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Visions (PDF download)


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									SECURITY                  Visions
                          Federal Credit Union                                                                    January/February 2011                    www.visionsfcu.org


      re you looking for ways           special on our Visa® Platinum      payment, consider a home          credit card at your convenience!      ships required to receive promo-
                                        — only 6.90% APR.                  equity loan. With your house                                            tional rates – ask for details.
       to relieve some finan-                                                                                     *APR = Annual Percentage         Credit union membership required
        cial pressure? Take a                Maybe an affordable low-      as collateral, a home equity      Rate. Rates and terms available       with a $25 minimum deposit and
        closer look at the loan         rate personal loan is your         loan is your worry-free solu-     on new loan accounts only. Refi-      $1.00 membership fee. Loan rates
         solutions available at         ticket to financial freedom.       tion. Home equity loan rates      nancing of existing Visions loans     based on creditworthiness, are
                                        Put your mind at ease by           as low as 4.25% APR!              does not qualify. Certain relation-                  continued on page 3
          Visions — we’re here
          to help!                      consolidating your higher rate          Give us a call at (607)
                If you’re pay-          debt into one easy payment.        754-7900, or stop by your
           ing 21%, 22% or              Personal loan rates as low as      neighborhood office to sub-
            even 24% APR* on            6.90% APR!                         mit your application in per-
             the credit cards in             If you’re interested in       son. Prefer to apply online?
              your wallet, it’s         consolidating bills from your      Visit visionsfcu.org, log in to
              time for a change.        holiday spending and high-         your VisionLine account, and
              Rid yourself of           rate auto loan(s) into one easy    apply for a personal loan or
high-rate store credit cards
for good! Transfer outstand-
ing balances to a Visions
credit card and watch your
interest rate, and payment,             ‘EXPRESS DEPOSIT’ FROM ANYWHERE
drop! All with no balance
                                                                           out ever leaving your house!

transfer fee! Take advantage                               aking check
                                                           deposits is           To qualify, members
of the 6-month intro rate
                                                           now easier      must be in good standing
                                                           and more        with the credit union and
                                                           convenient      have an active VisionLine
    CONTENTS                                               than ever
                                                           with the
                                                                           (home banking) account.
                                                                           Not sure if you qualify?
                                                           addition of     Look for the ‘Express De-
 LENDING SERVICES                                          Express         posit’ logo on the top of your    VISIONS MOBILE NOW IN APP STORE
                                                           Deposit to      Account Summary screen in
 CONTRIBUTE TO IRA THROUGH                                 VisionLine.     VisionLine. Please note, ac-           Visions is bringing our          nearest branch or ATM.
 PAYROLL DEDUCTION ........... 2                           Express         ceptable checks must be           newest and smallest branch                 • Contact us We’re here
                                                           Deposit         made payable to the primary       right to your finger-                          to help.
                                                           allows you to   account holder.                   tips! Now you have                                   This mobile
 ANNUAL REPORT                          deposit checks to your share or          For more information,       easy access to your                            banking application
 CU AMONG MOST EFFICIENT ... I          checking accounts from home,       visit us online at                Visions accounts with                          is free and secure for
                                        the office, or even while trav-    visionsfcu.org, select E-Ser-     one easy tap on your                           members currently
 SERVICE DEPARTMENTS                    eling. All you need is a com-      vices, and click on Express       iPhone®, iPod® touch,                          enrolled in VisionLine
 HIGHLY RATED ................... II    puter and scanner. There is no     Deposit for a helpful “Fre-       or iPad™.                                      (online banking).
                                        special software to buy and no     quently Asked Questions”               Enjoy the func-                           Backed by the latest
 THE GOOD, BAD, UGLY: HOW               forms to fill out!                 guide. Or, stop by one of our     tions of online bank-                          in SSL encryption
 VISIONS SAVED THE DAY ...... III            Express Deposit can save      many branch locations and         ing you use most:                              and our online bank-
                                        you time and money — you           ask how you can start mak-             • Balances View                           ing secure sign-on,
 AUDITS REFLECT VISIONS’                can scan, send, and see your       ing deposits from your home       your account balances and             you can leave your worries
                                        deposits 24 hours a day with-      or office today! s                transaction history.                  behind as you do your trans-
 SOUNDNESS ....................... IV
                                                                                                                  • Transfers Transfer             actions.
                                                                                                             money between your accounts.               Visit the App Store and
 SPECIAL SERVICES                                                                                                 • Pay Bills Make pay-            search for “Visions Mobile” to
 GEN Y MEMBER WINS $5,000                                                                                    ments on your Visions loans           download the latest version of
                                                                                                             or credit cards and access our        our app. Not currently en-
 SCHOLARSHIP ..................... 4                                                                         online bill payment system to         rolled in VisionLine? Visit
                                                                                                             pay other vendors.                    our website to get started.
                                                                                                                  • Rates Find out the                    iPhone® and iPod® touch are
 FINANCIAL AID ................... 4                                                                                                               registered trademarks of Apple
                                                                                                             latest share and loan rates.          Inc.; iPad™ is a trademark of
                                                                                                                  • Locations Find the             Apple Inc.

            Membership open to most residents of Broome, Tioga, Chenango, Chemung, and
            Schuyler counties (NY), cities of Syracuse and Rochester, and Bradford County (PA)
                      LENDING SERVICES                                                                                                          OAKDALE MALL
                                                                                                                                                OFFICE HOURS

              isions would like to pass along to our members                                                                                          Starting January 31, our
              two unique discounts that will save you money as                                                                                  Oakdale Mall office hours will
             you look ahead to tax season.                                                                                                      expand. New hours will be
                  If you prefer to prepare and file your taxes
            online, you may be interested in using the TurboTax
                                                                    CONTRIBUTE TO IRA THROUGH                                                   Monday–Friday, 10 a.m.–7

