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Special Member Dividend announced
Pittsford Federal Credit Union’s Board of Directors is pleased to announce that an extraordinary dividend will be distributed to Pittsford FCU member-owners for the fifth consecutive year. The Special Member Dividend directly represents a member’s relationship with the Credit Union. The more savings and loan balances a member has, the greater his or her special dividend payout will be. In November, the volunteer Board approved the payout that totals just over $500,000.
“The unwavering support we have received from our members during these challenging economic times has allowed us to declare a Special Member Dividend again this year,” said Bill Martin, General Manager of Pittsford FCU. Since the program’s inception just over $2.5 million has been paid to our members.
“The value of Pittsford FCU membership is clearly demonstrated with this payout,” stated Bill Beach, President of the Board. “As a volunteer board, we are committed to staying true to the credit union philosophy and giving back to our members whenever possible. This special dividend is our way of thanking members for supporting the Credit Union through their loyal use of our products and services. As we continue to hear about multi-billion dollar bailouts and corporate bankruptcies, I am thankful for Pittsford FCU’s solid financial condition.”
Credit unions are not-for-profit organizations. Rather than generating profit to facilitate payment of dividends to stockholders, earnings are instead returned to members in the form of low fees, lower loan rates, and higher rates of return on deposits. In years of exceptional performance, credit unions may elect to return excess earnings to their members in the form of Special Member Dividends.
“The Special Member Dividend is the result of a surplus in the Credit Union’s operating budget due to such factors as managed growth, technological advances and an outstanding effort by all our remarkably dedicated employees,” Martin explained. “Everyday we strive to show members we are different from the typical financial institution. Providing this special dividend is a wonderfully powerful differentiator,” added Martin.
The Special Member Dividend amount will be calculated as a percentage of all dividends earned on deposits and interest paid on loans during 2008. On January 16, 2009, qualified member-owners will receive their Special Member Dividend deposit.
PFCU celebrates 40 years
During the first week of December, Pittsford FCU celebrated its 40th anniversary. Members were treated to gifts, food, and great service for all.
Ten lucky members were surprised when it was announced they had won a $40 gift card while visiting our branches. Congratulations to our lucky gift card winners: Andrew Eisenhart, Anne Talarico, Kay Johnson, Debra Robison, Farideh Aziz, Karen Conners, Mark Schiller, Richard Sattora, Suzanne Webster, and Virginia Mulford.
Another 500 visiting members received a free gift, and, of course, all qualifying members are scheduled to receive their fifth Special Member Dividend in January. Pittsford FCU has paid a total of $2.5 million in the past five years (see cover story). We invite you to help promote the Pittsford FCU difference with your friends, neighbors, and relatives.
Pictured: Pittsford Member Service Representative Mei Ling surprised Mr. Eisenhart with a $40 gift card while transacting on his son Andrew’s behalf. The gift card will go to Andrew, who is serving in the armed forces in Afghanistan.
Opportunity knocks for high school seniors
Pittsford FCU is presenting college-bound high school seniors with the opportunity to compete in three scholarship programs: Rochester Chapter of New York State Credit Unions Scholarship Program, The Credit Union Association of New York (CUANY), plus Pittsford FCU will be awarding five additional $1,000 scholarships exclusively to Pittsford FCU member-applicants. The process all starts with one application that is available for download at www.PittsfordFCU.org or pickup at either branch location.
This is an opportunity high school seniors simply can’t pass up. But, don’t delay! Application deadlines are January 23 for the CUANY program and February 6 for the other two programs. For more information about the scholarship programs, call our Member Services Department at 624-7474 or 800-836-8010.
Discount tickets to Nazareth College Arts Center
Pittsford FCU has teamed up with the Nazareth College Arts Center to offer Credit Union members discounted tickets to Arts Center productions in world-class dance, children’s theatre and international entertainment. Nazareth College Arts Center is presenting a rich 2008-09 season with performances on its campus and in Pittsford Sutherland High and Calkins Road Middle Schools.
Pittsford FCU members get $3 off tickets to select evening shows and $1 off tickets to family shows. To purchase tickets, call the Nazareth College Arts Center box office at (585) 389-2170 or visit the box office in the Golisano Academic Center (Room G-21) on campus. To receive the discount, identify yourself as a PFCU member. For more information, visit www.naz.edu/artscenter.
Time to start thinking about taxes
Electronic filing can save you time and get your refund deposited to your account more quickly. To ensure proper credit to the account you designate, use the account number listed on your statement and PFCU’s R/T #222381918. If you have any questions call 624-7474 or visit PittsfordFCU.org.
Free Tax Guides:
PFCU is again offering our free Income Tax Handbook, now available at both PFCU branches.
Enlarged statement format available for visually impaired
Do you struggle to see the information on your Statement of Account? If so, please let your member service representative know that you are interested in receiving the optional enlarged statement format.
Pittsford FCU donates to local hospital
Pittsford FCU and The Summit FCU joined together to give a donation to benefit the Children’s Miracle Network and Affiliated Hospitals. The donation from the two credit unions stemmed from the annual Credit Union Cherry Blossom Ten Mile Run held in Washington, D.C., in April 2008. The run showcases the cooperative nature of credit unions and the industry’s commitment to serving charities in their local communities.
The 2008 run generated $1 million in overall donations for Children’s Miracle Network (CMN) affiliated hospitals, including the Golisano Children’s Hospital in Rochester. Golisano Children’s Hospital received a check for $14,537 in October, representing major donations from Pittsford FCU and The Summit FCU.
Pictured: Bill Martin from Pittsford FCU, Betsy Findlay from the Children’s Miracle Network, and Mike Vadala from The Summit FCU at the check donation presentation in October.