APR - JUN 2017
ANNIVERSARY
INSIDE
WHAT DO RISING INTEREST RATES MEAN FOR YOU?
The Federal Reserve has raised interest rates
recently. Some say it's either devastating or
optimistic news, which can be confusing. What
does this news really mean for you?
investors chase those rates. Speak to a financial
adviser to ensure that your portfolio is properly
balanced in accordance with changing market
conditions.
The prime interest rate is the rate the Federal
Reserve charges financial institutions to borrow
from it. It influences many financial prices.
Here are some ways the prime rate hikes can
affect you!
3) SAVE MORE
1) GET OUT OF YOUR A.R.M.
Many people opted for adjustable-rate
mortgages (ARMs) when interest rates were
low. These mortgages offer better rates for
an introductory period before they adjust to a
new rate, which is partially determined by the
Federal Reserve rate.
MEETING NOTICE
If you’ve been delaying opening a certificate or
increasing the deposits in your share account,
consider it now, so you can capitalize on rising
interest rates.
AUTOLAND
2) BALANCE YOUR PORTFOLIO
Avoid an increased debt rate by refinancing to
a personal loan or a home equity line of credit,
which bundles your high-interest debt with
your low-interest mortgage. Speak with a debt
counselor or other financial professional for
more options—the sooner, the better.
Rising interest rates will also increase bond
rates. Their price will rise accordingly, as more
ANNUAL
COMMUNITY EVENTS
4) REFINANCE YOUR DEBT
As interest rates rise, that credit availability
will decrease. Companies will find it harder to
expand, their growth will slow and stock prices
will decline.
FROM THE CEO
When it’s expensive to borrow from other
institutions, it’s more profitable for those
institutions to “borrow” from their members
through certificates and savings accounts. As
interest rates rise, it’ll be increasingly more
profitable to stow your money in an interestbearing account.
Consequently, your adjustable rate will likely
increase, and your monthly mortgage payment
may become unpredictable. Fortunately, you
can still refinance your mortgage into a fixedrate loan and take advantage of still-low rates.
The past six years low interest rates have
done wonders for the stock market. With
the affordable borrowing rates, companies
expanded rapidly, directly fueling stock price
growth.
MESSAGE
Credit cards and private student loans, can be
tied to the prime rate and may increase along
with it. That’s why you might want to consider
refinancing now.
The terminology surrounding financial news
events can be overwhelming. First City can
help you make sense of a changing economic
landscape. Call, click or stop by to learn how
you can use this opportunity to put yourself on
the path to financial wellness.
TIPS ON USING
FINANCIAL APPS
BRINGING IT
HOME WITH
SAVE WITH SPRINT
SIGN UP FOR
ESTATEMENTS
GET $5!
SIGN UP IN
ONLINE BANKING
DETAILS AT
FIRSTCITYCU.ORG
September marks our
80th birthday! Special
announcements and
celebrations coming soon!
www.firstcitycu.org
MESSAGE FROM
THE PRESIDENT
Jim Miller, President/CEO
ANNIVERSARY
As we approach the 80th Anniversary of your credit union, I
am reminded of the wonderful benefit and responsibility you
have taken on to become a member of a credit union. You are
helping yourself and others create a better life by being a part of
this community. You are instrumental in helping us fulfill our
mission, and we are grateful for the opportunity.
THE CREDIT UNION DIFFERENCE – PEACE OF MIND
The day you became a member of First City you also became
an owner—quite a difference from banks and other financial
institutions, who often treat you as a number. Another
difference is our focus on the safety and soundness of your hard
earned savings, emphasizing the long-term financial future
rather than the short-term gains of bank owners. Here are
some of the ways we protect you:
Guaranteed Savings - Deposits are federally insured to
at least $250,000 per member by the National Credit Union
Administration, the nation’s strongest deposit insurance fund
(plus another $250,000 coverage on your IRA).
NOTICE OF ANNUAL MEETING
Members are invited to attend First City’s 80th Annual
Meeting of Shareholders, to be held Wednesday, May 24,
2017, at 5 pm, at the credit union’s Administrative Offices at
717 West Temple Street, Los Angeles, CA 90012. The credit
union’s Nominating Committee has nominated incumbent
members Willa J. Glover, Barbara Oliver, and Michael D.
Steinberger for three-year terms on the Board of Directors and
Carolyn Bernardez and Sixta Navarrete for a three-year term
on the Supervisory Committee. All have expressed an interest
in continuing their service to the credit union. Instructions for
submitting additional nominations are available by calling First
City’s Administrative Offices at (213) 482-3477, ext. 2400.
WHEN'S THE BEST TIME
TO BUY WHAT YOU NEED?
If you time your buys right, you’ll
Also, stock up on pens, paper and
save a ton. Here are the best things to
other office essentials.
buy during each month of the year!
AUGUST: BEAT THE HEAT
Capital Reserves – First City keeps a strong reserve of
capital funds to protect against future losses, a “rainy day fund”
for your peace of mind. This represents the careful stewardship
that has been our hallmark for many years.
