MONTPELIER, VT—VSECU, a member-owned cooperative and not for profit credit union for everybody in Vermont, today announced it has made a unique investment in clean, renewable energy that completely offsets its Green Mountain Power (GMP) electricity consumption.
VSECU Press Releases
MONTPELIER, VT—VSECU, a member-owned cooperative and not for profit credit union for everybody in Vermont, today announced it donated $10,000 through its VGives program to the Bennington County Coalition for the Homeless (BCCH), a nonprofit organization striving for sustainable solutions to end the cycle of homelessness by promoting decent, safe, fair, and affordable shelter for all through a range of programs and support services.
MONTPELIER, VT—VSECU, a member-owned cooperative and not for profit credit union for everybody in Vermont, is now accepting applications for its Student LIFT debt repayment program. The unique program awards three Vermonters with $5,000 each, to use towards student loan payments. In contrast to typical scholarship programs, Student LIFT aims to empower former students to reduce the burden of student loan debt. Student loan debt can be a significant expense long after students leave college. Research from the Institute for College Access & Success (link is external) found that 65 percent of Vermonters hold student debt balances, with an average debt of $29,060.
$5,000 grant will support Basic Needs and a Stable Home programs
MONTPELIER, VT— VSECU, a member-owned cooperative and not for profit credit union for everybody in Vermont, today announced that it has awarded Spectrum Youth & Family Services (“Spectrum”) with a $5,000 grant for its Basic Needs and Stable Home initiatives, which help homeless and at-risk youth. This gift will ensure that young people have access to critical support, including meals, material needs, shelter, housing, and improved connections to community support services.
By Rob Miller, CEO of VSECU
Imagine a strategy that could transform a country’s poorest regional economy into one of great wealth and prosperity. An approach that could build a community that produces more than 9 percent of that country’s Gross Domestic Product (GDP), 12 percent of its exports, and 30 percent of its patents, while only comprising 7 percent of its population. This scenario is no fantasy. It’s the realty in Emilia Romagna, Italy.
Blood drives at six VSECU branches in June and July will benefit the American Red Cross
MONTPELIER, VT— VSECU, a member-owned cooperative and not for profit credit union for everybody in Vermont, today announced the launch of its semi-annual blood drive series for the American Red Cross. The credit union will host six blood drives at branch locations around the state throughout June and into early July.
Read the full article at vermontbiz.com
Supporting a more dynamic local economy through strategic investments in local co-ops
MONTPELIER, VT—VSECU today announced a commitment to foster and grow Vermont’s cooperative economy through strategic equity investments in local cooperative organizations.
VSECU will make these strategic investments through Co-op Capital, a new initiative that marks the latest project under the credit union’s vision to bring people together to empower possibilities for greater financial, environmental, and social prosperity. The primary goal of Co-op Capital is to drive significant growth within Vermont’s cooperative economy and positively impact VSECU’s local communities. Accordingly, in addition to weighing the financial viability of its cooperative partners, VSECU will also consider the social impact of the co-ops it chooses to invest in through this program.
Read the full release at vermontbiz.com
Listen to coverage on vpr.net
Learn more about Co-op Capital on our website
MONTPELIER, VT—VSECU announced the completion of a project to finance a 150kW solar array in Bridport, VT. Savage Solar purchased the project, which will continue to power Vermont Hard Cider Company’s Woodchuck Cidery, based in Middlebury, VT.
By Rob Miller, CEO, VSECU
Since becoming CEO of VSECU, a member-owned cooperative and not for profit credit union open to all Vermonters, I’ve made a point to go out to the communities we serve, engaging with individuals and organizations to better understand issues impacting our members, and all Vermonters. Through these discussions, I came to appreciate the many challenges – and opportunities – facing Vermonters today.
MONTPELIER, VT_—VSECU has donated $23,000 to Vermont charities. Credit union members directed the funds through VSECU’s annual We Care 2 program, by casting votes for charitable organizations that impact issues of food, shelter, heat, or financial education for Vermonters.
