About Us: Message from
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.
About Us: Message from
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
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
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.