Our lease on the Little Falls office is expiring and we decided that we were not getting enough transactions to justify the expense of keeping the office open. The Little Falls office had fewer transactions in the last year than we had in the previous two years. With the introduction of Bill Pay and on- line banking we have reduced the number of people who actually need to use the facility.

We will close the office on November 14, 2008. We regret any inconvenience that this may cause.

This closing is not as a result of any losses or any trouble with the credit union. We remain strong in fact we recently paid out a dividend tour members in the last month. We do not own any of the bad mortgage investment products that have affected the balance sheet of many other financial companies.

While we remain profitable it does not make sense to keep an office open when our members are not using the office.

If you are watching the financial news it may look dire and you may be worried about the safety of your money. Your money is safe at Remington Federal Credit Union. Not only is our financial health excellent with a five star rating from Bauer, but your funds are guaranteed by the NCUA for up to $100,000. You have probably heard about how banks have invested in mortgage backed securities that have lost most of their value. Mortgage backed securities are pools of mortgage loans that were sold to Fannie Mae and Freddie Mac. Remington Federal Credit Union does not have any of these investments in our portfolio. The Board of Directors is committed to keeping your money safe. Remington Federal Credit Union is dedicated to conservative lending. We have never entered into a sub-prime lending program. Sub-Prime Loans are written to customers with poor credit. Many financial institutions made these loans because they could earn higher than average rates.

We loan to local credit worthy members. Our loan portfolio is solid with delinquency well below our peers and we have consistently earned a profit. In fact we recently shared some of the profit with our members.

If you have any questions we would be happy to show you how strong we are financially. Call Steve Jones at 315-894-9924 ext 221 if you have any questions.

The Board of Directors and the staff of the Remington Federal Credit Union would like to thank you for your patronage over the last year. We had a profitable year in 2007 and in 2008 we closed on the sale of the credit card portfolio.

The Board of Directors has decided to return some of the profits to our members. The Credit Union paid a bonus of 5.00% of the amount of interest we paid on your deposit accounts in 2007. We also paid a rebate of 3.50% of the amount you paid in on your loans in 2007. Lastly, the credit union paid the greater 2.85% of the balance at the time of the credit card sale or $35.00.

The proceeds have been credited to your share account.

Anyone who was a member as of March 31, 2008 is entitled to a .25% reduction on the rate of any new loan, or a .25% bonus on the rate of any new certificate. Please ask for a bonus coupon at the time of application.