Partnership marks the first initiative under VSECU’s newly launched vision, focused on maximizing the credit union’s social, environmental and financial impact throughout Vermont
MONTPELIER, VT_—VSECU today announced a partnership with Vermont-based equity crowdfunding company Milk Money L3C, designed to empower entrepreneurialism and drive local business development.
MONTPELIER, VT—VSECU today released new data detailing 2015 holiday spending trends amongst Vermonters, finding that Vermont consumers were more likely to finance holiday spending with cash than with credit. VSECU’s analysis showed that 2015 holiday spending via cash and debit increased compared to 2014, while credit card spending decreased by 8.8 percent.
Grant-funded loan buy-down program, exclusively available from VSECU, reduces costs for community solar investments
MONTPELIER, VT – VSECU, a credit union for everybody in Vermont, has been awarded a $125,000 grant from the Vermont Public Service Department’s Clean Energy Development Fund to help Vermont residents reduce financing costs for investments in community solar arrays. The funding, available only through VSECU, will be available for a limited time to buy down interest rates on loans used to purchase shares in, or portions of, community solar projects.
Read more at VPR
by Simeon Chapin, Director of Community & Social Development at VSECU
Vermont has more than 6,000 charitable organizations, all with important missions that help better the lives of our neighbors and improve our communities. With 18% of all donations occurring in December, it is by far the most popular month of the year for giving.
What do Giving Committees look for when deciding where to donate funds, and how do organizations appeal to those committees? Read the article at VermontBiz.com.
By Rob Miller, CEO of VSECU, and Dimitri Garder, Co-founders of Global-Z and Project Lead for The Lightning Jar
Vermont faces some serious economic challenges. While we boast one of the lowest unemployment rates in the country, projected annual job growth is at 0.8% and the state’s job outlook is projected to be the third worst in the U.S. over the next few years. Further, we are struggling to keep talented employees and budding entrepreneurs in-state, seeing stagnant population growth and a workforce with the highest median age in the country…
Five November blood drives have the potential to save up to 285 lives__
MONTPELIER, VT — For the second time this year, VSECU is hosting five blood drives at branch locations around the state. The first round of blood drives, held in June at five VSECU branch locations, brought in 63 units of blood for the American Red Cross. Every unit has the potential to save three lives, meaning the June drives collected enough blood to save as many as 189 lives. VSECU hopes to collect 95 units during the November drives, which could potentially save up to 285 lives.
MONTPELIER, VT—VSECU today announced that its most recently constructed branches, located in Waterbury and St. Johnsbury, have earned ENERGY STAR certification. The EPA award signifies that VSECU facilities perform in the top 25 percent of similar facilities nationwide. Overall, ENERGY STAR buildings use 35 percent less energy and generate 35 percent fewer greenhouse gas emissions than other facilities.
BENNINGTON, VT—Not being tied to an office has its advantages, but the solo small business owner, who stands to become the norm in the workforce according to some, often doesn’t have anyone to bounce ideas off or a way of getting a fresh perspective.
The Lightning Jar may change that, locally.
The Lightning Jar is a coworking space to be located at the new branch of Vermont State Employee Credit Union (open to all who work or live in Vermont) on North Street…
BENNINGTON, VT—A group of business and community leaders in Bennington are developing Vermont’s newest coworking space. Named “The Lightning Jar,” the space is expected to begin operations by the end of summer 2015. Located inside of the new VSECU branch in downtown Bennington, The Lightning Jar is planning to offer…
MONTPELIER, VT—VSECU, a credit union for everybody in Vermont, was recently recognized and received the prestigious 2014 Community Credit Union of the Year Award from the Credit Union National Association.
