Northern Chautauqua Federal Credit Union Announced Interest Repayment | News, Sports, Jobs
Northern Chautauqua Federal Credit Union Board of Directors Announces Interest Repayment. The Northern Chautauqua Federal Credit Union is a not-for-profit credit union that serves employees and families in the Silver Creek and Forestville school districts.
The credit union worked hard to provide loans and recover money from previously written off loans. Even in this year marked by COVID, we have been profitable. As we are non-profit, we donate the income we make at the end of the year to our members. This year, we were able to repay the interest of all members with outstanding loans. This interest repayment was 5%. This means that all members who had loans that were always paid on time received 5% of what they paid in interest which is returned to them as shares in their accounts.
In addition to the interest repayment, Northern Chautauqua Federal Credit Union also paid a dividend of 0.25% on all shares for the fourth quarter.
The credit union kept the savings and loan capital alive and strong with low interest loans and above-average dividends paid into savings accounts.
The Board of Directors is made up of President Michael Murphy, Vice President Brenda Schneider, Treasurer Ed Gallivan, Secretary Christine Bowker and Supervisory Board Chair Elaine Pecoraro. The other members of the board are Monica Johengen and Linda Borrello. Office staff include Loans Director Aaron Gallivan and Deputy Loan Director Sierra Pecoraro. The members of the supervisory committee are Robin Bentzoni and Thomas Pecoraro.
The Northern Chautauqua Federal Credit Union’s annual dinner meeting will be held at Fireman’s Club in Silver Creek in the fall of 2021. During this meeting, the annual report will be presented along with the elections of the members of the board of directors including the mandate expires.