Heard of the Supervisory Committee?

During the week of January 24th, 2011, auditors from the accounting firm Macdonald Page & Company will be at the Credit Union performing an annual audit. The firm was hired by our Supervisory Committee to accomplish multiple objectives: certify the accuracy of our financial statements, conduct a verification of Member accounts, review our adherence to policies, monitor the performance of the Credit Union and evaluate other critical areas of operation.

After mentioning this, we wanted to ask a question. Do you know what the Supervisory Committee does at the Credit Union? Another question: Did you even know that it existed? We figured it may be time to remind or enlighten you about the primary role of the Supervisory Committee. The committee at the Lisbon Credit Union is very active and displays a strong desire to see the organization succeed. The group consists of five Credit Union Members who serve as volunteers without compensation. Each month, they assemble together and review loan files, closed account notices, investments, teller cash totals and other items. Basically, the Supervisory Committee is another set of eyes to help make sure the Credit Union is being managed properly and that Member assets are safe and secure. For a list of committee members, click on this link to our website: https://www.lisboncu.org/About-Us/Volunteers-and-Staff.aspx. If there are any negative issues that arise, they in turn notify the Management Team and the Board of Directors.

We are happy to report that the Lisbon Credit Union’s financial performance is excellent – thanks in part to the Supervisory Committee. We invite all Members to contact the committee if there is a need to surface an issue or to report an unresolved complaint. As always, please feel to contact the Credit Union with any questions or comments.

Building Futures. Preserving Dreams.

Got a Theme for Moxie?

Besides the 16 inches of snow that fell in the town of Lisbon this past Wednesday, we are pleased to offer another reason to look forward to the warm days of July. The 2011 Moxie Festival Committee has recently launched a contest to seek out the theme for the upcoming festival. Do you have a cool idea for a theme? Here’s your chance to share it!

Submitting an idea to the committee is pretty simple. Contestants will be able to access an entry form on the festival’s website and have a choice to mail or email a copy to Debra Wagner. All the detailed information is available on the contest form itself and for convenience purposes, we included the form below. The contestant who submits the winning theme idea will be awarded with a deluxe Moxie-filled basket and a VIP pass to hang out on the parade review stand while the parade’s in progress. This sounds like a great deal just for thinking outside the box! Be aware that the deadline for this contest is rapidly approaching—January 31, 2011.

The 2011 Moxie Festival will take place on July 8-11 and will again feature a three day Pow Wow, fireworks, parade, 5K road race and a river race on the Androscoggin River. For more information, please visit the festival’s website, www.MoxieFestival.com, and stay updated on the progress of this neat contest.

ENTRY FORM

Building Futures. Preserving Dream.

Become a Holiday Saver

With only 9 days until Christmas, we know that Members all have a different story about their Christmas shopping progress. Some may be almost done while others are not even close. Some may be just getting started while others have been done since October! Some may be going light this year because of employment circumstances. Regardless of your story, the Lisbon Credit Union has just the tool to make your holiday shopping much more simple and enjoyable.

In addition to our Savings (Share) and Checking (Share Draft) Accounts, we offer a Christmas Club Account that is specifically used to save ALL YEAR for your shopping pleasure. You are able to open a Christmas Club anytime during the year but they work the best if done right after the holidays. How do they work? Just deposit money each week or month by cash or checks, automatic transfer or payroll deduction. On October 1, the balance will be either mailed to you by check or transferred into an account of your choice. If you need the cash before October, you’re able to withdraw the balance without a penalty. Simple!

The Credit Union also offers a couple more Club Accounts. We have a Vacation Club that can be used to save for a yearly family trip or a one-time epic getaway. Similar to the Christmas Club, you’re able to access your funds anytime without a penalty. For Vacation Clubs, the balance is mailed or transferred on June 1 – just in time for summer! We also have an All Purpose Club that is ideal to save for taxes, insurance, utility bills, heating oil, the list goes one.

Our Member Service Representatives are happy to answer any questions you may have on these accounts. Give us a call or visit our Club Account page on our website, which is http://www.lisboncu.org/.

Happy Holidays!

A Very Merry Main Street

To kick off the holiday season, the Town of Lisbon has once again done their best to bring the spirit to our community. On Saturday, December 4th, 2010, Santa Claus will be coming to Lisbon with the second annual A Very Merry Main Street event. Multiple activities are planned and will take place from 4:30 pm to 8:00 pm.

