2010 Annual Report
At CAP COM we benefit every member, every time, every day.
18 Computer Drive East • Albany, NY 12205 www.capcomfcu.org • (518) 458-2195 • (800) 468-5500
CAP COM Federal Credit Union is federally insured by the National Credit Union Administration.
Senior Management Team Paula A. Stopera President/CEO
Credit Union Branches
David Jurczynski EVP/Chief Financial Officer
Diana VanAmerongen Albany (Main Office and mailing address) 18 Computer Drive East Albany, NY 12205-1168 Brunswick 799 Hoosick Road Clifton Park 1744 Route 9 Cohoes 219 Ontario Street Colonie 341 New Karner Road Glenmont 384 Bender Lane Latham 4 Century Hill Drive Niskayuna 582 Balltown Road North Greenbush Route 4
Chief Operations Officer
Rebecca Crocco Vice President, Branch Operations
Julie Hughes Vice President, Operations
Chris McKenna Chief Mortgage Officer
Johanna Robbins Vice President of Finance
Robert Roemer Vice President of Information Systems
John Shartrand Chief Investment Officer CAP COM Financial Services
A special thank you to our volunteer staff. Richard Amadon Sr. Robert Davis Paul Dettenrieder John Ericson Martin Finn William Fitzpatrick Edward Gilligan Harold Horning Daniel Johnson Patrick Kelly Chip Lawrence Mark Marchand Jeffrey Pallone James Thomas Rick Travis Patricia Walbroehl
Table of Contents
2
Report of the Board Chairman
3
Report of the President/CEO
5
Report of the Executive Vice President/ Chief Financial Officer
6
Consolidated Statement of Financial Condition
7
Consolidated Statement of Income
8
Report of the Chief Investment Officer
9
2011 Annual Meeting Agenda
10
Candidates up for Re-election
11
57th Annual Meeting Minutes
14
2011 Art Goedeke Scholarship Winner
14
2011 Making a Difference Award
15
Our Service Says it All!
1
Report of the Board Chairman
As I look back on a challenging, successful 2010, a year replete with continuing political and economic change, I realize that there are some things that will never change at CAP COM. Our Credit Union will continue to grow while staying dedicated to our vision: To be a sought after financial institution whose unbridled commitment to its members and community is unmatched by anyone. Continuing the implementation of our Strategic Plan, we opened our 10th branch in the network. Located on Hoosick Road in Brunswick, this new branch complements the “high touch” component of our outstanding service. Not to mention, it also incorporates our signature features such as: a gourmet coffee bar, kids’ play area and a fee-free coin counting machine. Our evening workshops continue to be very popular. More than 70 members joined our FirstTime Homebuyer’s and Money Saving Home Refinancing workshops, which assisted new home purchasers and members who took advantage of the refinance boom. Over 340 students and parents attended our College Bound workshops for help with all the variables of college choices and financing. These workshops are another example of our outstanding member service. We introduced Mobile Banking in 2010 and over 3,300 members signed up for this new feature. “High tech” options like Mobile Banking www.capcomfcu.mobi and Connect-24 www.capcomfcu.org have made CAP COM an industry leader in Internet banking. What’s more, our online FinanceWorks budgeting tool complements our objective to be a community leader in helping families manage their money. These web-based tools allow our members to do their banking at anytime and from anywhere. Whether it is at one of our 10 branches, over the telephone, on the web or with Mobile Banking, we offer more than just financial 2
products, we offer an experience. This experience is delivered by the CAP COM team – a team which this year helped the Credit Union earn another “Best Places to Work” award from The Business Review. Our outstanding, peer-recognized reputation as a financial partner is a tribute to the leadership and staff at your Credit Union. Our strategic goals will continue to address the basic requirements of any financial institution: To be financially safe and sound, to offer convenience and to maintain a high level of service and value. This spirit of service to our membership and the community at large undoubtedly contributed to the selection of Paula A. Stopera as the 2011 recipient of the Arthur R. Kapner Spirit of the Chamber Award. This award, presented by the Albany-Colonie Regional Chamber, is given to an individual whose dedicated service and efforts have enhanced the Chamber’s position in the community. The whole CAP COM team supports Paula in this effort and we are proud of her work to enhance the Credit Union’s position in our communities. Paula’s recognized passion for a high level of service and professionalism is evident every time a member interacts with a staff member. The entire organization, which includes our volunteers, is committed to emulating Paula’s high standard of service as we work to benefit every member, every time, every day. I want to thank the members, the Credit Union staff and my fellow volunteers for their support during 2010. I look forward to another successful year in 2011.
