G e o r g e t o w n
Contact Us
1530 Bourne Street
Georgetown, SC 29440
546-8494
546-0029 (fax)
103 S. Morgan Avenue
Andrews, SC 29510
264-3677
264-8250 (fax)
488 Nelson Blvd.
Kingstree, SC 29556
354-2219
354-2049 (fax)
49 Jetty Drive
Pawleys Island, SC 29585
979-1300
979-1303 (fax)
Check out your
account(s) at gkcu.org
K r a f t
C r e d i t
U n i o n
Meeting Life’s Needs
In 1952 the employees of International Paper formed a cooperative financial institution to help them with
their savings and borrowing needs. Proudly, 58 years later, GKCU is still here to help our members save for
the future and borrow for life’s everyday needs. Your credit union should be the first place you consider when:
looking to purchase a new (or new to you) car or boat, needing an affordable Home Equity Line of Credit, or
needing a fixed-rate credit card “just in case.” GKCU is ‘open for business’ for our members. Use your credit
union for every benefit you can. And with some of the lowest rates* in our area, GKCU can work with you to
get payments you can afford.
New & Preowned Cars, Boats, ATVs
VISA Credit Cards
Home Equity Lines of Credit
5.95% APR (new) or 6.45% APR (used)
low, fixed 10.5% APR
5.00% APR
Additional products are available with your loans, so be sure to ask about extended warranties, credit life and
credit disability insurance! To see how GKCU can help you, call or stop by to discuss your options with one of
our loan officers.
*The 5.95% Annual Percentage Rate (APR) for new and 6.45% for pre-owned cars is GKCU’s rates as of 3/15/10. A 1/4% discount is eligible for qualified
borrowers when payments are made through payroll deduction. **APR is 5.00% as of 3/15/10 and is based on current market prime as printed in the Wall Street
Journal. Interest rate is subject to change, but will not exceed 18.00% APR. GKCU will pay up to $500 closing costs related to Line of Credit subject to certain
restrictions. Consult your tax advisor regarding the deductibility of interest. Flood and/or property hazard insurance may be required. Rates and terms are subject to
change. Other restrictions may apply. Credit is subject to approval.
Attention GKCU members:
The following change to GKCU’s Funds Availability Policy was approved by the Board of Directors (2/23/10).
If you have any questions regarding this policy change, feel free to contact any of our offices. “Funds from
government checks (local and state) are available the next day as long as the check is made payable to the
account holder. If the check is not made payable to the account holder, then a two-day waiting period will
apply.” (Funds Availability Policy, Next-Day Availability, Paragraph One).
Attention GKCU Members with Checking Accounts:
As part of new legislation, you will soon be receiving from GKCU an “opt-in” statement for your courtesy pay
coverage on ATM withdrawals and debit card purchases. Please review this statement, sign it and return it to
any GKCU branch (in person, by fax or mail) by July 1, 2010. If you have any questions, feel free to contact our
offices. Thank you for your assistance.
Proud to Serve. Proudly Recognized.
During the 2010 Annual Membership Meeting, volunteers are elected for various committees that
help oversee the operations of the credit union. During the meeting, the nominating committee
presented a slate of officials to be elected to serve a term as a GKCU volunteer. We would like
to thank the following volunteers who were elected: Board of Directors (3-year terms): Dennis
Loadholt, Halbert Tucker and Chris Johnson; and Supervisory Committee (1-year terms):
Wade Marsh, Felecia Wilson and Jim Bessant. Staff would like to extend a special thankyou for the members of the credit committee for their many years of service: Malcolm Fore Jr.,
John Gainey, Bill Altman, Sylvia Marlowe, Darrell Thomas, Chris Grant, and Lynnelle
Rutledge. The credit committee is being revised to incorporate internal staff/management only,
but the years of service these volunteers have given is greatly appreciated.