            Federal Free Edition. This allows you to prepare,
           print, and e-file your simple return FREE!
                                                                    AUTOMATIC PAYROLL DEDUCTIONS                                                p.m., and Saturday, 10 a.m.–
                                                                                                                                                4 p.m.
                                                                          Did you know that        roll comes in.                                     Expansion into the early
           TurboTax also offers you a maximum refund guaran-        Visions can easily allocate         If you don’t have an                    evening hours weekdays will
          tee, 100% accurate calculations, and a fast refund (in    part of your payroll direct    IRA at Visions, consider                     provide more opportunities to
          as few as eight days with e-file and direct deposit).     deposit directly to your       opening one and taking                       stop in for loan applications,
               To take advantage of this offer, please visit the    IRA? You can contribute as     advantage of this simple                     teller services, and addressing
         “Convenient Services” page of our website to get           little as $20 and up to        way to contribute funds.                     other financial needs.
        started. (Please note, this link must be used to            your annual allowable          Our staff will help you                            These hours will be in
receive offer.) 111084400                                           maximum per year, di-          take care of everything —                    effect through July 30, 2011.
     If you’re more comfortable having a professional finish        vided by the number of         visit your neighborhood                      Watch this newsletter for
your taxes, give your local Jackson Hewitt office a try.            your pay periods.              office today! s                              further updates. s
     The professionals at Jackson Hewitt Tax Service® can                 Direct payroll deposit
answer your tax questions and make sure you get every de-           to your traditional or Roth
duction and credit you deserve.
     With over 6,400 offices throughout the country,
we’re there for you before, during, and after tax
time. Jackson Hewitt features quality tax preparation
                                                                    IRA at Visions FCU is a
                                                                    stress-free way to supple-
                                                                    ment your existing 401(k)
                                                                    or other pension plan. We
                                                                                                             PREFERRED LOAN RATES
— great value, professionals who know all of the lat-               make it easy and auto-
est tax laws and changes, no appointment necessary,                 matic every time your pay-
and free electronic filing with paid tax preparation.                                                             RATES EFFECTIVE JANUARY 2011
(See ad below for $30 discount coupon.)
     Choose the tax filing option that is best for you and finish                                    Loan                              APR                   Variable Rate
your taxes today!
     For complete details, please look for the special
insert in your January statement or call (607) 754-                 FOUNDRY PLAZA,                   New Vehicle
                                                                                                     100%(+) ............. 2.99 (36 mo.)(8.90✝).............2.49 (36 mo.) (7.90✝)
7900, ext. 355. s
                                                                    NORTH STREET                     financing             3.49 (60 mo.)(8.90✝).............3.00 (66 mo.) (7.90✝)
                                                                                                                           4.49 (72 mo.) (8.90✝)................4.00 (72 mo.) (7.90✝)
                                                                    UNITS CHANGING                   Used Vehicle
                                                                                                      100%(+) ............ 3.95 (60 mo.)(10.40✝)............3.55 (60 mo.) (9.40✝)
                                                                    TO ATM CENTERS                     financing           3.70 (48 mo.)(10.40✝)..............3.40 (48 mo.) (9.40✝)
                                                                                                                           2.99 (36 mo.)(10.40✝)..............2.49 (36 mo.) (9.40✝)
                                                                         Two Visions Federal
                                                                                                     Home Equity I – 2.90% APR 1st 12 mos., or 0% for 3 mos.,
                                                                    Credit Union offices are
                                                                                                        then Prime+1% ................................ 4.25
                                                                    undergoing permanent
                                                                    changes.                         Home Equity II – 2.90% APR 1st 12 mos., or 0% for 3 mos.,
                                                                         The Foundry Plaza              then Prime-.60% .............................................................. 4.00*
                                                                    office in Binghamton will        Home Equity IV – 2.90% APR 1st 12 mos., or 0% for 3 mos.
                                                                    become an ATM Service               then Prime -.25% ............................... 3.00
                                                                    Center only, effective           Home Equity V – Prime+1.50% ............................................ 4.75
                                                                    March 15.                        Home Equity VI – 2.90% APR 1st 12 mos., or 0% for 3 mos.,
                                                                         As of September 30,            then Prime -1.00% ........................................................... 4.00*
                                                                    this location will be closed     VISA Classic, no annual fee ............................................... 11.00
                                                                    permanently.                     VISA Gold, $24 annual fee ................................................ 10.00
                                                                         We invite our members       VISA Platinum, $14 annual fee ............................................ 9.00
                                                                    who use the Foundry Plaza
                                                                                                     MasterCard, $12 annual fee ................................................. 7.25
                                                                    office to visit two nearby
                                                                                                     Gold MasterCard, $40 annual fee ....................................... 10.00
                                                                    Johnson City locations: our
                                                                                                     Signature Loan ................... 6.90 (60 mo.) . 5.90 (60 mo.) (10.90✝)
                                                                    JC Pavilion office (near the
                                                                    new Walmart) and our Two         Home Equity ...................... 4.25 (60 mo.) ...................... NA
                                                                    Rivers office, on Oakdale        New RV/Boats .................. 3.99 (60 mo.) (9.40✝).....3.49 (60 mo.) (8.40✝)
                                                                    Road, also a shared service             Loan rates are based on credit worthiness of applicants and may vary
                                                                                                     from those shown above. Other restrictions may apply. Contact your credit
                                                                    center.                          union for details. APR=annual percentage rate. ✝ = non-promotion rates.
                                                                         Also effective March        Variable rates may change monthly. Maximum Home Equity rate is 15.8%
                                                                    15, the North Street (EIT)       APR after intro rate expires. *Minimum Home Equity rate is 4.00% APR, with
                                                                                                     the exception of HELOC IV. Prime rate is 3.25% as of 12/15/10. Credit union
                                                                    office in Endicott will be-      membership required. If closing costs apply, payment of certain third party fees
     SERVICE CHARGE SCHEDULE CHANGES                                come an ATM Service Cen-         required. (On a $100,000 loan, payment would be $1,852.96 per month at
                                                                                                     4.25% APR for 60 months. Maximum LTV 80%. Monthly payment is example
                                                                    ter only.
     The following changes are effective April 1, 2011:                                              only and will vary based on loan amount.) Closing cost fees range from $415
                                                                         All non-ATM business        to $1,365. Itemized fees available on request. Homeowners insurance required.
     Service Charges                                                can be conveniently com-         Flood insurance may be required. Certain relationships required to receive
     • Official Check Withdrawal                                    pleted at our ITC                promotion rates. Ask for details. All terms above are approximates. Rates
                                                                                                     effective as of 1/1/11 and may change monthly. Certain restrictions apply to
     (< $1,000 at teller window)..........$3                        (McKinley Avenue) office         refinancing of credit union debt. Contact the credit union for the most current
     • ATM Card/PIN Replacement .....$5 per request                 directly across the street,      rate. Credit card rates are for new accounts only. All foreign credit card
                                                                                                     transactions have up to a 1% transaction fee.
                                                                    at 24 McKinley Ave. s