VSECU was one of four credit unions, among the 2,200 community credit unions serving members in the nation, honored during an awards presentation held in Las Vegas, Nevada. Rob Miller, CEO of VSECU, accepted the award on behalf of the credit union and stated, “It is with great pride to accept this award on behalf of the employees at VSECU who come to work every day with a mission driven purpose to help improve the quality of life for all Vermonters.”
SOUTH BURLINGTON, VT—Lund is delighted to announce a $5000 gift from VSECU, to the 50 Joy Drive Capital Campaign. This generous gift will help to complete the purchase of Lund’s new facility at 50 Joy Drive which houses our Adoption Program, High School completion program, Parent Child Center, 5 STAR Early Childhood Education Program and Business / Development Offices. 50 Joy Drive is Lund’s second permanent site, complementing the Residential Treatment Program on Glen Road in Burlington.
A reading nook in one of the early childhood classrooms will be dedicated in honor of…
BENNINGTON, VT—P.M.H. Credit Union of Bennington and VSECU successfully completed a merger to provide convenience and expand access to financial services to the combined membership beginning August 1.
The 1,206 members of P.M.H. CU merged into VSECU, which now serves 54,000 members. The merger gives the former members of P.M.H. CU access to a broader array of financial products and services and creates a physical presence for VSECU to serve members at the Southwestern VT Medical Center campus branch located in the Toolan Building.
BRATTELBORO, VT—VSECU, Vermont’s only statewide credit union, is supporting the Windham Child Care Association with a $3,000 donation. The Windham Child Care Association administers programs and services for children, families, and early childhood educators to ensure access to high-quality child care is available to all children in Windham County.
“We are so proud to be able to financially assist this organization. Access to quality child care is an urgent and essential need for so many Vermont families,” expressed VSECU Brattleboro Branch Manager Lisa DiBernardo.
BRATTLEBORO, VT—VSECU, a statewide credit for everybody who lives or works in Vermont, is proud to sponsor the 18th annual Source to Sea Cleanup, the Connecticut River Watershed Council’s annual cleanup of our rivers and streams. For more than 60 years, the Connecticut River Watershed Council has been the leading environmental group working for the protection, restoration, and sustainable use of the Connecticut River watershed – from Vermont and New Hampshire to Massachusetts and Connecticut.
With VSECU’s financial support of $2,500, more than 2,000 volunteers will set out to remove tons of trash from the Connecticut River and its tributaries on September 26 & 27.
MONTPELIER, VT—VSECU, a credit union for all Vermonters, donated $23,000 to Vermont charities through the We Care 2 Program. More than 7,000 credit union members cast a vote to help direct this portion of VSECU’s charitable contributions.
This year’s We Care 2 Program received 49 applications from charities from across the state of Vermont for consideration. The five finalists selected by VSECU’s Community Contributions Committee were NCSS Youth in Transition, Rutland Community Cupboard, Southern Vermont Natural History Museum, Therapy Dogs of Vermont and Vermont Adaptive Ski and Sports. The organizations were encouraged to rally support to earn VSECU membership votes through their social media and other communication channels.
MONTPELIER, VT—The largest and only state chartered credit union for all Vermonters announced that the VSECU Board of Directors has named Robert Miller, Managing Director at Conning, Hartford, CT, and former Commissioner of the Vermont Department of Economic Development, to succeed Steve Post as the Chief Executive Officer. Miller will join VSECU on March 31 and immediately assume the role of CEO.
In its search for a new CEO, the Board sought a candidate with leadership and strategic experience who could demonstrate…
ST. JOHNSBURY, VT—VSECU, the only statewide credit union for everyone who lives or works in Vermont, recently opened a new branch in St. Johnsbury at 1036 Memorial Drive. The credit union held its grand opening celebration on Thursday, February 20.
The branch is designed as an environmentally sustainable and energy-efficient building to meet Energy Star certification standards. Amenities include a community room, which can be reserved and used by area residents, as well as a Tech Center where VSECU members can access free WiFi.
