CenterPoint Winter 2011

winter.2011

A publication of the Massachusetts Credit Union League, New Hampshire Credit Union League and the Credit Union Association of Rhode Island

Views from the

Top Local Leaders Cite Chances for Solidarity, Growth

Stories Inside:

06

Gov. Lynch Launches Make-A-Wish速 Raffle

10

Credit Unions Support Communities

12

Feeding the Hungry During the Holidays

Unparalleled experience serving New England financial institutions • Stifel Nicolaus has been serving New England* financial institutions for over 40 years.

• Services provided include: ~ Credit union advisory services ~ General advisory services ~ M&A and strategic financial advisory ~ Initial public offerings ~ Mutual-to-stock conversions ~ Mutual mergers/remutualizations ~ Fairness opinions ~ FDIC assisted transactions ~ Valuations • Stifel’s Financial Institutions Group has extensive experience managing public offerings of common stock as well as providing merger and acquisition advisory services. We have 37 dedicated bankers, 11 of whom are managing directors.

• Relationships with bank and thrift securities investment community.

Since 2000 our Financial Institutions Group has: • Managed or co-managed 480 public and private offerings, raising $58.4 billion.

• Advised in 218 financial advisory transactions totaling $14.7 billion.

• Managed 48 Mutual-to-Stock Conversion Offerings, raising $13.7 billion in capital.

For more information, contact: Rick E. Maples, Head of Investment Banking .................... (314) 342-2038 Ben A. Plotkin, Executive Vice President, Vice Chairman ... (973) 549-4025 Michael F. Barry, Managing Director ................................. (212) 847-6458 Mark B. Cohen, Managing Director ................................... (212) 847-6438 Robin P. Suskind, Managing Director ................................ (973) 549-4036 Credit Union Advisor Alan D. Theriault, President, CU Financial Services* .......... (800) 649-2741 * CU Financial Services is independent of Stifel Nicolaus. It is a national consulting firm serving credit unions.

We have defined the New England region to include the following states: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.

The information presented includes transactions effected and matters conducted by Stifel Nicolaus Investment Banking, the Capital Markets Division of Legg Mason Wood Walker, Inc. (acquired by Stifel Financial Corp. on December 1, 2005), Ryan Beck & Co., Inc. (acquired by Stifel Financial Corp. on February 28, 2007), Thomas Weisel Partners LLC (acquired by Stifel Financial Corp. on July 1, 2010), and their respective affiliates. Stifel Nicolaus and Thomas Weisel Partners are affiliated broker-dealer subsidiaries of Stifel Financial Corp. which are collectively referred to herein under the marketing name Stifel Nicolaus Weisel.

member sipc and nyse | www.stifel.com

New England Credit Union Services, LLC 800-842-1242

12

Massachusetts Credit Union League, Inc. www.maleague.org

Views

Top

New Hampshire Credit Union League www.nhcul.org

from the

Credit Union Association of Rhode Island www.cuassociationri.org Daniel F. Egan, Jr., President EDITORS: Robert B. Kimmett Marguerite A. Thorsen CONTRIBUTORS: Donna M. Bevilacqua Robert Delaney Bonnie L. Doolin Kathleen A. Enderlin William F. Nagle Beverly Purtell Charlotte Whatley

Local Leaders Cite Chances for Solidarity, Growth

page 16

Contents Table ofFeatures Published by

280 Summer Street, Boston, MA 02210 Phone: 617-428-5100 Fax: 617-428-5118 www.thewarrengroup.com Timothy M. Warren, Chairman Timothy M. Warren Jr., CEO & Publisher David B. Lovins, President & COO Vincent M. Valvo, Group Publisher & Editor in Chief Finance & Administration Jeffrey E. Lewis, Controller / Director of Operations Editorial Christina P. O’Neill, Custom Publications Editor Cassidy Norton Murphy,

04 Message from the President 06 Credit Union News

– Governor John Lynch Kicks off League Raffle to Benefit Make-A-Wish®

– Credit Unions Present $125,000 to Massachusetts Coalition for the Homeless – Three Massachusetts Credit Unions Make Globe Top Places to Work Lists

Associate Custom Publications Editor

Advertising George Chateauneuf, Publishing Division Sales Manager Rich Ofsthun, Advertising Account Manager Cara Inocencio, Advertising Account Manager Emily Torres, Advertising, Marketing & Events Coordinator

Design & Production John Bottini, Creative Director Scott Ellison, Senior Graphic Designer Ellie Aliabadi, Graphic Designer ©2011 The Warren Group Inc. All rights reserved.

The Warren Group is a trademark of The Warren Group Inc. No part of this publication may be reproduced in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without written permission from the publisher. Advertising, editorial and production inquiries should be directed to: The Warren Group, 280 Summer Street, Boston, MA 02210.

Call 800-356-8805.

10 10 COMMUNITY OUTREACH – Credit Unions Care for Communities

– Credit Unions Feeding the Hungry

12

15

NECUS Launches Compliance Solution

24 Credit Union People 08

30 Calendar

28 winter.11 | centerpoint | 3

M essage from the P resident

| by daniel f. egan, jr.

Proposed Interchange Fee Regulations Pose Problem for Credit Unions and Consumers In late December, after the Federal Reserve issued its proposed interchange fee regulations, Representative Barney Frank, the ranking member of the House Financial Services Committee, sent a letter to the Federal Reserve Bank stating that the regulations, if not properly crafted, “may have unintended consequences” for credit unions and consumers. Limitations on network restrictions, which legislation has promoted for inclusion under the regulations, should not unduly increase costs for credit unions, community banks, or government card programs, Frank added. He also urged the Fed to “insure that any entity offering debit transaction routing services maintain strong consumer protections, including privacy, data security, and fraud protections.”

T

he Federal Reserve debit regulations, issued on December 16, were open for public comment until February 22, and could cap debit card interchange fees that are paid by merchants to card issuers at as little as 7 cents per transaction. Issuers under $10 billion in assets would be exempt from the Interchange proposal; however, there is no enforcement penalty for not allowing smaller asset size institutions (under $10 billion in assets) access to the networks. The regulations would also create exclusive arrangements between issuers and networks. Visa, in a press release issued after the proposed rules were released, stated that “the proposed routing and exclusivity alternatives put retail profits ahead of consumer protection, choice, and convenience.”

The Federal Reserve has established an April 21 deadline to craft a final rule on the debit interchange fee regulations. The Credit Union National Association (CUNA) has urged outright repeal of the proposed regulations. In the absence of repeal, CUNA has urged a complete review of the interchange rules by the House Financial Services

4 | centerpoint | winter.11

Committee and the Federal Reserve in order to protect consumer rights.

The battle between retailers and card issuing institutions over interchange fees has been fought for many years. However, a late amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act in the Senate required the Federal Reserve to issue regulations limiting debit interchange fees to card issuing institutions. Although the rules in the legislation were limited to institutions over $10 billion in assets, the legislation created no requirement for retailers to provide alternative interchange fee options for smaller institutions. This hastily drafted and late amendment to the Dodd-Frank legislation has led to the confusion and concern that exists in the proposed regulation. Credit union members should be aware that the Fed’s debit fee interchange regulations could limit their choices and increase their costs for debit transactions.

All credit unions should make their congressmen aware of the impact of the proposed regulations on credit unions and consumers.

• Daniel F. Egan, Jr., president

09FHL016_7.5x10_commitment_to_NE_r0:Layout 1

8/3/09

2:43 PM

Page 1

A commitment to New England The Federal Home Loan Bank of Boston is a trusted partner committed to the success of your financial institution and the communities you serve. As a reliable provider of liquidity and business solutions to financial institutions across New England, we’re here for the long term—committed to the region’s housing and community development needs. Make the most of your opportunities. Call 1-888-595-8733.

Federal Home Loan Bank of Boston 111Huntington Avenue • Boston, MA 02199 • www.fhlbboston.com

C R E D I T U N I O N N EWS

Gov. John Lynch Kicks Off League Raffle to Benefit Make-A-Wish®

Displaying the special framed piece presented to Governor John Lynch are, from left to right: League Chairman Michael L’Ecuyer; Social Responsibility Committee Chairman Jerry Dumoulin; Governor Lynch; Wish Child Ally and her mother, Lisa; and Wish Child Garrett.

6 | centerpoint | winter.11

On the front steps of the New Hampshire State House on October 13, a beautiful fall morning, New Hampshire Governor John Lynch was joined by New Hampshire Credit Union League board members; Social Responsibility Committee members; credit union employees; representatives from MakeA-Wish®; Wish Children and their families; New Hampshire legislators; and local guests to launch the sales season of the 2011 MakeA-Wish® Calendar Raffle sponsored by the New Hampshire Credit Union League.

