As I talk with our members and folks throughout Southern Oregon I have learned that many of you are looking for low or no cost activities for your family. Rogue has always felt that it is our duty and privilege to serve in the communities that we live in, to “actively engage” in local activities and events, supporting local businesses and venues with a family focus. With that in mind, we are taking this belief to the streets this summer and I am excited to share a few inexpensive entertainment options for you and your family to enjoy.
This Saturday, June 19, 5:30 – 8:30 pm, you can find us at the Medford Cruise. This popular event offers a supercharged atmosphere, packed sidewalks and downtown Medford filled with hundreds of beautiful, cruising classics, customs, restorations, hot rods and muscle cars. Downtown will be transported back in time as every style of classic vehicle imaginable will roll through the streets. Several Rogue staff members including yours truly will have the honor of being in the lead car for the cruise and I will present the “Best of Cruise” trophy given to the top cruiser. The best thing about this event is that all the proceeds of the weekend will benefit our local Boys and Girls Club.
You don’t have to be a car enthusiast to appreciate this FREE event, but it helps! The weekend lineup is filled with concerts, drag races, parties, car shows, and the list goes on. Check out the cruise website for more information. We will be in Hawthorne Park on Saturday and Sunday with hundreds of beautiful cars and thousands of people. You can also visit us at Heritage Motors parking lot on Saturday evening during the cruise for a cool treat. What a great way to make sure that you celebrate Father’s Day in a way that all Dads love.
If Dad is not into cars we have another great option for you. This weekend kicks off
Movies in the Park, another FREE, family entertainment opportunity. We have partnered with Medford Parks & Recreation to provide you with eight nights of fabulous entertainment - a drive-in movie feel without the cost! The 2010 Movies in the Park runs Saturday evenings June 19 – August 21. Showtime is at dusk but pre-show activities begin at 6:00 pm. This year’s line-up is the most exciting yet: from revengeful robots to dueling wizards to an inspiring tale, and a spidey super hero. There is something for everyone! So nab a patch of grass, a blanket, or a lawn chair and head over to the Bear Creek Amphitheater on Saturday nights. Kicking off the season, The Blind Side will be showing this Saturday, the 19th.
Look for the Rogue booth this summer at the Rogue Federal Credit Union Movies in the Park; we will be selling water with all proceeds going to a new HUGS System at the Rogue Valley Medical Center Pediatric Unit through our Credit Unions for Kids charitable activities.
So, yes there are a few shameless plugs in this post, but it all adds up to our commitment to make sure that we do what we can to make Southern Oregon a great place to live. So, go out enjoy… and make sure that you send me your stories and pictures of what you did to enjoy this Father’s Day weekend. I would love to share your stories with the other readers of Ask Gene!!
Friday, June 18, 2010
Friday, June 11, 2010
What happened to our deposit rates?
One of the great things that I get to do here at the credit union is review all of our member survey comments. We survey members each month to see how we are doing and find out what’s on their mind. I appreciate that our Rogue Federal Credit Union members care enough about their credit union to give open and honest feedback. I get to hear stories about the great things our staff members have done and how much folks appreciate all that we do in the community. I also get to hear about when we’ve done something wrong or when we are not living up to our members’ expectations. Our branch managers and staff work very hard to directly answer every idea, observation, and concern that our members share.
A common theme that I am hearing today is concern about our deposit rates. Members want to know what happened to our deposit rates, why are they so low, and what can they do to get better rates? I also hear from our members that if we wouldn’t build these “fancy” new branches, and sponsor all these community groups we could pay them more on their deposits. Of course, I take all of these concerns to heart and figured it was time that I helped clear the air on “what happened to our deposit rates…”
First, our rates are actually quite competitive with other local institutions. In fact, we look at the rates of 9 local financial institutions every week. Our goal is to be better than most, so we are consistently in the top third of deposit rates in our market area. In fact, we have had the highest 3 year, 4 year, and 5 year certificate rates for several weeks. So, why have rates fallen so dramatically? It is a simple case of supply and demand with deposits being the supply and loans being the demand. In other words, as Americans become more conservative they borrow less and they save more. This means there is no demand for short-term deposits and deposit rates have fallen dramatically.
That is exactly what is happening at your credit union. Our deposits have grown $18.4 million and our loans have fallen $1.1 million year to date. Since there is limited loan demand (probably a good thing considering the economy) we must park our member deposit in short term investments. Most of these funds currently earn us just 0.25%. So, it’s clearly loan demand and the economy negatively impacting rates and not our new buildings and our community activities.
We know that there are a lot of large national institutions out there offering higher rates. These banks are trying to “buy” their money back since so many deposits have moved into secure organizations like your credit union. We encourage you to make the most of your money, and understand if you need to take advantage of better rates, but we also advise you to protect yourself and ensure that you are mindful of the federal deposit insurance options where you are parking your money.
With the challenging economy most folks are seeking safety and security and there is a cost for that safety and security. While I anticipate the day when rates at my credit union are higher (I am a depositor too) I can sleep easy knowing that my credit union is safe, sound ,secure, and watched over by a group of experienced professionals and dedicated volunteers. These volunteers are everyday folks that live and work in the Rogue Valley and volunteer their time to make sure that we make the decisions today to ensure the future of the credit union tomorrow. The great news is that rates will get better…. someday, but your credit union will be here forever!
A common theme that I am hearing today is concern about our deposit rates. Members want to know what happened to our deposit rates, why are they so low, and what can they do to get better rates? I also hear from our members that if we wouldn’t build these “fancy” new branches, and sponsor all these community groups we could pay them more on their deposits. Of course, I take all of these concerns to heart and figured it was time that I helped clear the air on “what happened to our deposit rates…”
First, our rates are actually quite competitive with other local institutions. In fact, we look at the rates of 9 local financial institutions every week. Our goal is to be better than most, so we are consistently in the top third of deposit rates in our market area. In fact, we have had the highest 3 year, 4 year, and 5 year certificate rates for several weeks. So, why have rates fallen so dramatically? It is a simple case of supply and demand with deposits being the supply and loans being the demand. In other words, as Americans become more conservative they borrow less and they save more. This means there is no demand for short-term deposits and deposit rates have fallen dramatically.
That is exactly what is happening at your credit union. Our deposits have grown $18.4 million and our loans have fallen $1.1 million year to date. Since there is limited loan demand (probably a good thing considering the economy) we must park our member deposit in short term investments. Most of these funds currently earn us just 0.25%. So, it’s clearly loan demand and the economy negatively impacting rates and not our new buildings and our community activities.
We know that there are a lot of large national institutions out there offering higher rates. These banks are trying to “buy” their money back since so many deposits have moved into secure organizations like your credit union. We encourage you to make the most of your money, and understand if you need to take advantage of better rates, but we also advise you to protect yourself and ensure that you are mindful of the federal deposit insurance options where you are parking your money.
With the challenging economy most folks are seeking safety and security and there is a cost for that safety and security. While I anticipate the day when rates at my credit union are higher (I am a depositor too) I can sleep easy knowing that my credit union is safe, sound ,secure, and watched over by a group of experienced professionals and dedicated volunteers. These volunteers are everyday folks that live and work in the Rogue Valley and volunteer their time to make sure that we make the decisions today to ensure the future of the credit union tomorrow. The great news is that rates will get better…. someday, but your credit union will be here forever!
Subscribe to:
Posts (Atom)