Friday, December 18, 2009
Another baby!
Justin Davis and his wife Christi are expecting their first baby girl in January. We gave him a surprise shower on Friday, Dec. 18th! Here are some pics!
Christmas Parade
URW's Float won the Corporate Cup for the best Commercial Float in the Danville Parade! Click on the title, and you'll go to the city site with the video of the parade!
Wednesday, December 9, 2009
Tuesday, November 10, 2009
Congratulations to our Winner!
Top Dawg Kidz Club member Hannah Nicole Cook is the proud winner of our Kidz Christmas coloring contest. Hannah won a $25 gift certificate to Toys R Us, and her picture will be on the front of our corporate Christmas card this year! Way to go Hannah!
Thursday, October 22, 2009
Trick or Treat the Credit Union
Top Dawgs! Listen Up! Put on your scariest costume and get your parents to bring you to the Credit Union, Freiday October 30th between 3 and 5 pm for Treats, Prizes and Fun! See you then!
Thursday, October 8, 2009
Tuesday, October 6, 2009
International Credit Union Day!
October 15th is Credit Union Day! No one will want to miss this! We'll have live radio remotes at the Arnett Branch and the Lowes Drive Branch. There will be free food and drinks. The Danville Police Department is having free fingerprinting for children, the Humane Society will have adoptable pets and all the kids love the Rock Wall (Arnett). We'll have prize drawings too! You don't want to miss the fun - October 15th from 1 - 5 PM. See you there!
Thursday, October 1, 2009
Now's the time for you to consider URW Community FCU's safety and strength!
FDIC Begs For Money
Written by Alex Newman
Thursday, 01 October 2009 10:00
The Federal Deposit Insurance Corporation (FDIC) is asking banks to fork over several years’ worth of fees amounting to about $45 billion to prop up its dwindling insurance fund. A surge in bank failures throughout the economic crisis is threatening to sink the government agency’s cash reserves into the red very soon — possibly as early as this week.
The FDIC announced that it expects the cost of bailing out sinking banks’ depositors to reach $100 billion over the next four years, with most of that hitting sometime this year or next. But as recently as May, it estimated that figure at just $30 billion. So far this year, almost 100 banks have failed, with many more busts likely on the horizon. There are over 400 banks on the agency’s “problem” list, which has been notoriously generous in its ratings.
So the FDIC is proposing a novel approach — an accounting trick that would allow banks to pay fees they believe they will owe through 2012, but without really marking it down on their own balance sheet.
If the proposal is enacted after the 30-day public comment period, banks would be able to list the “prepayment” to the FDIC as an asset until it is exhausted. The asset would lose value every quarter when the normal payment would have been due. “For you and me, it would be like shoplifting at the supermarket and then dropping off cash every time you decided to eat something,” wrote Time magazine in an article entitled ‘FDIC in Red: Can an Accounting Trick Save the Agency?’
Another option would be to borrow up to $500 billion from the Federal Reserve via the U.S. Treasury, which it may very well still have to do. But so far, it has decided against that route.
“I do think that the American people would prefer to see an end to policies that look to the federal balance sheet as a remedy to every problem,” explained FDIC head Sheila Bair at a board meeting, noting that it is important for the industry to maintain public confidence and not “reflexively fall back on the public safety net” during tough times.
But, she added: “I never say never and there's much we cannot control for, particularly the speed and strength of the economic recovery. While we are optimistic on the economy, if conditions unexpectedly worsen, we could reach a point where we would have to tap our Treasury line, but today is not that day.”
But despite the reassurances, federal officials have been consistently wrong in their “optimistic” projections. And many analysts expect that they are wrong again. "It all works out nicely if the prepayment actually covers what the FDIC needs for the next three years," Time magazine quoted ISI Group bank analyst Ed Narjarian. "But more than likely, the FDIC is going to be back for more before the three years are out."
Other experts are even more pessimistic, like President of Euro Pacific Capital and U.S. Senate candidate Peter Schiff. “The reality is, this is just the tip of the ice berg,” he said, noting that the only reason the banks have this money for the FDIC right now is because of the government bailouts. “The FDIC is going to require hundreds of billions of dollars of taxpayer money — if not well over a trillion dollars — before it’s all said and done.”