The event included speeches from League Chairman Michael L’Ecuyer, Make-A-Wish® CEO Julie Baron, Wish Child Garrett, and Governor Lynch. Wish Children Garrett and Ally, along with Mike L’Ecuyer and Social Responsibility Committee Chairman Jerry Dumoulin, presented Lynch with a commem-

orative framed piece that features the 2011 calendar stories and photos of both Garrett and Ally. Following the presentation, both children autographed the frame. The first calendar in the state was purchased by the governor, and was also autographed.

For more than 14 years, the League and its member credit unions have been a proud partner of Make-A-Wish®, raising more than $1.3 million to support the goals of this benevolent organization. Baron praised the successful collaboration by saying, “Make-AWish® is so appreciative of the amazing partnership we share with the League and credit unions. Their support of our mission to grant the wishes of children with life-threatening medical conditions has brought joy to so many children. Their impact has reached every corner of the state.”

•

C R E D I T U N I O N N EWS

Credit Unions Present $125,000 to Massachusetts Coalition for the Homeless

Marotta Honored with First Credit Union Community Hope Initiative Outstanding Service Award

Hanscom Federal Credit Union Chairman of the Board Paul Marotta (right) accepts the Outstanding Service Award from Boston Firefighters Credit Union CEO and Massachusetts Credit Union League Chairman of the Board Bernie Winne.

Left to right: During the check presentation made to the Massachusetts Coalition for the Homeless from the Credit Union Community Hope Initiative on behalf of the credit unions in Massachusetts are: Hanscom Federal Credit Union President and CEO David Sprague; Massachusetts Credit Union League Senior Vice President of Public Relations and Marketing Robert Kimmett; Massachusetts Credit Union League President Daniel F. Egan, Jr.; Massachusetts Coalition for the Homeless Executive Director Robyn Frost; Medical Area Federal Credit Union President and CEO Nicole James; Boston Firefighters Credit Union CEO and Massachusetts Credit Union League Chairman of the Board Bernie Winne; Hanscom Federal Credit Union Chairman of the Board Paul Marotta; and Hanscom Federal Credit Union Secretary of the Board Fred Ryan.

8 | centerpoint | winter.11

On December 17, the Credit Union Community Hope Initiative presented the Massachusetts Coalition for the Homeless with a check for $125,000, representing funds raised by the credit unions of Massachusetts during 2010.

The presentation took place at Hanscom Federal Credit Union’s main office, which is located on Hanscom Air Force Base.

The Credit Union Community Hope Initiative is an effort organized by the Massachusetts Credit Union League through which Massachusetts credit unions join together to assist worthy causes. The Massachusetts Coalition for the Homeless has been the League’s charitable partner for more than 20 years.

“The Massachusetts Coalition for the Homeless is an organization that inspires all of us in the credit union community,” said Nicole James, president of the Medical Area Federal Credit Union and chairman of the Massachusetts Credit Union League’s Social Responsibility Committee. “With a small staff of skilled, dedicated, and highly motivated professionals, they work tirelessly to help families find safe, affordable, and permanent homes.”

Accepting the check, Robyn Frost, executive director of the Massachusetts Coalition for the Homeless, thanked the credit unions of Massachusetts for their continued support, saying, “The credit unions are a real force for good in the community. They understand what a devastating effect being without a home has on homeless children and their parents and they have been loyal partners in our work to eradicate homelessness.”

Hanscom Federal Credit Union was selected as the site for this year’s check

presentation ceremony because that credit union was the leading fundraiser for the Credit Union Community Hope Initiative in 2010.

Massachusetts Credit Union League President Daniel F. Egan, Jr. praised the credit union’s efforts: “The leadership, staff, and membership of Hanscom Federal Credit Union constantly demonstrate their generosity. Not only has the credit union done a tremendous job in supporting the Massachusetts Coalition for the Homeless, but they also raise money for Children’s Hospital, veterans’ charities, scholarships, the Lowell High School ROTC program, and many other great causes.”

After the check presentation, Bernie Winne, president of the Boston Firefighters Credit Union and chairman of the Board of the Massachusetts Credit Union League, asked Paul Marotta, chairman of Hanscom Federal Credit Union, to join him at the podium. He then presented Marotta with the Credit Union Community Hope Initiative Outstanding Service Award, saying, “Paul’s commitment to community service stands as a great example to all of us. He has been a driving force behind many of our efforts to assist the Massachusetts Coalition for the Homeless as well as numerous other charitable endeavors that his own credit union has undertaken.” He went on to say, “It is with that in mind that I am pleased to announce that the award that we are presenting to Paul today, the Outstanding Service Award will henceforth bear his name and be known as the Paul Marotta Outstanding Service Award.”

In accepting the award, Marotta praised his fellow board members, credit union staff, members of the credit union, and fellow Social Responsibility Committee members. He said, “The credit union philosophy of ‘people helping people’ is a guiding principle here at Hanscom Federal Credit Union.”

•

Three Massachusetts Credit Unions MakE Globe Top Places to Work Lists HarborOne Credit Union, Leominster Credit Union, and IC Federal Credit Union each earned a place on one of the prestigious Boston Globe’s Top 100 Places to Work lists. There were three lists published: large companies, with more than 1,000 employees (25 businesses); mid-sized with 250 to 999 (35 businesses); and small, with fewer than 250 (40 businesses). HarborOne Credit union placed 10th among businesses in the medium group. In the small employer category Leominster Credit Union was 29th and IC Federal Credit Union was 36th.

The lists were published in a special section that came with the November 1 edition of the Sunday Globe. In this publication the Globe explained how the selection process worked. The article stated the organizations ranked as a Top Places to Work have proven themselves to their most important constituency: their people. “It was the employees who told us, through the surveys, that these employers pay well, offer good opportunities, and strive to make room for staffers to have good personal lives as well.”

•

winter.11 | centerpoint | 9

C ommunity O utreach

Credit Unions Care for Communities for the Holidays

Left to right: Marine Corp Toys for Tots of Londonderry representative, Staff Sergeant Johnston, receives a check and collected toys from Shana Lajoie, Granite State Credit Union Manchester branch supervisor, and Pat Hamel, vice president of branch administration.

Greylock Federal Credit Union President and CEO Marilyn Sperling (left) and Victoria May, assistant vice president of marketing promotions and partnerships manager, display the overloaded tree of gifts for 75 children.

10 | centerpoint | winter.11

During the winter holiday season, everyone opens his heart – and pocketbook – to those less fortunate than themselves. Because credit unions are cooperative entities, their innate nature compels them to rise to the needs of their communities. Each year the Leagues and Association are overwhelmed by the stories received of credit union members going the extra steps to make the holidays a festive experience for deserving families.

Fall River Municipal Credit Union, Fall River, MA, collected toys for the Citizens for Citizens toy drive in November. Although the Citizens for Citizens toy drive concluded on December 3, the credit union continued collecting new unwrapped toys for the Southern Massachusetts Chapter of the Massachusetts Credit Union League annual toy drive to benefit a local charity.

Granite State Credit Union, Manchester, NH, employees collected toys for Toys for Tots at its statewide locations. In addition, the credit union made a corporate cash donation to assist with the extreme needs this season.

Greylock Federal Credit Union, Pittsfield, MA, has donated warm clothing for 75 children through Berkshire County Action Council’s (BCAC) Holiday Clothing Program. Greylock President and CEO Marilyn L. Sperling said, “All year long we have held celebrations of Greylock’s 75th anniversary in our branches. We thought this would be a fitting way to conclude the celebrations – by giving 75 children warm clothing for the winter.”

HarborOne Credit Union’s branches in Brockton, Abington, Randolph, Canton, Easton, Mansfield, Attleboro, Raynham, Bridgewater, Middleboro, and Plymouth, MA collected donated items for Toys for Tots from November 8 through December 22.

James W. Blake, president and CEO of HarborOne, said: “We are very pleased to participate in this wonderful program, and we encouraged local residents to join us as many

Service Credit Union Somersworth Branch Manager Patti Coffin (left), and Marketing Assistant Manager Aimée Sundstrom (right) present Somersworth Safe Haven Executive Director Betty Eaton with $1,550 worth of gift cards so that children in the program would not go without during the holiday season.

Workers’ Credit Union’s Darryl Richardson admires the numerous items on the Hat and Mitten Tree. Children’s Aid & Family Service’s Susan Smith (right) and Cheryl Trant coordinated the distribution of the items to area families.

families are facing hardships because of this long and painful recession.”

