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Cornerstone CFCU highlights changes at annual meeting

by jmaloni

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Thu, May 22nd 2014 05:15 pm

Members, officials and staff of Cornerstone Community Federal Credit Union gathered recently for their annual meeting. The event was held at the Cornell Cooperative Extension building in Lockport.

Board First Vice Chairman Angelo DiMillo presided over the meeting, during which Cornerstone President and CEO Ann M. Hood, Treasurer Edward P. Sandell and Supervisory Committee Chairperson Wm. Keith McNall presented reports.

DiMillo began by discussing the key role Cornerstone CFCU plays in the community by providing financial resources as well supporting dozens of other organizations and fundraisers throughout Niagara County.

"You can see economic rebirth throughout Niagara County, and our employees, board members and volunteers are excited to add to the positive momentum in our community," he said.

Sandell followed with his report discussing how important it is for the credit union to ensure steady, balanced financial performance year after year. He told membership, "Your trust has made Cornerstone successful for nearly 60 years, and we will continue to earn that trust by maintaining a deliberate, vigilant approach to our financial endeavors."

Hood began by discussing the impact of regulations on credit unions in 2013 and the impact of the current low interest rate environment. She said, "None of us are exempt from these low rates, but we have tried very hard to offer competitive rates on our savings and share certificates. On the positive side, many members have benefitted from us lowering our loan rates last June. We have seen an increase in lending in the past year."

The credit union's upcoming core system conversion and the changes that will come with that were discussed.

McNall emphasized the role his committee plays in overseeing Cornerstone operations, making sure the credit union follows strict practices and procedures needed to secure the assets of the membership.

Hood said, "As you can tell, many things are changing at Cornerstone. But whether it's due to the economy, technology or regulations, you should feel confident in your credit union. Our team works hard to make Cornerstone work for you."

Established in 1957 as Unit No. 1 Federal Credit Union, Cornerstone CFCU is a community-chartered, federally insured credit union. Cornerstone has grown to become the largest credit union based in Western New York. Those who live, work, volunteer, attend school or worship within Niagara County are eligible for membership under Cornerstone's charter. For additional information, call 716-434-2290 or visit www.CornerstoneCommunityFCU.org. Current locations include Lockport, Middleport, North Tonawanda and Lewiston.

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