Edward A. Gilligan, Board Chairman
Report of the President/CEO
At CAP COM, we often say, “Our service says it all!” That promise continues to evolve as our Credit Union celebrates 58 years as a financial institution. Our team of professionals continues to deliver solutions to help members get ahead. Today, CAP COM is truly committed to benefiting every member, every time, every day This philosophy came to life once again in 2010. On Nov. 1, 2010 we opened our 10th branch location in the heart of Brunswick. At the same time, we made great advances in Mobile Banking and continued improvements to our online Connect-24 home banking system. We are today extending convenience and great service beyond our branches. CAP COM is helping members do everyday banking from their home, office or on the go. Your Credit Union has evolved while remaining committed to its roots. Our Call Center is a great example of our excellent service and ongoing evolution. We have had a Call Center since we opened in 1953 and we’ve always been a leader in the delivery of service over the phone. In fact, most loan requests come through our Call Center. Yet our Call We are today extending Center has convenience and great improved and is service beyond our today among the branches. CAP COM is most efficient helping members do in the nation. everyday banking from Call Center their home, office or on the Associates answer go. Your Credit Union has all questions evolved while remaining and provide an committed to its roots. extremely efficient lending operation. Our Call Center also features specially trained eCommerce Associates who can handle inquiries on topics ranging from Connect-24 to Mobile Banking options like our new iPhone app. Another CAP COM program that ranks among
my favorites is the College Bound Program. I believe it exemplifies our unique member service. We lead young members and their parents through the daunting task of financing and preparing for college. From finding the right college to completing applications, we have expert staff to assist families. And once the college choice is made, we can provide the most up-to-date resources available to pay for college. Our program is unique to credit unions in New York State and possibly across the country. Helping our college-bound families is a top priority for us, but CAP COM’s helpful Youth Programs start much earlier. Our support of education and belief in rewarding hard work is evident in the financial commitment we make to our Great Grades and Reading Programs for Youth Members age 4 to 17. In addition, we offer several college scholarships and the Making a Difference Awards for local, community-minded teens. These are just a few of the many ways we commit to our members, our children and the growing community that we call CAP COM Federal Credit Union. Supporting families is one of the most enjoyable aspects of our jobs at CAP COM. Last year, we took in more than 16,500 loan requests for almost $468 million in new consumer loans. In addition, we enhanced our mortgage offerings by adding our own mortgage subsidiary. This subsidiary is now supported by full-time CAP COM staff members and offers a full line of competitive mortgage products backed by our great service. Since the subsidiary became operational in July 2010, we have originated 387 new mortgage loans totaling over $57 million dollars for our members. I am very pleased to stand behind our new mortgage products. On top of helping homeowners refinance, we can now help young 3
members – our children – buy their first homes. CAP COM can now give first-time homebuyers direct access to a wide variety of products including FHA mortgages. For some, the last year has proved to be one of the most challenging. That’s why we told our members to contact us if they needed help. We helped 93 members build plans to keep their credit rating strong and stay in their homes. We helped thousands of others with revised payment arrangements and other short-term issues. As the economic picture brightens, CAP COM Federal Credit Union continues to grow. That growth is supported by our dedicated membership and talented staff. I am proud to report these CAP COM Federal Credit Union highlights from 2010: • We celebrated a seventh consecutive Best Places to Work award from the Capital Region’s The Business Review. The paper also listed us as one of the Fastest Growing Companies in our region. • We were ranked 19th in the nation in our asset-size category by Callahan and Associates for overall financial strength and giveback to our members. We were ranked first in New York State and continue to be listed as the best credit union in the country for member satisfaction, according to the Raddon Financial Group. • CAP COM Financial Services is led by Chief Investment Officer John Shartrand and features a team of Financial Advisors that specialize in investments and retirement planning. One of the largest broker dealers in the nation – Linsco Private Ledger (LPL) – recognized CAP COM Financial’s outstanding performance and ranked them as one of the best credit-union-led investment firms in the nation. 4
In closing, I’d like to celebrate the work of the charitable CAP COM Cares Foundation. The Foundation is highlighted in a separate handout here at the Annual Meeting. I encourage attendees to look through the booklet and see the many organizations and ways we are lending a hand. We make positive changes every day! On behalf of all of us at CAP COM Federal Credit Union, we thank our membership for giving us the privilege to serve you and your family. I look forward to a prosperous 2011, filled with good health and progress towards financial security. We promise to be with you every step of the way along the journey!
