SeaComm Federal Credit Union

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If you have a debit card and have not yet opted in to overdraft services, your card may not work the same after August 15, 2010! All new and existing members (even if you currently have overdraft services) are now required to opt-in to either receive or continue the coverage on your debit card.

2009 was an excellent year for the Credit Union. Year-end assets climbed in excess of $334 million, an annual growth of more than $70 million from year-end December 31, 2008. At the same time, our net operating expenses YTD were at 1.81%, well below our goal of 2.52%. We finished the year with a net income of $4.6 million, garnering us more than $33.5 million in total equity to-date. If you have been following the news, having adequate capital is vital for any financial institution. It is sort of a “rainy day” fund, which enables the Credit Union to be prepared for any uncertainty and be viable well into the future.
Looking forward, we are not losing sight that the economy is still very tenuous. We have and continue to be faced with some unique challenges in the North Country. During the past year, we experienced the unfortunate idling of our GM Operations in Massena, layoffs
at the Alcoa East plant and then the ultimate domino effect of those situations has permeated throughout our region. Today, we are faced with the possible closure of the Ogdensburg Correctional Facility. This would be another definite hit to our economy in northern New York.

The good news is that we are all in it together. SeaComm will be there when our members need us the most. We have been extremely successful and this is due in large part that this Credit Union works extremely hard to do right by its members. We have built a nearly 47 year history on the fact that we are flexible and decision making is done locally. We understand what is happening within our market. It is extremely important to our long-term core strategy that we avoid just being a Credit Union which has transactional relationships with its members. Understand what their individual needs are and then and only then, will we be able to put the right product and or solution into their hands. That said, this enables us to work together with our members and assist them in whatever life brings their way.

It is imperative that we continue to move forward and look for additional ways in which we can serve within our field of membership. Recently, we opened our sixth retail branch in Ogdensburg. We are very excited for the opportunity to not only serve our existing membership within that market, but for anyone who would like to experience the SeaComm difference.
We have all sorts of plans for 2010 which include key ratios and over all objectives in order to meet a net income effect that will add to our overall balance sheet strength. That is important to our financial well-being. That is not our mission, however we do need to be fiscally sound in order to be able to serve our members well into the future. The heart of why we exist comes from us improving the overall lives of the member, which begins from the moment they open that door and enter a branch, make that phone call or send that email.
I am grateful to our Board of Directors who is dedicated to that very philosophy. As member representatives, the Directors spend their time ensuring that the assets entrusted to them are safeguarded with soundness, while at the same time striving to make available the very best rates and returns. In addition, focusing on long-term planning and growth continues to be one of their major strategic goals, which will keep the Credit Union fiscally healthy well into the future. Over the course of the year, the Board of Directors understood the challenging economic environment, continued to plan and look for ways in which the Credit Union could assist its membership and the communities in which we do business.
Recently, representatives form the Board of Directors and myself traveled to Washington DC., to participate in the Credit Union Association Governmental Affairs conference. This nation-wide event enables us to ensure that our needs as an industry are heard and understood by our representatives in Washington.
As we move further into 2010, we are committed to expanding our existing delivery channels of service, as well as providing additional ones, with the specific goal of making it even more convenient for the members we serve. The addition of an Instant Issue Debit Card platform will enhance not only the new member’s experience by enabling them to use their newly opened account immediately, but to existing holders as well.
With us, it’s always about delivering unparalleled service every day, to every person. And it’s about staying true to the philosophy of “people over profit” even in the most difficult of economic times.
Be assured as your trusted financial partner, we will work diligently to remain strong in order to serve you well into the future. On behalf of the Board of Directors, management and staff, I would like to thank everyone who has made SeaComm what it is today and for allowing us to continue to serve your financial needs.

Community Support thru Fund-raising!
Another year of raising money for the communities that we serve closed 2009 on a successful note. After holding bake sales, soup sales and several giveaway raffles, we were pleased to present a $4,000 check to each of the Neighborhood Centers of Massena, Potsdam, Canton and ComLinks of Malone.
This year we are focusing our efforts on our loyal, furry family members! We all
love our pets and would do just about anything for them, but there are so many

Are you getting sticker shock while shopping for a new or used vehicle? Are you “lowering your standards” to get the vehicle payment you want? Is buying less than what you really want the solution? Do you have a “dream vehicle” you think you can’t afford?

STOP DREAMING....we have the solution for you!
The DrivingSense™ vehicle financing program will put you behind the wheel
of that new or used car, van or light truck you want with a monthly payment you can afford. Like a lease, DrivingSense™ offers monthly payments that
are considerably lower than conventional financing. But, unlike leasing, with DrivingSense™ financing, you own the vehicle without all the hassle or
hidden costs associated with leasing!
All current year and previous model cars, vans and light trucks (up to three years used) qualify. New, current year vehicles can be financed for 24 to 72 months. One-year-old vehicles can be financed 24 to 60 months,
two-year-old vehicles can be financed for 24 to 48 months, and three-year-old vehicles can be financed for 24 to 36 months. Discover the advantages of DrivingSense™ for yourself!

For more information about DrivingSense™, call or visit any one of our convenient SeaComm locations today, or click on the logo above to go to the DrivingSense™ CarBuilder™ calculator to see for yourself how low your vehicle loan payment will be......You’ll love it!

Did you receive notification from your bank or credit card issuer that your interest rate was increased, even though you have been making your payments on-time and in a regular fashion? Then you have been “caught in the net”!

In fact, a study conducted through Credit.com survey, discovered that 45% of consumers had experienced an interest rate increase, had their minimum payments increased, credit limits lowered or accounts closed all together. These actions have proven to have a negative impact on credit scores and the lifestyle of many consumers. Even with the Credit CARD Act of 2009, put in effect this past February 22, 2010...the damage has already been done.

At SeaComm Federal Credit Union, our credit cardholders have experienced none of the events mentioned. After all, our credit card never needed reforming! It is the same great card today that it has always been, and there are no nets waiting to be dropped!
This is the perfect opportunity for you to transfer your high interest rate, high payment credit card balances to your SeaComm Platinum Visa card! Not a SeaComm Visa cardholder? Discover how easy it is to apply and reap the benefits it has to offer. Visit one of our convenient locations and speak to a Financial Service Representative to apply. Unable to make it in to see us? Not a problem, you can apply online at www.seacomm.org or give us a call, we would be happy to assist you over the phone!

Credit lines can be as low as $250;
No Annual Fees: This is a potential savings of up to $45 over other credit cards.
Low Every Day Rates: Save over other bank and store cards with a rate well below the national average!
25 Day Interest-Free Grace Period: You have a minimum of 25 days without a finance charge on new purchases if you pay the total “new balance” on your monthly statement each month by the due date.

No Cash Advance or ATM Fees: You can get advances 24 hours a day with no SeaComm fee, from any ATM displaying the VISA logo.
Free Travel Insurance Coverage: When you charge tickets on any common carrier (airline, train, ship or bus) you’re automatically covered to $250,000 with VISA Platinum Cash Back or $1,000,000 with VISA Platinum Points
Additional Services: Emergency card replacement, cash advances up to $300 per day, at any ATM, the benefits of extensive VISA travel services and optional insurance for auto rental damages.

The SeaComm FCU web sites are for the use and convenience of the members of SeaComm FCU and other interested parties. Individuals attempting to use these web sites for unlawful purposes will be prosecuted to the full extent of the law.