BARRE, VT—When the credit union VSECU needed 700 cookies to deliver to Realtor businesses around the state, the Barre Technical Center Bakeshop was the bakery of choice for VSECU.
Elizabeth LaPerle, a mortgage originator with VSECU, chose the bakery not only for the homemade goods but also to help support the young students enrolled in the bakeshop program.
MORRISVILLE, VT—VSECU, the only state-wide credit union, continues its commitment to improving the quality of life for all Vermonters by helping the Salvation Farms purchase a much-needed pickup truck to support its work to manage Vermont’s farm surplus crops. The Toyota Tacoma has already begun to transport and deliver food to organizations around the state.
“We are so pleased to have helped provide resources for Salvation Farms’ new pickup truck. Being able to help get food – healthy food that would have otherwise gone to waste – to those in need is one of the many ways VSECU works to help our neighbors,” said Kate Paine, Board member and Chair of the VSECU Community Giving Program.
MONTPELIER, VT—VSECU publicly announced today that planning has begun to choose a successor to the current CEO, Steve Post, who is planning to retire after 23 years of leadership at the largest state chartered and only statewide credit union in Vermont.
Mr. Post was appointed Chief Executive Officer in 1990 and previously held the position of General Manager at the White River Credit Union in Rochester, Vermont. Post served as Chairman of the Association of Vermont Credit Unions Government Relations Committee and has been an active and local voice working with regulators and legislators to ensure a place for financial cooperatives in Vermont.
ST. JOHNSBURY, VT—VSECU had its official groundbreaking ceremony at the site for its new St. Johnsbury Branch on July 10 at 1036 Memorial Drive.
This office will serve as VSECU’s first Northeast Kingdom location. The renovation of the purchased site will allow VSECU the flexibility to expand its services to credit union members in the NEK.
BRATTELBORO, VT—VSECU, the only state-wide credit union for all Vermonters, has not only expanded its branch access to Southern, Vermont, but has expanded its gifting with a $10,000 contribution to help finish the final phase of a downtown Wilmington project.
The gift from VSECU along with a $10,000 grant from The Wilmington Fund VT will be used to pay for lighting and other completion work in a newly constructed parking lot and green space in downtown Wilmington. The Wilmington Fund VT also contributed an additional $5,000 in 2012 for the parking lot itself in addition to the $10,000 match. The project is part of Wilmington’s Long-Term Community Recovery Plan resulting from the aftermath of Hurricane Irene.
MONTPELIER, VT—VSECU, a not for profit financial cooperative for all Vermonters, recently announced the results of its member election for the credit union’s Board of Directors and Credit Committee.
Three incumbents were returned to the credit union’s board: M. Jerome Diamond, Todd Bailey and Judy P. Rosenstreich. New to the board is Jason Aldous of Randolph Center. Members also elected incumbent Helen M. Weed to the Credit Committee.
RUTLAND, VT—VSECU’s Rutland Branch Office has moved and opened its doors for business on Dec. 12, 2011, at its new location at 72 Seward Road in Rutland Town, adjacent to Alderman’s Toyota.
The old VSECU branch located in the Asa Bloomer Building in downtown Rutland closed on Friday, Dec. 9. The ATM at the Asa Bloomer building is still onsite for cash withdrawals.
The new branch enables us to enhance service for our members, featuring a 24/7 ATM, drive-thru teller lanes and plenty of parking. In addition, the branch offers a coin counter and a community room for use by Rutland area organizations for meetings and small gatherings.
Gossens Bachman Architects of Montpelier designed the 4,300-square-foot office, and Russell Construction Services of Rutland was the contractor for the project. The new facility was built to meet environmental sustainability and energy conservation standards set by Leadership in Energy and Environmental Design (LEED), a third-party green certification system.
A grand opening and open house is planned for early 2012.
