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After almost
31 years as an employee of Los Angeles Federal Credit
Union, including 29 as the President/CEO, Steve McDiffett
will retire on January 8, 2010. John Dea, the Executive
VP/Chief Operating Officer at LAFCU
for the past 16 years, was appointed by the Board of
Directors to assume Steve’s position.
Under Steve’s guidance, LAFCU has seen tremendous
growth and success since he joined LAFCU as the Assistant
General Manager in March 1979:
Steve has also overseen the introduction of products
and services for LAFCU members that seem commonplace
today, such as checking accounts, Visa® credit cards,
debit cards, 24/7 online account access, website, and
many free or discount services.
John Dea, the new President/CEO, has over 35 years
of credit union experience. His promotion to President
from COO will be a smooth one for LAFCU, due to John’s
partnership
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with Steve for the past 16 years and the Board’s
confidence in his leadership abilities. At LAFCU, John
has been responsible for opening four new branches and
has overseen staff in the branches, telephone center,
and in the electronic services, consumer loans, real
estate loans and special services departments.
“I look forward to continuing to work with
the Board of Directors in my new capacity as President/CEO,”
John said. “Our goals are to continue to be our
members’ financial source for life and to maintain
and build on our strong financial position. We have
weathered the difficult economic times quite well and
have maintained a capital level of over 10%. This exceeds
the level of 7% that is considered ‘well capitalized’
for a credit union. Members should think of us first
when investing or borrowing. We have money to lend and
have great low loan rates for vehicles, Visa® credit
cards, real estate loans, and much more.”
Let’s all congratulate Steve and wish him a long
and happy retirement, and welcome John in his new position.
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a
gift for you: Get a $100 cash back reward when you finance
a new or used vehicle at LAFCU until January 31, 2010.
The reward also applies for vehicles refinanced at LAFCU
from another lender. Each loan must be $10,000 or more.
All other LAFCU vehicle loan rate discounts can be applied,
such as: 0.125% discount when applying for a loan with
e-Loan Express; 0.50% discount for having “automatic
loan payment” from your designated LAFCU account;
0.25% loan rate reduction when financing a qualifying
“hybrid” gas/electric vehicle; up to 0.375%
loan rate reduction based on your VIP rewards 
Have
a High-rate credit card? Was the rate raised recently?
If so, then SWITCH to a low-rate LAFCU Visa Card.
New cardholders get 2.9% APR* on all LAFCU Visa
Card transactions and Convenience Checks for the
first six months. Use your low-rate Visa Card
for purchases like: transferring balances from
high-interest creditors, taking cash advances
from your LAFCU Visa® creditline, or take
a well-deserved vacation!