ARMCOCREDIT UNION

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Did you know Armco Credit Union is the 2nd largest credit union in the Pittsburgh region? At a time when financial institutions are merging, Armco CU continues to achieve milestones and is well positioned to continue expanding for decades to come.

How does a modest credit union tucked away in Butler County achieve such success in a competitive industry?

“I think the reason the credit union has been so successful is because we have a volunteer Board that genuinely cares about the members and staff; a staff that does what’s best for the members; and loyal, honest, hardworking members who use our services,” said Randy Cypher, CEO, “And on top of all those reasons, God has blessed us.”

* * *The year was 1935. On average, a new car cost $850, gas cost 11¢/gallon and a new house was $1,725. Monopoly was introduced to families and Amelia Earhart flew solo across the Pacific. President Roosevelt signed the Federal Credit Union Act the previous year to make credit available to Americans and promote thrift during the depths of the

Great Depression.

A small group of Armco Steel workers formed

a charter on Feb. 26, 1935. The purpose was to “promote thrift among its members and create a source

of credit for them, at legitimate rates of interest for provident purposes,”

according to the charter document. The Butler ARMCO Employees Credit Union was founded with $900 in deposits by 15 members. By year end, assets increased to $1,896.44.

The CU consistently increased in both assets and members each decade.

By the late 1960’s the CU had grown to nearly $4 million in assets. The office was located on the third floor of the Main Office Building and was staffed by only 3 employees. They only offered checking, savings and Christmas Club accounts and only financed auto loans.

Debbie Roginski, a current Board member and Armco retiree, recalls that

the CU staff had to type checks and if a member needed cash, they had to notify the office a day prior. Debbie

is also the granddaughter of George Bayer, who

served as Vice President of the original charter group.

In the early 1970’s the CU relocated to the services building on the Armco grounds. Assets rose to $8.7 million by 1980. Debbie recalls deposit accounts receiving double digit dividends in the early 1980s.

The CU quickly outgrew their modest facility. In 1989, they built a new, modern building at their current location in Pullman Square. They

introduced new services such as MAC cards, mortgages and various types of loans.

By 1990, assets grew to over $45 million. The CU began acquiring smaller credit unions such as IBEW Local 10, Butler Memorial Hospital, Butler County Employees, Southern Butler

County and Penn Drake. They also began partnering

with local businesses called Select Employee Groups (SEGS).

This allowed employers to offer credit union membership to their employees.

Armco Credit Union Celebrates 85 Years of Savings and Service

George BayerCharter VP

85 Years. 30,000 members. $365 million in assets.

(continued on page 3)

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Aerial View of Armco Steel

Armco CU will award $15,000 in college scholarships to freshmen entering the Fall 2020 academic year.

Students planning to enroll in an accredited trade school or college are encouraged to apply.

The application process has been simplified this year. It’s now one page and students must submit a resume. They do not need to seek recommendations or write a lengthy essay.

“We feel that requiring students to create a resume instead of writing an essay provides more long-term value to the student,” according to John Gibson, Board of Directors Vice President.

To apply, visit www.ArmcoCU.com/scholarships-information/ to download the guidelines, application and sample resume. There is also a resume template link to help students create a resume. Deadline for applications is Feb. 28, 2020. Winners will be notified in May and will be recognized at a reception during the summer.

Armco CU awarded a total of $10,000 in 2019 and 20 students each received $500. This amount was doubled from the previous year when $5,000 was awarded.

Free Financial Resources for Members and TeachersThe CU recently acquired Banzai, an award-winning financial education platform to provide content relevant to kids, teens and adults. Check out this free resource for members at www.ArmcoCU.com and click on Learn and find:

• Library of Financial Articles• Interactive Coaching Modules

Input your own data into one of 8 coaching modules including “Get Out of Debt” or “Basic Bookkeeping”

• Financial Calculators• Games for Kids and Teens

Attention High School Teachers!The CU now sponsors the Banzai program in all Butler County high schools. Teachers may request free access to an online course and free workbooks. So far seven

teachers have registered for the program which will serve 300 students.

The online course allows students to play a game that simulates real-life financial scenarios like paying rent and taxes while making lifestyle choices. Students may complete the modules online and at their own pace.

High school teachers may view a demo and register by visiting www.ArmcoCU.com and click on Learn.

It’s that time again…for your IRAHave you made your IRA contribution for the 2019 tax year yet? If not, you should move now while there’s still time. It’s also time to think about your contribution for the 2020 tax year.

Take advantage of the annual contribution limits.

Make sure your IRA is working hard for you.There’s a wide variety of investments available for your IRA … mutual funds, stocks, CDs and annuities, just to name a few. As a Representative for the MEMBERS Financial Services Program located at Armco Credit Union, I can help you decide which investments may be right for you, and I’ll also help you consider whether to purchase a traditional IRA or a Roth IRA.