         2010 Annual Report

  V O L U N T E E R B O A R D OF D I R E C T O R S’ R E P O R T


                                                                 dent/CEO       as long as the staff operates     products are an important          networking opportunity, and
                                                                 on the cur-    within board-created bound-       segment of our loan portfolio      it was successful in attracting
                                                                 rent finan-    aries which are based on          and benefit the local economy      new potential volunteers.
                                                                 cial condi-    prudence, ethics, and regula-     by providing funding to local
                                                                 tion of the    tion. The model enables the       entrepreneurs and businesses.      In Appreciation
             isions Federal                                      industry as    board to focus on the larger            The board continues to             I would like to thank
            Credit Union expe-                                   well as the    strategic issues, overseeing      hold four meetings per year to     Nick DiPaolo, who is retiring
            rienced another                                      political      the organization from a high      concentrate on “strategic          after 16 years of outstanding
           successful year                                       climate at     level while delegating day-to-    thinking.” The purpose of          volunteer service. He started
           despite many chal-                                    the state      day operations to the staff.      strategic thinking is to discuss   in 1994 as a credit committee
          lenges which Presi-                                    and national   The model has proven very         the environmental factors that     alternate, and then served on
                                               R. Mark
          dent/CEO Frank                       Patterson         levels. Di-    effective for the credit union    affect our long-term goal and      the Credit Committee from
         Berrish will review in                                  rectors also   and its growth.                   examine the assumptions and        1995 to 2000. In 1995 and
         his report. I will                    receive annual mandatory                                           capacities of our ability to       1996 Nick served as the sec-
review four areas of Board                     Bank Secrecy Act (BSA)           Strategic Planning                fulfill the goal. Visions’ long-   retary of the Credit Commit-
responsibility: board educa-                   training. 111520600                    The board, senior man-      term goal is to “help our          tee, and in 1997 he became
tion, strategic planning, board                     Directors attend educa-     agement, and an outside           members succeed financially,       the chairman for three years
and volunteer succession                       tional conferences offered by    facilitator/consultant partici-   and to be a premier provider       before serving on the Super-
planning, and recognition.                     state and national credit        pated in the spring strategic     of financial services in every     visory Committee in 2000
                                               union organizations. Confer-     planning weekend. The ob-         one of our markets.”               and 2001 as chairman. In
Board Education                                ences give directors the op-     jective of the weekend is to                                         2001, Nick was elected to the
      Board education provides                 portunity to network with        challenge, review, and modify     Board and Volunteer                Board of Directors, where he
an effective means for our                     directors from peer-sized        the assumptions used to as-       Succession Planning                served on the CUSO and
directors to stay current with                 credit unions as well as an      sess and rank the needs of              As a $2.5 billion commu-     Executive Committee as sec-
many complex issues facing                     education on current credit      our members. The work             nity chartered credit union,       retary from 2004 to 2009.
the credit union and the fi-                   union issues. Directors share    product created is the 2011       the board strives to find the            Thank you, Nick, for
nancial industry. The current                  a summary of each confer-        Ends Statements (per Policy       best qualified volunteers          long and valuable service.
financial crisis has created an                ence they attend with the rest   Governance®) used to com-         while working to diversify the           Our President and CEO,
economic environment that is                   of the board.                    municate and define the           makeup of its directors to         Frank Berrish, continues to
exceptionally challenging.                          All new directors are       board’s expectations and set      reflect the demographics of        serve on the National Asso-
Board education enhances our                   encouraged to attend a con-      the direction of the credit       the community Visions serves.      ciation of Federal Credit
directors’ ability to provide                  ference on Policy Gover-         union. The Ends continue to       Although not perfect, we           Unions Board of Directors.
Visions FCU with effective                     nance®, the governance           place emphasis on convenience/    attempt to achieve this            His industry experience and
leadership and strategic over-                 model used by Visions’           access, price, service, prod-     through the nominating pro-        legendary leadership of Vi-
sight. It also allows directors                board. The model places an       uct, and financial education.     cess and board policies.           sions has garnered him a
to fulfill their fiduciary re-                 emphasis on the organization’s         As in 2009, the strategic         The Nominating Com-          reputation that is the envy of
sponsibilities.                                purpose, creating a set of       planning weekend also served      mittee is made up of seven         credit union professionals.
      One board meeting per                    goals known as Ends State-       as an opportunity for the         members representing the                 Visions received the
quarter is dedicated to board                  ments. The board allows staff    board to tour one of Visions’     demographics of our member-        Press & Sun Bulletin’s Read-
education. Both in-house                       to use any reasonable means      member business lending           ship. The committee is tasked      ers’ Choice Awards for the
resources and outside consult-                 available to obtain the ends,    (MBL) clients. Visions’ MBL       with finding and vetting           best banks/credit unions,
ants provide cost-effective                                                                                       board candidates possessing        investment services, and one
education on various topics.                                                                                      the right skill mix required to    of the best mortgage lenders.
      Key areas of education                                                                                      fulfill our mission. The com-            Thank you to the senior
provided by staff included a                                                                                      mittee also considers the          management and staff whose
review of NCUA reporting                                                                                          diversity of the community in      hard work makes Visions an
data, history of member busi-                                                                                     its selection process.             outstanding credit union and
ness lending, update on the                                                                                             Board policies, including    leader in the industry.
effect of gas exploration and                                                                                     one on director term limits              Thank you to all the
gas rights/leases pertaining to                                                                                   and another on age limits,         volunteers represented by the
mortgages, Visions FCU com-                                                                                       help to create opportunities       Board of Directors, Supervi-
pliance program, and a review                                                                                     for new board candidates.          sory Committee and Nomi-
of annual member surveys.                                                                                               In November, Visions         nating Committee, who give
      The survey data is of                                                                                       sponsored a future credit          freely of their time and energy.
particular interest because it                                                                                    union volunteer reception.               Visions is a conservative
provides insight into the                                                                                         The purpose of the reception       organization that continues to
needs of our members as well                                                                                      was to identify potential vol-     deliver high savings rates,
as member thoughts on how                                                                                         unteers for nominating com-        low loan rates, and high staff
well we meet those needs.                                                                                         mittee, supervisory commit-        productivity, resulting in one
      Educational topics pre-                                                                                     tee, and board members.            of the most efficient financial
sented by external consultants                                                                                    Current volunteers and senior      institutions in the country.
and experts included asset/                                                                                       management each invited one        Much of the boards’ work is
liability management, over-                                                                                       or two prospective volunteers      focused on the future, but we
view of new financial regula-                                                                                     from the community. Presen-        continue to probe and ask
tion and the new Finance                       2010 Board of Directors (l to r): seated – Kenneth H.              tations were made on the           questions of senior manage-
Protection Agency, and an                      Kidder III, vice chairman; Nicholas A. DiPaolo; Alan G.            history of the credit union,       ment to insure our credit
economic forecast for 2011.                    Hertel; middle row – Joan S. Lacey, secretary; John                volunteer opportunities, and       union stays true to its mis-
      Monthly board meetings                   Makovitch; Marcia Steinbrecher; and Steven P. Hill; back           board and committee respon-        sion: serving members. s
also include an educational                    row – Scott M. Hotalen, treasurer; R. Mark Patterson,              sibilities. The reception                       R. Mark Patterson
presentation from our presi-                   chairman.                                                          proved to be an excellent                                Chairman

