branching by ps94506


                An l&n federAl credit union publicAtion



                                              Stop shop

                                         53rd             annual

 Market                                                               ACCOUNT

l&n is pleased to announce the offering
of a new tiered money market product
that pays a great dividend and allows you
access at the same time. With our money
market Account, you can make withdrawals
in person or by writing checks.

call (502) 368-5858 or 1-800-292-2905 or
email memberserv@lnfcu for more details.

                                   * rates on the money market Accounts may change weekly. dividends are earned daily
                                     and posted monthly. there is no minimum balance requirement.
Volume iX, number 1                                                                          feb 08


3                     2    Spare Change
                           Quick news and info about your credit union.

                      3    Annual Meeting Notice
                           Our 53rd Annual Meeting is coming up in March
                           2007. Don’t forget to turn in your reservation!

10                    4    A Christmas Present from L&N
                           L&N visited the Christian Life Food Pantry in SEKY.

                      5    Branching Out
                           An update on our new branches in Middletown
                           and Williamsburg, KY.

                      7    Relationships
                           At L&N we’re always trying to build permanent relationships
                           with the community
                      9    Home Equity Program Updates
                           Check out some exciting new enhancements to our
                           Home Equity Program.

                      10 New Website Coming Soon!
                           A much needed update for our members.

                      11 Helpful Hints for Tax Season
                           Check out our hints for saving this tax season and
                           maximizing your retirement savings.
    L&N Federal Credit Union
      Board of Directors                        TheL&N Connection

                                                 on our cover                             onboa
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                                                 in this edition, our cover                                                                                 ®   ®

                                                 features a picture of our                                         branc
               Roscoe W. Davis
                  chairman                                                                                              o g                          ut
                                                 new branch recently
                                                 opened at middletown
                                                 Wal-mart Supercenter.                                                       relief r
                                                                                                                        Stope shop
                                                                                                                      53rd a
                                                 See story on page 5.                                                       nnual

     George Davis         Dolores Disney
     Vice chairman        Secretary/treasurer

                                                   LOUISVILLE AREA LOCATIONS
                                                      SOUTHERN PARKWAY OFFICE
                                                         4700 Southern parkway
                                                          louisville, KY 40214
                                                                                                         In recognition of our members’
                                                           DOWNTOWN OFFICE
                                                          200 West chestnut Street                       expectation of privacy, the
                                                            louisville, KY 40202                         L&N Federal Credit Union has
                                                            McMAHAN OFFICE                               adopted the following privacy
                                                     3099e breckenridge lane, Suite 109                  statement.
                                                            louisville, KY 40220
                                                             SMYRNA OFFICE                               We restrict access to nonpublic
Benjamin H. Barnes        Robert E. Jones                  9201 Smyrna parkway
   board member            board member                     louisville, KY 40229                         personal information about you
                                                              DIXIE OFFICE                               to those employees who need
                                                            7412 dixie Highway                           to know that information to
                                                            louisville, KY 40258
                                                                                                         provide products and services
                                                           OLD BROWNSBORO                                to you. We maintain physical,
                                                           CROSSINGS OFFICE
                                                            9731 Von Allmen ct.                          electronic, and procedural
                                                            louisville, KY 40241                         safeguards that comply with
                                                          MIDDLETOWN OFFICE                              Federal standards to guard
                                                          822 donaldson Highway
                                                            erlanger, KY 41018                           your nonpublic personal
                                                      SEKY AREA LOCATIONS
                                                             CORBIN OFFICE                               We may disclose some or all
                                                       1498 W. cumberland Gap pkwy
    Claude Simpson        Jack Cherwak                       corbin, KY 40701                            of the information we collect
      board member         board member
                                                             LONDON OFFICE                               to service providers, such as
                                                              101 Spring Street                          credit reporting agencies, check
                                                             london, KY 40741
                                                                                                         printers or marketing services
Supervisory Committee                                      SOMERSET OFFICE                               that perform a service on our
                                                         2835 Grand central place
James Macpherson        chairman                          US Hwy 27S • Suite 116                         behalf. We may also disclose
Darlene Mooney          Secretary                          Somerset, KY 42501                            information about you under
Thomas Heuke            member                           WILLIAMSBURG OFFICE                             other circumstances permitted
Jim Goetz               member                                589 Hwy. 92 West                           by law.
                                                          Williamsburg, KY 40769
Glen Heinz              member
                                                      NKY AREA LOCATIONS
                                                          NORTHERN KY OFFICE
Audit Committee                                           822 donaldson Highway
                                                            erlanger, KY 41018
Regina Latimer          member
Ron Hennig              member