FEBRUARY: PREPARE FOR WINTER
Look for discounts on appliances like
Retailers are clearing out the last
AC units and dehumidifiers.
of the season’s merchandise, so
SEPTEMBER: BIG-TICKET
you’ll find great deals on winter
Now’s the time to grab last year’s
coats, thermal clothes, heaters, and
major appliances. Also, new Apple
Conservative Investments – We have one of the lowest
levels of delinquent loans in our industry, a testament to the
conservative lending policies that are part of our culture. In
addition our investments are limited by policy to securities
with the implicit backing of the federal government such as the
Federal National Mortgage Association.
humidifiers.
accessories typically come out in late
MARCH: GET IN SHAPE
fall, time to upgrade your devices.
Pick up bargain-priced exercise
OCTOBER: CARS AND CRUISES
equipment now. Treadmills and
Dealers are desperate to move
ellipticals are past their peak season,
inventory, so you can get a good price
so retailers want them out.
on the current year’s models. Cruise
APRIL: TECH OUT!
lines tend to run specials now.
If you’re OK with being a year
NOVEMBER: GAME ON
behind, you can buy a laptop or TV in
You’ll find the hottest games for the
April. Tax refund-themed tech sales
lowest prices in November.
also happen now.
DECEMBER: CHEERS!
MAY: AROUND THE HOUSE
In a paradox of economics, when
Tools and other supplies are on
champagne demand is high, the price
sale in the spring. Graduation time
goes down. For major events coming
also means dorm essentials will be
up, it's great time to stock up on
discounted.
bubbly.
Outside Oversight – First City is examined annually by
state and federal government agencies to ensure the safety and
compliance of our operations to protect you—not unlike a
health inspector ensuring the safety of a restaurant.
First City Credit Union also has achieved a 5-star rating (the
highest possible) of financial strength for more than 17 years in
a row from Bauer Financial, an independent agency that ranks
the safety and soundness of financial institutions.
In addition to providing our members the best in service
and pricing we know your financial peace of mind is just as
important, if not more so. That has not changed in 80 years at
First City, and it never will.
JUNE: THINK THRIFTY
Thrift stores are stuffed with donated
goods. Find bargains on used
furniture and clothes.
JULY: SCHOOL SUPPLIES
Look for promotions for computers.
You can always contact us if you need
any help purchasing big-ticket items.
We've got low interest loans and
savings products a call or click away!
Members have saved nearly $2 billion with
Love My Credit Union Rewards!
Start saving today at LoveMyCreditUnion.org
TIPS TO MANAGE YOUR
138585_All_Bundle_noTruStage_Onserts_7.5x2.indd 1
FINANCES IN THE DIGITAL AGE
IT’S SUMMER-TIME
FOR A NEW RIDE!
12/22/16 2:01 PM
Summer’s here, which means those summer vacation road trips
can’t be far behind. Whether a summer road trip to grandma’s
or just a cruise to the beach, take advantage of our low rates
and easy terms to get that new ride just in time!
Technology is drastically impacting how consumers manage
their finances and their time, and service delivery options are
changing right along with consumer preferences.
In a 2016 study conducted by the Federal Reserve, 53
percent of all smartphone users with an account at a financial
institution have used mobile banking within the year before
the survey. For consumers who've made the switch, the most
common reason is convenience.
Download your institution's smartphone app: Smartphone
applications will continue to include more services. Online and
mobile interaction empowers your control over your funds.
Investigate online financial planning tools: Calculators,
Take advantage on Auto Loans—as low as 1.99% APR* for up
to 36 months, for New and Used cars—we can also lower your
monthly payment by refinancing your existing auto loan. You
can get Gap Advantage with PowerBuy and Major Mechanical
Protection, as well as the option to defer your first three
payments!** Call (800) 944-2200, or click on the “Instant
Loan Application” link at www.firstcitycu.org.
*Annual Percentage Rate. Auto loan payment estimates on a $50,000, 96-month loan with a 4.74%
APR = $627; on a $15,000, 36-month loan with a 1.99% APR = $430. $10,000 minimum on terms
longer than 60 months; $15,000 minimum for 84-month terms. 96 month rate exclusive to tiers 1, 2,
and 3, available on new autos or most recent model years, less than 5000 miles, $40,000 minimum.
Certain model year restrictions may apply, contact First City for clarification. Rate increase of .25% for
vehicle mileage of 100,000 or more. Refinance offer not available on existing First City loans. Cannot be
combined with other promotional offers. eGreen and Advantage Checking Account loan rate discounts
do not apply with these promotional rates. Rates and programs subject to change. Other conditions may
apply.** Interest will accrue from date of funding.
budget templates, and finance tips are available from
firstcitycu.org. Account-linked tools can help clarify spending
trends and assist with tax filing.
Sign up for text alerts: First City offers to send text alerts
when an account's balance dips below a certain level to help
you stay on top of your available funds.
Take advantage of online bill-pay: Instead of dealing with
checkbooks, stamps and folders full of invoices and canceled
checks, consider going online to pay your monthly bills.
