Historical Newspapers of South Carolina

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Credit Association Credit Association experiences growth Officers for the coming year in the Clinton Credit Association are left to right Joe Nelson, Vice President; Martha Prather, Director; Mack Parsons, Director; James Buchanan, President; Herman Williams, Director; Pat Owens, Secretary; Norman Craven, Treasurer; and Harvey Dkkert, Manager. “This year has been one of tremendous growth,” reported Clinton Credit Associa tion President James Buchanan, during the December 7 annual meeting. “Our assets have grown from last years $1,691,425 to $2,370,018. Our outstanding loans are now approximately $2,000,000.” “We have installed a new computer system thatshouldmakeouroperationmore cost efficient and provide better service to our members,” emphasized Buchanan. The association has added a undevel oped real estate loan program and addi tional loan offerings in unsecured signature loans during 1988. He expressed his appreciation to Clin ton Mills, the Board of Directors, Commit tee members and to the Credit Association staff for their hard work and dedication in making the Association successful. “With this continued support our Credit Association will continue to grow and I urge each member to utilize our Credit Association for their loan and investment needs,” commented Buchanan as he re viewed the accomplishments of the Asso ciation. Credit committee The Credit Committee is charged by the NationalCreditUnion Administration regu lations to oversee the lending functions of the Credit Association. Committee Chairman Truman Owens noted the association currently has approxi mately 1,000 loans outstanding totaling about $2,000,000. Since organization, the Clinton Credit Association has made over $3,134,478 in loans to members. Mem bers have been able to obtain low cost loans where conventional financing would have been more difficult or unavailable. Our goal is to give members the best service possible on their loan applications. Factors considered in determining whether a loan is granted are: purpose for which money is needed, amount, ability to repay. security offered, member’s credit and employment history. Owens and Committeeman Gerald Sat terfield review the loan applications to be certain loans are made to those who meet financial requirements and needs of the Credit Association. MANAGER’S REPORT “The Credit Association has made much progress since our last annual meeting,” says Manager Harvey Dickert. “Our assets have increased 40.12% and our loans have increased 79.70%. “Being a member of the Credit Associa tion is a good deal. It’s a good by design: The Credit Association was created for the members, to help one another in certain financial areas of pooling our resources and forming and organization to manage these resources. As a result, each eligible mem ber has to place to borrow money at reason able rates of interest, and to save money at attractive rates,” outlined Dickert as he reviewed a part of the financial reports recording the association’s success. “There’s a catch to all this, however. Members have to both borrow and save at the Credit Association. Otherwise, the good deal begins to fall apart. Credit Association membership is two way street. Members need to support the Credit Association by borrowing and saving here,” remarked Dick ert. He thanked the members for their sup port and the Board of Directors and the Credit Committee and the Staff for their support and hard work. He praised Clinton Mills, Inc., for their generous support in underwriting much of the costs involved as a sponsor of the Credit Association. The Credit Association supervisory com mittee, comprised of Chairman Lewis Boyer and member B.F. Harvey and Margie Jacks, reported a satisfactory appraisal of the op erating officials practices and conditions to the Clinton Credit Association during the firms recent annual meeting. An audit was conducted by the CUMS Audit Division in March, 1988, under the direction of the Supervisory Committee and a Federal examination was conducted on February 16,1988. Recommendations and exceptions found during these examinations are being ad dressed by management Saving is not for everyone • Don’t save if you’ll never need to replace the car you’re dring now. • Don’t save if you plan to work until the day you die. • Don’t save if you have a wealthy relative who’s promised to leave you everything. • Don’t save if your kids aren’t going to technical school or college. • Don’t save if you’re never going on vacation. • Don’t save if your house is totally maintenance-free. • Don’t save if your house-hold appli ances are going to run forever. ° Don’t save if you have complete and unlimited medical coverage and an auto insurance policy with no deduct ible. • Don’t save if you already have everything your heart desifes. No... saving is not for everyone. If you’re interested, see a Credit Association employee. “Our association appreciates the support of our members” -- Harvey Dickerk, Manager. 4 ClothMaker