             2010 Annual Report

Financial Highlights                                                          SERVICE DEPARTMENTS HIGHLY RATED
Total Membership
2009         2010                                                                      MORTGAGES                     BUSINESS LENDING              very healthy financial condi-
123,342      126,913                                                                                                                               tion, which allows us to con-
                                                                                   Vision Federal Credit              Member Business Lend-        tinue to serve our lending
Member Averages                                                               Union is proud to be voted         ing completed another suc-        area and businesses. Visions
                          2009                2010                            again as one of the BEST           cessful year with continued       has become a primary local
CU Savings Balance       $ 17,039           $ 17,426
CU Loan Balance            12,609             11,464                          mortgage lenders in the area                          loan growth.   business lender in our local
                                                                              in the 2010 Press & Sun                               We origi-      markets despite national and
GROWTH STATISTICS                                                             Bulletin’s Readers’ Choice                            nated $67      worldwide economic trends.
$ millions                                                                    Awards! We continue to be                             million in          We face another chal-
                          2009                2010                            one of the top mortgage lend-                         new loans      lenging year as we struggle
Shares                 $ 2,115.8            $ 2,221.2                                                                               and in-        with the economy’s effects on
                                                                              ers in the area and originated
Loans (gross)            1,511.8              1,453.5
Reserves                   301.9                326.5                         more than 1,800 mortgage                              creased net    local businesses and their em-
                                                                              applications in 2010.                                 outstanding    ployees. Our qualified staff,
LOAN ACTIVITY                                                                      Visions was pleased to                           loans by       management, and a strong
                           2009                          2010                 offer our members two new                             18% over       financial position will enable
                                                                                                                 Gerald Walker
Type                     Outstanding                   Outstanding            mortgage products in 2010.                            2009. Loan     Visions to be a solid influence
                       #        $                    #           $            We now are offering a 4/1          growth for member businesses      and to provide continued
Consumer       111,392     678,252,051         110,392          595,025,919                                      has increased 97% since 2006.     capital and lending to our
Real Estate      7,185     667,962,842           7,244          663,542,585
                                                                              year adjustable and 8/1 year
Member Business    607     165,541,451             645          194,929,790   adjustable rate mortgage at             Visions has continued a      local markets. s
Total            119,184 1,511,756,344         118,281        1,453,498,294   extremely low rates. We also
                                                                              continued our education
                                                                              efforts by offering reverse             ESTATE AND TRUST                                   Recogni-
                                                                              mortgage seminars at several                                                               tion by
STATEMENT OF CONDITION                                                        branches to help our senior
                                                                              members understand this
                                                                                                                       In 2010 interest rates
                                                                                                                 were very low and the stock
                                                                                                                                                                         Forbes as
                                                                                                                                                                         the best
ASSETS                                                                        wonderful product.                 market very volatile. Couple                            manager of
Years                                    2009                     2010             In September, we held         uncertainty in the markets                              ETFs in
Loans to Members (net)      $ 1,495,241,574               $ 1,435,641,646     our first bridal extravaganza      with local age demographics                             the country
Cash & Investments              851,970,499                 1,038,915,315
                                                                                                    at our       and you get members and                                 in 2008,
Land & Building (net)            12,304,283                    12,837,731
Furniture & Equipment (net)       2,664,215                     2,417,294                           Country      nonmembers alike seeking                                the worst
Leasehold Improvements (net)        143,647                        60,937                           Club         estate planning advice and                              year for
Prepaid Pension Expense           9,939,546                    10,889,976                           Road         refuge from the markets. For-     Donald S.             the mar-
Accrued Income on Loans           4,714,308                     4,889,197
Accrued Income on Investments     4,385,064                     3,799,523                           office. It   tunately, they found both here    Bernardo              kets since
NCUSIF - Share Insurance         19,323,779                    20,549,306                           was a        at Visions/MEMBERS Trust.                               the stock
Other Assets                     18,133,618                    19,750,821                           huge               We opened more trust        market crash, had a lot to do
Total Assets                $ 2,418,820,533             $ 2,549,751,746                             success      accounts than ever in 2010,       with our success in 2010.
                                                                                                    and will     now exceeding $90 million in            If you are invested in
                                                                                                    be re-       assets gathered since our         mutual funds or deposit ac-
LIABILITIES & RESERVES                                                                              peated in    official opening in June, 2004.   counts outside of a retirement
Years                                    2009                     2010        Tracey Wheeler 2011;                     We have now converted       plan, or in mutual funds in a
Accounts Payable                 $ 751,075                      $ 592,738
Notes Payable                            -                              -
                                                                              look for upcoming details          almost all of our clients from    401(k) or an IRA, and are
Other Liabilities               12,647,334                     14,141,646     throughout the year.               mutual funds to exchange          retired or can otherwise roll
Share Accounts               2,115,784,404                  2,221,223,814          Learn about our great         traded funds (ETFs). Busi-        over your funds to the trust
Reserves                       301,891,866                    326,479,987     mortgage products, current         ness Week magazine reports
Unrealized Gain/(Loss)
                                                                                                                                                   department, we’d like to meet
on Investments/Pension Assets (12,254,146)                   (12,686,439)     rates, and even fill out a         that the average mutual fund      with you. And we might get a
Total Liabilities                                                             mortgage application at            management fee is 1.4%. The       little free estate planning done
and Reserves                 $ 2,418,820,533            $ 2,549,751,746       visionsfcu.org. Also, watch        average ETF fee is .20%. The      while you are here. Call Don
                                                                              this newsletter for upcoming       difference of 1.2% more than      Bernardo at (607) 321-0592,
                                                                              seminars and to be the first to    covers our management fee         Linda Hamlin at (607) 321-
                                                                              find out about any new, ex-        and is actually more than the     0651, or Irene Pan at (607)
Years                                    2009                    2010
Interest on Loans                   $ 80,422,039            $ 81,077,471
                                                                              citing mortgage products and       interest rates we can presently   321-0684. You’ll be glad you
Interest on Investments               26,905,181              18,658,853      services. s                        pay on some deposit accounts.     did. s
Other Income                          24,448,759              13,575,942
Total Income                   $ 131,775,979             $ 113,312,266

DISTRIBUTION OF INCOME                                                           INVESTMENT SERVICES                             for Visions’
                                                                                                                                                   cific goals and preferences.
                                                                                                                                                         Due to members’ in-
Years                                     2009                   2010
Compensation & Employee Benefits $ 20,004,937               $ 21,327,531           Six years since inception,                    Through a         creasing needs for financial
Association Dues                      188,105                    209,376      Visions Investment Services                        relation-         planning and counseling, VIS
Office Occupancy                   11,424,445                 11,772,551      has developed relationships                        ship with         has increased the number of
Advertising                         1,328,417                  1,327,725
Loan Servicing                      2,775,208                  2,610,448
                                                                              with 2,115 members repre-                          LPL Fi-           financial consultants to three
Professional Services & Education     454,939                    502,590      senting more than 4,000 ac-                        nancial,          to conveniently meet with our
Provision for Loan Loss             6,649,000                  6,008,000      counts. Assets under manage-                       VIS finan-        members at all branches.
Member Insurance                    3,076,597                  5,449,655      ment have topped $73 million,                      cial con-               VIS will continue to offer
Federal Operating Fees                300,276                    325,788
Interest Expense                       80,210                    145,616      an increase of 30% over 2009, Margaret Eaton sultants                no-cost confidential retire-
Misc. Operating Expenses              946,666                    777,753      and we were voted the best in can offer a broad range of             ment planning, 401(k) rollovers,
Total Expense                       $ 47,228,800          $ 50,457,033        the category of “Investment     products, from insured and           portfolio reviews, and a full
(Gains) or Losses on                                                          Services” in the Press & Sun    guaranteed products to more          range of investment products
  Investments/Assets                     (430,098)               907,850
Dividends Paid                         48,188,243             37,058,868      Bulletin’s Readers’ Choice      aggressive growth products.          at all Visions branches. Life
Increase to Reserves &                                                        Awards!                         VIS consultants customize            insurance and wealth transfer
  Undivided Earnings                   36,789,034             24,888,515           During 2010, VIS in-       each member’s portfolio ac-          products are also available
Total Income Disbursed $ 131,775,979                     $ 113,312,266        vested more than $12 million cording to the member’s spe-            from VIS. s