At the conclusion of the evening, special recognitions were given to GKCU employees. For their
years of service to the credit union, we say thank you. For 10 years of service: Loretta Edwards,
ACH Coordinator, and Sherry Epps, Loan Officer (Kingstree). For 5 years of service: D Walters,
Head Teller (Kingstree), and Gloria Mills, Loan Recovery Assistant.
Alexa Jenkins, Operations Department Manager, was recognized
as the 2009 Employee of the Year, as voted on by the employees (this
is Jenkins’ third time winning the Employee of the Year in her 12
years with GKCU).
Loretta Edwards
Sherry Epps
Malcolm Fore Jr.
Sylvia Marlowe
D Walters
John Gainey
Darrell Thomas
Gloria Mills
Bill Altman
Chris Grant
Alexa Jenkins
to member
volume seven, issue two | April 2010
Creating a Lifetime
of Memories
Since 1952, GKCU has been working with our members to make sure
they have affordable, sensible financial products that help make memories
that last a lifetime. Those memories were recently celebrated at GKCU’s
57th annual membership meeting, held February 22 at Georgetown
Middle School.
Chairman Dennis Loadholt began the meeting by reviewing reports
as outlined in the 2009 Annual Report, including the Treasurer’s,
Supervisory Committee and Credit
Committee reports which outlined
the financial condition, loan
Despite tumultuous
portfolio and internal and external
economic times,
audits of the credit union.
“
the credit union
continued to provide
assistance to members
with saving and
investment options.
Chairman Loadholt delivered
a message of gratitude to the
members for their support and
loyalty to the credit union during
one of the most difficult years
for the entire country. Despite
tumultuous economic times, the
credit union continued to provide
assistance to members with saving and investment options, as well as
offering lending options to those who needed it. Corporate write-downs
affected the credit union’s bottom line, but GKCU saw a growth in
deposits and remained consistent in loans while expanding new products
and services, including a new facility in Andrews. Finally, he commended
the staff and volunteers for their commitment to service to the credit
union owners/members.
”
Ms. LaTasha Cooper, Director for Member Services for the SC Credit
Union League, was the keynote speaker for the evening. A native
of Andrews, Cooper addressed the need for credit unions to come
together to get past the last year’s challenges. She discussed the need for
collaboration, cooperation and compromise in order for the credit union
movement to remain a strong financial option for so many residents
across the country. She stressed the importance of the member-helpingmember philosophy of credit unions by encouraging members to take
advantage of all products available to them as credit union members. The
evening concluded with door prizes and drawings for the members.
As outlined in the 2009 Annual Report, GKCU reported growth last year,
with assets of approximately $65 million and capital maintained at 11.49%
and 11,300 members. GKCU employs over 43 staff and has four fullservice branches, in Georgetown, Andrews, Kingstree and Pawleys Island,
and one high school branch, located at Georgetown Career Center at
Georgetown High School. For more details about the evening, see page 4.
From the
President
I hope that you and your family
had a very happy holiday season.
Your credit union is off to a
great start in 2010 thanks to
the continued loyalty of our
members. Our plans are to
remain on our path of steady
and sustained growth for many
years to come.
As we look back on 2009, it
proved to be a challenging yet
rewarding year. We added over 1,500 new
members and increased our total assets by
more than $6 million. Equally important,
more of our members chose GKCU to
meet their borrowing needs, with overall
loan growth exceeding $3.9 million. Our
deposits also grew substantially due to our
very competitive rates. We are also pleased
to report that our new branch in Andrews
has been a huge success. It is our pleasure to
continue to seek ways to better serve you.
The staff of GKCU is grateful for your support
and we remain committed to providing the
best financial service to our members. The
new year brings hope for greater prosperity
and growth for our credit union as we come
out of what proved to be a very difficult year
for everyone.
As always, thank you for your membership
and the opportunity to serve you. Please
mention us to your family and friends and
share with them the benefits of credit union
membership.
David Graham
President / CEO
843-436-6315
[email protected]
Board of
Directors
Dennis Loadholt
Chairman
Halbert Tucker
Vice-Chairman
Chris Johnson
Secretary / Treasurer
Randolph Elliott
Patsy Ethridge
Julius Inman, Jr.