Call Chuck Headley, CRPC®† the MEMBERS Financial Services Representative today for your no-cost, no-obligation appointment (724)-284-2020 Ext 1030.

Representatives are registered, securities are sold and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (866) 512-6109. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. +CRPC® is a registered service mark of the College for Financial Planning®. FR-2386791.1-0119-0221

The maximum annual limits for both traditional and Roth IRA contributions are:

2019 $6,000 2020 $6,000

Additional “catch-up” contributions can be made each year by people age 50 and older of:

2019 $1,000 2020 $1,000

Scholarships Increase to $15,000 in 2020

Applications Now BeingAccepted

The event you waited for all year long is back!

Buying a new or used vehicle?

Want to refinance2 a high rate auto loan from another institution?

Don’t miss out on these sweet rates effective now through February 29.

Auto loans have never been easier! 2-Hour Approvals • Up to 100% Financing

There are many convenient ways to apply for an auto loan:• Online at www.ArmcoCu.com• Our mobile app

• Call 724-284-2020 • Visit any branch location

Mortgage SpecialWe’re waiving the application fee on all of our first mortgage loans now through Feb. 29. That’s a savings of $200!

We offer a variety of programs to fit your specific needs - conventional financing, VA, FHA, USDA and more. Our friendly, experienced staff will explain all of your options to help you determine what’s best for you.

Why apply for a mortgage with us? Armco CU offers closing costs that are hundreds, sometimes thousands, less than our competitors. We also offer you our best rate up front with no haggling or surprises.

Call for your free pre-approval and see why a Credit Union mortgage is the best deal around. You’ll be happy you did.

*From Jan 1, 2020 to Feb. 29, 2020, Armco CU will waive the application fee on all 1st mortgage loans closed by May 1, 2020. Contact the Mortgage Dept for more details.

On March 31, 2000, the CU achieved a great milestone: $101 million in assets. To accommodate growth, the CU doubled its space in 2002 by adding a 10,000 sq. ft. addition.

Fast forward two decades later and Armco Credit Union continues breaking records, offering new services, and doubling down on its commitment to Butler County.

In 2017 the CU changed its name to Armco Credit Union to reflect their partnership with over

150 SEGs while paying tribute to its heritage.

The CU now employs over 70 employees. A new Mars branch begins construction this spring to position us for future growth. We invest in education by offering scholarships and financial literacy programs to help members during all stages of life. A youth program

will be unveiled to help children learn the value of saving. New technologies will continue to provide security and convenience.

Even though banking has changed, we continue to honor our charter by always doing right by our members – that’s why we have never raised the original $1.00 membership fee.

We’ll be celebrating our 85 years of service all year long. Watch the next newsletter and Facebook for specials and fun facts.

SweetheartOne

of a Loan Sale

Model Year Term APR*2018-2020 0-36 months 2.00%

37-60 months 2.25%

61-72 months 2.75%

2017 & older 1/2% off current rates

*Annual Percentage Rate. 2Does not apply to vehicles currently financed with Armco CU. The monthly payment for a $25,000 auto loan with a term of 60 months at 2.25% APR is $440.96.

Save$200

thru Feb 29

Armco Credit Union Celebrates 85 Years of Savings and Service (continued from page 1)

The Butler Branch in 2020

MAIN OFFICE HOURS: Monday, Tuesday, Wednesday

9:00AM - 4:30PMThursday & Friday 9:00AM - 6:00PM

(Branch Hours Vary)

CONTACT US:Main Office - 724-284-2020

BC3 Campus - 724-431-4702Karns City - 724-756-6700

Mars - 724-779-9090 www.ArmcoCU.com

Board Leadership Changes Jim Hrabosky has been elected Board of Directors President. Jim recently served as Vice President and has been a Board member since 2015. Jim is the Vice President for Administration and Finance at Butler County Community College. He replaces recently deceased President Ralph Boosel.

John Gibson was elected Board of Directors Vice President. He has been a board member since 2014. He is retired from Armco Steel.

Holiday ClosingsMartin Luther King, Jr. Day - Monday, Jan. 20

Presidents Day - Monday, Feb. 17All CU branches will be closed to observe the holidays. ATMs, Online Banking, Mobile Banking and Tele-R-Phone are always open 24/7 for your convenience.