1                                                  (502)368-5858 • 1-800-292-2905 •
Holiday Hours
the credit union will be closed on:
presidents day – february 18th
memorial day – may 26th
independence day – July 4th

change in fees
Starting february 1st, 2008:
1.) nSf/overdraft fees (insufficient funds) will move from
      $24 to $26.
2.)     Shared branching transactions will be assessed $4
        per transaction.
Starting march 1st, 2008:
1.) Stop payment fee of $26.                                                                       federal law change
                                                                                                   As a result of a change to federal law, you may no longer
Zero closing on Arms                                                                               receive a receipt every time you use your Atm/debit card,
                                                                                                   or when you use your card for a purchase. Although
Zero, Zip, Zilch, nada, nothing: that’s what you’ll pay for closing
                                                                                                   l&n fcu Atms will still provide receipts, not all Atms
costs on your next adjustable rate mortgage at l&n federal credit
                                                                                                   may. federal law generally requires a receipt to be made
union! for a limited time, l&n federal credit union will close your
                                                                                                   available for these electronic funds transfers. However,
adjustable rate home mortgage loan on purchases or refinances
                                                                                                   the law also provides an exception for $15.00 or less.
with Zero closing costs.*
                                                                                                   What this means is, that for any transaction less than
*Zero closing costs do not apply to fixed rate mortgages. rates subject to change based on         $15.00, the merchant will make the decision whether to
credit qualifications. does not include prepaid interest or escrow. checking account must          give you a receipt. for transactions over $15.00, federal
remain active for at least 12 months. no other discounts available for zero closing costs. offer
good on Adjustable rate mortgages for a limited time only.                                         law continues to require that a receipt be made available.

                                                                           Sign up for
                                                      E-Statements provide you with: • Up to 6 months of statement
                                                      • Better organization; save        history online!
                                                        statements on your hard drive. • Access to your statements
                                                        No more stacks of paper!         quicker – no more waiting
                                                      • Safety and Security from         on “snail mail”!
                                                        mail theft.

         53                                rd
                                           annual meeting
        On Saturday, March 1, 2008, the Credit Union will hold
        it’s 53rd Annual Membership Meeting. This year’s meeting
        will be held at the Executive Inn, Freedom Way at the
        Fairgrounds, Louisville, KY. Lunch will be at 12:45pm
        and the meeting will begin at 1:30pm.

         At this event you will have the opportunity to talk
         with the Credit Union’s Board and staff.
         There will also be reports from the Board
         and Committees on the progress of the
         Credit Union during 2007.

         Please fill out the reservation slip below and return to
         any L&N Federal Credit Union branch no later than
         February 27, 2008. If mailing it in, please send to 9265
         Smyrna Parkway, Louisville, KY 40229.

         There is no reservation needed to attend
         the meeting only.


reservation form                                                                                                reservation form
i plan to attend the lunch and Annual meeting on march 1, 2008. please make a reservation in my name.           i plan to attend the lunch and Annual meeting on march 1, 2008. please make a reservation in my name.
      enclosed is my payment of $10 for one adult ticket or $5 for one child’s ticket (under age 12).                 enclosed is my payment of $10 for one adult ticket or $5 for one child’s ticket (under age 12).

      please deduct the cost for the ticket from my Share (Savings) Account                                           please deduct the cost for the ticket from my Share (Savings) Account

                            total Amount to be deducted from my share account.                                                              total Amount to be deducted from my share account.

name                                                                                                            name

Acct. no.                                                                                                       Acct. no.

telephone                                              date                                                     telephone                                              date

