Easy Money – 2023 Q2 Newsletter

Welcome to CBC’s e-Newsletter! Get the latest news about what’s going on in and around OceanAir Federal Credit Union.

Letter from our president and CEO, Rick Weber.

We are proud to report that we had another strong quarter, and we would like to thank you for your loyalty as it was because of our members that we have reached all-time high in assets, liquidity and financial strength milestones. We feel that this is important to point out our financial performance and in contrast to the reported problems in a few of the banks that have recently been in the headlines.

We avoid the problems that some of these banks have encountered by disciplined management and having concentrations of customers or businesses that are in a single sector. We actually believe the financial strength is actually in our diverse membership that is made up of the communities we serve. We have an experienced management team that follows a deliberate path to better serve our members with measured growth and in preparation for a changing economic environment, which includes rising interest rates.

Just like in the pandemic, OceanAir Federal Credit Union will continue to stand above other financial institutions and be your solid financial partner to support all of your financial needs from banking, wealth management to insurance. We will continue to expand our programs, products, services and locations to serve you better and we will consistently be here, especially when you need us the most.

I would personally like to thank many of our members that attended our grand opening of our newest branch opening in Simi Valley back in January. We really feel welcome in the community and it’s great to serve the east county again. We have been pleasantly surprised with all the familiar faces and new members in our newest location.

We thank you for your membership and it truly is a great privilege to serve you. We wish you the best for the remaining of 2023 and may you live Epic!

Community Snapshot

As a Juntos Avanzamos credit union, CBC is strongly committed to serving and empowering our Hispanic and Immigrant communities through affordable financial products and services. Many Hispanic and Immigrant consumers make a large part of the U.S economy, but they tend to avoid financial institutions because of mistrust and bad experiences in the past. Often leading them to higher costs for financial services or fall victim to predatory lending.

To help narrow the gap, CBC is in collaboration with 2 local credit unions to support the Mexican Consulate of Oxnard’s Ventanilla de Asesoria Financiera (Financial Advisory Window). The Financial Advisory Window promotes inclusion, financial education, and resources to many of the Consulate’s visitors. Every third Wednesday of each month, our team members are making an impact by answering financial questions to help guide visitors to the right services to create an easy positive financial experience for all.

Board of Directors Announcement

The date for receiving member applications for nomination consideration to the CBCFCU Board of Directors closed on February 1, 2023.

The Nominating Committee has determined that the following candidates are qualified and eligible for re-election to the Board of Directors: Timur Taluy, Patricia Handfinger and Kevin Jaskolka. Since there is a qualified candidate to fill each Board vacancy for the upcoming term, no nomination from the floor will be permitted during the Annual Meeting. However, if a member wishes to be considered at this time, then a Petition must be effected and submitted to the Credit Union Board of Directors Nominee Announcement. The deadline for receipt of a Petition for consideration as an additional Director Nominee is May 1, 2023. 

Please contact Hal Karam, the Nominating Committee Chair, by e-mail at [email protected] for Petition requirements information and form. 

If there are no additional qualified candidates from a Petition process, there will not be an election, and the Slate of Candidates as stated above will be installed by general consent at the Annual Member Meeting scheduled for June 22, 2023, 5:00 p.m. at 2151 E Gonzales Road, Oxnard, CA 93036. 

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