Jim HraboskyPresident

John GibsonVice President

College Planning 101How to PLAN, PREPARE AND PAY FOR COLLEGE

Thursday, March 19 • 6:00 PMArmco Credit Union101 Hollywood Dr., Butler

TOPICS COVERED: • Choosing a college • The real cost of attendance • How to decipher your

award letter

• Scholarships, grants & financial aid

• Comparing student loan options

Check out our FAFSA coaching module at www.ArmcoCU.com, click on Learn then Coaching Sessions

RSVP online at ArmcoCU.com

Celebrate our 85th Anniversary at our Annual MeetingYou’re invited to attend our Annual Meeting! As a member of Armco CU, this means you are also a shareholder. The annual meeting is an opportunity for you to review our 2019 performance and to discuss any suggestions or questions you may have with the Board of Directors.

Voting for various positions will begin at the Annual Meeting and continue the following day at any Armco CU Branch office during regular business hours. This year’s elected positions are Board of Directors, Credit Committee and Supervisory Committee. If you are interested in running for one of these positions, please notify Leanne Cygan at lcygan@armcocu.com by Jan. 31.

Absentee ballots will be available for those unable to vote at the meeting or Credit Union office. You may request a ballot by calling 724-284-2020 or email lcygan@armcocu.com. Ballots will be mailed in March.

Please note you must be a member to vote. If you are a joint account holder but not a member, stop into any

branch location prior to the meeting and complete our easy membership application. If you are unsure of your status, please call us at 724-284-2020.

ALL MEMBERS INVITED!

When: Wednesday, April 1, 2020

Where: Crossfire Campus 1802 N. Main St., Ext Butler (Former Friedman’s Plaza)

Times: 3:00-4:00 Social Hour 4:00-5:00 Meeting

Win lots of prizes including 5 lucky $100 cash prize winners!

Term (months) APR* Auto

2018-2020 0 – 36 2.50% 37 – 60 2.75 61 – 72 3.252017 0 – 60 3.25 61 – 72 3.752016 0 – 60 3.752015 0 – 54 3.752014 0 – 48 4.002013 0 – 48 4.50 2012 & older 0 – 36 4.50

Home Equity1st Lien 0 – 60 3.12%(0-85% LTV) 61 – 84 3.34 85 – 120 3.56 121 – 180 4.04 181 – 240 4.282nd Lien 0 – 60 3.87(0-85% LTV) 61 – 84 4.09 85 – 120 4.31 121 – 180 4.80 181 – 240 5.042nd Lien 0 – 60 7.63(85.01%-100% LTV) 61 – 84 7.84 85 – 120 7.82 121 – 180 7.80 181 – 240 8.29Line-Of-Credit (with fixed rate option) 4.75

APR reflects $150 Origination Fee on $50,000 loan amount. Minimum Home Equity loan amount is $10,000.

Mortgage Call or view website for rates

Other Collateral 0 – 36 11.25%

PersonalSavings Secured 0 – 60 2.25%Signature 0 – 42 11.00Line-Of-Credit 10.50VISA 11.75

Recreational VehicleNew 0 – 60 6.50% 61 – 84 6.75 85 – 120 7.00Used 0 – 48 7.00 49 – 84 7.50

Student (CU Student Choice) As low as 7.25%

DIVIDEND RATES

Avg. Daily Balance Rate APY**

Savings & IRA Savings1

0.01 - 10,000 0.25% 0.25% 10,001 - 25,000 0.35 0.35 25,001 - 50,000 0.45 0.45

50,000.01 - above 0.50 0.50

Checking 0.01 – above 0.15% 0.15%

Christmas Club1

0.01 – above 0.25% 0.25% Certificates2 Call or view website for rates IRAs2 Call or view website for rates

Rates as of December 1, 2019.

All information subject to change or correction at any time.*Annual Percentage Rate (APR) **Annual Percentage Yield (APY)1Dividend compounded monthly, credited monthly on average end of day balance. No dividend paid on accounts closed during the month, except Certificates and IRAs.2Certificate and IRA rates are subject to change up to the time of purchase or renewal. Normal rate changes will be made on Wednesdays. Certificates, IRAs, and Christmas Clubs subject to penalty for early withdrawal.

Federally insured by NCUA

LOAN RATES

Introducing the New Armco Cashback Rewards Visa® Credit Card

In February, all Armco Visa cards will be re-issued as a Cashback Rewards Visa® Credit Card.

We’ve made the new program simple and easy! Once the card is activated, you will receive cash back on all your purchases2. Rewards will be automatically deposited into your Armco CU savings account every month.

As our gift to you, we are offering 2% Cashback Rewards during 20201 This is our way of celebrating our 85th Anniversary and thanking you for your membership. In January 1, 2021 the card will offer 1.5% Cashback Rewards.

Here are a few other features: • No Annual Fee• No Fee for Balance Transfers

• Non-Variable Rate as low as 9.99% APR3

• Visa Zero Fraud Liability

If you already have an Armco Visa Card, you will receive a letter alerting you to the changes. Don’t have a card? Apply for pre-approval now at www.ArmcoCU.com or visit any branch location. The new cards will be issued in February.