Signature                                                                                                       Signature
Eligibility: primary members are eligible to attend Annual meeting. legal owners, friends, and relatives are    Eligibility: primary members are eligible to attend Annual meeting. legal owners, friends, and relatives are
not eligible to attend unless they have their own membership and regular Savings Account.                       not eligible to attend unless they have their own membership and regular Savings Account.
Note: only one reservation for lunch can be made on this form. if other relatives, who are members, would       Note: only one reservation for lunch can be made on this form. if other relatives, who are members, would
like to attend they must complete another form. Additional forms are available at the credit union offices or   like to attend they must complete another form. Additional forms are available at the credit union offices or
make needed copies of this form.                                                                                make needed copies of this form.
L&N Delivers a
Christmas Present
Situated in the hills of Southeast Kentucky is a humble,
nondescript facility that most people would pass by unnoticed.
However, to thousands of individuals in barbourville and
the surrounding Knox county area, this is a place of great         rev. tommy Warren is shown standing next to food items ready to be given out.
importance. two days a week, christian life food pantry opens
up to give out free food boxes to those in need. their operation
consists of volunteers, donated food, and the occasional cash
donation that goes toward fuel for their truck and utilities.
each pick-up day, people line-up and wait their turn to collect
groceries that will feed their families.

Knox county is an area that has a poverty population of over
9,000 people – of which 1/3 are under the age of 18. With a
need so great and with so little resources, it is truly amazing
that the christian life food pantry accomplishes what it does.
in addition to the weekly food boxes, they provide 572 hot
meals per month. they also send drinks and snacks to the Knox
county Work release program, food donations to schools, to         Volunteers prepare food boxes on one of the weekly distribution days.
the lend-A-Hand center, to area day care centers, and when
needed they provide emergency food boxes to burn-out victims.
they have also been able to donate treats to the “i believe in
Santa claus” parade the past two years.

With numbers dwindling at the church that started the food
pantry, christian life fellowship remains true to its mission
and its very name by pressing forward with the food pantry.
With church membership as low as 30-40, the food pantry
survives because of help given from outside the church.
caring individuals in and around Knox county volunteer their
time, including students from union college, and occasionally
a private cash donation is made. Without this kind of help, they
would be forced to close.
                                                                   rev. david Shelton (l) and rev. tommy Warren (r) stand next to the computer
                                                                   system donated by l&n federal credit union.
last december, l&n federal credit union visited the food
pantry and dropped off a christmas present – a new computer                          2006 - 2007 fiscal year
system. We heard that their old one had “seen its better days”                       (07/01/06 – 06/30/2007)
and we were glad to help. And help is what this organization
needs and deserves. if you would like to donate your time,                   • 4600 individuals eligible to receive food –
                                                                               representing 12,000 total family members.
talent or treasure to this worthy cause, call rev. tommy Warren
at 606.523.1038                                                              • 3,254 food boxes distributed to 7,798 individuals
                                                                             • 162,700 lbs of food given
                                                                             • 4,892 hot meals prepared and distributed
                                                                             • 264 senior citizens per month received
                                                                               commodities – 158,400 lbs total
Branching Out
                        to better serve our members in the Williamsburg
                        Southeastern Kentucky area and the louisville middletown
                        area, l&n has opened branches inside those area Wal-
                        mart Supercenter stores.

                        the Williamsburg Wal-mart Supercenter branch is located
                        at 589 Hwy. 92 West, Williamsburg, KY 40769

                        the louisville middletown Wal-mart Supercenter branch is
                        located at 12981 Shelbyville rd, louisville, KY 40243

middletown Wal-mart
                                          Branch Hours
                                 Monday - Friday: 10:00 AM - 7:00 PM
                                    Saturday: 10:00 AM - 4:00 PM
                                       Sunday: Noon - 4:00 PM

Williamsburg Wal-mart

      Excuse our Mess!
if you stop in at our mcmahan or erlanger branch,      needs with l&n staff), private rooms for account

over the next couple of months, you will notice that   openings and loan closings, and an internet station

we are giving them both a face-lift!                   with complimentary coffee!

the updates will include a member development          thank you for your patience and understanding as

area (where members can discuss their financial        we complete these two projects!