            2010 Annual Report
       P R E S I D E N T ’S R E P O R T

                                                                                       regulations.                   Stability and Exceptional Performance

           onservatism continues to save the day at
           Visions! As many of you know, 2010                                                The big box retail-           The past year provided many challenges, in-
           continued to be the aftermath of the                                        ers, through the help of a     cluding a weak economy which caused many local
           2007 great recession and the economy                                        senator in Illinois, had       and national firms to lay off employees.
           has sputtered, not grown. Thousands of                                      legislation passed that             New York state is in a very precarious situation
           mortgage foreclosures are still in process                                  will likely decrease the       of losing income from the failed Wall Street firms.
           in California, Arizona, Nevada, Florida,                                    interchange rate that          We need new industries, new incomes in New York.
           Georgia, Michigan, and Ohio. It will take                                   credit unions receive          Natural gas drilling and new factories moving to
           years to return to normal. However, your                                    when people use our            the Southern Tier (as experienced in Chemung
           credit union has been able to maintain its                                  debit cards in a store.        County) would boost our local economy.
           strength and stability through these eco-                                   The credit union bears              Your credit union’s performance continues to
           nomic tsunamis, while providing excep-                                      the full cost of fraud, lost   be exceptional. We continue to reinvest in service
           tional financial performance to you, our        Frank Berrish               cards, interchange clear-      technology for our members.
           member/owners. Our credit union is              President/CEO               ing, replacement cards,             New projects that contributed to the growth of
strong and in a strong financial position to weather                                   transaction processing         Visions in 2010:
this major recession better than other banks and           costs, etc., while the merchants get their money                • Mid-year, we merged with Progressive
peer credit unions due to our conservative nature.         immediately. The interchange fee can be reduced            Neighborhood Credit Union in Rochester, which
                                                           by more than 60%, as proposed by the recent Fed-           gave us a new market for consumer, mortgage, and
The Good                                                   eral Reserve Bank. This will mean, as in the mort-         member business loans. Having the “vision” to
      The strong conservative management style of          gage situation, increased costs for debit cards will       merge in a neighboring community that ranks
your credit union has allowed us to put aside re-          be passed on to the consumers.                             among the top knowledge-based economic regions
serves for a rainy day. The rainy day is here, as               Over the past two years, better than 60% of           in the world. This is due to Rochester’s alternative
failures of credit unions have weakened the Na-            our information system resources have been dedi-           energy leadership and top-ranked intellectual den-
tional Credit Union Share Insurance Fund                   cated to new regulations and new disclosures. In           sity quotient (IDQ), which measures a region’s
(NCUSIF). Credit unions like Visions need to put           2011, with the New Consumer Protection Agency,             potential for productivity and sustainable economic
more money into the NCUSIF to cover losses in-             there is no doubt this will increase the credit            prosperity.
curred from these failing credit unions. Had we not        union’s workload, which brings no profit to the                 • By expanding our in-house financial consult-
planned for these types of blips or problems, we           credit union. It does translate into increased costs       ants from two full-time consultants to three we will
would not be able to enjoy the strong capital that         to the consumer and rapid changes the consumer             provide enhanced investment opportunities for
we have at the end of 2010, 12.80%, or offer good          has to keep up with.                                       members and increase non-deposit fee income.
rates and service.                                                                                                         • The growth in Member Business Lending
      Most of your senior management team have             The Ugly                                                   (MBL) compensates somewhat for the decline in
been with the credit union 20 years or more. They               The ugly is the economy. Binghamton has               consumer and mortgage lending during 2010. The
have the experience and the knowledge to avoid             lagged behind the rest of our country. The economy         MBL department originated over $67 million in
pitfalls the recession has caused and to continue to       of 2010 was an abrupt change from 2009, as indi-           new loans and grew the MBL portfolio by 18%. To
provide a viable, healthy financial institution.           cated by the lack of consumer confidence. Loan             help our local business owners, we also sponsored
      Your credit union’s capital and reserves con-        growth was non-existent and we experienced nega-           small business seminars presented by SCORE.
tinue to be among the strongest in the eight coun-         tive growth in 2010 over 2009 by 3.85%.                         • We added to our technology by installing a
ties that we operate in, exceeding 12.80%. In 2010              Interest income from loans is what pays divi-         new virtualized Symitar Host System which pro-
the NCUSIF needed additional funding due to the            dends. Without growth in loans, dividends to the           vides a mechanism for scalable growth and perfor-
payouts caused by failed credit unions. As part of a       savers will continue to remain at low levels.              mance increases for our core transactional platform
cooperative system, Visions needed to send money                We expect more banks and credit unions to fail        needs well into the future. Also, the installation of
to help support our insurance fund. The strength of        in 2011, causing the credit union to send more of          VMware vSphere 4 Enterprise Servers allows us to
Visions’ financials allowed us to send $5.3 million        our members’ money to Washington to fund the               consolidate servers, reduce overall data center
to NCUA and we did not have a deterioration of our         NCUSIF. 110257200                                          power consumption, and simplify overall systems
financial performance.                                                                                                management functions for more efficient opera-
      The credit union grew approximately 5.41% in                                                                    tions. We have this installed on four servers in our
assets, exceeding $2.5 billion in total assets. Our                                                                   organization and they can now handle the same
growth continues to be good because of our excel-                                                                     workload that we previously needed 25 servers for.
lent financial position. It has also allowed us to                                                                    Security was also enhanced for VisionLine, our
merge with a credit union in Rochester, NY, which                                                                     online banking program.
will provide growth opportunities to Visions that we                                                                       • A new remote capture product, Express De-
do not see in the Southern Tier in 2011.                                                                              posit, was introduced, which eliminates the need to
                                                                                                                      stand in line at a branch or mail checks to the
The Bad                                                                                                               credit union. This gives our members the flexibility
     Failures of large companies such as Lehmann                                                                      to conveniently make secure deposits online any-
Brothers, Bear Sterns, Washington Mutual Bank                                                                         time using their home or office computer and scan-
and Wachovia Bank have caused our government in                                                                       ner.
Washington to pass onerous laws to protect con-                                                                            • What an exciting year Visions had when it
sumers in the future.                                                                                                 came to financial literacy efforts at our local
     I recently met with some businessmen in                                                                          schools. This past year we held three “Life is a
Watkins Glen who indicated that they wanted to                                                                        Reality” events at Union Endicott, Maine Endwell,
                                                           2010 Management Team (l to r): first row –                 and Chenango Forks high schools. With the deter-
take advantage of low interest rates in refinancing
                                                           Michelle M. Jeavons, Frank E. Berrish, Donald              mination and assistance from teachers in these area
their mortgages with Visions. However, increased           Bernardo, Lorri Kemmerer; second row – Jane
government requirements caused by negligent fi-                                                                       schools and the efforts of our youth educator/mar-
                                                           Ryan, Kenneth M. Burt; third row – Edward
nancial institutions are requiring extra tasks such                                                                   keting coordinator, events were a huge success for
                                                           Butler, Jayne Searles, Lisa Darling, Thomas
as more due diligence on surveys and environmen-                                                                      everyone involved, especially the students. This
                                                           Davis, Gerald Walker; fourth row – Jack
tal analysis, causing closing costs to increase signifi-   Houseknecht, James Felmet, Cynthia Schroeder,              program gives students the responsibility of making
cantly. This is all due to increased government            and Tracey Wheeler.                                                                          continued on page IV

       2010 Annual Report



            he Supervisory                               mittee      nual financial statements.
            Committee is ap-                             meets       This year the firm of Clifton
            pointed annually                             regularly   Gunderson, LLP, audited
            by the Board of                              each        these records for the past year
            Directors. Those                             quarter     ending on June 30, 2010.
            who serve on the                             to review   The result of this audit was
            committee are                                internal    that the credit union once
            members of the                               audit       again received an unqualified
            credit union and                             reports,    opinion. This means that the
            volunteer their                              to review   financial statements of Vi-
                                   Oliver N. Blaise, Jr.
            time. This year’s                            other       sions presented fairly in all
            members were           documentation that Visions is     material respects the financial     2010 Supervisory Committee (l to r): front row – Oliver
            Oliver N. Blaise,      meeting its financial report-     position, results of operations,    N. Blaise, Jr., chairman; back row – Mark Wasser; Dr.
            Jr., chairperson;      ing obligations, and to ensure    and cash flows of the credit        George S. Bobinski, Jr., secretary; Grant Newton, vice
Grant Newton, vice chairper-       that internal control policies    union.                              chairman; and Dr. Dan Barnett. (Missing from photo are
son; Dr. George Bobinski,          and procedures are being               This past year the credit      alternates Laura Costello and Vishal Gupta.)
secretary; Dr. Dan Barnett,        followed. The Annual Inter-       union was also examined by
and Mark Wasser. Alternate         nal Audit Plan is prepared by     the National Credit Union                The past 12 months          of risk and the protection of
members of the committee           management and is reviewed        Administration (NCUA). This         have been one of intense         member assets. The credit
were Laura Costello and            and approved by the Supervi-      is the Federal government’s         scrutiny of financial institu-   union continues to be well
Vishal Gupta.                      sory Committee.                   monitoring agency for credit        tions across the entire coun-    managed, continues to grow,
     The committee’s primary            The committee also an-       unions. Visions once again          try. Many have failed or are     and to be a resource to the
objective is to safeguard the      nually engages a certified        received the highest possible       in danger of failing. During     communities that it serves. s
assets of the credit union. To     public accounting firm to         grade awarded to credit unions      this same period Visions has                 Oliver N. Blaise, Jr.
meet this objective, the com-      audit the credit union’s an-      in every area of the examination.   practiced sound management                          Chairperson