Paula A. Stopera, President/CEO
Report of the Executive Vice President/ Chief Financial Officer The tumultuous economy of the past two years has been difficult for individuals, businesses and the financial services industry. During this period of economic uncertainty, your Credit Union has remained strong in both balance sheet growth and capital strength. We are proud to report that CAP COM Federal Credit Union has yet again maintained a strong capital position combined with continued growth. In 2010, total consolidated Credit Union assets grew by 8.6 percent or $68.5 million. Our asset size was $866.2 million at year’s end. The recent addition of our Mortgage Division, has broadened our real estate loan offerings without increasing the interest-rate risk to the balance sheet. Total loan balances outstanding at year’s end were over $760 million, with real estate loans representing more than $480 million of that total. We are confident that our loan products combined with our renowned service will help us continue to benefit every member, We are proud to report every time, every day. that CAP COM Federal CAP COM’s capital Credit Union has yet – or members’ equity again maintained a – finished 2010 at strong capital position nearly $70 million. combined with This represents an continued growth. annual increase of 15.9 percent or $9.6 million. This level of members’ equity has been defined by the National Credit Union Administration (NCUA) as “well capitalized,” which is their highest designation. The NCUA designation is even more impressive in light of recent failures in the financial services industry. The primary reason for these failures is that many institutions do not have a sound capital management strategy. At CAP COM, our managerial decisions are focused on the retention and improvement of capital and members’ equity.
Without this sound capital position, all of our strategic growth initiatives could not be seriously entertained. Our commitment to conservative and prudent fiscal management strategies has, over the years, led to a stable financial position. We continue to embrace these standards to ensure we identify and manage risk. And with additions like the new Brunswick Branch on Hoosick Road, we are making sure that even more members have the opportunity to experience what we believe to be a better banking experience. Thank you for your loyalty and continued confidence in our ability to make our Credit Union the best it can be.
