Bronco Federal Credit Union shares a lot of history with the people who work at the Franklin International Paper plant and with the mill itself. In fact, it’s where we got our start—back when the plant was owned by Camp Manufacturing. IN 1999 WE BECAME INDEPENDENT AS A CREDIT UNION AND WE ARE HERE FOR THE LONG HAUL. We have continued to grow and serve our membership and community, never forgetting those roots.
The announcement of the plant closure is obviously going to have a major impact on the individuals and their families who will be affected by the loss of jobs. It’s also going to be very distressing for Franklin and the surrounding areas – not just economically, but emotionally, as well.
People helping people is the very reason credit unions exist. We know the mill closure is going to present some serious challenges for many of our friends and neighbors, and we want them all to know that we’re here to help them find solutions to financial problems they may experience along the way.
For example, if you saved for retirement through an Employee Sponsored Plan such as a 401(k), we can help you roll that money directly into a Traditional IRA (Individual Retirement Account) without any tax implications on you. And just like your other Bronco accounts, that money is fully insured by the National Credit Union Association up to $250,000. If you need assistance or advice on how to invest your severance package payment, we’ll be glad to help you with that, as well.
If you need help creating a budget or finding new ways to save money, we have Financial Educators at the Second Avenue office in Franklin (and at the Godwin Boulevard office in Suffolk) who provide one-on-one, private and confidential consultations with members to help them establish a budget and stay on track with their day-to-day expenses. “One of our functions is to make sure members don’t fall behind on their mortgage or other loans so their credit isn’t affected in the future,” says Leah-Beth Williams, the Financial Educator at the Second Avenue office. To make an appointment to meet with Leah-Beth (or Diane Johnson or Monica Clark at the Godwin Boulevard office) give us a call at 757.569.6000.
For members who find they are already falling behind or they can see trouble coming, Bronco’s Member Solutions Specialists work directly with them to find smart alternatives to help ease the burden and improve the situation. Member Solution Specialists can help you through a number of direct actions that may help you adjust your payment, or through indirect actions such as setting up an special account that will disperse funds to creditors at the appropriate time. To make an appointment with one of our Member Solutions Specialists, call Tanisha Artis at 757.569.3712, or Kelly Haley or Teresa Cole at 757.569.3724.
In either case, it’s important to ask for assistance before you start to get in over your head. The more information you have about options that are available, the better you’ll be able to navigate any stormy financial times that lie ahead.