Richard Martin
Raymond B. Pearigen
Michael R. Sorokach
David S. Graham
President / CEO
Kevin Owens
Executive Vice-President
of Operations
Get Into the Savings Game
CU in the Community
You are headed towards the goal. You look at the clock. There’s the handoff. You score! You win…
with a GKCU student savings account (ages 2-17). Being smart with your money is one of the
best skills you can learn, and GKCU is proud of all our students who manage their money and
make the most of what they have. And now your skills can get you prizes too!
Building relationships is key to any business. At GKCU, we are proud of the relationship we
build with you, our members, and helping you achieve your financial goals. We are also very proud
of the relationships we build with our community leaders, business organizations, educational
partners and non-profits. As you know, we support these organizations both with our time as
volunteers and with our monetary and in-kind donations.
With every deposit you make until April 23, ask for an entry form to win great prizes like an
iPod, gift cards and even cash! There will be two winners from each branch location, so dribble
your way to a GKCU office soon (and often!).
GKCU is also pleased to announce a new and improved program for both our
Kids Club and Smart Savers members. For our younger members (ages 2-12), we
welcome Kirby Kangaroo as our mascot! He will help you stay on the savings
path with your money as well as have fun games, jokes and tips, all on the Kirby
Kangaroo website (click on the Kirby Kangaroo button on our website — but
be sure to ask a grownup first!). Also, you will receive newsletters every 3 months
from Kirby! And don’t forget, you get prizes with every deposit you make into
KIRBY KANGAROO CLUB your account and get your card punched!
For our middle and high school students, we now offer CU Succeed.
This program gives advice for things that are affecting you – and your
wallet. Visit the CU Succeed website (link on GKCU’s homepage) and
get advice, read articles, play games — there’s even a place for you to
submit articles that will appear in their quarterly newsletter! The look for
these programs may be new, but the goal is still the same… teaching you
how to be smart with your money for your future success. Call or stop by
for more details about either of these programs.
Brenda Ray
Branch Manager
Andrews
The past year has been trying for many in our community.
In both Georgetown and Williamsburg counties, unemployment is reaching record numbers and the economic
condition, while improving, still has a long way to go to
make us all feel more comfortable about our futures.
Terri Wilson
Branch Manager
Kingstree
Sharon Bethea
Branch Manager
Pawleys Island
Supervisory Committee:
Wade Marsh
Jim Bessant
Felecia Wilson
GKCU would also like to thank the schools and educators throughout our two counties that open
their classroom doors to us. Whether it is attending career fairs, teaching money management
classes, giving financial quizzes during lunch or working with students on math and reading skills,
GKCU is so thankful for each opportunity that we have to let our students know we care about
their futures. GKCU remains committed to each relationship we build in our communities. So
next time we “CU in the Community” — be proud of your membership in GKCU!
Buying a “New to You” Car…
Working With You…
Every Step of the Way
Delores Muckenfuss
Branch Manager
Georgetown
One event that GKCU has been a strong supporter of
for decades is the March of Dimes’ March for Babies.
Thanks to your support, “shoes” fill our lobby walls,
candy bars satisfy sweets cravings, and hot dogs with
all the fixin’s make lunchtime taste even better. Our staff thanks you for all your support of these
fundraisers and encourages you to join us on April 17 at East Bay Park for the 3-mile walk. So
put on those walking shoes and come join the fun.
The staff of GKCU wants to remind all of our members
that we are here to work with you every step of the way.
It is by working together that we will all come out ahead.
If you are struggling with your loan payments, please
contact our Loan Recovery Department to see how we might be able to help. Oftentimes we
can work with you to help you fulfill your obligations so as to
not adversely affect your credit. GKCU can also help you find
ways to cut expenses. Ask about consolidating other high-interest
It is by working
credit cards, save by switching to a GKCU no-minimum-balance
checking account, or establish direct deposit and payroll deduction
together that we
so your obligations are met with each paycheck. We are happy to
will all come out
work with you to help you stay on the right track. Call or stop by
and talk with our Loan Recovery staff (Anna Marsh at 436-6304
ahead.
or Kara Nesbitt at 436-6307). When we work together to keep
delinquencies down, the entire credit union benefits.