David J. Jurczynski, Executive Vice President/ Chief Financial Officer
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CAPITAL COMMUNICATIONS FEDERAL CREDIT UNION AND SUBSIDIARIES Consolidated Statement of Financial Condition December 31, 2010
ASSETS Cash and due from financial institutions Overnight deposits Total cash and cash equivalents Certificate of deposits with other financial institutions Securities available for sale Loans held for sale, at market value Loans to members, net of allowance for loan losses Premise and equipment, net of accumulated depreciation NCUSIF deposit Other assets TOTAL ASSETS LIABILITIES AND MEMBERS’ EQUITY Liabilities Deposits Borrowed funds Accrued expenses and other liabilities Total liabilities Total members’ equity TOTAL LIABILITIES AND MEMBERS’ EQUITY
6
Unaudited 2010 $
10,637,803 9,119,118 19,756,921 2,482,000 48,295,200 6,370,975 748,716,063
$
17,273,899 7,660,136 22,054,586
$
866,238,805
$
780,717,635 2,000,000 13,686,699 796,404,334 69,834,471
$
866,238,805
CAPITAL COMMUNICATIONS FEDERAL CREDIT UNION AND SUBSIDIARIES Consolidated Statement of Income For the Year Ended December 31, 2010 Unaudited 2010 INTEREST INCOME Loans to members Securities and investments Overnight deposits
42,429,149 1,700,076 169,304 44,298,529
Total interest income
INTEREST EXPENSE Deposits Borrowed funds Total interest expense
$
10,161,521 79,337 10,240,858 34,057,671
Net interest income before provision for loan losses
PROVISION FOR LOAN LOSSES
8,300,000
Net interest income after provision for loan losses
25,757,671
NON-INTEREST INCOME Commissions and member service fees Investment and advisory fees Card interchange fee Subsidiary income and fees Loss on securities available for sale Gain on sale of loans Loss on disposal of repossessed and foreclosed assets
5,471,762 1,521,896 4,244,464 1,320,809 (1,806,036) 914,908 (32,057)
11,635,746
Total non-interest income
NON-INTEREST EXPENSE Compensation and employee benefits Office operations Loan servicing Office occupancy and equipment Marketing, member education and promotions Data processing Professional fees and services NCUSIF corporate stabilization Other noninterest expense
15,588,148 2,426,163 4,184,667 2,621,024 1,227,320 1,097,930 749,193 1,967,403 1,737,139
Total non-interest expense
31,598,987
CONSOLIDATED NET INCOME Net income – non-controlling interest
5,794,430 63,357
TOTAL NET INCOME
$
5,731,073
7
Report of the Chief Investment Officer The markets anticipated an economic recovery in 2010 and continued to rebound as fear of a double-dip recession diminished. CAP COM Financial Services helped clients position their assets for the anticipated economic recovery, yet also kept watch for signs of a second downturn. It was a challenging balancing act and CAP COM Financial was up to the challenge! In 2010, we increased the number of core clients and assets by more than 17 percent. CAP COM Investment Services At CAP COM Investment Services, we understand clients need to accumulate wealth for retirement, make plans for day-to-day expenses in retirement and establish a financial legacy. Our expertise helps clients build wealth, live well in retirement and plan for their family. In 2009, our primary The economic climate goal was helping over the last two years clients survive the has confirmed that all Great Recession. investors need a plan. In 2010, we updated Such plans need to be our clients’ financial flexible and guided by plans, made necessary a trusted advisor. adjustments and CAP COM Financial moved forward. Services is built to be During the last year your trusted advisor. we also expanded our Insurance Representative program to include a presence in three additional CAP COM branches. We look forward to introducing more Insurance Representatives throughout 2011. CAP COM Investment Services continues to provide our clients with the sophisticated investment approaches needed to survive in the 21st century. We combine advance planning techniques, sophisticated investment platforms and real-life retirement expertise to help our clients enjoy an uncomplicated retirement. We deliver the common sense needed in today’s complicated world. 8
CAP COM Financial Services, LLC We strongly believe that there is no one product, solution or service to meet the needs of all our clients. That’s why we are a full-service advisory firm. We’ve recently been able to leverage our knowledge base with insurance to provide income options to clients who needed greater income security. We introduced a program to offer home and auto insurance to our members at competitive rates through the Travelers Insurance Company. We plan to explore opportunities to provide even more options to our members in 2011. In 2010, CAP COM Financial delivered more than 30 educational workshops and welcomed more than 515 attendees. We continue to honor our commitment to provide the education our members want with the solutions they need. And, we were able to do all that because of our top-notch client services team. The economic climate over the last two years has confirmed that all investors need a plan. Such plans need to be flexible and guided by a trusted advisor. CAP COM Financial Services is built to be your trusted advisor.
