April Newsletter 2011

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MONTHLY INTEREST A T L A N T I C

F I N A N C I A L

F E D E R A L

C R E D I T

U N I O N

Always Where You Are

What’s Inside April 2011

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Kids Night is HERE!!

Money Rocks at AFFCU’s 10th Annual Kids Night!

AFFCU VISA 6% Statement of Condition

The time is here! Bring your kids to see your Credit Union transformed into a night of rock, complete with a rock stage, fun food and lots of fun activities for the whole family – maybe we’ll even do the wave!

Date: Thursday, April 21st Time: 5:30 p.m. to 7:30 p.m.

Tax Savings Tax Refund

Place: Atlantic Financial Federal Credit Union 40 Schilling Road, Hunt Valley, MD 21031 RSVP: 410-584-7474, Press 5

Encourage your child to see how their “money can rock” at AFFCU’s annual kid’s night featuring, caricatures, games, crafts and food. You'll even get a special gift for your child if you open an account or make a deposit into an existing account— plus every child gets a goodie bag to take home.

So we can plan to provide the best kids night ever, please register by calling 410-584-7474, press 5 for the call center or on line at

affcu.org.

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Are You Paying More than 6% on Your Credit Card?

BOARD OF DIRECTORS OFFICERS: Martin J. Droney, Chairman Leo J. DeLuca, Vice Chairman Harris Mager, Secretary Bernard Goodman, Treasurer BOARD MEMBERS: R. Lee Bonhoff Ben A Herring Throdore Prioleau Michael H. Spencer Thomas H. Stromer SUPERVISORY COMMITTEE: Michael H. Spencer, Chairman Debbie J. Bogdan Michelly B. Merrick

Up Coming EventsConference call with Senior Investment Strategist, Lori Heinel: April 11th, 2011 Join us from wherever you are for a conference call at 6pm and listen in on some great tips from Lori Heinel about market developments, risk management, and advice on how to maintain your portfolio. Lori Heinel is a Senior Vice President and Senior Investment Strategist for OppenheimerFunds. Lori’s team is responsible for helping advisors, consultants and institutional clients analyze economic and market developments, assess the impact to their portfolios and identify specific products and solutions to help manage risk and take advantage of market opportunities.

Directions: Dial (866) 777-7935 toll-free from your home, office or cell. Enter in the passcode: 9262085658 Hosted by: William A Morgan III, CFP, ChFC Financial Advisor Morgan & Associates 410-418-9800

S

pring is here, that means it’s time to plan spring break and even summer vacation! And the Easter holiday is just a couple of weeks away. If you’re feeling a little short on cash, don’t worry. AFFCU has a spring gift that is good all year long. Until December 31, 2011 all balances created on your VISA credit card through charges, cash advances and balance transfers are calculated at a low 6% APR. And the 6% interest rate stays in effect on those balances through December 31, 2012. So it makes sense to use your AFFCU VISA as you get ready for the Easter holiday or make your vacation plans and reservations.

Plus you save money with AFFCU’s VISA in so many other ways No annual fee - Ever! Not now, not later! Compare $55 or more charged by others just for the privilege of carrying their card. You save money immediately!

No cash advance fees – You pay no extra fees when you use your VISA in an ATM or write a convenience check. Others generally charge 3% or more of the amount you advanced or a minimum fee of $5 or more plus interest. You save more money!

No foreign currency exchange fees – Save money by not paying extra fees for the exchange rate to use your AFFCU VISA when traveling outside of the U.S. Only one monthly payment - Transfer balances from high rate credit cards to your AFFCU VISA. Pay less interest and make just one monthly payment to save money. Even more convenient, set up automatic payment from your AFFCU account.

If you don’t already have an AFFCU VISA, the best choice for all your credit purchases, cash advances and balance transfers, apply now by calling 410-584-7474 and ask for Central Lending during normal business hours. After hours you may call 888-242-3328. Or go on-line to affcu.org and click on application in the left hand column. Always fax your income verification to 410-584-8061.

- [young today, rich tomorrow] Save or pay off loans? It’s a tough question people of all ages, but particularly young 20something’s face every day. In the latest Brass issue available in our branches, you can read about the pros and cons of each in the article “Pay Down or Save up: deciding where to put your money.” You will read about good debt, bad debt, and balancing your emergency fund.

Check out our friends at Brass; their website has blogs, and more advice about budget building, investing, and even entrepreneurship. Brass has all the tips and tricks to keep your cash coming in, and how to keep it in order. Go to www.affcu.org and click on the big “Gen Y” button on the right. It takes you right to Brass for great information written by young adults for young adults.

Business Partner of the month:

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Atlantic Financial Federal Credit Union Statement of Condition This financial information will be shared at the Annual Meeting on Monday, April, 18th at 6pm at the Hunt Valley location.

As Of December 31, 2010 2010 Total Income

2009

$

5,893,810

$ 5,839,272

($

4,851,339)

($ 4,155,990)

Investment Gain/Loss (CUSCO)

$

193,928

INITIAL NET INCOME

$

1,236,399

$ 1,715,359

Dividend Expense

($

1,115,244)

$ 1,239,653

Bonus Dividend Expense

($

0)

($

133,935)

$

121,155

$

341,770

Total Cash

$

5,283,485

$ 8,420,676

Member Loans Outstanding

$

58,265,457

$ 59,134,154

Operational Expense

FINAL NET INCOME

$

32,077

ASSETS

Less Allowance for Loan Losses

($

354,008)

Investments

$

19,665,838

$(

$ 6,018,181

349,444)

Fixed Assets

$

1,516,602

$ 1,644,552

All Other Assets

$

1,173,782

$ 1,134,803

TOTAL ASSETS

$

85,551,157

$ 76,002,922

Shares

$

43,756,328

$ 38,343,084

Certificates/IRAs

$

33,445,425

$ 29,801,739

Regular Reserve

$

1,242,648

$ 1,242,648

Undivided Earnings

$

6,554,376

$ 6,212,606

Unrealized Gain/Loss

$

(35,673)

$

(25,126)

Total Liabilities

$

466,898

$

86,201

Net Income

$

121,155

$

341,770

TOTAL LIABILITIES & EQUITY

$

85,551,157

LIABILITIES & EQUITY

$ 76,002,922

NEW OR USED – Doesn’t Matter

Spring time means Motorcycles!