The FDIC ensures deposits up to $250,000 per account for over 8,000 institutions, amounting to almost $5 trillion of taxpayer-guaranteed funds. And unfortunately for American taxpayers, U.S. banks are not in very good shape. A recent World Economic Forum analysis of countries’ bank soundness ranked the United States at 108th in the world, just behind Tanzania.
Schiff predicts more and more bank failures, and that the FDIC will make good on its promises to guarantee the deposits with taxpayer money — at great expense to America as a whole. “They’re going to make sure that nobody loses money, which means they are going to make sure that all of the money loses most of its value, which means everybody loses,” he said.
Besides the loss in federal reserve notes’ purchasing power — which negatively impacts all Americans — Schiff highlights another problem with the existing unconstitutional system of government deposit insurance. It abrogates the free market because it encourages banks to take on more risk to pay more interest on deposits, with depositors having no incentive to seek out more sensible banks since they know taxpayer will simply come to the rescue.
Bankers seem to be content with the FDIC’s proposal, especially if it means they can avoid having to pay higher fees and they don’t even have to acknowledge all of the outgoing money until 2012. More than likely, however, this is just a temporary solution.
Instead of accounting gimmicks and saddling American taxpayers with more risk and obligations, it is past time for true reform. Congress should start discussing and implementing real solutions immediately.
The entire financial world needs to be overhauled — no more secretive central bank funny money, no more “fractional reserve” banking and no more unconstitutional FDIC to transfer risk from banks to taxpayers. Sanity, morality, prosperity, and the Constitution demand nothing less.
Alex Newman is an American freelance writer and the president of Liberty Sentinel Media, Inc., a small media consulting firm. He is currently living in Sweden and has spent most of his life in Latin America, Europe and Africa. He has a degree in foreign languages and speaks Spanish, French, Portuguese, German, Italian and a little Swedish and Afrikaans. In addition, he earned a degree in journalism from the University of Florida, with emphasis on economics and international relations.
Written by Alex Newman
Thursday, 01 October 2009 10:00
The Federal Deposit Insurance Corporation (FDIC) is asking banks to fork over several years’ worth of fees amounting to about $45 billion to prop up its dwindling insurance fund. A surge in bank failures throughout the economic crisis is threatening to sink the government agency’s cash reserves into the red very soon — possibly as early as this week.
The FDIC announced that it expects the cost of bailing out sinking banks’ depositors to reach $100 billion over the next four years, with most of that hitting sometime this year or next. But as recently as May, it estimated that figure at just $30 billion. So far this year, almost 100 banks have failed, with many more busts likely on the horizon. There are over 400 banks on the agency’s “problem” list, which has been notoriously generous in its ratings.
So the FDIC is proposing a novel approach — an accounting trick that would allow banks to pay fees they believe they will owe through 2012, but without really marking it down on their own balance sheet.
If the proposal is enacted after the 30-day public comment period, banks would be able to list the “prepayment” to the FDIC as an asset until it is exhausted. The asset would lose value every quarter when the normal payment would have been due. “For you and me, it would be like shoplifting at the supermarket and then dropping off cash every time you decided to eat something,” wrote Time magazine in an article entitled ‘FDIC in Red: Can an Accounting Trick Save the Agency?’
Another option would be to borrow up to $500 billion from the Federal Reserve via the U.S. Treasury, which it may very well still have to do. But so far, it has decided against that route.
“I do think that the American people would prefer to see an end to policies that look to the federal balance sheet as a remedy to every problem,” explained FDIC head Sheila Bair at a board meeting, noting that it is important for the industry to maintain public confidence and not “reflexively fall back on the public safety net” during tough times.
But, she added: “I never say never and there's much we cannot control for, particularly the speed and strength of the economic recovery. While we are optimistic on the economy, if conditions unexpectedly worsen, we could reach a point where we would have to tap our Treasury line, but today is not that day.”
But despite the reassurances, federal officials have been consistently wrong in their “optimistic” projections. And many analysts expect that they are wrong again. "It all works out nicely if the prepayment actually covers what the FDIC needs for the next three years," Time magazine quoted ISI Group bank analyst Ed Narjarian. "But more than likely, the FDIC is going to be back for more before the three years are out."