John M. Shartrand, Chief Investment Officer, CAP COM Financial Services, LLC CAP COM Financial Services and CAP COM Investment Servcies - Securities and annuities products offered through LPL Financial, Member FINRA/SIPC. Annuities offered through LPL Financial or its licensed affiliates. A Registered Investment Advisor, CAP COM Financial Services is a division of CAP COM Federal Credit Union. CAP COM Financial Services and CAP COM Federal Credit Union are not registered broker dealers and are not affiliated with LPL Financial. Financial planning, tax preparation and insurance services offered through CAP COM Financial Services, LLC, a Registered Investment Advisor. Not NCUA Insured
May Lose Value
No Credit Union Guarantee
2011 Annual Meeting Agenda 58th Annual Business Meeting called to order and quorum established Edward Gilligan Motion to accept agenda Edward Gilligan Report of the Board of Directors Edward Gilligan Report of the President/CEO and Report of the Foundation Paula A. Stopera Report of the Supervisory Committee Paul Dettenrieder Report of the Nominating Committee Daniel Johnson Receipt of the Nominating Committee Report Edward Gilligan New business Edward Gilligan Presentation of the Making A Difference Award Carie Sala and Paula A. Stopera Presentation of the Art Goedeke Scholarship Paula A. Stopera Recognition of 2010 TOP Employees Paula A. Stopera Unfinished business Edward Gilligan Motion to adjourn Edward Gilligan
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Candidates up for Re-election Elections for three open seats on the Credit Union Board of Directors will be held at the meeting. The Nominating Committee has recommended the following three candidates for three-year terms.
A Credit Union member since 1957, Edward Gilligan has served on the Board of Directors since 1993. He retired from the New York Telephone Company in 1997 after more than 41 years. He has been Chairman of the Board since 2000 and has also served on the Supervisory Committee and the CAP COM Financial Services Board. Other committees include: Volunteer Recognition/Training, Volunteer Recruiting, Volunteer Activities, and Nominating. Gilligan has also been an active volunteer with the Albany Police Athletic League and the Telephone Pioneers.
William Fitzpatrick grew up in Troy and attended Catholic Central High School. He earned a degree from Hudson Valley Community College. After four years in the U.S. Air Force, Fitzpatrick was named staff sergeant and became a DC-9 and fighter plane crew chief. He retired from General Electric after 34 years as Resin Department Leader. He has served on the Board of Directors since 2005.
Mark Marchand serves on the CAP COM Financial’s Board of Managers and has served on the Credit Union’s Supervisory Board. He is Director of News and Editorial Services at RPI. In 2007, he retired as a senior manager in Corporate Communications at Verizon Communications after 24 years. Marchand was a national spokesperson and performed functions ranging from community relations to media relations. He is an associate member of the Board of Managing Directors at Albany’s Parsons Child and Family Center.
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57th Annual Meeting Minutes Board Members Present: Mr. Edward Gilligan Mr. Harold Horning Mr. Daniel Johnson Mr. Patrick Kelly Ms. Paula A. Stopera Mr. James Thomas Ms. Patricia Walbroehl Ms. Jan White Mr. William Yamrozy Board Emeriti Present: Mr. William Fitzpatrick Mr. Michael Conley Call to Order Chairman Gilligan welcomed the attendees to Capital Communications Federal Credit Union’s 57th Annual Meeting. He declared a quorum was present with 190 members in attendance and called the meeting to order at 5:30 p.m. Mr. Gilligan led the attendees in the Pledge of Allegiance followed by a moment of silence in honor of those who have and are currently serving in the military. Mr. Gilligan introduced the Board of Directors and the Board Emeriti and the Supervisory Committee members. Mr. Gilligan informed the attendees that the meeting would be conducted in accordance with the Bylaws of Capital Communications Federal Credit Union and Robert’s Rules of Order. A motion was made by Mr. John Nelson, seconded by Ms. Carie Sala; “To accept the agenda as printed in the Annual Report.” Carried. Acceptance of Minutes: Minutes of the 56th Annual Business Meeting held on March 18, 2009 were added to the Annual Report, which was distributed to all members prior to the business meeting.