THE GOOD, BAD, AND UGLY OF 2010, AND HOW VISIONS SAVED THE DAY       ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○
 continued from page III           ments were made, including:                                           been experiencing and to         tion. During a year of eco-
financial choices in the mock      addition of a new youth loan         THE CREDIT UNION NOW             accommodate our future           nomic chaos we successfully
environment that is set up for     product designed for high                                             anticipated growth in this       survived and grew when so
them. Programs like this are       school students; eliminating          EXCEEDS   $2.5 BILLION          market.                          many financial institutions fell
in addition to the many class-     the rate floor on the HELOC                                                 • Last year, Visions       on hard times.
room presentations Visions         4 program; modifying the                 IN TOTAL ASSETS.             introduced Premier Pack-               As a result of the 2007-
makes during the year              adjustable-rate first mort-       ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○ ○
                                                                                                         age, a package of benefits       2010 economic debacle, mem-
through the “Making the            gage program rate floors on                                           designed to protect your         bers continued to recognize
Right Money Moves” pro-            the 1-year ARM, 3-year            VISA is accepted (to include        identity and to help you         Visions’ strength and stability.
gram. This classroom pro-          ARM, 5/1 40-year ARM              car rentals, hotels), and cash      stretch your money further.      While many financial institu-
gram is offered to teachers,       programs, as well as the rate     withdrawals at ATM ma-              Highlights of Premier Pack-      tions engaged in questionable
and the curriculum includes a      floors on income property         chines.                             age include Triple-Bureau        practices, Visions has contin-
review of savings, budgeting,      programs. Perhaps most                  • Visions is once again       Credit Alert, a 24-hour          ued on a conservative course
credit choices, safety and         noteworthy is the installation    the area’s leading financial        service which provides daily     to know its members and the
security of credit and debit       of the new automated con-         institution, regaining our #1       credit monitoring at all         communities we serve. We are
cards, ATM cards, and online       sumer loan origination pack-      spot in market share during         three major credit reporting     reinvesting deposits in loans
banking. We are proud to           age, ELA, which increased         2010. We also were pleased to       agencies; cash back and          close to home and acting as an
partner with our local schools     the speed of the consumer         be voted the best bank/credit       discount benefits for pur-       engine for economic recovery
and to help make a difference      lending process.                  union and investment services       chasing everyday items; and      in the communities that we
in the lives of the future lead-        • Several special loan       in the Press & Sun Bulletin’s       travel benefits such as free     serve. 110428000
ers of our communities.            sales were held this year,        Readers’ Choice Awards,             companion airfare tickets              Our business lenders are
      • We brought the newest      ending with our first Black       along with being one of the         when you purchase one at         helping local entrepreneurs to
and smallest branch to our         Friday & Saturday Loan            best mortgage lenders.              the regular price and other      grow and thrive and develop
members’ fingertips with our       Rate Madness! This sale                 • By staying current with     travel discounts. More infor-    new investments to provide
new mobile banking site and        proved very successful and        the economic conditions of          mation is available at our       job growth for the future.
dedicated iPhone App. Mobile       helped many of our members        our area, we responded              website by clicking on the             We remain our members’
banking is free and secure for     receive the funds they            quickly to meet our members’        “Convenient Services” tab        primary financial institution
all members currently en-          needed at an extremely low        needs by providing debt             and then clicking on “Pre-       and will continue to offer new
rolled in VisionLine online        rate. We also hosted our first    counseling and debt restruc-        mier Package.” Information       services, new branches, and
banking. Members can check         bridal extravaganza in Sep-       turing seminars. We also            is also available from our       improve existing technologies.
account balances, view recent      tember, which was well at-        provided educational invest-        branch staff.                          As always, I would like to
transactions, transfer funds,      tended.                           ment/trust seminars to mem-                                          thank all the employees and
pay bills, and locate the clos-         • Prepaid, reloadable        bers in Bradford County on          Summary                          volunteers of Visions Federal
est ATM or Visions office.         debit cards are a new prod-       how to invest newly acquired             Visions continues to        Credit Union who have con-
Mobile banking offers secu-        uct that helps our members        wealth due to gas leases/           provide member value in the      tributed to our strength, sta-
rity, flexibility, and freedom     who may not qualify for a         royalty payments.                   form of outstanding loan         bility, and exceptional perfor-
our members need — 24              credit or debit card to have            • In Syracuse, we ex-         rates and improved conve-        mance in 2010. s
hours a day.                       an easy tool for emergency        panded our office to address        nience through consistent                       Frank E. Berrish
      • Several loan enhance-      cash, purchases anywhere          the wonderful growth we’ve          improvements in automa-                            President/CEO

                    SPECIAL SERVICES                                 CHANGE IN
                     (Clip and Save)
                                                                    STATEMENTS                                                                Fixed and variable rate
                                                                                                                                                programs available,
                                                                      In an effort to                                                          contact us for current
NOTE: All seminars and events will be held at                    reduce costs and paper                                                           rates and terms!
Credit Union Center (3301 Country Club Rd.,                      usage, effective with                                                                visionsfcu.org
Endwell) unless otherwise noted; please call 754-                January 2011 state-                                                              (607) 754-7900, opt. 3
7900, ext. 531, for reservations.                                ments, members with
                                                                 no activity on their
MEDICARE ADVANTAGE PLANS SEMINAR                                 account(s) for any given
    Friday, February 18, 10 a.m.                                 month will not receive a
    Hosted by PRL Associates                                     monthly statement.
                                               Join us                A quarterly state-
KIRBY KRAFT PARTY                              Feb. 26!
                                                                 ment will continue to be
    Saturday, February 26
                                                                 sent, even if there is no
    10 a.m. - noon
                                                                 monthly activity.
    Lots of crafts, refreshments, and of
course, Kirby the Kangaroo!
    Interactive parent/child seminar:
“Save, Spend, & Share!”                                       CONSOLIDATE
    Saturday, March 5, 10 a.m.
                                                              YOUR WORRIES!
                                                              continued from page 1
    Continental breakfast, 9:30 a.m.                          available to qualified borrowers
    No reservations necessary — all members welcome!          only, may vary from the rates
                                                              shown, and are subject to stan-
FINANCIAL EXPLOITATION SEMINAR                                dard credit criteria. See credit
     Are you and your family prepared to handle the fi-       union to determine the rate and
nances of a loved one?                                        amount for which you qualify.
     Tuesday, March 8, 6 p.m.                                 Rates shown good on applications
                                                              received 1/1/11 – 3/31/11. Rate
     Guest speaker: John Choynowski, Department of So-        and promotion subject to change
cial Services                                                 at any time.
                                                                    Credit Cards – Annual fee
DEFENSIVE DRIVING (TWO-NIGHT COURSE)                          = $14. All foreign credit card
     Wednesday, March 9, and Thursday, March 10,              transactions have up to a 1%
5:30 p.m. – 8:30 p.m.                                         transaction fee. Every dollar in
     Cost: $35 for members, $40 for nonmembers                net purchases equals one point
                                                              that may be redeemed for valu-
     Please call Deb Speer, 754-7900, ext. 355, for reser-
                                                              able merchandise or travel. No
vations.                                                      balance transfer fee. Variable
                                                              rates may change monthly on
REVERSE MORTGAGE SEMINAR                                      credit card. Intro rate for quali-
    Tuesday, March 15, 10 a.m.                                fied borrowers only, good for six
                                                              consecutive statement cycles,
HOW TO GENERATE RETIREMENT INCOME                             after which normal rate will
     Tuesday, March 15, 1:30 p.m.                             apply. As of 1/1/11 that rate was
     Syracuse office – 500 Erie Blvd. West                    9.00% APR on a Visa Platinum
                                                              card. Other credit cards avail-
     Please call Michael Cibik at (315) 479-1580 for reser-
                                                              able, ask for details.
vations.                                                            Signature Loan – Monthly