Other experts are even more pessimistic, like President of Euro Pacific Capital and U.S. Senate candidate Peter Schiff. “The reality is, this is just the tip of the ice berg,” he said, noting that the only reason the banks have this money for the FDIC right now is because of the government bailouts. “The FDIC is going to require hundreds of billions of dollars of taxpayer money — if not well over a trillion dollars — before it’s all said and done.”
The FDIC ensures deposits up to $250,000 per account for over 8,000 institutions, amounting to almost $5 trillion of taxpayer-guaranteed funds. And unfortunately for American taxpayers, U.S. banks are not in very good shape. A recent World Economic Forum analysis of countries’ bank soundness ranked the United States at 108th in the world, just behind Tanzania.
Schiff predicts more and more bank failures, and that the FDIC will make good on its promises to guarantee the deposits with taxpayer money — at great expense to America as a whole. “They’re going to make sure that nobody loses money, which means they are going to make sure that all of the money loses most of its value, which means everybody loses,” he said.
Besides the loss in federal reserve notes’ purchasing power — which negatively impacts all Americans — Schiff highlights another problem with the existing unconstitutional system of government deposit insurance. It abrogates the free market because it encourages banks to take on more risk to pay more interest on deposits, with depositors having no incentive to seek out more sensible banks since they know taxpayer will simply come to the rescue.
Bankers seem to be content with the FDIC’s proposal, especially if it means they can avoid having to pay higher fees and they don’t even have to acknowledge all of the outgoing money until 2012. More than likely, however, this is just a temporary solution.
Instead of accounting gimmicks and saddling American taxpayers with more risk and obligations, it is past time for true reform. Congress should start discussing and implementing real solutions immediately.
The entire financial world needs to be overhauled — no more secretive central bank funny money, no more “fractional reserve” banking and no more unconstitutional FDIC to transfer risk from banks to taxpayers. Sanity, morality, prosperity, and the Constitution demand nothing less.
Alex Newman is an American freelance writer and the president of Liberty Sentinel Media, Inc., a small media consulting firm. He is currently living in Sweden and has spent most of his life in Latin America, Europe and Africa. He has a degree in foreign languages and speaks Spanish, French, Portuguese, German, Italian and a little Swedish and Afrikaans. In addition, he earned a degree in journalism from the University of Florida, with emphasis on economics and international relations.
Tuesday, September 29, 2009
FDIC trouble?
I just saw some interesting information on the news - the FDIC is concerned about their insurance account that insures bank depositors accounts - 90 banks have failed and one more "Big One" could do in the insurance account - they are considering asking banks to pony up a lot of money. Guess what! If you're using URW Community Federal Credit Union - you don't have a thing to worry about. We are strong - and we are insured by the NCUA! Credit Unions are stronger than ever and if you're not doing financial business with a credit union - you should be! Give us a call or come by! We LOVE our members and we're just better! (and strong!)
Tuesday, September 8, 2009
Winners All Day!!!!
We had several contests culminate today - and we are as thrilled as the winners! Tara Riddle answered a question on Facebook, and won two $5 Gift Cards to Starbucks! Brooke Maynor opened an account at the Eagle Branch last week and her name went into a drawing for a portable DVD player. Brooke's name was drawn today as the winner, and we want to congratulate Brooke!
And finally, Nina Garrett opened a savings account during our "Christmas in August" promotion - and she was the Grand Prize winner of $100! Needless to say, Nina was thrilled, and came by today to let us take her picture!
And finally, Nina Garrett opened a savings account during our "Christmas in August" promotion - and she was the Grand Prize winner of $100! Needless to say, Nina was thrilled, and came by today to let us take her picture!
Wednesday, September 2, 2009
Eagle Branch Grand Opening 2009!
Check out the pictures below to see a little of the Grand Opening celebration at the Eagle Branch at George Washington High School in Danville. Students Corey Bethel and Cody Clark have worked and trained all summer at the various branches of URW - and they are ready to go to work at the Eagle Branch! Thanks to Mrs. Fraun Niblett, their business advisor, and to Mr. Chris Carter for their help and cooperation in getting the branch off on the right track this year!
Monday, August 24, 2009
Beverly had a birthday...
As you may have noticed, you see a lot of birthday pics on this blog - but that's because everytime an employee has a birthday - we get a birthday cake of our choosing! This was Beverly's special day - and she certainly deserves a special day - because we think she's such a special person! Happy Birthday, Beverly!