Do you own a business?Introducing the Armco Cashback Rewards Visa® Business Card. Get the same 2% Rewards in 20201 promotion and features as outlined above. Don’t miss out on rewards! Call our Commercial Loans Dept. to get pre-approved at 724-284-2020, option 4.

Attention ScoreCard Reward Visa® Card HoldersIf you currently have a ScoreCard Reward Visa® please note that Jan 31, 2020 will be the last day you will accrue rewards points for purchases that can be used at www.ScoreCardRewards.com. All Rewards must be redeemed by March 31, 2020. Any points not used within this timeframe will expire. Please call our Mars branch 724-779-9090 with any questions.

1Promotional Rate - Cash back accrues at the rate of 2.0% for NET qualifying purchases (NET purchases are purchases minus credits and returns) made with the participating card by Dec 31, 2020 at 11:59 pm, after which, cash back will accrue at the rate of 1.5% for NET qualifying purchases. 2Qualifying purchases include point of sale, credit and bill payment only. Cash accrual is not earned for fees, finance charges or cash transactions of any kind including online banking/Tele-R-Phone advances, payment protection premiums, balance transfers, interest charges, convenience checks, ATM withdrawals, fraudulent charges, foreign transaction currency conversion charges or interest refund. Account must be open and in good standing to earn and redeem rewards (i.e., not cancelled, terminated by either party or otherwise not available for your use as a payment method at the time your order is received for processing.) Cash back activity including your cash back balance earned will appear on your monthly Armco CU Visa credit card statement. Cash back incentives will be posted to an Armco CU savings account. Please see Armco Cashback Rewards Visa® Credit Card agreement for important disclosures and additional details. 3APR = Annual Percentage Rate. 9.99% APR based on a high credit score; your actual APR is based on your creditworthiness at time of application

BUSINESSCREDIT

AUTO LOAN SALE

thru Feb. 28th!

SAVE $200 thru Feb.

28th!

In Memoriam

Ralph L. BooselWe are saddened to announce that long time Board of Directors President, Ralph L. Boosel, passed away at the age of 79 on Nov. 15.

Ralph served on the CU Board of Directors for 34 years and was President since 1990. He was instrumental in the growth of the credit union and believed in helping people through credit union membership. His friendly face frequented the credit union often where he was a friend to and cared about all employees.

“Ralph was a wonderful President and Board member throughout his 34 years of service to the credit union because

he genuinely cared about how the credit union could serve members,” reflects CEO Randy Cypher, “he was 100% for the members. It was a pleasure working with him.”

Ralph was a very dedicated family man. His three sons and four grandchildren were his priority. He spent quality family time coaching soccer, serving as a Boy Scouts troop leader, and in his later retirement years taking every opportunity to spend as much time as possible with his grandchildren.

Ralph was very passionate about community service and assumed leadership positions in many organizations.

He held a strong religious faith. He taught Confirmation classes and was a Vocation Council member at St. Fidelis Roman Catholic Church. He served Butler Catholic School as Board President and Advisory Council member. Ralph was a founding member of the Butler Area Knights and Nobles Charitable Organization. He served as Grand Knight of the Butler Council #866 of the Knights of Columbus.

Ralph worked at Armco Steel for 41 years and retired in 2000 as the Superintendent of Transportation

and Labor. He was also a U.S. Army veteran.

He was preceded in death by his wife Jean Boosel who passed away April 28, 2006. Ralph is survived by three sons: Rev. Brian David Boosel, OSB, Ph.D of St. Vincent Archabbey,

Latrobe; Jason Boosel of Prospect and Adam Boosel of Meridian.

• Valuable member news • Specials• Events• Financial fun facts• Contests• Give-aways

2019 Annual AuditArmco CU has engaged Maher Duessel, CPA’s to audit our books for 2019. As part of this audit, you may receive a request from them to confirm your account balances. Please respond directly to them at the following address:

Maher Duessel, CPA112 Hollywood Dr., Ste. 204

Butler, PA 16001

If you do receive such a request, please return the completed form to them promptly. If you have any questions, feel free to contact Maher Duessel at the above address or a member of the Armco CU elected Supervisory Committee (Michael Kowal, Christopher Lunn and Matthew McClelland).

IRA Required Minimum Distribution NotificationPayments from your IRA are subject to Federal income tax withholding, unless you elect no withholding. You may change your withholding election at any time prior to your receipt of a payment.

You will need to contact us to change your withholding election and to complete the appropriate form. Withholding from IRA payments, when combined with other withholding, may relieve you from payment of estimated income taxes. However, your withholding election does not affect the amount of income tax you pay.

You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You do not need to contact us unless you wish to make any changes to your existing allocations.

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