Also, when Maureen Wilkinson, HarborOne Credit Union’s vice president in charge of HarborOne U, read a story in the Attleboro Sun Chronicle describing the dire straits of the 2010 Greater Attleboro Area Council for Children’s “Christmas is for Kids” toy drive, she immediately called HarborOne corporate headquarters to see if help could be provided.

It was all the more challenging as the drive was ending soon. The credit union immediately responded with a $500 donation that Wilkinson delivered the day before the close of the fundraiser.

Kelly Fox, president of the Greater Attleboro Area Council for Children responded: “Our volunteers are ecstatic as this donation from HarborOne will help save the day for us and the children.”

On December 22, People’s Credit Union, Middletown, RI, employees delivered gift cards to the Women’s Resource Center of Newport and Bristol Counties and the Domestic Violence Resource Center of South County. Each center received $300 in gift cards to distribute to people in need.

This is the fourth year People’s has donated gift cards to the centers during the holidays.

The credit union’s Community Enhancement Committee (CEC) organized the fundraiser and money was raised through employee dress down days. The cards are distributed to the people at each center to help them buy gifts

Coalition. Wish list items included warm clothing, books, and toys.

Warm winter clothing donations were also made by credit union members and employees. The coats, hats, mittens, gloves, and scarves were donated to the Marlborough Food Pantry to be distributed through their clothing room.

It has been a tradition at Workers’ Credit Union, Fitchburg, MA, for each branch to adopt a local charity for which they collect whatever the agency needs. This year, its Main Street branch had two giving trees for two separate charities.

One giving tree had a goal to secure 100 holiday gifts for disabled children served by ARC Community Services. Anyone interested in sponsoring a child stopped by the credit union office to select a gift request tag.

Unwrapped gifts were returned to the credit union by December 10.

The other giving tree, for Children’s Aid & Family Services, was the Hat and Mitten Tree.

Donations were accepted through December 17, and many children are keeping a little warmer as a result of the bright collection of hats, gloves, scarves, and mittens donated at the office.

These are just a few of the many stories of credit unions’ goodwill to all the members of their communities, whether members or not.

Each and every one of them would say that they were merely following their motto – “people helping people.”

•

for family members and make the holiday season a more enjoyable one.

“These are both wonderful organizations that do so much for many people in our community. Because we know things can be especially hard at this time of year, we are happy to help out people in our community who need it,” commented Tracy Rothstein, CEC chair.

Service Credit Union, Portsmouth, NH, donated 62 gift cards valued at $25 each to the Somersworth Youth Safe Haven for the families and children in its program.

“We had some families who cannot afford any Christmas presents this year and some families who cannot afford food,” said Betty Eaton, executive director of the program. “If it wasn’t for Service Credit Union and their help, many families and children would go without. I can’t say enough about their phenomenal support.”

“We are extremely fortunate to be able to aid our community in this important way,” said Gordon Simmons, president and CEO of Service Credit Union.

St. Mary’s Credit Union, Marlborough, MA, collected approximately $3,000 in cash and 287 articles of warm winter clothing at its branch locations for local charities during the month of December. The cash donations were made by St. Mary’s Credit Union members, employees, and the credit union itself. All of these funds were spent fulfilling the wish lists of 38 children from the Marlborough Holiday Helper Program and the Hudson Holiday

winter.11 | centerpoint | 11

C ommunity O utreach

Credit Unions Feeding the Hungry for the Holidays

Left to right: Maureen Wilkinson, vice president, HarborOne Credit Union; Michelle Burch, executive director of the Hebron Food Pantry; Santa; and Jodi Doyle, HarborOne Credit Union branch officer, gathered for Santa’s announcement for the Food Pantry.

Marge Celico (left) and Meg Sisco of Westerly Community Credit Union look over 18 boxes of food collected for local food pantries.

12 | centerpoint | winter.11

The needs of food pantries and other organizations that feed the needy come to the forefront during the winter holidays. Credit unions, ever mindful of their mission to help those of low and moderate means, are particularly generous to these organizations. The Leagues and Association heard their stories and are gratified by their contributions.

St. Mary’s Bank Credit Union, Manchester, NH, recently pledged $60,000 to New Hampshire Catholic Charities’ campaign to support the purchase and renovation of the New Hampshire Food Bank’s new facility in Manchester. The funds also support the equipment and build-out costs for the Food Bank’s Recipe for Success outreach programs, which include nutrition education, job training, and a production garden.

“The New Hampshire Food Bank provides vital services to the people in our community,” said Ronald Covey, St. Mary’s Bank Credit Union president and CEO. “We support its efforts to directly help those in need as well as its work to create more opportunities for the hungry through job training.”

With New Hampshire Food Bank preparing to feed thousands for the holidays, Service Credit Union, Portsmouth, NH, has once again stepped up with a substantial contribution. Service Credit Union Board of Directors Vice Chairwoman Barbara Roberge presented a check for $15,000 to NH Food Bank Director Melanie Gosselin on November 22, to help keep the shelves well stocked This is the fifth consecutive year that Service Credit Union has made a significant contribution to the food bank to help the agency during its critical times of need.

In addition, Service Credit Union delivered non-perishable items weighing more than 1,600 pounds, which were collected during the credit union’s Food for Families canned food drive, to the food bank. New Hampshire branches from across the state participated in the campaign.

Coventry Credit Union (CCU), Coventry, RI, with support from Cat Country 98.1 radio, sponsored a Thanksgiving Food Drive during November benefiting the Rhode Island Community Food Bank. CCU and Cat Country 98.1 kicked off the food drive with two special events at CCU branches. Every person who brought in two non-perishable food items was entered into a raffle to win Providence Bruins tickets or Disney on Ice/Princess Classics tickets. Winners were drawn at random from entries received.

“We would like to encourage our members and the community at large to help support the RI Community Food Bank during this time of year. The Food Bank serves more than 50,000 Rhode Islanders seeking food assistance through the network of emergency food programs throughout the state,” noted Shelly PeckhamBerardinelli, vice president of marketing.

CPCU Credit Union, Somerville, MA, set up collection boxes at both their Somerville and Cambridge branches to collect nonperishable food items to benefit the Somerville

Homeless Coalition (SHC). During the month of October, CPCU made a special effort to collect as many canned goods as possible to ensure that the food pantry was well equipped for the winter months. In addition to the collection, CPCU donated another 10 grocery bags of food to help those in need during the holiday season.

“We have seen an unprecedented increase in the number of families coming to our Project SOUP pantries because of the difficult economic times we are in. We are grateful for the community support we are receiving, and partners like CPCU make it possible for us to help those in need,” said Mark Alston-Follansbee, executive director of SHC. Fall River Municipal Credit Union, Fall River, MA, employees and members donated non-perishable food items that were donated to a local food pantry. Credit union employees who participated in the food drive were awarded the opportunity to dress in jeans for the day.

“Our employees and members are very compassionate people,” said Matthew Schondek,

CEO and president of Fall River Municipal Credit Union. “We understand that serving our members also means serving our community.”

Granite State Credit Union (GSCU), Manchester, NH, is lending its support to the NH Food Bank to assist in meeting the increased demands that they are facing this holiday season. Patricia Hamel, vice president of branch administration, and Karen LaPlume, vice president of marketing and HR, recently visited the new facility and presented a $5,000 check to Melanie Gosselin, the food bank’s executive director.

Santa Claus announced that the staff of HarborOne Credit Union’s Attleboro, MA branch would be taking free pictures of him with children. Adults were invited too. All Santa asked in return is to make a donation of cash or non-perishable food to the Hebron Food Pantry in Attleboro.

Photos were taken on December 18 at the branch. Jodi Doyle, branch officer, said, “These continued on page 14

winter.11 | centerpoint | 13

Feeding the Hungry continued from page 13

Left to right: Lisa Merrill-Burzak, vice president of development at NH Catholic Charities; Ronald Covey, St. Mary’s Bank Credit Union president and CEO; Melanie Gosselin, executive director at the New Hampshire Food Bank; and Tom Champagne, director of community outreach, St. Mary’s Bank Credit Union.

An Alternative Solution to your Share Draft Processing Needs. ,, FSI is the perfect alternative solution for our share draft processing needs. We put our trust in FSI so we can spend time doing what we do best: taking care of our members.

A relationship like this one affords us the opportunity to foster new relationships and retain old ones, while reducing operating expenses; a combination which has a proven record of success. FSI wants to help us prosper and not simply survive these times. , With FSI s strong line-up of share draft processing, online banking services and a suite of ancillary products, it made , Mid-Hudson Valley s decision an easy one.

