Press Releases

10 Most Recent Press Releases

Vermont Students Compete in LifeSmarts

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 First Credit Union to Serve All Vermonters

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 Becomes First Credit Union to Serve All Vermonters

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.

VSECU Fundraising Drive to Help Keep Families W.A.R.M.

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 Announces New Branch Manager

VSECU recently announced Stephen Pelletier is the new manager of its Rutland branch office in the Asa Bloomer Building.

VSECU Helps in Economic Turmoil

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.