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11545 W. Touhy Avenue Chicago, IL 60666 ph: 773-462-2000 fax: 773-462-2199 www.alliantcreditunion.org Contact: Jennifer Divelbiss, 773-462-2070 Director—Marketing & Communications E-mail: email@example.com FOR IMMEDIATE RELEASE United Airlines Embraces Chicago Credit Union’s Member Assistance Program For Employees Involuntarily Affected by Job Loss, Reduction in Pay Program Garners 249 Applications in First Ten Days CHICAGO, March 9, 2005 — Reinforcing its view of “neighbors helping neighbors,” United Airlines’ officials are heralding a credit union program that has offered to reduce loan payments by 30% for airline industry members affected from involuntary pay cuts and pay reductions. Unveiled at the end of February, the Member Assistance Program (MAP) announced by Alliant Credit Union has already garnered 249 loans by affected United Airlines’ employees in its first 10 days. The program covers loans for new/used cars, recreational vehicles, boats, motorcycles, and airplanes, as well as unsecured loans and loans secured either by stock or shares. “The Member Assistance Program offered by Alliant provides a valued benefit to our employees who are members," said Lynn Hughitt, Vice President - Compensation and Benefits, United Airlines. "The airline industry has gone through a very difficult period. Realizing the impact on our employees, Alliant offered a program that recognizes that people sometimes encounter hardships in their jobs." The measure supersedes two previous Alliant payment reduction plans offered to its airline industry members. The extraordinary circumstance of 9/11 prompted the credit union to immediately respond to the needs of current United employees and retirees, who comprise approximately 45% of the credit union’s 178,000 membership. “As the nation’s eighth largest credit union, Alliant has the unique ability to be both responsive and flexible to our members’ changing needs,” says Alliant President and CEO David Mooney. He has yet to see another credit union demonstrate such genuine concern for a member segment, he adds, reiterating that the program will be added to Alliant’s umbrella of products and services. -- more -- (Alliant Add One) Immediately after 9/11, Alliant announced a Temporary Payment Reduction Plan that reduced loan payments by 50% over a six-month period for United members who lost their jobs. A Loan Repayment Assistance Program soon followed, reducing members’ loan payments up to 30% over a six-month period. Both measures were warmly embraced by affected United employees, allowing them “breathing room” to re-examine their household finances. Alliant’s member assistance programs will not affect individuals’ credit ratings. Qualifying members who take advantage of the program can make payments beyond their new minimum amounts without penalty. Loans not covered by MAP include mortgages, credit cards, home equity loans and home equity lines of credit. Mortgages and equity loans aren’t covered by MAP because both feature extended terms (up to 30 years for mortgages, and 15 years for equity lines of credit). In addition, Alliant credit cards currently feature a low 2% minimum payment. Those who enroll in MAP will be considered for new Alliant loans, but these new loans won’t be eligible by the program. Because the monthly loan payments are reduced, the term of the loan is extended, which will result in additional interest over the term of the loan. Those who enroll in MAP will be responsible for any additional finance charges. In line with the credit union’s philosophy, “Once a member, always a member,” members who have endured involuntary job loss or pay reduction will always be part of the Alliant family. - 30 - Alliant Credit Union is a not-for-profit, independently operated financial cooperative with over 178,000 members and nearly $4.5 billion in assets, making it the largest credit union in Illinois and the eighth largest credit union in the nation based on asset size. As a member-owned financial institution, Alliant exists to foster members' financial well- being and to serve their best interests. Four guiding principles drive the success of the credit union: safety and security of deposits; higher-than-average savings dividends and low loan rates; operating cost efficiency; and competitively priced products and professional, friendly member service. Alliant is headquartered in Chicago and is an Illinois chartered credit union, and as such, is under the supervision of the Illinois Department of Financial and Professional Regulation. Alliant is an equal housing lender and federally insured by the National Credit Union Share Insurance Fund, which is administered by the National Credit Union Administration, an independent agency of the U.S. Government.
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