Bill Spearman, CCE President and CEO Mid-Hudson Valley Federal Credit Union, Kingston, N.Y.

14 | centerpoint | winter.11

are very troubling economic times and many of our friends and neighbors find themselves in need during this holiday season. We want to encourage local residents to join us in continuing our support of Hebron Food Pantry and the wonderful work they do.”

On November 18, Holy Rosary Credit Union (HRCU), Rochester, NH, President and CEO Brian Hughes and Chairman of the Board Dana Flanders presented $500 to each of six area food pantries, as follows: Community Food Pantry in Somersworth, Dover Food Pantry, Farmington Food Pantry, the Homeless Center for Strafford County, the SHARE Fund in Rochester, and the Somersworth SHARE Fund.

This has become an annual tradition for the credit union, a holiday tradition that the entire HRCU staff takes pride in year after year. “Every year the need is greater,” said Hughes. “And, while the economy remains challenging for many, we’re proud to make contributions that can help those who are less fortunate.”

The staff at Saugus Federal Credit Union, Saugus, MA, donated holiday food baskets to deserving families for Thanksgiving. Each basket contained a 12- to 14-pound turkey, plus an additional 20 pounds of food, to make a festive Thanksgiving feast. This marked the 20th consecutive year that the credit union has provided these Thanksgiving dinner baskets, which were distributed through Saugus Community Policing.

Westerly Community Credit Union (WCCU), Westerly, RI, collected over 1,200 canned and dry goods to benefit two area food pantries, WARM Shelter and Pawcatuck Neighborhood Center. The Canned Good Drive was held on one day at their main office in Westerly as part of their Renovation Celebration. Those who brought in three canned goods received a “mystery envelope” containing up to $100.

“The response was overwhelming,” said Meg Sisco, WCCU vice president of marketing. “It was fun to see the boxes filling with food and the excitement from the members as they opened their envelopes to see what they won. We will have to try this again soon.”

Even though the efforts cataloged here are significant, many other credit unions made similar contributions. The Leagues and Association were just not fortunate to hear those many stories.

•

NECUS Launches Compliance Solution

New England Credit Union Services, LLC (NECUS) is proud to announce its newest compliance tool, NECUComply.

NECUComply is a service designed for member credit unions in Massachusetts, New Hampshire, and Rhode Island. Each NECUComply participating credit union will receive direct, on-site consultation from a dedicated Compliance Specialist hired and trained by NECUS.

Benefits of engaging a compliance specialist include the ability to share costs, add additional talent and expertise, provide oversight and assistance to multiple departments, provide staff training, make recommendations, and help implement compliance mandates.

While a compliance specialist’s focus will be flexible to account for each participating credit union’s needs, a specialist works with existing staff to ensure that compliance processes and operations are properly implemented and maintained. In general, compliance specialist duties could include: • Developing and reviewing a credit union’s compliance procedures to improve compliance with applicable state and federal laws and regulations; • Evaluating and recommending changes to procedures, forms, marketing materials, etc.;

• Implementing new laws and regulations, including updating policies and procedures on an ongoing basis; • Compiling and maintaining training materials as well as conducting training sessions for new and existing employees; • Reporting to and advising management of needed changes; and • Coordinating with examiners and external auditors during examinations to ensure that compliance issues are adequately addressed where appropriate.

For additional information on NECUS’s Credit Union Compliance Solutions program, contact Bonnie Doolin, senior vice president and COO, at 800-842-1242, ext. 321, bdoolin@cucenter.org or Charlotte Whatley, director of research and compliance information, ext. 348, cwhatley@cucenter.org.

•

FOR ALL THE RIGHT REASONS Independent & Cost-Effective Portfolio Risk Review

LOAN REVIEW PROGRAMS

LOAN POLICY MAINTENANCE

LOAN LOSS RESERVE VALIDATION

PROBLEM LOAN MANAGEMENT

CREDIT DATABASE FORMATION

LOAN & CREDIT SEMINARS

PORTFOLIO STRESS TESTING

CREDIT ANALYSIS

PORTFOLIO ACQUISITION REVIEW

REGULATORY RELATIONS

CEIS REVIEW INC.

Toll Free 888.967.7380 www.CEISREVIEW.com

Professional Services for Bankers by Bankers

Offices: Florida, Maine, New York

winter.11 | centerpoint | 15

Views

from the

Local Leaders Cite Chances for Solidarity, Growth 16 | centerpoint | winter.11

At the conclusion of a turbulent year and the dawn of a new one, which offers both crisis and opportunity for the nation’s credit unions, we invited the leaders of three New England credit union trade groups to participate in a discussion of key topics. Our guest commentators are Bernie Winne, CEO of the Boston Firefighters Credit Union and chairman of the Massachusetts Credit Union League; Steve White, CEO of Westerly Community Credit Union and chairman of the Credit Union Association of Rhode Island; and Mike L’Ecuyer, president and CEO of Bellwether Community Credit Union and chairman of the New Hampshire Credit Union League.

Collaboration Q: What do you think is the best example of credit union collaboration to date?

Which of the challenges facing credit unions could best be addressed through a major collaborative effort?

Winne: Of the several good examples out there, the one I’m most interested in is the new compliance service that has been announced by the League. Based on a model developed by the Georgia League, this provides credit unions with an opportunity to share the expertise and costs of a compliance specialist who will also have access to a network of peers for discussion of common issues and problems. As we all know, regulatory compliance is a significant burden and this offers a promising and cost effective solution based on collaboration.

White: In Rhode Island, I believe the best example of collaboration has been in the political arena. Not long ago, Rhode Island’s federal and state government officials did not really know who we were or what we represent. However, thanks to years of working collaboratively to have our voices heard, we now find our legislators to be more supportive, willing to discuss key regulatory issues, and even soliciting feedback from the Credit Union Association of Rhode Island and its member credit unions.

One of the biggest collaborative challenges is to make sure that regulations and legislation fairly balance safety and soundness with the credit union industry’s ability to serve its members effectively.

L’Ecuyer: Effective collaboration is a critical success factor for our industry. Credit Union Service Organizations (CUSOs) seem to be the medium of choice for natural person credit unions to partner with each other. At the national level, we’ve seen companies like the CO-OP Network, Payment Systems for Credit Unions (PSCU), and Financial Service Centers Cooperative (FSCC) create scale and continued on page 18 winter.11 | centerpoint | 17

Views from the Top continued from page 17

breadth of products/services for credit unions that they could not do on their own. There have been many successful regional and specialty CUSOs providing investment services, mortgages, member business services support, and web services.

I am hopeful that some of our best collaborative opportunities are in front of us.

I’ve been working with CUNA’s Cooperative Alliance Committee for the past two years to see how we may be able to partner with other cooperatives. The committee works within the framework of the National Cooperative Business Association (NCBA) to leverage our common bonds with other cooperative industries.

The NCBA is excited to have credit unions at the table as we represent a significant part of the cooperative economy.

Opportunities Q: Do you feel that credit unions have taken advantage of the opportunities that arose from consumer discontent with the banking industry? Were the opportunities real in your way of thinking? What prevented credit unions from gaining more ground?

Winne: I believe that the opportunities were real, and continue to be real. Consumers are not happy with the products and services offered by the big banks, and the more they learn, the more disenchanted they become.

More information has been released by the media concerning fees and unfriendly terms of credit cards and checking accounts at many

many credit unions find themselves bumping up against the established regulatory capital standards and have been forced to curtail their efforts at attracting new members.

White: I concur that the opportunities are real and still out there, but I do not feel in general credit unions have effectively taken advantage of the opportunities that arose from consumer discontent with the banking industry.

In my opinion, credit unions have not gained ground for a multitude of reasons, which include: potentially 10 years of ongoing expenses related to the corporate credit union mess; credit union failures primarily in the sand states [Texas, Arizona, California and Florida] driving up NCUSIF assessments; new regulations, which will probably reduce revenues; expenses incurred to comply with increasing regulatory burdens; higher provision for loan loss expenses brought about by a weak economy; and slack loan demand. I believe these reasons have resulted in many credit unions taking a much more conservative approach to increasing market share.

L’Ecuyer: It is too soon to know how well we’ve taken advantage of the opportunity presented by consumer discontent with banks, at least in terms of increasing our market share.