PROTECT YOUR OIL & GAS INTERESTS                              payment would be $197.54 based
                                                              on a $10,000 loan at 6.90% APR       WANTED: MYSTERY SHOPPERS
FROM PROBATE & ESTATE TAXES SEMINAR                           with a 60-month term (approx.).
                                                              Maximum signature loan limit is
                                                                                                       Visions would like to recruit interested members to be
    Tuesday, March 15, 7 p.m.                                                                      Mystery Shoppers for their credit union.
                                                              based on creditworthiness.
    Hosted by Visions Estate & Trust Dept.                          Home Equity Loan – Eq-
                                                                                                       Shopper requirements:
                                                              uity loans not to exceed 80% of          • Credit union member*
STEPPING OUT OF CASH:                                         property value. Visions will pay         • Microsoft Word (or MS Works)
                                                              limited closing costs on a maxi-         • E-mail
PUTTING YOUR CASH TO WORK                                     mum mortgage amount up to                • Flexibility to visit several branches
    Wednesday, March 16, 5:30 p.m.                            $100,000 with a minimum loan
    Hosted by Visions Investment Services                     amount of $25,000, with the              We are especially interested in members
                                                              exception of attorney and re-        who are able to visit our branches in any of the
MEDICARE ADVANTAGE PLANS SEMINAR                              search fees. On a $100,000 loan,     following areas: Syracuse, Norwich, Watkins
    Friday, March 18, 10 a.m.                                 payment would be $1,852.96 at
                                                              4.25% APR for 60 months.
                                                                                                   Glen, Elmira, Horseheads, and Spencer, NY;
    Hosted by PRL Associates                                                                       Sayre and Wysox, PA.
                                                              Monthly payment is example only
CREATE YOUR BUSINESS SEMINAR                                  and will vary based upon loan
                                                              amount. Members may be re-
                                                                                                        If you are interested please visit our website, www.
    Thursday, March 31, 6 p.m.                                quired to pay closing costs which    visionsfcu.org, and submit a Mystery Shopper form start-
    Hosted by SCORE                                           can range from $415 to $1,365.       ing in early February. Thank you in advance for your
                                                              Property insurance is required.      willingness to assist us! 111134700
OFFICE CLOSINGS                                               Flood insurance may be required.
                                                                                                         *Must be 18 or older. Visions Federal Credit Union employ-
    Presidents’ Day                                           Itemized fees available on re-
                                                                                                   ees, volunteers, and their families are not eligible. Based on the
    February 21                                               quest. Consult your tax advisor
                                                                                                   volume of responses, not everyone will be able to participate, but
                                                              regarding interest deductions.
    All offices closed.                                                                            there may be other opportunities in the future.
                                                              Visions is an equal housing
                                                              lender. s

                                                                                                                                                              • Oakdale Mall

                                                                                                                                                              • Norwich

                                                                                                                                                              • Newark Valley
                                                                                                                                                              • JC Pavilion
                                                                                                                                                              • ITC

                                                                                                                                                              • Horseheads – Village Plaza,

                                                                                                                                                              • Hilltop Campus
                                                                                                                                                              • Elmira
                                                                                                                                                              Loan appts. only, pm)
                                                                                                                                                              Wed.-Fri. 9:30 am-noon

                                                                                                                                                              • Credit Union Center
                                                                                                                                                              • Binghamton – Upper Court St.

                                                                                                                                                              • Binghamton – Nimmonsburg
                                                                                                                                                              • Binghamton – MetroCenter
                                                                                                                                                              Th.-Fri. 9:30 am-5:30 pm
                                                                                                                                                              Wed. 9:30 am-4:30 pm
                                                                                                                                                              Mon.-Tues. 9 am-4:30 pm
                                                                                                                                                              OFF-SITE OFFICES
                                                                                                                                                                                                                                                                                                                                              BRANCH OFFICES
                                                                                                                                                               (Sat. 9 am-noon)
Let’s avoid duplicate mailings. If you receive duplicate mailings or envelopes and would like to help your Credit Union reduce expenses, kindly notify us.

                                                                                                                                                                (Sat. 9 am-noon)
                                                                                                                                                                 Sat. 10 am-4 pm)
                                                                                                                                                                 (Mon.-Fri. 10 am-7 pm

                                                                                                                                                                 (Sat. 9 am-noon)
                                                                                                                                                                 Westinghouse Road

                                                                                                                                                                 (Thurs. noon-4 pm)

                                                                                                                                                                 (Mon.-Tues. 9 am-noon

                                                                                                                                                                 (Sat. 10 am-2 pm)

                                                                                                                                                                                                                                                                                                                                                               I S I O N S
                                                                                                                                                                                                                                                       • Wysox, PA

                                                                                                                                                                                                                                                       • Watkins Glen

                                                                                                                                                                                                                                                       • Vestal — University Center
                                                                                                                                                                                                                                                       • Two Rivers

                                                                                                                                                                                                                                                       • Town Square
                                                                                                                                                                                                                                                       • Syracuse

                                                                                                                                                                                                                                                       • Spencer
                                                                                                                                                                                                                                                       • Sayre, PA
                                                                                                                                                                                                                                                       • Rochester

                                                                                                                                                                                                                                                       • Owego – 17C
                                                                                                                                                             • Home Page/VisionLine

                                                                                                                                                                                      607-754-7900 – Local
                                                                                                                                                                                      PHONE NUMBERS

                                                                                                                                                                                                             • Lockheed Martin
                                                                                                                                                                                                             IN-PLANT OFFICES

                                                                                                                                                                                                                                                        (Sat. 9 am-noon)
                                                                                                                                                                                                                                                         (Sat. 10 am-2 pm)
                                                                                                                                                                                                               (Weekdays, 8 am-4 pm
                                                                                                                                                                                                               Wed. 10:30 am-4 pm)

                                                                                                                                                                                                                                                          (Sat. 9 am-noon)

                                                                                                                                                                                                                                                          Sat. 9 am-5 pm)
                                                                                                                                                                                                                                                          (Mon.-Fri. 9 am-7 pm

                                                                                                                                                                                                                                                          (Sat. 10 am-2 pm)
                                                                                                                                                             Lorri Kemmerer, AVP
                                                                                                                                                             Michelle M. Jeavons, AVP
                                                                                                                                                             Donald Bernardo, AVP
                                                                                                                                                             Cynthia Schroeder, VP
                                                                                                                                                             Thomas Davis, VP
                                                                                                                                                             Edward Butler, VP
                                                                                                                                                             Kenneth M. Burt, VP
                                                                                                                                                             VICE PRESIDENTS

                                                                                                                                                                                                                        Jack Houseknecht
                                                                                                                                                                                                                        SENIOR VICE PRESIDENT

                                                                                                                                                                                                                                                     James Felmet
                                                                                                                                                                                                                                                     EXECUTIVE VICE PRESIDENT

                                                                                                                                                                                                                                                Frank E. Berrish
                                                                                                                                                                                                                                                CHIEF EXECUTIVE OFFICER
                                                                                                                                                                                                                                                PRESIDENT &

                                                                                                                                                                                                                                                Ave., Endicott, New York 13760
                                                                                                                                                                                                                                                Federal Credit Union, 24 McKinley BOARD OF DIRECTORS
                                                                                                                                                                                                                                                Published bimonthly by Visions
                                                                                                                                                                                                                                                FINANCIAL SECURITY

