Dear Friends,
I would like to convey my gratitude to the Credit Union Board for placing my name in nomination for the Credit Union presidency and to the members for electing me president. The position opened with the passing of our long serving president, Klaus Vogel.
I have been associated with with the Credit Union since its founding in 1970. My team and I have been responsible for the 24/7 operation of the Lufthansa Data Center, located at the LH building in East Meadow. In addition to on-line systems for cargo (LOCATE), accounting (OMEGA), payroll / personnel complex, most applications for LH North America were processed using the latest models of IBM mainframe computers. The Credit Union has been one of these applications. Also, I have served on the Supervisory Committee of the Credit Union for decades.
From humble beginnings, our Credit Union has grown to more than 3,000 members worldwide and 75% of Lufthansa employees in the U.S. are members. We consistently outperform our competitors through better returns on savings, lower interest on loans and credit cards. In all these years, our Credit Union never posted a loss. We can truly be proud of these accomplishments.
For a number of years now, our Credit Union has earned an 'A' rating by the largest, independent ratings agency for financial institutions in the country. Our Credit Union is rated in the top 1% of all financial institutions in the U.S.; better than the large money center banks.
For the benefit of our members, it has been and still is our fundamental goal to strive and outperform our peer institutions. With the support of the Credit Union board of directors, the Credit Union officers and our members we will continue to be a 'not for profit' organization promoting the welfare of our members. To the best of my ability, I will strive toward that goal.
Franz Ortner
President
Dear Friends,
In uncertain times, many investors are concerned about the soundness of the financial institutions, but some have yet to seek the safe haven of our Credit Union.
We have successfully avoided pitfalls by emphasizing safety above yield. The old proverb, “there is no free lunch” validates the narrow balance between the rate of return and its associated risk. The Credit Union can truly be proud that we never had a financial loss and never plan to. Our books are audited yearly by Federal examiners, who not only check the accuracy of our books, but also assess the future risk and exposure of our investments. Their recommendations, blended with our outlook, “bring out the best in us”.
Our forte is private discretionary banking. Many members entrusted us with their core life savings and we honored this trust with sound returns and prudent management.
We believe we should continue this philosophy and remain who we are, “Employees helping other Employees”. Congress has recognized the unique nature of Credit Unions in 1937, when it granted them tax-exempt status. Credit Unions should primarily service members and not create profit for stockholders. In the past, our Credit Union has kept this spirit and mission alive and hopefully will continue to do so in the future.
Franz Herzig
Treasurer