However, I do expect to see opportunistic credit unions grow at rates faster than peer averages and the economy in general. Such credit unions will likely have aggressive sales and marketing strategies supported by strong capital and superior asset quality. There are growth opportunities in checking accounts, credit cards, and member business services. Many industry experts are predicting the end of the

portunity. Many credit unions were unable to make basic changes to their programs because processors were overwhelmed with requests in a very tight timeframe. I do believe that credit cards will be an opportunity for credit unions as consumers begin to understand how the big bank issuers will change their programs to maximize profitability.

Member business lending is another area where credit unions can gain market share. The national banks use 800 numbers and scoring to deal with most small business loan requests.

Credit unions can be hands-on and responsive to local businesses at a time when many companies are in need of service.

Hot Issues Q: Are there any specific issues that you, as chairmen of your respective League or Association, are particularly committed to working on?

Winne: One of the issues that I have been talking about since becoming chairman has been unity within the credit union industry in the region and across the country. We are a relatively small industry to begin with, and often I find that we as individuals have a tendency to retreat into silos that are representative of various factions of the industry with which we identify. The danger of this activity is that we fail to recognize that our collective future very much depends on our ability to stand together and fight for the major causes that are

“The need clearly remains to provide education on basic financial concepts. There is an obvious gap between home education and formal education on this topic.”

– Bernie Winne large money center banks. Credit unions have done a fair job of taking advantage of this opportunity and I hope will continue to do so as we move forward. One of the major hurdles, especially for the larger and more aggressive credit unions, is the lack of access to capital. As we all realize, credit unions can currently build capital only through retained earnings, which have recently been hampered by the fallout from the corporate credit unions and the resulting National Credit Union Share Insurance Fund (NCUSIF) premiums. As a result, 18 | centerpoint | winter.11

era of free checking. Big banks are expected to look for ways to recoup the loss in revenue from overdraft fees and interchange income caused by recent regulatory measures. Proactive credit unions should be in a position to increase checking accounts and create excellent cross sell opportunities for other products.

The Credit Card Act of 2010 had the potential to be a significant windfall for credit unions that have their own portfolio. Unfortunately for many of us, the late rollout of rules from the Fed significantly diminished this op-

Bernie Winne, CEO of the Boston Firefighters Credit Union, and chairman of the Massachusetts Credit Union League.

11

WHAT IDEAS WILL YOU TAKE HOME?

The cure for the common conference starts with uncommonly inspiring speakers. Join us at THINK 11, as leaders from diverse backgrounds help you find visionary insights, do more with less, grow your leadership team and find other ways to meet today’s and tomorrow’s business challenges. You’ll come home with plenty of new ideas to help your credit union thrive.

THINK 11 FEATURED SPEAKERS

JEANNE BLISS

FORMER CUSTOMER LOYALTY EXPERT FOR LAND’S END,

MICROSOFT AND MAZDA

JEFF MANNING

BRAND AND CATEGORY MARKETING EXPERT AND GODFATHER OF THE GOT MILK? CAMPAIGN

DISNEY’S GRAND CALIFORNIAN HOTEL® & SPA, ANAHEIM, CALIFORNIA MAY 14�18, 2011 REGISTER NOW AT CO�OPTHINK.ORG

SUSAN PACKARD

CO�FOUNDER OF HGTV AND THE EXECUTIVE BEHIND FOUR OTHER NETWORK BRANDS

TONY HAWK

SKATEBOARD CHAMPION/ ENTREPRENEUR

Follow us on

>>COOPTHINK; and fan us on

©2011 CO-OP Financial Services

VALERIE MORRIS

FORMER CNN CORRESPONDENT/ ANCHOR AND FINANCIAL JOURNALIST/EDUCATOR

NANCY LUBLIN

CEO OF NOT�FOR�PROFIT YOUTH�ACTIVISM ORGANIZATION

DOSOMETHING.ORG

SIR KEN ROBINSON, Ph.D

INTERNATIONALLY ACCLAIMED AUTHOR AND CREATIVITY SPEAKER

Views from the Top continued from page 18

“In New Hampshire, we are anxiously awaiting a new bank commissioner to be appointed. We will be watching this process very closely to ensure our interests are front and center for the new regime.”

– Mike L’Ecuyer vital to our long-term survival. Whether these efforts are in the regulatory or political arenas or in the court of public opinion, those that

oppose us are larger, better funded, and often more unified in the delivery of their message.

We need to look carefully at this and stand to-

Mike L’Ecuyer, president and CEO of Bellwether Community Credit Union, and chairman of the New Hampshire Credit Union League.

gether as we fight for issues that are necessary for credit unions in general.

White: The Credit Union Association of Rhode Island has developed consensus and support through the years for ongoing strategic initiatives in the areas of governmental affairs, social responsibility (primarily through our ongoing support of the Special Olympics Rhode Island), supporting member credit unions’ financial literacy programs through the use of our Community Investment Fund, and finally by supporting general credit union awareness campaigns, the most prominent being the primary sponsorship of the state high school basketball championships. My efforts are focused on keeping the Association committed to these initiatives.

L’Ecuyer: At the national level, I hope to work on the MBL cap. If we can’t eliminate it, then it should be significantly increased to allow us to serve the needs of our communities.

One of the biggest disappointments of the last congressional session was our inability to resolve this critical issue. Creating the availability of billions of dollars for businesses across the country at no cost to the taxpayer should have been a compelling enough argument to eliminate the cap. I look forward to working with our League and CUNA in the next session.

In New Hampshire, we are anxiously awaiting a new bank commissioner to be appointed.

We will be watching this process very closely to ensure our interests are front and center for the continued on page 22 20 | centerpoint | winter.11

You’re invited to participate in the Great New England Credit Union

thursday, April 21, 2011 | 8:00 a.m. - 2:30 p.m.

Holiday i n n

|

B o xBo r ougH, Ma

Show, the premiere exposition focused on emerging opportunities and innovative solutions for the industry.

On Thursday, April 21st, join hundreds of attendees from across the region for the must-attend event of the spring!

At the Great New England Credit Union Show, you will experience an action-packed day complete with thoughtprovoking educational sessions, leading-edge exhibits, networking, attendee raffle prizes and more!

Suggested attendees include executives, senior management & credit union staff involved in: Operations Technology Lending Retail Banking Marketing Human Resources Security Compliance & Risk Management

Presented by

RegisteR Now Questions? Contact us at 617-896-5314 greatcushow@thewarrengroup.com

Credit Union Association of

RHODE ISLAN

SponSorShip & Exhibiting opportunitiES AvAilAblE

www.greatcushow.com

ÂŽ

New Hampshire Credit Union League

Views from the Top continued from page 20

new regime. State chartered credit unions are battling an attempt by the state Department of Revenue to tax dividends paid to members under the Business Enterprise Tax. Credit unions have been paying this tax on salaries and benefits since its inception in 1993. Our position is that credit union dividends to members were specifically exempted from the tax. The DRA claims that member dividends are really interest payments and therefore taxable under the law despite the apparent carve-out.

Growth Q: From what areas do you anticipate the greatest growth for your credit union in 2011, and for credit unions overall?

Winne: My own credit union is unique in that we are just emerging from life as a single sponsor credit union. Fairly recently we expanded our field of membership to include the firefighters who are members of the Professional Firefighters of Massachusetts association and their families. At the same time, we

ness services in April. The calls we’re getting from members indicate a general frustration with large banks in terms of access to credit and deposit account fees. An experienced commercial lender with 20-plus years in the business was brought on board to build our program.

We are optimistic that we can help fill a niche created by the national bank model.

Financial Literacy Q: Commentators have been writing a great deal about the sad state of financial literacy in the United States. Do you agree with this assessment? Are credit union members any more financially astute than their counterparts in the community? Is this a problem that the credit union movement should be addressing? Is there competitive advantage to be gained in doing so?

Winne: I believe that there is an element of truth in the commentaries. I would like to believe that credit union members are more informed, partly because the products and services that we typically offer are easier to understand and contain few of the pitfalls

be part of the movement’s agenda. There is always a competitive advantage in doing the right thing.

L’Ecuyer: Financial literacy does not appear to be the strength of most US households.

Studies have shown that many adults feel inadequate when it comes to personal finance. This inadequacy makes them uncomfortable talking about this subject with their children. As a result, we have a generation of kids that are likely to be less prepared for the opportunities and pitfalls of capitalism. Public schools offer some help but many states only require that a personal finance course be offered and not necessarily required for graduation.

I don’t know if credit union members are more financially astute than non-members.

Bellwether goes out of its way to educate our

“The opportunities are real and still out there, but I do not feel in general credit unions have effectively taken advantage of the opportunities that arose from consumer discontent with the banking industry. “ – Steve White

have enhanced our electronic delivery channels to facilitate this expansion and are now beginning marketing efforts to attract these new members. However, we will always be closely associated with the Boston Fire Department and have ramped up our efforts to provide unparalleled service to these dedicated public servants and their families and to make sure that they realize that the best value in retail banking is found at the only financial institution that they own and operate.

