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Posted August 24, 2010 Dear Friends and Fellow Members: Our stability is rock solid because we have always operated in a safe and secure manner, are well-capitalized, and have a strong balance sheet. We have not, and do not engage in risky subprime lending or invest in potentially volatile investments. Your personal funds here are perfectly safe. Your savings are federally insured to at least $250,000 (plus an additional $250,000 for an Individual Retirement Account) and backed by the full faith and credit of the United States Government. As for strength, we offer our members a full array of services and benefits to help keep you financially strong and fit. This summer, we are particularly excited to introduce BALANCE, a financial fitness program that gives you FREE access to comprehensive, trustworthy money management advice. With one toll-free phone call you can get advice on everything from debt repayment, credit report review, mortgage counseling and retirement planning. In addition to BALANCE, our other member benefit programs are going strong. MyCard PointsSM allows you to earn points for everyday purchases charged to your debit card. Those points can add up quickly to redeem for great travel, shopping and entertainment rewards. FinanceWorksTM, which debuted last winter, has proved to be an invaluable tool for members to track and manage their finances safely and securely online. And with our superior savings rates and special loan offers, there’s never been a better time to be a member. Those are just a few of the tangible ways we offer financial stability and strength. There is also the intangible of belonging to a community that not only cares for each and every member’s financial health, but also reaches out to the community at large. This year, we raised more than $17,000 total for Somerset Medical Center and The Shannon Daley Memorial Fund at our event held on May 10 at The Palace at Somerset Park. Teamwork, commitment to best practices and steadfast dedication to our members are hallmarks of how we work to offer stability in these rocky times. We thank you for your continued loyalty and confidence in Financial Resources FCU, as we continue to earn your trust.
Dear Friends and Fellow Members: "No man is an island…" intoned the English poet John Donne almost 400 years ago. Never have those words been more true than today. We are all inter-connected to each other through many forms of community. There’s our literal community of the town we live in, our close-knit community of family and friends, and more extended communities of work, school, and religious affiliations. There’s also the greater global community, where our response to an earthquake in Haiti or Chile is as if it had happened in our backyard. It’s this sense of caring community that makes our Credit Union so strong. Think about it. We are so much more than just an impersonal bank, because credit union membership is directly tied to your employer, family or friends…in other words, your community. Let’s not forget that at the very heart of community is the responsibility to help and support others. That’s why every year, the Financial Resources FCU Foundation chooses a charity to benefit. This year, we are proud to support two worthy organizations: The Somerset Medical Center Foundation to benefit the Special Care Nursery at Somerset Medical Center and the Shannon Daley Memorial Fund. Somerset Medical Center touches people of all ages and backgrounds and each year delivers 1,500 newborns to families in our community. Shannon Daley Memorial Fund helps local area residents (within a 30-mile radius of Readington Township, NJ) who are facing financial difficulties due to a child facing serious illness. The evening event takes place on May 10 at 5:30 pm at The Palace at Somerset Park, 333 Davidson Avenue Somerset, NJ 08873. I look forward to seeing our friends and supporters there. Being a member of our community has many other benefits. For instance, we are pleased to now offer reward points for making everyday purchases with your debit card. Every time you use your debit card, you can accrue valuable “MyCard Points” for gifts and rewards. We also continue to offer low home equity loan rates and mortgage refinancing, while maintaining high deposit rates to help you reach your goals. We thank you for being a part of our community. As one member to another, I wish us all the peace and fulfillment that a close-knit, caringcommunity can provide. Stay safe. Be happy. And God bless us, everyone! Tom Smith, Posted January 20, 2010 While the year of 2009 has been one of many challenges within the economy and particularly the financial services industry, here at Financial Resources Federal Credit Union it’s been one that also has helped us achieve quite a few milestones. For the first time in the Credit Union’s history, deposit balances exceeded $300 million and for the tenth consecutive year, the National Credit Union Association (NCUA) has accorded Financial Resources the highest rating available for our size and complexity - indicating that the Credit Union is operating in a financially safe and secure fashion. 