A

s you may know, most places do not offer loans for motorcycles. Well, lucky for you, AFFCU does! So break out your old bike boots and get ready to ride with our great loan rates. Our motorcycle loan rates start as low as 6% with 15% down. With gas prices on the rise again, owning a motorcycle may be the way to save money on your transportation costs, To apply go on line to affcu.org or call 410-584-7474 or toll free 1-800-505-7476 during normal business hours and ask for a loan officer. After hours you can also call 1-888-2423328.

TAX SAVINGS… Tax day is just around the corner.

Check with your tax advisor about your particular situation, but contributing to an IRA can often reduce your tax burden, You have until April 15th to contribute to an IRA for 2010. Save on taxes today and be better prepared for retirement in the years to come. AFFCU’s IRAs are federally insured and earn higher interest than most financial institutions are paying now. Act now before time runs out.

A

t AFFCU you pay the same low interest rate for new and used cars. Shop now for a car that gets better gas mileage so you spend less time at the pump watching the dollars add up.

Watch the dealer deals. Even if they are offering an interest rate lower than AFFCU’s published rates, but give you a choice for higher rebates, it usually is best to take the rebates and finance a lower amount at AFFCU to result in a lower monthly payment. The rebates count towards putting 15% down so your car won’t depreciate in value so much faster than your loan amount.

Already have a car loan with an interest rate higher than what AFFCU offers? Not to worry – you can refinance it at AFFCU and get an extra $100 for doing it? If you are paying too much (which you probably are) then come see us, we can give you quotes and help save you a lot of money each month, and in the long run.

AFFCU’S car loan rates start as low as 3%. Apply now to see how much you can save on the car you are already driving or the car you want to buy. To apply, during normal business hours, call 410-584-7474 or toll free 800-505-7476 and ask for Central Lending or go any time to affcu.org and click on application. And the 24 Hour Loan Line is available after hours at 1-888-242-3328.

TAX REFUND Get your tax refund faster. Have it direct deposited to your AFFCU account. Just supply your account number and AFFCU’s routing and transit number (252075744) on your tax form.

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4 To Reach AFFCU Anytime...Call

What’s happening on the Federal side of our movement?

•

Credit unions testified before Congress on the Dodd-Frank Act stating “ ...the act has created an overwhelming number of new compliance burdens for credit unions with each dollar spent satisfying these new requirements coming straight out of credit union members’ pockets.” We’re asking for a delay in the interchange portion of this Act.

•

Year end results for credit unions showed assets up but so were delinquencies and charge-offs

Fax Number . . . . . .(410)584-8061

•

24-Hr. Loan Ser. (toll-free) . . . . . . . . . . . . . . . . . . . . . 1-888-24AFFCU CO-OP Network ATM Locator . . . . . . . . . . . . . . . . 1-888-SITE-COOP

Congress is considering allowing credit unions to increase the authorized level of business loans, currently 12.25% of assets

•

Federal regulatory agency, the National Credit Union Administration has issued new rules relative to the financial knowledge members of the Board of Directors must have.

•

The Federal Reserve Board and Federal Trade Commission are proposing to revise rules relative to disclosure of credit scores and related information in approving loans and setting individual loan rates

•

Total bank failures to date have been 23, credit unions 3

Main Number . . . . (410)584-7474 Toll-free . . . . . . . . 1-800-505-7476 PAT (Phone Activated Transactions.) . . . . . . . . . . Press 6 InfoLine (rates, hours, etc.)Press 7

E-Mail . . . . . . . . rwebb@affcu.org Internet . . . . . . . . . www.affcu.org ATLANTIC PLU$ VISA CHECK CARD & CREDIT CARD: Call 410-584-7474 or 1-800-505-7476.

Activation or Lost & Stolen . . Press 6 Member Service . . . . . . . . . . Press 5 OTHER AFFCU SERVICES William A. Morgan, III, CFP, ChFP . . . . . . . . . . . . . . . . . . . . . . . . . (410)418-9800 Enterprise Car Sales 1-800-CAR-SALE

Finally, the Supervisory Committee (internal auditing committee for credit unions) contracts out to a Certified Public Accounting firm to complete a comprehensive audit on an annual basis. While there are always suggestions for improvement, overall the Lead CPA Auditor stated in their report to the Board of Directors, that Atlantic Financial FCU, in general, has better results than their peer credit unions.

Financial Security Mortgage . . . . . . . . . . . . . . . . . . . . . (410)823-3300 . . . . . . . . . . . . . . . . . . . . 1-800-730-7599

Rick

4 0 S C H I L L I N G ROA D H U N T V A L L E Y, M D 2 1 0 3 1 - 1 1 0 5

MVCP Motor Vehicle Certification Prog. . . . . . . . . . . . . . . . . . . . . 1-800-345-0990

PRESORTED STANDARD MAIL U.S. POSTAGE PAID ALPHARETTA, GA PERMIT NO. 864