White: I anticipate the greatest area of growth in 2011 to be in demand deposit accounts (DDA) and basic savings accounts. As the large national and regional banks eliminate their free check programs and raise fees for basic banking services, an opportunity to acquire these types of accounts should present itself.

L’Ecuyer: Bellwether is excited about the opportunities for 2011. Our focus is on growing our loan portfolio. Last year we saw 11.6 percent loan growth and the goal for 2011 is 8.4 percent. We are rolling out member busi22 | centerpoint | winter.11

prevalent in the world of the larger commercial banks. As a result, our members have a better understanding of their financial picture and are more aware of how the products they have chosen fit into that picture. However, the need clearly remains to provide education on basic financial concepts. There is an obvious gap between home education and formal education on this topic. Many credit unions are attempting to bridge this gap in their local communities within school branches and seminars in collaboration with school officials.

This needs to continue and be enhanced in hope that informed consumers would be able to avoid some of the products that contributed to the recent mortgage debacle.

White: There is a portion of the population that lacks financial literacy skills. Unfortunately we see examples of this fairly regularly at our credit union. If the industry truly believes in promoting the benefits of thrift and the responsible use of credit, then addressing the problem of poor financial literacy should

Steve White, CEO of Westerly Community Credit Union, and chairman of the Credit Union Association of Rhode Island.

members so that they can make the best choices for their families. I know that other credit unions operate under a similar philosophy.

It is our history, our heritage, and one of the most important ways we can add value to the membership.

• Interviews were conducted by Rob Kimmett, senior vice president of marketing at the Credit Union Center in Marlborough. Interviews were edited for content and clarity by The Warren Group, publisher of CenterPoint.

e Sav Date -29 the e 26 Jun

Engineering the future . . .

Massachusetts credit union League, inc.

1 1 A 0 2 nnual Meeting

and Conventioin

Loew’s Portofino Bay Hotel Universal OrlandoŽ

$195 per night plus tax rates apply 3 days prior and 3 days after convention (based on availability)

See you there!

C redit U nion P eople

Jeanne D’Arc Credit Union Announces New Board Member Naomi M. Prendergast The Board of Directors of Jeanne D’Arc Credit Union announced that Naomi Prendergast joined the board of Jeanne D’Arc Credit Union in November. Prendergast is the president and CEO of D’Youville Senior Care, Inc. in Lowell. She earned a master’s degree in public health from Boston University and her bachelor’s degree from the UniverNaomi Prendergast sity of Massachusetts at Amherst. She also holds a Massachusetts license as a nursing home administrator.

Currently, Prendergast serves on the MassAging Board of Directors, the Massachusetts Senior Care Association Board of Directors and is a member of the Rotary Club of Lowell.

Greylock Federal Credit Union Board Appoints Three New Directors The Board of Greylock Federal Credit Union has chosen three new directors: Marilyn L. Sperling, president of the credit union; Ann D. Deely, an attorney with a practice in Lee; and Elizabeth “Liz” Costley, an educator and small business owner in Williamstown. Daniel E. Donovan has taken a position on Greylock’s Supervisory Committee after serving as a director for 27 years.

Marilyn L. Sperling Sperling began her banking career in 1975 at Berkshire Bank & Trust, moving into positions of progressively higher responsibility in customer service before being recruited to Greylock Federal Credit Union (then Pittsfield GE Employees Credit Union) in 1985. She held a wide range of Marilyn L. Sperling positions in loan supervision, mortgage lending, and all aspects of customer sales and service. She was named president and CEO of the credit union in July 2010. Sperling has supported the career development of hundreds of other banking professionals, and serves on the boards of Big Brothers, Big Sisters of Berkshire County and the Berkshire Fund.

Ann D. Deely Since 1993, Deely has been a partner of the law firm Deely & Deely in Lee. Her practice specializes in domestic relations, probate law, and real estate. She is a 1993 graduate of Thomas M. Cooley Law School in Lansing, Michigan. She was admitted to the bar in 1993. Deely earned her bachelor’s Ann D. Deely degree of business management from Pine Manor College in Chestnut Hill, MA in 1980.

Deely is a former coach for the Lee High School/Massachusetts Bar Association Mock Trial Team; a member of the Massachusetts Bar Association and the Berkshire Bar Association; a Massachusetts Bar 24 | centerpoint | winter.11

Foundation Life Fellow; the past Board chair and Board member for the Lee Youth Association; the past Vice President of the Kiwanis Club of Lee; a past Board member and past Vice Chair of the town of Lee’s Planning Board; a past Board member of Berkshire County United Way; former member of the Lee High School Building Committee; former legal advisor for Community Television of Southern Berkshire County; and past committee member of the Lee Visiting Nurse Association Ethics Commission.

Elizabeth “Liz” Costley Since 1985, Elizabeth and her husband, Tom Costley, have operated Overland Travel, which organizes summer trips for teens seeking outdoor adventure, language immersion, community service, and writing instruction. Costley graduated from Williams College as an English major in 1981. She Elizabeth Costley received her master’s degree from Brown University in 1984 and has taught middle and high school English in international schools in Greece and Tanzania, as well as in public and private schools in New England, and at the college level at MCLA. She has been a Board member of Greylock ABC and the Williamstown Community Chest; served as a Williamstown Public Library Trustee; and is presently the Chair of the Fund for Williamstown. As coordinator of the Williams Writing Fellows Program, Costley helps to enhance writing skills of area high school students by pairing Williams College students with Mt. Greylock English classrooms.

Daniel E. Donovan Daniel Donovan has been a member of the credit union Board since 1983. He served as Chairman of the Board from 1994 to 1996, and as Chairman of the Supervisory Committee from 1997 to 2000. He is a member of the ALCO Governance/By-Laws, Personnel, and Building committees. He is a graduate of St. Francis Xavier University with a degree in administration. He is retired from General Dynamics, where he held various finance positions since 1966.

Massachusetts Coalition for the Homeless Welcomes Debra Lee Surface Robyn Frost, executive director of the Massachusetts Coalition for the Homeless, is pleased to welcome Debra Lee Surface of St. Jean’s Credit Union as a Board member. Surface is Marketing Coordinator at St. Jean’s Credit Union. She also organizes the credit union’s financial literacy program and assists individuals in creating their own personalized budgeting plans. Surface’s experience will be a great asset to the Coalition as it grows its Highland Kids Initiative and Early Intervention Partnerships on the North Shore of Massachusetts. Surface has been helping to build awareness for the Coalition’s Holiday Toy Drive, and hosted a coffee and toy drop on December 9 at the credit union’s Lynn branch.

More Research. More Tools. More Connections.

Douglas Petersen Appointed President and CEO of Workers’ Credit Union Douglas J. Petersen, interim president and CEO of Workers’ Credit Union since December, has been named to the position permanently.

He previously served as Douglas Petersen executive vice president, CFO and treasurer for the 67,000-member credit union over the past 15 years. He will also continue to serve as CFO and treasurer in the short term. Petersen joined the credit union in 1995, as treasurer and CFO, after 11 years of professional experience in the financial services industry. He earned a bachelor’s degree in accounting and a master’s degree in finance from Bentley University, in addition to graduating from the Stonier Graduate School of Banking.

Petersen also serves as president of the credit union’s credit union service organization (CUSO), Workers’ Financial Services, LLC, and serves on the Board of Directors of four CUSOs. In addition, he holds his NASD Securities Series 7 and 66 licenses.

And more reasons for members to visit your website!

www.cudlautosmart.com For more information, please contact MA/RI - Joe Lemay at joseph.lemay@cudirect.com or (413) 824-7777 NH - Maxine Cacciotti at maxine.cacciotti@cudirect.com or (603) 321-9309

Greylock Federal Credit Union Announces Senior Promotions and Assignments Greylock Federal Credit Union has announced promotions and new responsibilities within the credit union’s senior management team, creating a leadership John Bissell team that is 100 percent local. John Bissell is promoted to executive vice president. Bissell leads human resources, marketing and public relations, as well as programs related to employee education, member programs and partnerships, and community giving. He will oversee all public, legal and governmental affairs, including Greylock’s partnerships with industry trade groups. He continued on page 26

Would it make sense to insure just part of your house?

Of course not, so why insure just part of your savings?

As of November 7th, 2010, NEW legislation allows your credit union to fully insure your deposits above the federal insurance. That means that you no longer have to play hide and seek with your funds, putting some here and some there in order to keep them protected.