                                                                                                                                                                                                                                                ATM cards from ATM use.)
                                                                                                                                                                                                                                                “92” to block lost or stolen
                                                                                                                                                                                                                                                • 800-638-3348 (Use service code & NEWSLETTER EDITOR
                                                                                                                                                                                                                                                • Local – 757-9411
                                                                                                                                                                                                                                                Phone Access Teller

                                                                                                                                                                                                                                                                                                                                                               I R E C T O R Y
                                                                                                                                                                                                                                                                                  DEVELOPMENT OFFICER
                                                                                                                                                                                                                                                                                  AVP/MARKETING & BUSINESS SUPERVISORY COMMITTEE
                                                                                                                                                                                                                                                                                  Jayne L. Searles
                                                                                                                                                                                                                                                                                  Mandy DeHate
                                                                                                                                                                                                                                                                                  ASSISTANT EDITOR
                                                                                                                                                                                                                                                                                  Kenneth H. Kidder III, Vice Chairman
                                                                                                                                                                                                                                                                                  R. Mark Patterson, Chairman
                                                                                                                                                                                                                                                                                  Joan S. Lacey, Secretary
                                                                                                                                                                                                                                                                                  Scott M. Hotalen, Treasurer
                                                                                                                                                                                                                                                                                  Steven P. Hill
                                                                                                                                                                                                                                                                                  Alan G. Hertel
                                                                                                                                                                                                                                                                                  Nicholas A. DiPaolo
                                                                                                                                                                                                                                                                                  Marcia Steinbrecher
                                                                                                                                                                                                                                                                                  John Makovitch

                                                                                                                                                                                                                                                                                                                Vishal Gupta, alternate
                                                                                                                                                                                                                                                                                                                Laura Costello, alternate
                                                                                                                                                                                                                                                                                                                Mark Wasser
                                                                                                                                                                                                                                                                                                                Dr. Dan Barnett
                                                                                                                                                                                                                                                                                                                Dr. George S. Bobinski, Jr., Secretary
                                                                                                                                                                                                                                                                                                                Grant Newton, Vice Chairman
                                                                                                                                                                                                                                                                                                                Oliver N. Blaise, Jr., Chairman

                                                                                                                                                                                                                                                                                                                                                                                                                                                     Presorted Standard
                                                                                                                                                                                                                                                                                                                                                                                                                                                       Binghamton, NY
                                                                                                                                                                                                                                                                                                                                                                                                                                                        Permit No. 57

                                                                                                                                                                                                                                                                                                                                                                                                                                                          US Postage
                                                                                                                                                                                              GEN Y MEMBER WINS $5,000 SCHOLARSHIP                                                                                                                                                                PLAN AHEAD TO GET

                                                                                                                                                                                                                                                                                                                                                                                                  COLLEGE FINANCIAL AID

                                                                                                                                                                                                                                                                                                                                                                                                                  he financial aid process is simplified by early
                                                                                                                                                                                                            isions Federal                                                                                                                                                                                        decision making. In the junior year of high
                                                                                                                                                                                                            Credit Union is                                                                                                                                                                                       school, you should sort through career and col-
                                                                                                                                                                                                           happy to an-                                                                                                                                                                                           lege possibilities and narrow your choices.
                                                                                                                                                                                                           nounce that one of                                                                                                                                                                                          Remember, aid can vary significantly be-
                                                                                                                                                                                                          our members,                                                                                                                                                                                            tween public and private institutions. Many par-
                                                                                                                                                                                                          Somkhith “Danny”                                                                                                                                                                                        ents who recoil at private college tuition later
                                                                                                                                                                                                          Chansavath, a                                                                                                                                                                                           find that a bigger financial aid package can
                                                                                                                                                                                                         Johnson City High                                                                                                                                                                                        equalize the final cost.
                                                                                                                                                                                                         School student, is                                                                                                                                                                                            Start to explore financial aid possibilities by
                                                                                                                                                                                                        the winner of a                                                              Contest winner Somkhith “Danny” Chansavath, center,                                                                          registering with free online sites that offer infor-
                                                                                                                                                                                                        $5,000 scholarship                                                           receives his check from Ed Butler, left, VP/CLO of Visions                                                                   mation about scholarships and financial assis-
                                                                                                                                                                                              from the Get Carducated                                                                Federal Credit Union, and Kimberly McCumber-Ploof,                                                                           tance such as FastWeb.com or FinAid.org.
                                                                                                                                                                                              online video contest.                                                                  COO of Covera Card Solutions.                                                                                                     The real work begins in the fall of the senior
                                                                                                                                                                                                    Contest entrants were                                                                                                                                                                         year of high school when you start completing college applica-
                                                                                                                                                                                              asked to create a brief video                                                               “The Get Carducated                                                   Carducated participants re-       tions. 89478200
                                                                                                                                                                                              about responsible debit,                                                               contest was the perfect way to                                             ceived a $25 iTunes gift card.          Create a college budget by comparing college costs with
                                                                                                                                                                                              credit, and ATM card use and                                                           share my tips with everyone in                                                  Visions FCU was one of       your savings and your “estimated family contribution” (EFC).
                                                                                                                                                                                              why it’s important. Entry was                                                          the hopes that they will teach                                             68 credit unions throughout       The EFC represents what the government or the college thinks
                                                                                                                                                                                              open to participating credit                                                           them how to be more respon-                                                the Northeast to participate in   your family should contribute to your education. Several sites
                                                                                                                                                                                              union members between the                                                              sible and safe with their                                                  the Get Carducated competi-       help students determine the EFC, including FinAid.
                                                                                                                                                                                              ages of 16 and 21 who were                                                             cards,” said Chansavath upon                                               tion. The competition was               As soon as possible after Jan. 1, complete the Free Appli-
                                                                                                                                                                                              attending college or would be                                                          learning the results of the                                                offered by Covera Card Solu-      cation for Federal Student Aid (FAFSA). Colleges and univer-
                                                                                                                                                                                              college-bound by October 2012.                                                         video contest. “Most teens                                                 tions, provider of debit,         sities set their own deadlines for receiving a completed FAFSA,
                                                                                                                                                                                                    “We’re thrilled for Danny                                                        today are very unaware of the                                              credit, and ATM programs to       usually beginning in February or March.
                                                                                                                                                                                              and congratulate him on his                                                            huge responsibility that comes                                             credit unions since 1986.               You must formally accept the college’s financial award,
                                                                                                                                                                                              video, ‘The Best Debit Card                                                            with credit cards and debit                                                     To view Chansavath’s         which usually is required sometime before June 1. Keep a copy
                                                                                                                                                                                              Tips,’ which creatively pro-                                                           cards.”                                                                    video, visit the Get Card-        of all information for future reference. If loans are part of your
                                                                                                                                                                                              vided responsible debit,                                                                    The Get Carducated                                                    ucated YouTube channel,           financial aid package, applications should be completed in
                                                                                                                                                                                              credit, and ATM tips without                                                           contest started in late August,                                            www.youtube.com/user/             May or June, if possible. Even students who fail to qualify for
                                                                                                                                                                                              a spoken word,” said Jayne                                                             when entrants began upload-                                                GetCarducated, or our             government loans often can obtain loans from private sources,
                                                                                                                                                                                              Searles, assistant vice presi-                                                         ing original videos expressing                                             facebook page, www.facebook       including Visions, which are perfect to fill the gaps. Explore
                                                                                                                                                                                              dent, marketing/business                                                               their individual views on                                                  .com/VisionsFederalCredit         student loan options at visionsfcu.studentchoice.org, or stop into
                                                                                                                                                                                              development officer.                                                                   responsible card use. All Get                                              Union. s                          your neighborhood office and talk to a representative. s

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