Credit union achieves 16% growth to surpass $22 million in assets |
Economic recovery from the coronavirus pandemic helped 1st Cooperative Federal Credit Union grow to $22 million in assets in 2021, the first time the financial institution has exceeded the $20 million milestone. The change represented growth of 16%, according to reports presented at its 2022 annual meeting held March 22.
“Members are feeling the difference,” said Ashley Beach Reid, the chief operating officer. “As people felt more comfortable resuming life after Covid restrictions, members borrowed almost $6.9 million last year through 634 loans.”
Members elected a new director to the board during the annual meeting. Trena J. Nelson, vice president of cooperative enterprises at Berkeley Electric Cooperative’s Berkeley Propane subsidiary, will fill the unexpired term of retiring director Tony Fogg.
Directors re-elected to the board include Keith Avery, CEO of Newberry Electric Cooperative; Theresa Crepes, vice president of accounting and finance at Mid-Carolina Electric; and Matt Stanley, chief financial officer at Lauren Electric.
Credit union membership is open to electric cooperative employees, trustees, and their family members, which includes spouses, parents, grandparents, children, grandchildren, siblings and in-laws. More information is available at 1stcooperative.com/join. |
Glenn returns to 1st Cooperative |
A familiar face has returned to 1st Cooperative Federal Credit Union. Rosalynn Glenn, who previously served as the credit union’s assistant manager, has returned on a part-time basis to help the credit union achieve some strategic goals for growth and service. Glenn left the credit union in 2013 to grow her small business, which she still operates.
“Rosalyn will be another friendly voice and capable financial professional to help our members,” said COO Ashley Beach Reid.
“We’re fortunate to be able to add someone with significant experience who is familiar with our membership.”
The credit union, which celebrated its 50th anniversary last year, has assets of over $22 million. Electric cooperative employees, trustees, and their families can join by visiting 1stcooperative.com/join. |
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The 'Zelle fraud' scam: how it works, how to fight back
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One of the more common ways cybercriminals cash out access to bank accounts involves draining the victim’s funds via Zelle, a “peer-to-peer” (P2P) payment service used by many financial institutions that allows customers to quickly send cash to friends and family. Naturally, a great deal of phishing schemes that precede these bank account takeovers begin with a spoofed text message from the target’s bank warning about a suspicious Zelle transfer. It’s important to understand how this increasingly clever Zelle fraud scam typically works, and what victims can do about it.
1st Cooperative Federal Credit Union continues to urge you to be wary of texts or calls appearing to come from the credit union. Never use Zelle, or any other P2P service, to transfer funds to yourself and to call the credit union using a reliable phone number to question any text message or phone call that seems to be received from the credit union.
Here’s a reminder of ways to protect yourself:
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Pay it safe: Many P2P apps don’t let you cancel a transaction once you’ve sent it to another user. With that in mind, avoid sending or requesting money from anyone you don’t know and trust.
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Take your time: Try not to rush when you’re using a P2P app to send money. If someone is pushing you to act quickly, it could be a red flag.
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Treat payments like cash: Money moves quickly when you use P2P apps. Once you hit send, money doesn’t take long to reach its destination. It’s a good idea to double check you have the correct info to make sure your money goes where you intended.
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Use your security settings: P2P apps have measures in place to help keep your account secure. Two-factor authentication requires you to provide multiple pieces of information to access your account. The first is typically your username and password. The second step might require you to enter a numeric code you’re given in an email or text. Or you might use fingerprint or facial recognition.
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Be aware of phishing: One way fraudsters might try to access your account is by posing as your bank or a P2P company. They may try to contact you through emails, calls or texts. Avoid clicking links and sharing personal information. They may also claim you need to download another app or give them remote access to transfer money. Never give remote access to a third party.
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Keep your personal information private: If you use social media, avoid sharing things like your address, phone number and other personal details. And ignore friend requests from people you don’t know.
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Protect your passwords: Use different passwords for P2P apps and other sites. If you’re worried about remembering them all, there are tools available that might be able to help. And like the tip about your personal information, don’t share your passwords with others.
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1st Cooperative will be closed on April 15 in observance of Good Friday |
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Get started saving for your next vacation! |
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A Vacation Account allows you to save throughout the year, then those savings are transferred automatically on May 1 to the account you
choose.
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