Simply look for the MSIC logo at your local credit union and know that every penny you deposit is safe and secure.

www.MSIC.org

(800) 622-4015

(508) 871-2300

winter.11 | centerpoint | 25

C redit U nion P eople

also directs the activities of the Greylock Marketing Group. A graduate of Amherst College, Bissell joined Greylock in 2003.

Kent Hudson, senior vice president, was promoted to chief operations officer. In this capacity he will lead deposit operations, loan services, and information systems, Kent Hudson as well as Greylock’s investment division and insurance subsidiary.

A graduate of University of Massachusetts at Dartmouth, he has 37 years of banking experience, including 14 with Greylock. He serves on the Advisory Board of Kid’s Place.

John Rys, senior vice president and chief financial officer, has taken on new responsibilities with regard to the credit union’s regulatory and audit coordination, and John Rys management of financial risks. He oversees credit union investments and development of industry-leading programs in the areas of deposit pricing. Rys has 36 years of experience in banking and financial management. He earned his bachelor’s degree in accounting and his MBA in financial management from Western New England College.

Charlie Bercury, senior vice president, was promoted to chief lending officer, overseeing all credit functions including mortgage and home equity loans, consumer Charlie Bercury loans and VISA, business lending and asset quality. A graduate of Boston College and the Stonier Graduate School of Banking, Bercury has 38 years of banking experience and joined Greylock in 2007.

Cindy ShogryRaimer was promoted to senior vice president of risk management. She will oversee risk assessments, quality control, compliance programs, Cindy and training, along with Shogry-Raimer security and fraud management. A 24-year veteran with Greylock, her extensive background includes internal audit, branch and regional management, real estate and consumer lending, and member service functions. Shogry-Raimer earned her undergraduate degree at MCLA and her MBA from the University of Massachusetts.

Peter Mirante was promoted to senior vice president of branch administration. In this role he will oversee the operations of Greylock’s 12-branch network, Peter Mirante which is the most extensive in Berkshire County. He will direct programs focused on member retention, business development, deposit growth, product and service quality, and training programs for tellers and member service representatives. A 20-year veteran of the local banking industry, Mirante is a graduate of MCLA.

Paula Dion Retires After 24 Years with the League Credit unions and League/Association staff recently bid goodbye to a good friend and inspiring colleague when Paula Dion retired on October 29. Paula began her 24 Paula Dion years of service in 1986 when she started work as a member services

coordinator at what was then the Massachusetts CUNA Credit Union Association, after working at North Attleboro Federal Credit Union for 14 years.

Paula retired as the senior vice president of professional development and information. President Daniel F. Egan, Jr. described her contribution: “Over her nearly 40-year credit union career, she had a significant impact on the local, regional, national, and international credit union community. Her work ethic, intellectual curiosity, and willingness to help others were the hallmarks of her career at the League/Association.”

During the course of her work at the League/Association, Paula set out to complete her Masters in Business Administration at Simmons College in Boston. Egan noted, “This effort was indicative of how Paula approached her work and her relationship with the credit unions she served. She was always striving to improve her ability to gather the best information and give the best advice possible.”

Scott Auen Appointed Digital Federal Credit Union’s Vice President of Mortgage Lending Scott Auen has been appointed to the position of Vice President of Mortgage Lending for Digital Federal Credit Union (DCU), where he has served since 2002 Scott Auen as Mortgage Operations Manager. In his new position, Auen will be responsible for the overall management and leadership of DCU’s Real Estate Lending Department, which includes origination, processing, underwriting, closing, loss mitigation, and loan servicing.

Prior to joining to DCU, Auen served as

Send Us Your News!

Contact Peggie Thorsen via e-mail at pthorsen@cucenter.org.

26 | centerpoint | winter.11

mortgage operations manager at American Airlines Employees Federal Credit Union in Dallas, Texas, from 2000 to 2002; branch manager for The Money Store Mortgage in Oklahoma City from 1995 to 2000; and branch manager for Security Pacific Financial Services in Lincoln, Nebraska, from 1992 to1995.

Auen is a graduate of Wayne State College in Wayne, Nebraska, where he earned a bachelor’s degree in business management. He has also served in the Nebraska Army National Guard from 1986 to 1994.

During the past four years, Auen has participated in the Credit Union’s Kids at Heart Program, by running and completing the Boston Marathon to raise funds to benefit Boston Children’s Hospital. Auen runs on behalf of his patient partner from Boston Children’s Hospital, Liam Knyff of Tewksbury.

Maureen Terranova Joins St. Anne’s Credit Union

Maureen Terranova

Ross R. Upton, president and CEO of St. Anne’s Credit Union of Fall River, MA, announced that Maureen Terranova has joined the credit union as Vice President of Information

Magner_4Prod_WarPubs_NY/MA/CenPt/CU:Layout 1 3/8/10 10:30 AM Page 1

Commercial Grade Desktop Money Handling Products AFFORDABLE NECESSITIES

Technology.

A Jamestown, RI, resident who earned her bachelor’s degree in information systems management at Johnson & Wales University, Terranova has over 20 years of information technology experience.

75 Series Currency Counters

Workers’ Credit Union Appoints Vice President of Information Technology

David R. Thibodeau

David R. Thibodeau of Fitchburg will serve as vice president of information technology for Workers’ Credit Union.

Thibodeau was previously with NWN Corporation in Waltham as

continued on page 28

4 in 1 Currency and ID Authenticator

Model 935 Coin Verifier/Packager

Proven Performance and Quality

Pelican 305S+ Coin Counter/Sorters with Optional Stand

Contact us: 800-347-1414 ext. 336 tconklin@mageecompany.com or visit www.mageecompany.com

OPPORTUNITIES: Magner is soliciting inquiries from dealers in their efforts to expand distribution channels in new markets and territories.

winter.11 | centerpoint | 27

C redit U nion P eople

Customer Delivery Manager. He graduated with a bachelor’s degree in business administration from Ashford University in Clinton, Iowa, and is a Gulf War veteran, serving in the U.S Air Force.

Maureen Wilkinson of HarborOne Credit Union Receives United Regional Chamber’s First President’s Award At the annual meeting of the United Regional Chamber of Commerce, Chamber President Jack Lank announced the introduction of a new recognition, the Chamber President’s Award, presented for outstanding dedication and service to the chamber’s board, its members and the community. Lank presented the award to Maureen Wilkinson, United

Regional Board member and Vice President of HarborOne Credit Union’s “HarborOne U,” located at its Mansfield branch on Copeland Street. HarborOne U is one of the country’s first centers devoted to financial education, life and career management services, and small business assistance.

Chamber Honors Mary Ellen Buckley Mary Ellen Buckley, Vice President of Branch Operations with the Westerly Community Credit Union, Westerly, RI, won the Athena Award for her leadership in business and community service. The award honors an individual who assists women in realizing their full leadership potential. It is sponsored by the Greater Westerly-Pawcatuck Area Chamber of Commerce and Geraldine B.

The Best Ideas in Technology Service are Running at COCC Today!

Great Credit Union Technology Joe Lockwood Chief Technology Officer 28 | centerpoint | winter.11

www.cocc.com 877.678.0444

Cunningham Associates in Westerly.

Buckley’s 37 years of dedication to the credit union is evident in the long hours she puts in at work and the way she challenges colleagues to expand their skills, said Lisa Konicki, the chamber’s executive director.

Her involvement in the Arcadia YMCA, where she is a member of the Board of Directors, and her role in the American Heart Association’s Heart Walk, which she’s participated in for 15 years and chaired three times, shows her commitment to give generously of her time and talents, Konicki added. Buckley also is Chairwoman of the YMCA’s Board of Directors and involved in Special Olympics and Credit Union Association of Rhode Island’s Social Responsibility Committee.

Nashua Boys & Girls Club Names Richard Lavoie Recipient of Annual Friel Memorial Golf Award The Jeanne and Phil Friel Memorial Award was established in 1994 as a symbol of the Friel family’s charitable vision, which benefits the Boys & Girls Club of Greater Nashua. The award is given annually to recognize supporters of the Boys & Girls Club. The 2010 award was presented to Richard Lavoie, vice president of marketing for Triangle Credit Union, for his many years of dedicated service and commitment to the club.

•

THANK YOU!

The advertisers in CenterPoint make this magazine possible. When your credit union is in the market for new products or services, consider doing business with the companies which support CenterPoint and who support the associations that support you.