Hours of operation:
9:00 a.m.-5:00 p.m. Monday through Thursday
9:00 a.m.-6:00 p.m. Friday
9:00 a.m.-1:00 p.m. Saturday
8:00 a.m.-5:00 p.m. Monday through Thursday
8:00 a.m.-6:00 p.m. Friday
9:00 a.m.-12:45 p.m. Saturday
VSECU is pleased to announce Shari…
VSECU has donated $80,000 to three…
Facebook is not just for finding your…
Facebook is not just for finding your best friend from high school or whiling away the hours playing Farmville—six Vermont-based charities discovered how it can be effectively used to help those in need.
VSECU (Vermont State Employees Credit Union) donated $10,000 to the six charities through an employee directed giving program called We Care 2. The Central Vermont Humane Society received $5,000, while five other charities, Central Vermont Home Health and Hospice, the Vermont Chapter of the Alzheimer’s Association, Prevent Child Abuse Vermont, Camp Ta-Kum-Ta and Project Independence in Barre, each received $1,000.
From the beginning of the employee directed giving program, VSECU hoped to engage Vermonters around the state in a discussion about how the $10,000 should be distributed. Even though it would be VSECU employees who would choose the charities, they wanted to give others outside the credit union the opportunity to suggest charities and why they should be supported.
“Our Board of Directors understands that our staff is working with members and Vermonters from all over the state. Instead of them directing part of our giving budget to entities in need, they wanted our staff to be part of that identification process,” said Yvonne Garand, VSECU’s vice president of Business Development. “Ultimately, it was up to our employees to choose which charities would receive the funding set aside by our Board, but they wanted to hear from the community, too.”
According to Garand, VSECU determined that the most accessible way for people across the state to weigh in on the We Care 2 program was through its Facebook page, “A Banking Co-op for all Vermonters.” “Through Facebook, our employees were able to gain a wider knowledge of the charities available for Vermonters,” Garand said. “Our employees wanted to hear from the community hoping to gather some recommendations. Employees created a video and posted it on Facebook asking Vermonters to submit charities for our staff to consider. In addition, using Facebook gave these charities another forum to promote their causes to the community. The overall response was amazing.”
VSECU created an electronic submission form for Facebook users. For people not on Facebook, suggestions could be submitted on paper at branch locations. Nearly 440 online suggestions and 40 suggestions on paper were submitted over the course of one month. Several charities actively campaigned for their causes, urging their staff and clients to submit suggestions and write on VSECU’s Facebook wall.
According to Linda Johnson, executive director of Prevent Child Abuse Vermont, the We Care 2 campaign was another way to let the community know about her charity. “I want to thank everyone who participated in this very special VSECU event,” she said. “All the charities involved make our community the great place it is, to live and work. At PCAV, we are here to help every child in Vermont thrive at home, in their school and community. Again, thank you, VSECU members and friends for supporting us all!”
During the month of July, VSECU employees using Facebook could read and consider the wall posts. All suggestions, both online and on paper, were also posted on the VSECU employee intranet, and in early August, employees were asked to submit their charity of choice where five rounds of employee voting followed narrowing the field until the final six were selected.
“Some of our employees were very passionate about their charities and were actively promoting them to their co-workers,” Garand said. “Just like community members who shared their stories and enthusiasm for charities, our employees engaged in the same online community conversation by utilizing our internal blog during the voting process. You could see where employees were talking to each other about why certain charities should be considered.”
“I am so glad to be a part of a company that is giving back to the community,” said Pattie Dupuis, who works in VSECU’s mortgage department. “I voted for the Central Vermont Home Health and Hospice because they provided such compassionate support to my family when my father was dying of cancer. We lost him last March, but he was able to die with dignity. Hospice was there for my father and for my family. I am glad I was able to be a part of funding their continued efforts.”
Garand says she hopes the We Care 2 program can continue. “Our employees really enjoyed the opportunity to help their fellow Vermonters,” she said, “and using social media made it an interesting experience. We are just now discovering the power of social media to engage VSECU members and non-members around the state.”