Frank H. Moore memorial Scholarship
                          This scholarship was
                          established as a memorial         When to Apply
                          to Frank H. Moore,                interested students must apply between January
                          former manager of L&N             15-march 31, 2008. (Must be postmarked by March
                          Federal Credit Union
                          and to recognize and
                          honor students based on           Amount of Award
                          leadership and citizenship,       A new scholarship is awarded annually. the amount of
                          without regard to financial       the scholarship is $500 annual or $250 per semester;
                          need. Frank H. Moore was          renewable, providing the student maintains a 2.5 GpA.
                          General Manager of L&N
                                                            the maximum scholarship per student is $2,000 over
Federal Credit Union from 1969-1986. He passed
away at age 52 on October 5, 1986.He succumbed              a four-year period for undergraduate study.
to pneumonia while battling cancer. Frank had a very        For an application or questions
distinguished career in the credit union movement.
His involvement spanned across local, state, and
                                                            regarding the scholarship
national levels. In 1981 he received the highest            Call (502) 515-8322
honor bestowed by the Kentucky Credit Union
League when he was awarded the Steve Brody
Memorial Award for outstanding credit union service.

this scholarship is opened to all l&n federal
credit union members and/or daughters and sons
of members. the student must be enrolled, or plan
to enroll in the current year in undergraduate study
leading to a traditional bachelor’s degree and maintain
a 2.5 GpA.

eligible children include the member’s unmarried
children; natural or, legally adopted or step children.
eligibility also extends to any child principally
dependent on the member for maintenance and
support. When not in attendance at school, the child
must reside permanently in the member’s household in
what generally is considered a parent/child relationship.

this scholarship is based on the following:

1. Achievements (11 points)
2. School recommendations (11 points)
3. Strong leadership qualities (26 points)
4. Significant involvement in school (26 points)
5. Significant improvement in the community
   (26 points)

Recipients of the scholarship will be selected by
an impartial Scholarship Selection Committee.

L&N Finishes a                                                             SEKY Seniors Christmas Program
Strong Year of Giving                                                      in december, l&n sponsored the Knox country long term
during 2007, l&n federal credit union contributed over                     care christmas program.
$61,000 to charitable causes throughout the commonwealth
of Kentucky! contributions were primarily made from the l&n                this annual program is designed to gather needed items for
Giving fund (a fund that l&n employees donate to through                   its residents. the items were packaged and placed under the
payroll deduction) and member donations. through the hard                  christmas tree until they were distributed.
work and dedication of the board and Staff at l&n, 41 charities
received help in 2007 – one of the largest years ever for                  Jim dorn, manager of our corbin branch, headed up our
charitable contributions from the credit union.                            participation this year. He commented that “the people reflected
                                                                           the excitement of children on their faces when we came in with
                                                                           the gifts.”

                                                                           thanks to everyone who helped out with this project!

l&n employees who worked on various charitable “walks” throughout the
year: (from l to r) laura parrish, tiffany Wilson, Amanda Shadle, Jackie
Wingler, bobbie trosper, and peggy Hall

                                                             Old Brownsboro Crossings Dedication
                                                             recently, l&n federal credit union dedicated its old brownsboro crossing

                                                             branch building to past board member david bielefeld. mr. bielefeld dedicated

                                                             his time and talent to the credit union by serving on a variety of committees

                                                             and the board of directors for 50 years.

                                                             edna bielefeld is shown next the plaque
                                                             honoring her husband, david.                               dave bielefeld

       terms &
                                   new home equity

      debit card
                                             now available
l&n is pleased to announce some exciting new enhancements to
our Home equity loan products:

• 20-25 year repayment periods for adjustable rate home equities!
• Debit Card now available for accessing funds!*

Whether you are remodeling your home, paying for tuition, or
consolidating debt, our home equity program provides convenient
access to funds when you need them. You can access the
funds simply by calling in for an advance, visiting a branch
for an advance, using your Home equity debit card, or
even writing Home equity checks that can be provided
free of charge. With continuous access to funds, you
can remodel your home on your schedule, or as you
accumulate debt, pay it off in bulk. furthermore,
you may be able to use the interest as a tax-
deduction.** it is simple, convenient, and

Home equity loans are offered in both
fixed rate and Adjustable rate
versions. both versions feature
2 to 7-year draw-periods, 100%
loan-to-Values, and low closing
costs (fees associated with the loan
range $60-$300). the fixed rate version
features a maximum repayment period of
5-15 years, while the Adjustable rate version
features maximum repayment periods of 20-25 years,
depending on the plan chosen. Adjustable rate versions
feature rates that may change twice per year (march and
September) or anytime an advance is requested.