CEIS Review www.ceisreview.com...........................................................................................15 COCC...............................................................................................................28 www.cocc.com Co-Op Financial Services...................................................................................19 www.co-opfs.org CRI Solutions....................................................................................................27 www.crisolutions.net CUDL................................................................................................................25 www.cudlautosmart.com Federal Home Loan Bank of Boston.....................................................................5 www.fhlbboston.com Financial Services, Inc........................................................................................14 www.insideFSI.net FSCC Shared Branching Network......................................................................13 www.fscc.com/versus Integrated Security Group....................................................................................7 www.isgsecurity.com MSIC.................................................................................................................25 www.msic.org Magee Company................................................................................................27 www.mageecompany.com NES Group........................................................................................................32 www.nes-group.com Stifel Nicolaus & Co.............................................................................................2 www.stifel.com

Left to right: David Friel, representing the Friel family; Richard Lavoie, Triangle’s vice president of marketing; and T.C. Liakos, Boys & Girls Club tournament chairman.

Synergent...........................................................................................................31 www.synergentcorp.com Wolf & Company...............................................................................................20 www.wolfandco.com winter.11 | centerpoint | 29

C R E D I T U N I O N C A L E N DA R

Special Events Bowling Tournament to Benefit Special Olympics RI March 23....................East Providence Lanes, East Providence, RI The Great New England Credit Union Show April 21............................................Holiday Inn, Boxborough, MA Special Olympics Rhode Island Summer Games June 3-5...............University of Rhode Island, North Kingstown, RI

Conferences and Conventions Spring Volunteer Development Conference April 8-10...................................Chatham Bars Inn, Chatham, MA Credit Union Association of Rhode Island Annual Meeting and Get-Together Dinner May 11................... Metacomet Country Club, East Providence, RI New Hampshire Credit Union League Annual Meeting and Convention June 10-12 . ......... The Balsams Grand Resort, Dixville Notch, NH Massachusetts Credit Union League 2011 Convention and Annual Meeting June 26-29...................... Loew’s Portofino Bay Hotel at Universal, ..........................................................................Orlando, Florida

Networks Retail Delivery Network Meeting March 2.............................Credit Union Center, Marlborough, MA

Compliance Network Compliance Update March 15................................................................ Location TBD

HR Network Employment Law Update April 7................................Credit Union Center, Marlborough, MA Book Discussion on 2010 Best-Seller, Switch May 11..............................Credit Union Center, Marlborough, MA

Lenders Network Lenders Workshop with Brett Christensen May 10................................................................... Location TBD Lending Management Workshop with Brett Christensen May 11................................................................... Location TBD

Seminars and Schools From Service to Sales:Teller Referrals March 9..........................Credit Union Center, Marlborough, MA Credit Union Employee Boot Camp March 16........................Credit Union Center, Marlborough, MA May 18...........................Credit Union Center, Marlborough, MA 2011 BSA Update March 29........................Credit Union Center, Marlborough, MA May 24................................. White’s of Westport, Westport, MA Social Media Made Simple with Mark Arnold April 27................................................................... Location TBD

30 | centerpoint | winter.11

Account Essentials May 10...........................Credit Union Center, Marlborough, MA

QuickBites ONE-HOUR TELEPHONE CONFERENCING

Webinar and Webcast Sessions

Reg Z March 2

When a Deposit Member Dies March 2

Notary Public Training (Basic Responsibilities) March 10

Required Financial Literacy Training for Directors Under NCUA Guidelines March 3

Embezzlers: Working with Liars, Cheats and Thieves March 24

Mobile Banking: Credit Unions on the Go! March 8

How to Read and Sell from a Credit Report March 29

Implementing Mortgage Reform and Anti-Predatory Lending, Effective July 21, 2011 March 8

Managing Employees from Hell April 5

Appraisal and Evaluation Guidance Update Part 1: Appraisal and Evaluation Program March 10 Flood Compliance Update and Review: Including Interagency FAQs March 16 SafeCatch Robbery Suppression and Apprehension March 22 Trust Documents in Lending March 23 Appraisal and Evaluation Guidance Update Part 2: Collateral Valuation March 24 Required Compliance Training for the Board and Senior Management March 30 Overdraft Protection Programs: Regulations, NCUA Guidance and Litigation March 31 When a Loan Member Dies April 5 Evaluating the Alternatives to Collateral Foreclosure: Workouts, Receivership, Short Sale April 6

Bankruptcy 101 April 20 10 Steps to Increase Loan Growth (Two-Hour TeleCourse) April 26 Capturing the Mom Market April 27 Regulation E May 3 How to Improve Website Compliance May 11 Tools for Organizing an ALM Process (Two-Hour TeleCourse) May 17 Lending in Your Call Center May 19 Business Deposits and Fraud May 24 Basic Issues of Conservatorships and Estates June 2 Early Warning Signs of Problem Loans June 8

Firewalls: Compliance Guidelines and Authentication Rules April 12

Chapter Meetings and Activities – Massachusetts

Impaired Loans and ALLL April 13

Central Massachusetts Chapter

Staying Current with New FOM Rules April 14 Unauthorized, Revocation and Stop Payment: Which One Do I Use? April 19 Regulation CC and Funds Availability Rules April 20 Information Security Risk Assessments and More April 26 The Supervisory Committee’s Role and Responsibilities April 27 Imaged Documents: What to Keep, What to Shred and What Holds Up in Court April 28 The Truth about Credit Scores for Lenders May 4 Managing E-Sign, E-Statements and E-Disclosures May 5 Improving Your Delinquency Numbers with Cost-Effective Collection Techniques May 10 Line-by-Line Loan Review: What You Need to Know May 11 Proper Repossession, Notice and Sale of Non-Real Estate Collateral May 18 Finance Reform Interchange Rules May 19 Connecting the Dots: Regulations E and DD Compliance May 25 Cash Flow on Commercial Loans: Emphasis on Small Businesses June 2

Chapter Meeting March 9......................................The Manor, West Boylston, MA May 11........................................................West Boylston, MA

SOUTHERN MASSACHUSETTS CREDIT UNION Chapter Meeting March 16.............................. White’s of Westport, Westport, MA April 20.........................Hawthorn Country Club, Dartmouth, MA May 18...................................Stoneforge Tavern, Raynham, MA

TRI-COUNTY NORTH CHAPTER Breakfast Meeting March 8........................ Tewksbury Country Club, Tewksbury, MA April 12..................................Anthony’s of Malden, Malden, MA

Chapter Meetings and Activities – New Hampshire MERRIMACK VALLEY CHAPTER Chapter Meeting April 11........................................ Martha’s Restaurant, Nashua

MONADNOCK CHAPTER March 1................................ NGM Federal Credit Union, Keene

NORTHERN CHAPTER April 26............................................................................. TBD

Holidays

Five Secrets to Successful Online Account Opening and Online Lending June 7

April 18, 2011:

Product Webinars

May 30, 2011:

Earn Income through Sprint CU Member Program March 8, April 12, May 10

Patriot’s Day

Memorial Day

Scan this with your QR code smartphone app for a special gift!

Experience the difference in service delivery.

We know that nothing is more important than your members and their information. From core processing through our state-of-the-art data center to payment systems offerings you can rely on, Synergent means full service for credit unions, so they in turn can provide full service to their members.

Episys Core Processing* including remote member services, such as Shared Branching kiosks and mobile banking

Electronic Check Collection featuring Member/Small Business Capture and Merchant Capture

Card Services offering debit and ATM solutions and reward programs

Personalized target marketing utilizing credit union data

T O S EE THE D IFF EREN CE, PLEA SE CON TACT: Fred Barber

Jean DeStefano

Technology Services Account Executive fbarber@synergentcorp.com 1-800-341-0180 ext. 593

Payment Systems Account Executive jdestefano@synergentcorp.com 413-527-9688

*Episys developed by Symitar, A Jack Henry Company

See the difference at www.synergentcorp.com

Marlborough Savings Bank Marlborough, MA

is proud to announce the formation of NES Group Bank Equipment Inc., an Authorized Independent Sales Agent for Diebold Bank Equipment and Service.

• Planning • Design • Construction • Consulting • Products & Accessories • Retail Communications • Build it Green

Awarded Best Building Design/Architect

One Team... One Goal... One Solution...

• ATM’s • Modular Vaults • Safes • Teller Lockers • Safe Deposit Boxes • Undercounter Steel

• Recyclers / Dispensers • Drive-up Systems • Night Depository • Access Control • Coin & Currency Machines • Alarms / Surveillance

905 South Main St., Building B, Suite 201 - Mansfield, MA 02048 Phone: 508-339-6600 - Fax: 508-339-6602 - www.nes-group.com