VSECU donated $10,000 to six charities through their employee directed giving campaign called We Care 2. Although employees made the ultimate decision on how the money should be distributed to the charities, anyone could submit a suggestion for a charitable cause via Facebook.
VSECU Helps Project Independence of Barre Buy New Building
They call their new, renovated office and adult day care center the “P.I. Palace.” With the lyrics of “Downtown,” the 1960s hit by Petula Clark, as their theme, staff, participants, supporters and friends of Project Independence of Barre gathered to celebrate the new center at 81 N. Main St., Barre, at an open house and ribbon cutting ceremony on Oct. 20.
Serving central Vermonters since 1975, Project Independence is a non-profit adult day service for elderly and disabled adults who wish to stay in their own homes versus nursing homes or residential care facilities. PI offers health services and activities to stimulate physical and mental well-being. In addition, the service provides caregivers respite so that they can take a break to attend to personal needs or just to rest or relax. PI draws from 18 towns in Washington and northern Orange counties, currently serving a total of 108 clients each month.
The new, larger center will allow PI to expand to meet a growing demand for adult day services. The new center boasts a spacious, well-lit recreation area, commercial-grade kitchen, shower and restroom facilities to accommodate the disabled, physical therapy room and more. Dee Rollins, PI’s executive director, says the downtown location makes the center more accessible to clients and closer to other services.
According to Rollins, when looking for financing for the new center, she called a number of local financial institutions, but she said VSECU was the only one that responded with an offer of help. She and Scott Nichols of VBiz, VSECU’s business services department, worked closely together to construct a loan that would meet their needs.
“VSECU and VBiz were proud to partner with PI to make this dream become a reality” Nichols said. “PI has an excellent staff and receives great support from the community it serves. At VSECU, our focus is on small businesses and non-profits just like PI.”
The Project Independence open house also kicked off their Capital Campaign, a two-year fundraiser. For more about Project Independence, visit www.pibarre.org.
(Top): (left to right) Sen. Bill Doyle; Kathy Town, secretary-PI Board of Directors; Dee Rollins, PI executive director; Linda Kuban, PI assistant executive director; Steve Koenemann, president-PI Board of Directors; and Scott Nichols, VSECU’s VBiz, join in open house festivities of the “P.I. Palace.” Koenemann is vice-president-information officer at VSECU, and Town is a long-time employee of VSECU, currently working in the Information Systems department.
(Center): Dee Rollins, PI executive director, and Steve Koenemann, president of PI’s Board of Directors, share the scissors following the ribbon cutting ceremony.
(Bottom): Scott Nichols, business services advisor with VBiz, VSECU’s business services for nonprofits and small businesses, addresses the audience at the PI open house.
In response to growing environmental concerns, Home Share Now is expanding its mission to include live-in matches for individuals motivated by “green” concerns.
Welcome to VSECU’s new Waterbury Branch Manager!
VSECU is pleased to introduce Don Fair as the new manager at our Waterbury Branch. Although Don is new to the branch office, he is not new to VSECU. For four years, Don has been the manager of our Call Center.
“Moving to the Waterbury Branch gives me the opportunity to really get to know the members,” Don says. “Because the Waterbury branch is so small, it has a ‘family’ feel. I look forward to working with members one-on-one to help them with their financial needs.”
Prior to coming to VSECU, Don worked for 13 years for National Life in Montpelier, where he held various management positions. Don is an avid outdoors-man and a trustee of the Barre Fish and Game Club. A native Vermonter, Don lives with his wife Renee and three children in Calais.
VSECU Names Chuck Karparis to New Management Position
With its recent expansion to serve Vermonters statewide, VSECU has restructured its senior management team naming Chuck Karparis to a newly created position, Vice President-Lending Officer. In his new position, Karparis will direct consumer lending operations, mortgage originations, asset recovery and commercial business through VBiz, VSECU’s business services for small businesses and nonprofits.