A motion was made by Ms. Carie Sala, seconded by Ms. Jan Sheehan; “To accept the minutes of the March 18, 2009 Annual Business Meeting.” Carried. Board of Directors Report Mr. Gilligan opened his presentation noting the challenges of 2009. “The staff at your Credit Union navigated through this past year by establishing plans and strategic goals all while maintaining the level of service you expect and deserve. These goals addressed the basic requirements of a financial institution: To be financially safe and sound to offer convenience and to maintain a high level of service and value.” Mr. Gilligan then reviewed the Credit Union’s commitment to convenience through branching, service standards and innovative technology such as Mobile Banking. An overview was provided on our seminar and workshop series. He stressed the concentration being made on working through the new rules and regulations with regard to checking accounts and credit cards, and how they will impact consumers in general. One of our goals is to let nonmembers know how valuable our credit union membership is and how we can help through difficult times. Mr. Gilligan thanked the staff, volunteers and members for their continued support. A motion was made by Ms. Barbara Wyman, seconded by Mr. Walter Monast “To accept the Report of the Board of Directors.” Carried. Report of the President/CEO and Report of the Foundation Ms. Paula A. Stopera warmly welcomed the members to our annual meeting. Her presentation began with an overview of why she loved the Credit Union and being the President/CEO – namely because of the people she serves and the people she works with. Ms. Stopera then introduced the Senior Team and thanked the volunteers, specifically Chairman Edward Gilligan, Chairman for his dedication and support. 2009 was noted as a year 11
of “experience” and we survived the challenging economy and continued to receive the highest ratings from our regulators. Ms. Stopera elaborated on how this economy impacted our members, citing the loan volume, the repayment trends and the CU efforts to keep members in their homes and able to continue to send their children to college. Our overall commitment is to help our members through difficult times. Ms. Stopera reviewed new products, branching efforts and business partnerships with MorPAC and Old Heritage with our commitment to focus on what matters most. Our work in the community through the Foundation was described as another reason Ms. Stopera loves working at the Credit Union. The Foundation report was provided to the attendees to tell the story of how members and staff alike touch lives in our community by making a difference and results in an overflow of pride. A motion was made by Mr. David Jurczynski, seconded by Mr. Willis Reed, “To accept the Report of the President/CEO and the Report of the Foundation.” Carried. Report of the Supervisory Committee Mr. Paul Dettenrieder delivered the report of the Supervisory Committee. He acknowledged the efforts of those that serve on that committee and introduced them to the membership. The committee, which is appointed by the Board of Directors, is committed to making sure that members’ funds and interests are protected and that the Credit Union’s financial condition is fairly and accurately represented. Mr. Dettenrieder reviewed the partnership with the Internal Audit Department and introduced the staff of that area. The annual audit was performed by UHY Advisors LLP for the year ended December 31, 2009. The audit was conducted in accordance with generally accepted auditing standards, which required that it be planned and performed in order to obtain reasonable assurance the financial 12
statements are free from material misstatement. This audit also assesses the operations of the Credit Union and determines that no material weaknesses exist. A copy of the financial statements may be obtained from the Credit Union upon written request. In addition to these audits, the National Credit Union Administration (NCUA) performs a periodic regulatory examination. Mr. Dettenrieder extended his thanks to the Supervisory Committee and the Internal Audit Department and to the membership for their business. A motion was made by Mr. Jim Greene, seconded by Mr. Bob Bascom; “To accept the Report of the Supervisory Committee.” Carried Report of the Nominating Committee Mr. Patrick Kelly reported that, in 2003, the Credit Union bylaws were amended to convert