Give us a call today and let us get you started!

*debit card offered on new home equity loans only.
** please see your tax advisor for details.

  coming soon
We are pleased to announce that the credit union
will soon be launching a newly designed website.
our current site has served us well, but it is due for
a make-over! phase i of the new website will include
all of the functional things that our members have
come to depend on such as: product information,
loan quotes, rates, online banking, etc. in addition,
the new design will offer easier navigation, better
product information, a branch mapping function,
and more. later, in the Spring/early Summer we
will launch phase ii. it will include an upgraded,
online mortgage application. this new version
will be much faster and easier to use and will
also include a provisional answer; instantly.

Keep an eye open for all of these exciting
changes by visiting

Helpful Hints for Tax Season
Traditional/Roth IRA Contribution Limits
contribution limits for traditional and roth irAs will rise from $2000 to
$5,000 between 2002 and 2008. After 2008, the limit may be adjusted
annually for inflation.
the chart below shows the contribution limits for both the traditional and
roth irA.

Year                      Traditional/Roth
2002-2004                 $3,000
2005-2006                 $4,000
2008                      $5,000
2009-2010                 indexed to inflation

“Catch up” Contribution Limits
Anyone who is age 50 or over has the ability to contribute more to their
retirement account under the “catch up” provisions of the 2002 legislation. in
order to qualify, an individual must have reached the age of 50 in the year in
which they make the “catch up” contribution.
Year                      Traditional/Roth Catch UP
2007                      $1,000 = $5000 (total contribution amount)
2008                      $1,000 = $6000 (total contribution amount)
2009                      $1,000 = $6000 (total contribution amount

January 1, 2008           first day to contribute money into a traditional
                          and/or roth irA for 2008.
April 1, 2008             last day for 2007 that a 70 ½ required
                          minimum distribution can be done.
April 15, 2008            last day to open or contribute money to your
                          traditional and/or roth irAs for 2007.
December 31, 2008         last day to convert a traditional irA to a roth
                          irA for 2008. last day to receive a required
                          minimum distribution from your traditional irA
                          for 2008.
Also, beneficiaries of a deceased individual’s retirement plan, are permitted
to roll over the distribution from the irA into a inherited/beneficiary irA
regardless of the relationship to the irA owner. previously, only a spousal
beneficiary of the deceased was able to do this. We do not offer these at this
time, but we can transfer the funds out to another financial institution that
offers this product.

Health Savings Account
Catch-up Contribution Limits
Taxable Year              Maximum HSA Catch-up
2007                      $800
2008                      $900
2009 and later            $1,000

Is Your Retirement
Plan on Track?
A message from the memberS financial Services program at
l&n federal credit union

A key element of any retirement plan is taking the time to
periodically review your finances. Although current income is
the main concern of most retirees, the probability of an extended
retirement period often makes it essential for retirees to continue
to invest for a greater return. it is important to periodically check
that your asset allocation still suits your current objectives, time
horizon and risk tolerance and make any necessary adjustments.
How you ultimately allocate your portfolio depends on your
personal circumstances.

is your retirement plan on track? consider a review of your
retirement situation by contacting the memberS financial
Services program located at l&n for a no-cost, no-obligation
analysis. to schedule an appointment with a representative call
502/368-5858, ext 8101 or 800/292-2905, ext 8101.

representatives are registered, securities are sold, and
investment advisory services offered through cunA brokerage
Services, inc. (cbSi), member finrA/Sipc, a registered broker/
dealer and investment advisor, 2000 Heritage Way, Waverly, iowa
50677, toll-free (866) 512-6109. nondeposit investment and
insurance products are not federally insured, involve investment
risk, may lose value and are not obligations of or guaranteed by
the financial institution. cbSi is under contract with the financial
institution, through the financial services program, to make
securities available to members.

Be a Member sm
Not a Number




                        uS poStAGe
                        permit 2231
                       louiSVille KY

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