Prior to assuming his new role, Karparis was VSECU’s Vice President-Retail Officer where he managed both consumer and commercial retail activities. Jeffrey Goff, Claremont, N.H., was recently hired as the new Vice President-Retail Officer and will focus solely on consumer retail, sales and member services.
Active in the community, Karparis has been the mayor of Montpelier and currently is a trustee of the Montpelier Foundation, treasurer of the Central Vermont Community Land Trust and a member of the Montpelier Rotary Club. Karparis and his wife Tina live in Montpelier.
VSECU is a not-for-profit financial cooperative, which offers a full range of affordable financial products and services to its member owners. People eligible to join the credit union include everybody who lives or works in Vermont. For more information about VSECU, call 802/800 371-5162 or visit www.vsecu.com.
VSECU Welcomes Joe Rodolfy to Mortgage Department
VSECU is pleased to announce the addition of Joe Rodolfy as mortgage originator in its Rutland Branch, 88 Merchants Row. Joe brings with him more than 20 years of mortgage lending experience in the Rutland area. He is well prepared to assist all types of borrowers who live or work in Vermont, from the first-time homebuyer to the homeowner looking for a retirement home. In addition to Rutland County, Rodolfy will assist homebuyers in Windsor, Windham, Bennington and southern Addison counties.
Active in the Rutland community, Rodolfy is a longtime member of the Rotary Club of Rutland and an affiliate member of the Rutland County Board of Realtors. Joe also has served as a school director from Mendon on the Barstow School Board and as a board member of the Rutland Amateur Hockey Association and the Rutland Regional Field House. Joe lives in Mendon with his wife Deborah and his two college-age children.
VSECU is a not-for-profit financial cooperative, which offers a full range of affordable financial products and services to its member owners. People eligible to join the credit union include everybody who lives or works in Vermont. For more information about VSECU, call 802/800 371-5162 or visit www.vsecu.com.
A team of five students from North Country Career Center, Newport, beat five other teams from around Vermont to win the first LifeSmarts competition ever held in Vermont. Now they go on to compete for the National Championship in Miami, Florida on April 24 – 27. The team displayed a broad range of knowledge in the game-show style competition that covered topics including personal finance, health and safety, the environment, technology, and consumer rights and responsibilities.
LifeSmarts is a program of the National Consumers League and is designed to give young people the life skills they will need to become independent young adults when they leave high school for college or leap directly into the job market.
We are proud to be a founding member of Vermont’s non-profit youth financial literacy program called Jump$tart which helps Vermont’s young people learn responsible money management by working with schools, youth organizations and parents as well as directly with students. Through this program we were able to support this first ever LifeSmarts competition in Vermont.
We hope to see more high school teams compete next year! If you want to help a teacher or high school get involved for the state competition next year, contact LifeSmarts.
VSECU has become the first credit union in Vermont approved to serve anyone who lives or works anywhere in Vermont. The decision came from the Vermont Department of Banking, Insurance, Securities and Health Care Administration (BISHCA) in late 2009.
With the acquisition and merging of regional and state banks in Vermont, this decision comes at a time when Vermont consumers are left with less choice for local banking needs. Now VSECU can be an alternative to for-profit banks, with a stable and local presence for all Vermonters.
This exciting change comes after years of working with other state-chartered credit unions through the Association of Vermont Credit Unions and BISHCA to modernize the credit union statute. The Vermont legislature passed H.149 in May 2006, paving the way for greater competition among all financial institutions in Vermont and greater choice for consumers.
VSECU has become the first credit union in Vermont approved to serve anyone who lives or works anywhere in the state. The decision came from the Vermont Department of Banking, Insurance, Securities and Health Care Administration (BISHCA).
