contact us immediately to take advantage of this exclusive rate available ONLY to MICU Members for a limited time! * Monthly repayment at 3.99%. APR is $18.42 per $1,000.00 for a 60 month term. This offer cannot be combined with any other rate discounts Just over a year ago the official start of tough times for the credit union movement started with the collapse of the corporate credit union system. This followed the collapse of several good sized banks that had wandered into the magical land of mortgage backed securities. Well here we are in the Spring of 2010 and nothing much has changed in the last twelve months. Oh yeah, the banking industry received a nice bailout. They were supposed to change their evil banking ways and become more like... credit unions. You see how that’s coming along. We credit unions took it on the chin with no bailout whatsoever. Indeed, the natural person credit unions (like MICU) are now faced collectively with the bill for fixing the system on behalf of the corporates to the tune of at least .15% of insured shares (deposits) for maybe the next ten years. For a credit union of our size that’s about $80-100K per year. We’re a medium size credit union. For a really big credit union like the ones you hear advertising on the radio that could amount to over $1 million per year. Despite all the glum news, your credit union remains financially strong and your deposits are safe and insured by both the NCUSIF (a federal agency) as well as by supplemental private insurance through American Share Insurance. We continue to offer the best lending rates and competitive savings rates. Starting in April, we will be rolling out an incredible new auto loan rate as low as 3.99% for up to 60 months. And remember, we will meet or beat any other rate offered to you by another financial institution. Back to the bank versus credit union thing. The public’s trust and faith in the banking industry is at its historic lowest level since the depression. At the same time, MICU and other credit unions are reaping the benefits of member trust and loyalty. That trust and loyalty is due in part to credit union responsibility and accessibility. The relationships between you and us help our entire membership to save and borrow money for any number of purposes from auto purchases, to home ownership, to credit cards, to instruments and equipment. We’ve added rewards programs to make using your checking account and debit card as well as your VISA credit card truly a “rewarding” experience. The MICU family values your loyalty. Let’s hope this Spring brings growth to more than just flowers. Marc Jacoby Chief Executive Officer LOONEY TUNES AT THE HOLLYWOOD BOWL One lucky member of our Looney Tunes Savings Club and three members of their family will be our guests at a performance of “Bugs Bunny at the Symphony” concert at the Hollywood Bowl on July 17th. To be eligible, members must be under age 18 and open a new Looney Tunes Savings Club account or deposit at least $50 into an existing club account between April 1st and June 15th. Don’t miss this exciting event! Musicians’ Interguild Credit Union wants young people to grow understanding how to take care of money. When they get older, they will want to have things that they buy for themselves and MICU wants to help them have the money to buy those things when the time comes. The best way to do this is to open a Looney Tunes Savings Club account for your children. Looney Tunes Savings account can be opened with just $1 and when you do, you receive: • A membership folder • Club ID Card • Quarter Saver • Looney Tunes pencil • Personalized savings and withdrawal slips NOW FOR A LIMITED TIME, members of our Looney Tunes Savings Club will get a chance to see Bugs Bunny, Elmer Fudd, Sylvester & Tweety, and Pepe le Pew PLUS, Tom and Jerry, The Flintstones, The Jetsons and Scooby-Doo, at the Hollywood Bowl. On July 16th and 17th Warner Brothers presents “Bugs Bunny at the Symphony” a very special World Premiere Anniversary Concert celebrating 20 years of Bugs Bunny. Members of the Looney Tunes Savings Club will be entered to win four (4) tickets to see the characters appear on a giant screen, accompanied by the Hollywood Bowl Orchestra playing their music Live! Have mom or dad bring you to MICU to open your new Looney Tunes Savings Club account right away. Don’t miss this chance to see your favorite Looney Tunes characters at this very special concert. CO-OP MEMBERS REWARDS HAVE ARRIVED! IT’S TIME TO REWARD YOURSELF for being a member of MICU with our “Debit Card with Rewards”. CO-OP MEMBER REWARDS, a program that rewards you You have until April 15th, 2010 for using your MICU-issued Debit card, offers reward points to contribute to a traditional or towards airline flights, merchandise, car rentals, music Roth IRA through the credit union downloads, gift cards, restaurants, and donations to charity. for tax year 2009. A traditional IRA can reduce your gross There are no fees to participate. income and your investment can grow, tax deferred. Each IRA has its own possible tax benefits, so call us if you have Points can be exchanged for rewards by calling toll-free any questions. Contributions can be made to your IRA for a 877-266-7636, the 24-hour customer service center. Get year at any time during the year or by the due date for filing more information or apply online at www.musicianscu.org your return for that year, not including extensions. to find out more about the program. OFFICE CLOSURES ANNUAL MEETING WRAP-UP We will be closed on the following days: At this year’s Annual Meeting, officers nominated for re-election were elected by acclamation. Friday Monday May 31 July 5 Directors • Lee Callet, Steve Johnson, Sandy Martin, Memorial Day Independence Day Morris Repass and Stephan Zupkas Supervisory Committee • Vincent Tagliarino Hollywood Branch Studio City Branch 817 N. Vine St., Suite 200 11440 Ventura Blvd., Suite 101 Hollywood, CA 90038 Studio City, CA 91604 Toll-Free Toll-Free Encore is published for members of Musicians’Interguild Credit Union. Loans are 800/393-3833 800/393-3833 issued in accordance with NCUA regulations, subject to credit approval. MICU is an equal opportunity lender. All members accounts are federallyinsured up to Hollywood Branch Studio City Branch $250,000 by the National Credit Union Administration. Additional coverage 323/462-6447 818/763-7005 from $250,001 to $500,000 provided by American Share Insurance, a private insurer. Dividends are based on the credit union’s earnings the end of a Hollywood Branch Fax Studio City Branch Fax dividend period and are subject to change. 323/462-4411 818/505-0407 APR=Annual Percentage Rate. APY=Annual Percentage Yield.