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NEWSLETTER:
Volume
15, No. 4, October, 1999
REBATES
The Board of Directors is pleased to continue the quarterly rebate
for all real estate loans and older unsecured loans. This reduced
the effective secured loan rates to 6.5%, and the effective unsecured
loan rates to 12% for the third quarter of 1999.
* * * *
DIVIDENDS
For the third quarter, the Board declared the dividend rate of 2.25%
on balances of less than $5,000, and 2.75% on balances of $5,000 and
greater.
* * * *
MERGER
On August 31, the Board voted to merge the Morton International Employees
Credit Union into our Credit Union, and on September 10, at a special
meeting of the members, the decision was ratified by the attending
members. Applications have been made to our regulator, the National
Credit Union Administration and Morton’s regulator, the Illinois
Department of Financial Institutions. We expect the merger to take
place October 1. Rohm and Haas Employees Federal Credit Union will
be the surviving credit union. The merger will increase our asset
size by about 10%. We expect to be able to manage these increased
assets without incurring substantial additional expense, as an increase
in complement is not considered necessary at this time. The resultant
additions to profit should enable us to consider offering some of
the additional services which the members surveys have indicated are
desired. In spite of possible loan losses in the short term due to
restructuring at Morton, we believe the long term effects of this
merger will be good for members of both credit unions.
* * * *
THANKS
TO VOLUNTEERS
One reason for the success of our Credit Union is that the Board
and Committees are staffed by volunteer employees of the company.
These individuals and other Rohm and Haas employees who consult
with the Credit Union contribute substantially of their time and
professional expertise to ensure that we continue as an important
self-supporting employee benefit. Rohm and Haas Company has always
encouraged this spirit of volunteerism. Raj Gupta, Chairman of the
Rohm and Haas Board said, "We have always supported our employees
who contribute their time to employee service organizations like
the Credit Union, and commend those volunteers whose contributions
have ensured its success."
* * * *
CD
RATES
We offer certificates of deposit at the following current rates and
yields for the following terms:
| 6 month certificate | 4.00% rate | 4.08% yield | $2,500 minimum |
| 9 month certificate | 4.05% rate | 4.13% yield | $2,500 minimum |
| 12 month certificate | 4.50% rate | 4.60% yield | $2,500 minimum |
| 30 month certificate | 5.00% rate | 5.12% yield | $1,000 minimum |
| 60 month certificate | 5.25% rate | 5.83% yield | $1,000 minimum |
Current certificate of deposit rates offered are subject to change in response to market conditions.
* * * *
YOUR
MONEY IS SAFE
All Credit Union deposits are insured up to $100,000 per member by
NCUA, a federal government agency. The NCUA fund is in sound health,
without a losing year in its 28 year history, and has an equity level
of 1.30% of insured savings.
* * * *
24
HOURS / 7 DAYS PER WEEK
Don't forget that the Credit Union has a 24 hour a day Voice Response
Unit. The system is only down for about 30 minutes a day during system
backup around 2:00 P.M., or in the rare event of repairs to the building
electrical system during weekends. To reach the system call (215)
592-3084.
* * * *
THANKS
FOR TAKING MEMBER SURVEY
Thanks to all members who responded to our member survey. The results
will be published on our web page shortly. This will be a valuable
planning tool for us and we will take your input seriously.