Thursday, August 13, 2009
Suzie does "50" in Red Hat style!
Suzie Bohannon turned the BIG 50 today and we wanted to induct her into the Red Hat Society in URW Style! While you're watching the slideshow...notice her "date" - we figure after 50, she have to get used to havin' dinner with "old geezers" (sorry Steve)
Thursday, July 23, 2009
URW Christmas in August!
URW is having "Christmas in August" - Beginning August 1, open a new account, take out a loan or mortgage, certificate of deposit, IRA - and your name will go into a drawing at the end of the month for $100!
TOP DAWG KIDZ CLUB CONTEST
TOP DAWG KIDZ CLUB - CONTEST! Get out your crayons or paints and draw your best Christmas picture. The winner's picture will go on the front of our URW Christmas Cards - and the winner will receive a $25 gift card to Toys R Us! So if you're a Top Dawg Member, start drawing - and if you're not, all it takes is $25 to open a savings account to start reaping the benefits of being a URW Top Dawg! (Ages 12 & under)
Monday, July 13, 2009
Monday, July 6, 2009
Fourth of July Celebration at Crossing at the Dan
URW was a proud sponsor of this year's Independence Day festivities at the Crossing. The evening was filled with traditional band music from Danville's own orchestra, along with fun, food, and games for the kids. We had a successful evening - and we had the kids (and the adults) lining up for fun tattoos that we applied, and visors with the URW logo - and we can't forget those Koozies! The large golden basket was filled with Koozies for the crowd! 
These Hot, Hot Summer Days...
As a way to thank our members for their loyalty and business, we are giving out cold ice water to members and guests at the Arnett Branch on Friday afternoons, from 1 - 4 pm. The members seem to appreciate a cold drink on a hot afternoon!
URW Birthdays are always celebrated with a Cake!
Or in this case - a Giant Cookie! Happy B-day to Justin Davis, who turned 27 on July 3.
Friday, June 19, 2009
Annual Meeting 2009
Our Annual Meeting is a "memory" now, but we have pictures that will last forever!
Tuesday, June 2, 2009
Get Your Tickets!
The URW Annual Meeting is Saturday, June 6th at the Carrington Pavilion. Put on your cowboy hat and "boot-scoot boogey" on down for a great time. The meeting begins promptly at 5 pm, with dinner being served beginning at 6 pm. This year "Pigs R Us" is catering the event with their typical BBQ, BBQ Chicken, Hushpuppies, Baked Beans and more! The Rock Wall will be set up for the kids (and adult kids) to enjoy until dark. Backstreet Band will provide the entertainment. Saddle up pardner and enjoy the fun this Saturday! (Cash Bar)
Soccer Teams!
URW sponsors Southside Soccer and this year, as a new sponsorship, we also sponsored FC United Southside Soccer. We believe that this is a great way to train kids, as well as providing them with leadership skills, physical activity and just plain ole' fun! We'd like to thank both of these organizations for allowing us the privelege of helping our kids!
Wednesday, May 27, 2009
Kids Craft Fair at Festival in the Park 2009
URW had a presence at the Festival in the Park this year once again! We sponsored the Kids Section - and we had a "Visor Tent" where the kids could make their own visors to wear. They loved it - and of course we just had to get a few pictures! Thanks to Mary Beth Jordan and Sherry Moore for lending a helping hand to the Marketing Department!
URW had a presence at the Festival in the Park this year once again! We sponsored the Kids Section - and we had a "Visor Tent" where the kids could make their own visors to wear. They loved it - and of course we just had to get a few pictures! Thanks to Mary Beth Jordan and Sherry Moore for lending a helping hand to the Marketing Department! Wednesday, May 20, 2009
URW Scholarship Recipients 2009
A fewof URW's Scholarship recipients have dropped by the office recently, so of course, we couldn't resist a picture! Daniel Eames, Christopher West and Dylan Whitlow are three of five recipients this year to recieve $500 towards their college tuition this coming year. Also receliving scholarships this year are Caroline Wood and Katelyn Murray. Girls - come by here so we can take your picture too. Congrats to all our deserving scholarship recipients this year! They will be recognized at this year's annual meeting on June 6th at the Carrington Pavilion.
