Thomas G. Welch
President/CEO
SUMMER 2010
The calendar says it is summer but the weather itself seems to be teasing us. We are all appreciative for the moisture of the recent months but looking forward to those dog days of summer.
PIONEER FEDERAL SAVINGS AND LOAN continues to perform well despite the general slowdown in the local economies. We are pleased to report that we continue to enjoy the support of our local communities and residents as we make good quality home and consumer loans to local area residents and to offer competitive, FDIC insured deposit products. PIONEER FEDERAL is well capitalized and was recently awarded the Bauer Financial Services 5 Star rating –their highest rating--for the quarter ending March 31, 2010—this is the 69th straight quarter in which PIONEER FEDERAL has received this top rating.
The Congress of the United States is currently working to finalize its financial reform efforts. As previous indicated to you, PIONEER FEDERAL SAVINGS AND LOAN ASSOCIATION and most community banks throughout Montana and the nation, did nothing to contribute to the financial crisis of recent years but we will surely pay a tremendous cost when all is said and done. At this time, federal legislation under serious consideration contains no less than 50 regulatory matters that will directly impact community banks such as PIONEER FEDERAL. Unfortunately, these increased regulatory burdens come with a healthy expense attached but no new offsetting income stream for community banks—as a customer, you will ultimately see increased fees and costs and perhaps decreased services in some cases.
One such service currently being impacted by new federal legislation deals with the handling of overdrafts for some debit card transactions. All PIONEER FEDERAL debit card holders are being contacted to inform them of the upcoming changes and to make you aware of the options available and actions needed by you at this time. Should you have questions about this or any other service provided by PIONEER FEDERAL, please do not hesitate to contact our staff.
Should you have any questions about your mortgage loan, whether with PIONEER FEDERAL or any other lender please feel free to contact myself or our loan staff and we will be most happy to address your questions or concerns. We would also be most happy to process your application for a refinance loan from your current out of state loan servicer.
We encourage those borrowers who are faced with job changes or life’s uncertainties to contact our loan staffs sooner rather than later. We are most willing to work with our borrowers to find mutually satisfactory solutions to the problems brought on by current local and national economic situations. The earlier that PIONEER FEDERAL becomes involved in the process, the more viable options we normally have in which to assist you.
Do not forget that PIONEER FEDERAL also makes a variety of consumer related loans such as for new and used vehicles, home improvements, and recreational vehicles. Stop by and visit with one of our loan officers and they can discuss our programs and options available with you.
Please do keep in mind that all borrowings discussed are subject to our underwriting and credit approval and that PIONEER FEDERAL SAVINGS AND LOAN is an Equal Housing Lender.
When thinking of our certificates of deposits and other savings products, I am reminded of the story of the tortoise and the hare. Rather than chasing the chance of big returns in the stock market and with other investment vehicles, consumers are now realizing that the certificates of deposit offered by their local Community banks will help them reach their financial goals with a certainty unavailable with these other investment options. At PIONEER FEDERAL, our CD’s require a low minimum balance to open, earn you a respectable guaranteed rate of return coupled with the comfort of FDIC insurance. The uncertainties of today’s financial markets can be forgotten with the safety and security of a PIONEER FEDERAL Certificate of Deposit. Be sure to see our staff today about opening your certificate of deposit account.
One of the few positives that customers now enjoy coming out of the recent Government reform plans is with increased FDIC limits for an extended period of time. Deposits with FDIC insured institutions such as PIONEER FEDERAL SAVINGS AND LOAN are insured to $250,000.00 per depositor now thru December 31, 2013. Do not forget that IRA accounts enjoy a separate FDIC coverage limit of $250,000.00. Should you have a unique situation or need coverage above the $250,000.00 limit, please be sure to ask our staff for assistance in this area or visit www.fdic.gov/edie
Please remember that both of our offices have a lobby coin counter for all that loose change that you have been saving at home. Our tellers are available to assist you but these are quite easy to use. Stop by and use our machine to count your change and deposit it into your account!
NIGHT DEPOSITORIES and 24 HOUR ATM’s are located on site at both of our facilities and are ready to serve you day or night!
Upcoming Holiday schedules:
Monday, July 5th—closed as part of 4th of July weekend
Monday, September 6th----closed for Labor Day
Monday, October 11th----closed for Columbus Day
Thursday, November 11th----closed for Veteran’s Day
Just a reminder that Daylight Savings time ends on Sunday, November 7th!
Again, THANK YOU for your business-we most certainly appreciate it. We also would like to hear from you on what we can be doing better to serve your needs. Do not hesitate to stop by with your questions or just to visit-the coffee pot is always on and the water jug is full!