to a nomination by petition election process. The nomination by petition process requires that any member not already nominated by the Nominating Committee must submit a petition to the Credit Union’s Board of Directors in order to be included on the slate of candidates who are running for open Board seats. The membership was notified of this requirement in January of this year by way of a notice in the January/February Lines of Communication newsletter, in the Credit Union lobbies, and on the website. The deadline to submit petitions and necessary forms was February 12, 2010. No nominations came forward from the membership, so the nominating committee presented: • Paula A. Stopera • James Thomas • Daniel Johnson as candidates for election to the Board of Directors for three-year terms. A motion was made by Mr. George Lenhart seconded by Mr. Loretta Sinko; “To accept the Report of the Nominating Committee.” Carried
Elections A motion was made by Mr. Edward Gilligan, seconded by George Lenhart, “To cast one ballot for the entire slate of candidates presented by the Nominating Committee.” Carried. New Business None Presentation of the Art Goedeke Memorial Scholarship Ms. Stopera introduced the Art Goedeke Award. Capital Communications Cares Foundation, through the generosity of the Art Goedeke family, is honored to present the fourth annual Art Goedeke Memorial Scholarship Art was a longtime member of Capital Communications Federal Credit Union. Art worked for Verizon and contributed significantly to the developing world of information systems. Art was a board member for Capital Communications for many years, donating countless hours of his time and expertise to help form the Credit Union into the strong financial cooperative we proudly belong to. The fourth annual scholarship will be awarded to Andrew Chan, a future student at St. Lawrence University pursuing a degree in Computer Science. Presentation of the Making A Difference Award Winners Youth Coordinator Carie Sala presented the awards for our 2010 Making a Difference Awards. This award was established to honor our young adult members who are making a difference in our community. The individuals who won (listed below) were chosen for their countless volunteer hours and dedication to their community. • First Place awarded to Elyse Wohl • Second Place awarded to Luke Anapolis • Third Place awarded to Charles Garrett Rappazzo and Andrew Olsen
Unfinished Business/Door Prize Drawing Ms. Stopera announced the Credit Union’s Top Employees of the year: • Joanne D’Ambrosio, Top Service • Robert Bascom, Top Support • Kim Donah, Top Sales • Paige Clawson, Employee of the Year Door prize winners were: • Chuck Rappazzo, who won an overnight stay at the Century House including dinner • Richard Squillace, who won a Wolferts Roost Brunch for four • Gloria Casola, who won a Dennis Nally portrait sitting and an 11x14 photo • And Brenda Bennett Delaney, who won a Holiday Inn Martini Overnight Stay Adjournment A motion was made by Mr. John Ericson, seconded by Mr. Jim Greene; “That this meeting be adjourned.” Carried. Chairman Gilligan adjourned the meeting at 6:30 p.m. Respectfully submitted, Approved,
Daniel Johnson Secretary/Board of Directors
Edward A. Gilligan Chairman/Board of Directors 13
2011 Art Goedeke Scholarship Winner 2011 Making A Difference Award The late Art Goedeke was a longtime Credit Union member with a passion for computer science and information technology. In 2006 his family set up this $2,000 scholarship to help a student with similar career aspirations. This award is given to a CAP COM member who plans to pursue an undergraduate degree in Computer Science/Information Technology. The applicants must be a graduating high school senior or currently attending college, and be under the age of 25. The 2011 winner of the Art Goedeke Scholarship is LaSalle Institute graduate Thomas E. Hulihan. Thomas graduated from the Troy school in 2010 and is today pursuing a degree in computer engineering at Northeastern University, where he also works as webmaster for the university’s student branch of the Institute of Electrical and Electronics Engineers. In his scholarship application essay, Thomas discussed the ethical use of personal information stored on social networking sites like Facebook. Thomas became a CAP COM member several years ago when his Grandmother Mary Smulsky, a longtime Credit Union member, started a Youth Account for him.