2009 also marked the opening of our newest branch location in Green Brook, NJ. The new branch marks the fifth branch location that’s available to local membership as well as area companies and organizations that offer the credit union’s services to their employees and members. The new branch provides terrific service convenience to our nearly 1,200 members that live in and around the Green Brook area. Our Purple Savings account, which consistently exceeded the top payout rate of the ING Orange savings account, has grown by $22.3 million since the beginning of the year to total almost $50 million. We saw extraordinary increases in mortgage loan activity with a 75% increase in dollars and a 150% increase in number of loans as many members took advantage of the historical decline in mortgage rates. In addition, for 2009, Member Business loans increased to $10.6 million, up from $6.3 million as of the end of 2008. It was also a year of continued community involvement through the Financial Resources FCU Foundation. Our annual charity event raised over $15,000 to benefit Ocean of Love, a non-profit charitable organization dedicated to helping children with cancer and their families. Including this year’s event, the Credit Union and Foundation have now raised over $375,000 to benefit charities and medical institutions that provide services to needy children. We’re also excited about taking our service and product offerings to an even greater level in 2010. With the debut of FinanceWorksTM, members will have the ability to view their complete financial picture and manage all of their financial accounts, consolidated into one convenient, safe, password protected online location. And best of all, we’re offering it free within WebBranch Internet Banking. Despite the uncertain nature of some of the big banks out there, it is business as usual for our members and their families here at Financial Resources. The same level of quality service you receive from our credit union will continue in 2010 and beyond. Your personal funds here are perfectly safe. Our credit union is federally insured up to $250,000 by the NCUSIF and is backed by the full faith and credit of the United States Government. As we begin the new year, we want to thank you for your continued loyalty and confidence in Financial Resources FCU. We look forward to continuing to earn your trust. Lena Matthews, CEO
Posted October 2, 2009 Dear Friends and Fellow Members: If you haven’t noticed, it seems that ever since the recent financial crisis started, many banks have all become pretty quiet. Maybe it’s a bit of "deer caught in the headlights" as they try to weather the current economy because they don’t seem to be saying much or introducing anything new to help people bank easier or better. Well, as you probably know, we are members of a very financially strong credit union so the thought to remain stagnant and retrench just never crossed our minds. If anything, we have been moving ahead like never before with new branch openings and a host of new banking products and services. We are excited to soon be launching multiple new online services that will make your online banking experience easier, more efficient and very helpful in managing your daily and long term finances. Our new Online e-Statements will be an copy of your traditional financial statements and they’ll be packaged and delivered to you securely within our WebBranch Internet Banking. With identity theft an ever growing problem, e-Statements will give you more peace of mind knowing that your current and past statements are securely stored online. This also gives you better account management by making past statements right there when you need them. Plus, you’ll reduce your paper clutter not to mention saving a few trees in the process. Coming shortly, we’ll also have new and impressive online funds transfer capabilities where you’ll soon be able to make secure transfers between more than 23,000 financial institutions and your accounts at Financial Resources. Detailed information on all your transfers will appear online and on your statements. Let's face it, life has gotten pretty busy and complicated. So, with online WebBranch, we will be offering FinanceWorks, powered by Quicken. It will solve and simplify your most important, everyday financial problems with ease by helping you budget and gain control over your spending to help you save more. Plus, you will be able to manage accounts across more than 7,000 financial institutions and credit card sites, ensure bills are paid on time, and see where your money is going, including future transactions. As you can see, we haven’t been caught in the headlights; we're busy moving forward and focused on always improving your banking experience. And as a member, these are all just more benefits of membership. As one member to another, I encourage you to take advantage of all of our services. And if you haven’t already done so, make sure you sign-up for WebBranch Internet Banking so you can also take advantage of all these exciting online services. Stay safe. Be happy. And God bless us, everyone! Tom Smith
