Thomas G. Welch
President/CEO
WINTER 2010-11
As 2010 winds down and 2011 begins, PIONEER FEDERAL SAVINGS AND LOAN ASSOCIATION is completing our 98th year of serving Montanans. We are appreciative of the thousands of customers that have trusted us with their financial needs and those of their families.
PIONEER FEDERAL SAVINGS AND LOAN continues to perform well despite a sluggish economy and ever increasing regulatory burdens and related costs. 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. 2010 saw PIONEER FEDERAL have a regularly scheduled federal examination of our Association for safety and soundness. In addition, an audit of our books and operations are completed yearly by Galusha Higgins Galusha. PIONEER FEDERAL remains well capitalized and healthy!
The management and staff at PIONEER FEDERAL is working its way thru a new round of regulatory changes and compliance burdens becoming effective in 2011 and future years resulting from the latest round of Congressional attempts at financial reform. As previously 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. 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.
Financial fraud whether it is in the form of identity theft or debit card theft is becoming an increasing issue in our local areas. Here at PIONEER FEDERAL, we employ a variety of security measures to protect you and your financial information. However, the best form of protection starts with you the consumer. Act prudently and protect your financial information at all times. Should you ever have questions about possible fraud or identity theft, immediately contact local law enforcement or PIONEER FEDERAL.
If 2011 is the year you build or buy that new or first home, please stop by one of our offices and visit with our experienced loan staff. We offer a variety of programs to fit most any situation and will work hard to ensure that your loan experience is a positive one. PIONEER FEDERAL does not sell your loan or its servicing so you will continue to deal with PIONEER FEDERAL and our local staff from your first payment to your last.
We encourage those borrowers who are faced with job changes or life’s uncertainties to contact our loan staff 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.
Should you have any questions about your mortgage loans, whether with PIONEER FEDERAL or any other lender; please feel free to contact myself or our loan staff and we will be 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.
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. This is a great time of year to invest in your home and add those needed energy improvements. Our loan staff can assist you with a loan to help you build a new garage, replace your old furnace, add insulation or remodel your kitchen or bathroom. 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.
Deposits with FDIC insured institutions such as PIONEER FEDERAL SAVINGS AND LOAN are now insured to at least $250,000.00 per depositor. 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
This is an excellent time of year to open or add to your PIONEER FEDERAL SAVINGS AND LOAN ASSOCIATION IRA. Your PIONEER FEDERAL IRA earns a most competitive rate of return, has no annual fees and may provide you with tax deferral opportunities. Additionally your deposit at PIONEER FEDERAL boosts our local economies as we return these funds back into the area via good quality loans. We encourage all customers to discuss the pros and cons of IRA’s with their tax professionals.
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, January 17th----closed for Martin Luther King Day
Monday, February 21st----closed for President’s Day
Monday, May 30th----closed for Memorial Day
Also, Daylight Savings Time begins on Sunday, March 13th!
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!