The night will begin at 4:30 pm at the town gazebo, which is right across the street from the Lisbon High School. At this time, a tree lighting ceremony will occur and then spectators will be encouraged to stay around and greet Santa as well. Refreshments will be served by the Lisbon Falls Baptist Church. At 5:30 pm, there will be an open house for downtown merchants. The participating merchants will offer discounts on merchandise or some other special holiday treat. Also, during this time there will be live entertainment and horse-drawn wagon rides up and down Main Street. Visits to Santa and all other activities will wrap up at 8:00 pm.

All activities are family oriented so feel free to come out and support this local event. It’s a great time to re-discover what downtown Lisbon has to offer.

Building Futures. Preserving Dreams.

Everyone Gets the Same Rate

When you look around at most financial institutions, you’ll notice the short phrase “as low as” before their loan rates. Most of the time, they appear on advertisements or marketing materials. This phrase indicated that these institutions use what’s called risk-based pricing. In a nutshell, risk-based pricing means that the rate you qualify for is directly affected by your credit score. If your credit score is very high, you may be able to qualify for that very low rate that was advertised. If your credit score is moderate or fairly low, you will qualify for a much higher rate.

This is an area that makes the Lisbon Credit Union different and unique. We do not participate in risk-based pricing and feel it’s very important that all Members get the same rate. If we advertise a 4.00% rate for a new vehicle loan and you’re an approved borrower, you’ll get that 4.00% rate. As loans are approved by our Loan Officers, they do consider your credit score; however, it’s just a small part of the approval process. We recognize that some Members may have gone through some rough patches in their lives such as layoffs or divorces. These other factors are also considered.

So, when we advertise that everyone gets the same low loan rate at the Lisbon Credit Union, you’ll know that we mean it. We feel it’s the best option for our Members. Feel free to visit www.lisboncu.org for more information.

Building Futures. Preserving Dreams.

Downtown Mural Project

Inspired by local artist Frank Gross, the Lisbon Revitalization Committee just recently wrapped up a community project that has great historical significance to our Field of Membership. The committee, joined by the town, held an unveiling ceremony at the downtown Downeast Energy office last Friday, November 12th for a newly created mural replicating one of Gross’ paintings. Spearheaded by Lisbon High School art teacher Jennifer Fox, this project featured the handy work of many members of the community. Not only did members of the community get to observe this mural being painted but they actually had the opportunity to participate.

What’s involved with creating a mural? We thought it would be best to show you a play-by-play look. Here’s a video that documents the process:



Mr. Gross has paintings all over the Lisbon town office and the MTM center. For most of his historical town paintings, including the one used for the mural project, he uses old black and white photos as templates and then inserts people and color from his memory.

Before teaching, Ms. Fox has over 20 years of experience painting murals with a large group. At her side during the entire process was Peggy Jergens, who graduated from Lisbon High School this past June. Over several days, numerous community members came to leave their mark on the project – including some of Mr. Gross’ children and grandchildren.

Building Futures. Preserving Dreams.

Credit Unions are Cooperatives

Nowadays, the differences between banks and credit unions are quite blurred. The names of these two organizations are used interchangeably by lots of folks. In fact, it’s not uncommon to hear one of our Members take a call from their cell phone in the lobby and say…"I’m at the BANK." Due to the fact that both are full service financial institutions and offer similar products and services, consumers may perceive them as the same. We’d like to change that perception with our post today!

A credit union is called a financial cooperative and follows some unique principles. One principle is that they are owned by their Members. When each new Member comes in to open an account, they are becoming a one-part owner of the credit union. Also, they get one vote to be used at the credit union’s annual meeting. Essentially, Members are able to participate with how the organization is run.

Here’s another principle; a credit union is run by a volunteer Board of Directors who are also Members. With this structure, Board Members are able to govern more effectively because they have a vested interest. Banks are governed by a paid Board of Directors who may not even be a customer of that specific institution. The last principle we’d like to share is that a credit union is a not-for-profit (not a non-profit) organization. With our income, we are able to give higher rates on deposit products, lower rates on loans and offer more free or low cost services to our Membership. Banks, on the other hand, are for-profit institutions and use their income differently.

To illustrate our point better, we’d thought you like this video. It’s a pretty fun way to explain the differences spoken above.



Building Futures. Preserving Dreams.