Steven Post, chief executive of VSECU, commented that, “our long-term vision has been to make VSECU a true alternative to for-profit banks and to be available to all Vermonters.” We now have that opportunity, he said.
“This development is especially significant as consumers try to make sense of the bailouts, investment decisions and shortcomings in the country’s banking system. The acquisition and merging of regional and state banks also has left Vermonters with less consumer choice and the loss of local control and servicing,” Post said.
“We like being a local credit union, we like working with a Vermont regulator and we like being inclusive,” Post said.
“Competition is always good and there is plenty of room for different banking models to co-exist,” he said. “I believe that our model can bring affordability and better value to Vermonters.”
VSECU operates as a not-for-profit, democratic cooperative that works for the benefit of its members, not just shareholders. It offers a full range of financial services for individuals and small businesses.
Chartered in 1947, VSECU has experienced steady growth in membership and now has over 40,000 members. Prior to this decision VSECU served residents of seven counties and state employees statewide.
VSECU worked with other state-chartered credit unions through the Association of Vermont Credit Unions and BISHCA to modernize the credit union statute. The Vermont legislature passed H.149 in May 2006, paving the way for greater competition among all financial institutions in Vermont and greater choice for consumers.
FOR IMMEDIATE RELEASE: October 16, 2008
While anxiety is escalating over the economy and the impact it leaves on families, VSECU is taking action to help those in need and inviting its members to join in its efforts.
In light of the rising costs of food and fuel, VSECU’s board of directors has launched a member matching donation program to respond to the needs of families who will experience some tough financial choices very soon. We’re a Responsive Membership—W.A.R.M.—enables members and VSECU to combine their donations to help with heating fuel assistance for families around the state.
“Our credit union motto, people helping people, is at the very root of W.A.R.M.,” said Judy Rosenstreich, a board director and the chair of the community giving committee at Vermont State Employees Credit Union. “The VSECU board unanimously agreed to support this initiative and believes that pooling our resources with members who also want to give can bring relief to families in Vermont this winter.”
VSECU has pledged $40,000 to match member donations dollar for dollar. Funds will be distributed through the five regional Community Action Agencies in Vermont. Members may direct their tax deductable donations to any of the five agencies. Any excess funds from the VSECU pledge will be dispersed proportionately based on the VSECU member population in each of those regions.
Rosenstreich understands that the increased cost of heating will impact everyone, but stressed that the problem for some middle-income Vermonters as well as those with low incomes who may not otherwise qualify for LIHEAP (Low Income Home Energy Assistance Program), have fewer resources available. “Even if it’s only a few dollars that a member donates, combined with VSECU’s matching donation, we should be able to build a substantial fund to help take care of people in the communities we live in and that VSECU serves.”
VSECU members may donate online at www.vsecu.com/warm; by phone at 802/800 371-5162; or by visiting a branch location in Montpelier, Berlin, Waterbury, Rutland, Burlington or Williston. Donations to W.A.R.M. will be accepted now through Dec. 31, 2008.
The Vermont State Employees Credit Union is a not-for-profit financial cooperative, which offers a full range of affordable financial products and services to its member-owners. People eligible to join the credit union include anyone who lives or works in Addison, Caledonia, Chittenden, Lamoille, Orange, Rutland and Washington counties, along with Vermont’s state employees and their families. For more information about VSECU, call 802/800 371-5162 or visit www.vsecu.com.
VSECU recently announced Stephen Pelletier is the new manager of its Rutland branch office in the Asa Bloomer Building.
If you are presently experiencing or anticipate experiencing a financial hardship that will impact your ability to pay bills or make loan payments, please give us a call at 802/800 371-5162.
Over the years we have tried to be the preferred source of financial services for Vermonters and their families. We attempt to do so by building and maintaining a relationship with our members that is founded on trust, long-term commitment and active participation in our cooperative. To reach that goal, we have pledged to treat each member with honesty and mutual respect while honoring our responsibility to the membership as a whole.