Interest refund announced by Northern Chautauqua Federal Credit Union
The Board of Directors of The Northern Chautauqua Federal Credit Union announces 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 loans and recovering money from previously written off loans. Even during this COVID-driven year we have been profitable. Since we are non-profit, we give back the income we make at the end of the year to our members. This year we were able to give an interest refund to all members with non- delinquent loans. This refund of interest was 5%. What this means is that all members who had loans that were always paid on time, received 5% of what they paid in interest returned to them as shares in their accounts.
In addition to the interest refund, Northern Chautauqua Federal Credit Union also paid a 0.25% dividend on all shares for the fourth quarter.
The credit union has kept the principal of a savings and loan alive and strong with low interest loans and above average dividends paid on savings accounts.
The Board of Directors is composed of President Michael Murphy, Vice President Brenda Schneider, Treasurer Ed Gallivan, Secretary Christine Bowker, Supervisory Committee Chair Elaine Pecoraro. Other Board members include Monica Johengen and Linda Borrello. 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 in the fall of 2021. During this meeting the annual report will be given along with elections of Board members whose terms are expiring.