2011 Making a Difference Award For the past 11 years CAP COM Federal Credit Union’s “Making a Difference Awards” have been given to local middle and high school students who show outstanding commitment to community service and volunteering. These awards celebrate teen members who embody the credit union philosophy of “people helping people.” Award nominations are made by a parent, grandparent, teacher or friend; or teens can nominate themselves. Awards First Place: $1,000 Second Place: $ 500 Third Place: $ 300 Award money will be deposited into an 18-month CertifiKID in the winner’s name. In addition, winners will also receive $100 to donate to the charity of their choice. Making a Difference Finalists Sarah Mead Senior at South Colonie High School Lauren Motto Senior at South Colonie High School Kate Ryan Junior at Bethlehem High School 14
Making a Difference Nominees Kate Ryan, Molly McQuade, Bridget McQuade, Kelley Haggerty, Carolyn Bugbee, Lauren Motto, Olivia Bobarakis, Sarah Mead, James Hundt, Jr., Jennifer Burke, Marissa Gates, Matthew Connolly, Mark Papuzza, Lauren Smith
Our service says it all! The stories of our members reflect CAP COM’s unmatched brand of service. They show how our Credit Union benefits every member, every time, every day. Here we present three great stories from recent issues of the Lines of Communication newsletter. From a great Youth Program and loans for young professionals to smart mortgage planning for families, CAP COM is here to help. We are your financial partner for every stage of life.
CAP COM’s biggest fan Young Jakub Hann promotes our Youth Program Jakub has many interests. He plays clarinet, likes reading and recently landed a role in his fifth-grade musical. And, the 10 year old from Schenectady is already making informed financial choices. “I did a web search for ‘kid-friendly banks.’ I scrolled down and found CAP COM,” Jakub said. “You guys had all this kids’ stuff and you actually pay me for my report card. CAP COM was the only one who paid me for doing well in school.” CAP COM’s Youth Accounts are available for children from birth to age 17 and feature our seasonal Reading Programs and annual Great Grades program. Kids earn $10 per quarterly report card (up to $40 per year) that they submit. Membership didn’t end with a Youth Account for the Hann family. Parents Violette and Robert also set up Checking and Savings Accounts. The Hanns live near the Niskayuna Branch on Balltown Road. “I really wanted my parents to join. I did not think it was fair for them to be treated like a number while I was being treated like royalty,” Jakub said. 15
Lending for a bright future One couple’s journey from buying a first home to a money-saving ‘refi’ plan
Trust is important to Michael and Jennifer Pioggia. That’s part of the reason the East Greenbush couple turned to CAP COM’s mortgage experts in 2003 as first-time homebuyers. “My dad is a long-time CAP COM member. I’ve had a Credit Union VISA® Credit Card since I can remember. So, we took CAP COM’s first-time homebuyers class and soon got started with the Mortgage Division,” Michael said. It didn’t end there. “Recently, we worked with the mortgage experts on a refinancing plan that is saving us over $250 a month. They’ve always been trustworthy, accurate and timely,” Michael said. Soon after attending CAP COM’s first-time homebuyers workshop in 2003, the couple bought a single-family home near the East Greenbush schools. As mortgage rates recently reached record lows, the couple called CAP COM for refinancing options. Lending expert Jessica Brate set up a refinancing plan. “Once again, CAP COM knocked it out of the park,” Michael said.
Choosing CAP COM A full-service financial institution Marissa Harris was having trouble with her first car loan. “My dad said, ‘Why don’t you go to CAP COM?’” Marissa recalled. “I came in and got approved.” Today, Marissa does all her banking with CAP COM. “It started with the car loan, then Savings and then Checking. Now, I do all my banking here. I trust you guys. I will never go anywhere else,” Marissa said. Marissa, who lives in Schenectady, is the daughter of Dan Harris. Dan has been a Credit Union member since the late 1980s and lives in Hoosick Falls. 16
2010 Annual Report
At CAP COM we benefit every member, every time, every day.
18 Computer Drive East • Albany, NY 12205 www.capcomfcu.org • (518) 458-2195 • (800) 468-5500
CAP COM Federal Credit Union is federally insured by the National Credit Union Administration.