Posted June 22, 2009 Dear Members: With signs of an improving economy there is reason to be optimistic. After the wild swings last year and early 2009, many markets seem to be returning to more typical ranges and investors who moved to the sidelines during the recent economic challenges have begun to return to the stock market. Some economists see the end of the recession on the horizon such as Nobel Prize-winning economist Paul Krugman who recently said “I would not be surprised if the official end of the U.S. recession ends up being, in retrospect, dated sometime this summer.” In any economy, it’s always prudent to periodically look at your investments to see if you are headed in the right direction toward your personal goals. As the economy rebounds, how may that affect your current investments? Should you consider making some changes? We invite you to take advantage of our complimentary retirement risk analysis. A registered Financial Advisor* will review your retirement portfolio and give you an unbiased opinion of where you stand and what you may want to consider changing. This is great service that I urge everyone to take advantage of. At Financial Resources Federal Credit Union, we also see reasons to be optimistic. You can be confident in knowing that your Credit Union is operating in a sound financial manner, we are well-capitalized, have a strong balance sheet, and perform consistently better than our peers. In fact, we were pleased to report at our 2008 Annual Meeting that for the ninth consecutive year, the National Credit Union Administration has found Financial Resources operating in a financially safe and secure fashion and has accorded the highest rating available for the size and complexity of the Credit Union. We did not engage in risky subprime lending or invest in potentially volatile investments. We are always working to safeguard your deposits and loans with us. Your savings are federally insured to at least $250,000 (plus an additional $250,000 for an Individual Retirement Account) and backed by the full faith and credit of the United States Government. We are seeing robust activity in many areas including mortgage refinancing as many members are taking advantage of some of the lowest rates seen in decades. Even during the recent reported “credit crunch,” our lending is up well over 11%, solidly higher than the industry average. Plus despite the challenging economic climate, Financial Resources is well-positioned for the future and will be expanding our branch network this year by opening another all-member “public” access branch in Green Brook, NJ. Thank you for your continued confidence and loyalty in Financial Resources FCU. We will continue to earn your trust. Sincerely, Lena Matthews * Investments offered through CFS. Click here for important information.
Posted March 21, 2009 On Friday, March 20, 2009, The National Credit Union Administration (NCUA), the government agency that regulates and supervises credit unions, placed two "corporate credit unions" (U.S. Central, Lenexa, KS and WesCorp, San Dimas, CA) into conservatorship to maintain the integrity of the nation’s credit union system. The 28 Corporate credit unions in the United States do not serve consumers but are chartered to provide products and services to the nation’s credit unions system. This action of the NCUA will ensure that there is no direct impact on the 90 million credit union members nationwide. As noted by a statement made by the NCUA, "Service continues uninterrupted at both U.S. Central Corporate Federal Credit Union and WesCorp." Credit Unions that serve consumers remain safe, sound, and financially strong. You can also be confident in knowing that Financial Resources Federal Credit Union is operating in a sound financial manner, we are well-capitalized, have a strong balance sheet, and perform consistently better than our peers. In fact, we are pleased to report that for the ninth consecutive year, the NCUA has found Financial Resources Federal Credit Union operating in a financially safe and secure fashion and has accorded the highest rating available for the size and complexity of the Credit Union. We did not engage in risky subprime lending or invest in potentially volatile investments. We are always working to safeguard your deposits and loans with us. Your savings are federally insured to at least $250,000 (plus an additional $250,000 for an Individual Retirement Account) and backed by the full faith and credit of the United States Government. For more information on savings insurance, please visit the National Credit Union Administration's Website . Despite this challenging economic climate, Financial Resources is well-positioned for the future and will be opening our fifth "public" access branch this year to provide even greater convenience to an expanding membership. Thank you for your continued confidence and loyalty in Financial Resources FCU. We will continue to earn your trust. Sincerely, LenaMatthews Tom Smith
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Lena Matthews
Tom Smith
Lena Matthews
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