Northern Chautauqua Federal Credit Union announces interest refund

Ed Gallivan, manager of the Northern Chautauqua Federal Credit Union recently announced an interest refund. The Northern Chautauqua Federal Credit Union is a non-profit credit union that serves employees and families of the Silver Creek and Forestville School districts.

The credit union has worked hard at giving good loans and recovering money from previously written off loans. This has resulted in having a good year. Since it is a non-profit, it gives back the income it makes at the end of the year to its members. This year it was able to give an interest refund to all members with non-delinquent loans. This refund of interest was 5 percent. What this means is that all members who had loans that never were late received 5 percent of what they paid in interest returned to them as shares in their accounts.

Their credit union has kept the principal of a savings and loan alive and strong with low interest loans and above average dividends.

The Board of Directors is composed of President Richard Zets, Vice President Michael Murphy, Treasurer Ed Gallivan, Secretary Christine Bowker, Supervisory Committee Chair Elaine Pecoraro. Other Board members include Monica Johengen and Brenda Schneider. Office staff include Loan Manager Aaron Gallivan and Assistant Loan Manager Sierra Pecoraro. Supervisory Committee Members include Robin Bentzoni and Thomas Pecoraro.

The annual dinner meeting of the Northern Chautauqua Federal Credit Union will be held at the Fireman’s Club in Silver Creek on Feb. 3. At this meeting the annual report will be given and there will be elections of Board members whose terms are expiring.