Consider Apple Pay: Carry credit or debit card information
in a digital form if you have an iPhone. Instead of using a
physical plastic card, you pay with your smartphone, tablet,
or smartwatch. Apple Pay can afford you a higher degree of
safety due to encryption.
While using these technological tools may make managing
your finances easier, don't forget you can talk to us. Call or
visit us and we'll tell you about products or services that you
can take advantage of to meet your financial goals.
PEOPLE HELPING
PEOPLE: FIRST CITY
AND AUTOLAND
by Mike McMahon
Senior Consultant, Autoland
Wendy is that rare breed of human who gives and gives. She
coordinates services such as housing, jobs, and transportation
for men and women exiting the prision system. Now, Wendy
has taken a couple big steps to take care of herself. She joined
First City, got an auto loan, and is now behind the wheel of a
2017 Camry XSE. This car has everything, from a Smart Key
to reading your text messages to you! Thanks to George in
the LA branch and First City—always willing to help me out
in a crunch! Of course, a big thank you to Wendy, for having
faith in me to find you the right car, and thanks for doing
what you do to help others.
FIRST CITY IN THE COMMUNITY
WE LOVE BEING INVOLVED WITH OUR SPONSORS AND COMMUNITIES!
HERE ARE SOME OF THE EVENTS WE’VE SPONSORED IN THE PAST FEW MONTHS:
DPSS ACADEMY NORWALK
Kiescha Hammond gives
the thumbs up for First
City at the DPSS New Hire
Orientation in Norwalk on
the left.
On the right, Evelyn Chavez
talks to Dionne at DPSS
Academy in Norwalk.
Evelyn has been a happy
member since 1999!
LANCASTER SCHOOL DISTRICT
KINDERGARTEN TRANSITION FAIR
Kim Perkins, First City Business Development Representative,
stands with a new entrant into Lancaster's School District.
LAKEWOOD
FUN RUN
The Fun Run benefiting the
Soroptimist International of
Lakewood and Long Beach had
First City and Autoland to cheer
everyone on!
LASD CIVILIAN
ORIENTATION
LASD SHERMAN
BLOCK CIVILIAN
NEW HIRE SITE VISIT
Joseph Uribe grabs the attention of LASD
civilian new hires when presenting First
City's exceptional loan rates.
CLASS 421 DEPUTY
SHERIFF TRAINEES
Business Development
representative, Joseph
Uribe, demonstrates the
outstanding incentive
coupons First City offers
LASD new hires.
New Deputy Sheriff Trainees listen closely
to Dionne Arciga as she discusses First City
Credit Union's great products and services.
TO SCHEDULE A FINANCIAL LITERACY SESSION AT YOUR EMPLOYER SITE, CONTACT DIONNE ARCIGA AT 800-944-2200, EXTENSION 2510.
WE HAVE IN-HOUSE EXPERTS AVAILABLE ON BUDGETING, REAL ESTATE, IDENTITY THEFT, CREDIT, AND MANY OTHER SUBJECTS.
C O N TAC T I N F O R M AT I O N
Claremont 91711
250 West First Street, Ste. 150
Mon. - Thurs.: 9 am - 5 pm
Fri.: 9 am - 6 pm
LAC+USC Medical Center 90033
1200 North State St., Room 1649
Mon. - Fri.: 8 am - 4 pm
Lakewood 90712
4107 Candlewood Street
Mon. - Thurs.: 9 am - 5 pm
Fri.: 9 am - 6 pm
Lancaster 93534
1104 West Avenue K
Mon. - Thurs.: 9 am - 5 pm
Fri.: 9 am - 6 pm
Los Angeles 90012
717 West Temple Street
Mon. - Fri.: 9 am - 5 pm
Palmdale 93551
39450 10th Street West
Tues. - Thurs.: 9 am - 5 pm
Fri.: 9 am - 6 pm
Sat.: 9 am - 2 pm
Pasadena 91105
1 West California Blvd., Ste. 512
Tues. - Thurs.: 9 am - 5 pm
Fri.: 9 am - 6 pm
Sat.: 9 am - 2 pm
West Covina 91791
471 North Azusa Avenue
Mon. - Thurs.: 9 am - 5 pm
Fri.: 9 am - 6 pm
FOLLOW US ON
FACEBOOK
Phone Numbers:
• 213 and adjacent area
codes: (213) 482-3477
• Other areas: (800) 944-2200
• Member Service: ext. 0
• 24/7 Real Estate Loan
Applications: ext. 6
24-Hour PhoneTeller: (800) 934-2489
Lost or Stolen Visa Cards:
(800) 682-6075
Lost or Stolen ATM Cards:
(800) 944-2200
CO-OP Network ATMs/Branches:
(888) 748-3266
www.co-opnetwork.org
Check Reorders: (800) 355-8123
Mailing Address:
P.O. Box 86008
Los Angeles, CA 90086-0008
Website: www.firstcitycu.org
eMail: [email protected]
Office Closures:
May 17, Employee Training
May 29, Memorial Day
July 4, Independence Day
ANNIVERSARY
Federally
Insured by
the NCUA
www.firstcitycu.org