Monday, May 18, 2009
A Baby 'round the corner
Jamie and Amanda Rising are due any time now to welcome their beautiful baby girl into their family. Jamie tries to be "Mr. Cool, Calm and Collected" but we know he's about to "bust" - the countdown begins.....any by the way, just in case you didn't get to the celebration that his coworkers had for both Jamie and Amanda - here is just one photo that tells all - Jamie will make me pay for posting this, but it will be well worth it.
Winner of Gift Card
Congratulations to Bryashia Jones, winner of the $50 gift card, that was drawn for on Youth Day at the Credit Union. Bryashia is the daughter of Brian and Aremethia (Meme) Jones, and has her own account with URW. By making a deposit into her account the week of Youth Day, she was automatically entered into the drawing. Congratulations again, Bryashia!
Sunday, May 17, 2009
Cake Day at DRMC Branch!
URW sponsored Cake Day at the Credit Union at the DRMC Branch on Friday morning, May 15, '09. We always like to thank our members by feeding them! And we also used this as a tool to explain our Credit Union to those who didn't know what we have to offer. For some of the employees that couldn't get to the credit union, we delivered!
URW sponsored Cake Day at the Credit Union at the DRMC Branch on Friday morning, May 15, '09. We always like to thank our members by feeding them! And we also used this as a tool to explain our Credit Union to those who didn't know what we have to offer. For some of the employees that couldn't get to the credit union, we delivered! Friday, May 15, 2009
AWARD WINNING CREDIT UNION!
URW is proud to announce that we have received the "Medium Business of the Year Award" given each year by the Danville Pittsylvania County Chamber of Commerce. The Board of Directors along with some of the staff were present to watch as Cheryl Doss, URW's CEO accepted the award on behalf of URW. This is a shining accomplishment for the Credit Union, and we are excited to have been chosen! Thanks to the Chamber and to the Committees that chose the winners. Also awarded that evening were Showcase Magazine, Small Business of the Year, Virginia International Raceway, Large Business of the Year, Ken Moss of Piedmont BioProducts, Emerging Entrepreneur of the Year, and Tom and Linda Powers of Power Signs, Enduring Entrepreneurs of the Year. Congratulations to all.
VACUL Annual Meeting in Reston, VA
Of course, it wasn't Vegas! But the Board of Directors, some of the Supervisory Committee and Marketing Director went to Reston to represent URW at the VACUL Annual Meeting. The first evening there, we had a wonderful buffet that was a casual "meet and greet" kind of atmosphere. There was a DJ and dancing for those that chose to do so.
The next morning, the Annual Meeting took place, with Senator Mark Warner as keynote speaker. Senator Warner is an advocate for Credit Unions, but came across as a straight-shooter as he explained why he supported (this instance only) the "cram-down" bill. He said basically that, like it or not, the government needed to do something to boost the housing market, thus he did not take the same stand as the VACUL on the issue.
That afternoon there were many good workshops to choose from, and we all attended something. To end the day, VACUL hosted a banquet, with entertainment from the famous - or maybe it's "infamous" Capitol Steps. There were hilarious and we all had a great time watching them.
There was not a lot of time for sight seeing, but I'm sure that everyone probably got a chance to look around the wonderful Reston Town Center, with its delightful shops and restaurants. All in all, it was a great learning experience, and URW was well represented!
The next morning, the Annual Meeting took place, with Senator Mark Warner as keynote speaker. Senator Warner is an advocate for Credit Unions, but came across as a straight-shooter as he explained why he supported (this instance only) the "cram-down" bill. He said basically that, like it or not, the government needed to do something to boost the housing market, thus he did not take the same stand as the VACUL on the issue.
. He said basically that, like it or not, the government needed to do something to boost the housing market, thus he did not take the same stand as the VACUL on the issue.That afternoon there were many good workshops to choose from, and we all attended something. To end the day, VACUL hosted a banquet, with entertainment from the famous - or maybe it's "infamous" Capitol Steps. There were hilarious and we all had a great time watching them.
There was not a lot of time for sight seeing, but I'm sure that everyone probably got a chance to look around the wonderful Reston Town Center, with its delightful shops and restaurants. All in all, it was a great learning experience, and URW was well represented!
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