“
”
You need a new car, but not with those new car payments. So
you go to plan B — buying a pre-owned car. But where to begin?
Here are just a few tips to help you get that “New to You” car.
STEP 1: Find the car that’s right for you. Does it meet all
your needs: gas mileage, capacity, reliability, and most importantly,
price? Also, have at least two comparable alternatives to the car
you want in case you cannot get the brand/model you want.
STEP 2: Do your research. There are plenty of online
resources that can help you make sure the car you are getting
is reliable and that you are getting what you are paying for.
Websites like Edmunds.com and Carfax.com can tell you a car’s
history, car ratings and the car’s true value.
STEP 3: Can you afford it? Next, sit down and determine if
you can afford the car. Don’t just consider the monthly payment:
factor in extended warranties (if not available through dealer), insurance, gas, taxes, fees and
emergencies or repairs. Having a down payment is also helpful because it will lower your monthly
payments and truly give you that “ownership” feeling. Finally, negotiating the price can help you
save time and money. Don’t be scared to walk away from a deal if the seller does not want to
negotiate.
STEP 4: Kicking the tires. You've found the car you want. Now you'll want to have it inspected
and take it for a test drive. Most car dealers will have a “certified” program that will inspect the car
before you buy it, so be sure to ask about their individual programs. Also, be sure to ask if there is
an extended warranty on the car to cover any incidentals if you need repairs to your car. Test-drive
the car as if it were yours already. Listen for noises. Look for dents or windshield marks. Get up
to driving speeds. Finally, make sure to read over the contract and arrange for the registration and
title transfer.
STEP 5: Go for the green. Next, you need to determine how you will pay for the car. We
recommend you start by calling GKCU to see if you can get pre-approved for a certain loan
amount. See if you can get a rate reduction by making payments through payroll deduction and if
you can add additional warranties or insurance for your purchase.
Listen for GKCU on these great radio stations!
STEP 6: Cruising! You’ve done your research and gotten a car that is reliable, affordable and gets
you (and your family and friends) where you need to go. Congratulations — enjoy your “new to
you” car.
GKCU Rates
Approx. Term
VISA® Classic Card
APR*
10.50%
New Autos & Trucks,
Boats, Motors, Trailers
Over $25,000
Under $25,000
72 months
60 months
5.95%
5.95%
Used Autos & Trucks,
Boats, Motors,Trailers
60 months
6.45%
Mortgages
Call or visit our web site for current mortgage rates.
Home Equity Lines of Credit
5.00%
New Mobile Homes (80% of sticker price)
180 months Call for rate
240 months Call for rate
Used Mobile Homes
1-2 Years Old
3-5 Years Old
6 Years & Older
Unsecured
120 months Call for rate
120 months Call for rate
120 months Call for rate
60 months
8.00%
to 18.00%
APY**
Dividend Rates
Share/Savings
Share Draft/Checking
IRAs (12-month/$500 minimum)
0.75%
0.50%
2.53%
Money Markets
($1,000-9,999)
($10,000-24,999)
(over $25,000)
0.50%
1.00%
1.51%
Share Certificates
90 days
6 months
12 months
18 months
24 months
36 months
48 months
60 months
1.26%
1.51%
1.76%
2.02%
2.27%
2.53%
2.53%
2.78%
*Annual Percentage Rate (APR) is the lowest rate as of 3/15/10,
and is dependent upon credit approval and subject to change. For
other rates and terms, please contact a GKCU loan officer.
**Annual Percentage Yield (APY) is accurate as of 3/15/10 and is
subject to change. Minimum balances are required for dividend
earnings. Penalties may be imposed for early withdrawal. Fees or
other conditions could reduce earnings.