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GFA In the News
April 17, 2012
GFA Community Education Coordinator Miguel Sensano (l) and Peta-Gaye James (c) of the North Central Career Centers assist a student with her career choice at the Gardner High School Financial Education Fair.
Students learning aboutfinances and how to calculate earnings and expenses recently had the chance to apply their in-class studies in a real world setting at the Gardner High School Financial Education Fair. Sponsored by GFA Federal Credit Union, the fair was designed to expose the students to the important financial decisions they’ll need to make throughout life.
Juniors at Gardner High School have been learning key financial literacy skills throughout the school year. To complete their course of studies, more than 150 students participated in the Financial Education Fair held at the high school on April 10, 2012. They spoke with representatives of auto dealerships, realtors, utilities and others to help them understand the real expenses they will face in adulthood.
“Developing strong financial management skills early is critical for future generations,” commented Tina M. Sbrega GFA President & CEO, “We’re proud to have the opportunity to educate these students and offer them the Financial Education Fair to give them a virtual experience in managing a budget.”
Participating vendors who supported the fair were Auto Advisors of New England, Comcast Cable Co., Community Foundation of North Central MA, Foster-Healey Real Estate, GFA Insurance Services, LLC, Glacial Energy, Horrigan Cleaners, Martha’s Hair Design, MWCC Fitness Center, North Central Career Center, Sorrento’s Pizzeria, Tom Ruble Real Estate and the United Way of North Central Massachusetts.
GFA wishes to thank Nicole Blais, David Brown, Mike Ellis, Paul Fitzpatrick, Allen Goguen, Paul Grady, Taylor Healey, Shaun Hennessey, Michael Horrigan, Pat Horrigan, Connie Hundt, Peta-Gaye James, Abby Jenkins, Catherine Lee, Cheryl L’Homme, Martha MacDonald, Hiyam Makarios, Kelli Mason, Nicole Mosier, Kandi Perry, Nancy Regan, Tom Ruble and Denise Sowden for volunteering their time as well as Sorrento’s Pizzeria for donating lunch for the staff and volunteers.
Furthermore, GFA expresses appreciation to the Gardner Superintendent of Schools Dr. Carol Daring, GHS Principal Donna Pierce, GHS School to Career Advisor Patricia Lemieux and the Members of the GFA Student Advisory Board: Jessica Aho, Meghan Bliss, Mark Carpentier, Sarah Chatigny, Jacob Comeau, Joseph Goguen, Mallory Griczika, Patrick McGonigal, Meredith Minns and Michael Nicholson.
GFA’s Financial Education curriculum creates a fun and interactive learning environment where students can practice specific financial management skills. At the culminating Fair, each student received a folder detailing his or her personal career choice. Each saw their approximate monthly gross income and had to calculate their take-home pay, then create a monthly spending plan as they progressed through booths representing various expenses they may incur. Students were required to make decisions about how much to allocate for items such as food, clothing, housing, transportation, insurance, home furnishings, savings, investments, entertainment and credit. Based on their personal income scenario, the students were provided alternatives and made budget choices based on their own values, goals and resources.
GFA Federal Credit Union is a full service community financial institution serving Central Massachusetts and Southern New Hampshire. Branch locations are in Ashburnham, Fitchburg, Gardner, Hubbardston, Rindge, Rutland and Winchendon. Visit gfafcu.com for more information.
A student spins the ‘Wheel of Life’ which can offer prizes such as a tax refund or penalties such as a speeding ticket to demonstrate how unexpected events can impact their budget.
Paul Fitzpatrick (r) of GFA Insurance Services, LLC discusses insurance options with students.
GFA’s Auto Advisor David Brown (l) assists students decide what type of car to buy to fit 
GFA's Cheryl L'Homme (c) and Nicole Blais (r) go over auto loan payments with a student after she chose a car to purchase
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April 11, 2012
Purchasing a home can be a complicated process, with many factors to consider and decisions to be made. GFA Federal Credit Union is offering a no-cost workshop to assist potential home buyers understand financial options for their purchase.
The workshop, Preparing to Shop for a Home will be held on Tuesday, April 17, 2012 from 5:45PM to 6:45PM in the James Murphy Conference Room at Mount Wachusett Community College, 444 Green Street, Gardner MA,
Those interested in attending the workshop can register by visiting the ‘Educate Yourself’ at gfafcu.com or by calling 978-632-2542.
In addition to the Home Buying workshop, GFA offers a range of financial education resources and workshops that are open to the public at no-cost. For more information as well as a list of the current topics being offered, visit ‘Educate Yourself’ page at gfafcu.com
GFA Federal Credit Union is a full service community financial institution serving Central Massachusetts and Southern New Hampshire. Branch locations are in Ashburnham, Fitchburg, Gardner, Hubbardston, Rindge, Rutland and Winchendon. Visit gfafcu.com for more information.
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April 06, 2012
Buying a new car can and should be an enjoyable process; however for many it often brings mixed experiences. GFA Federal Credit Union is offering a no-cost workshop to give consumers the knowledge and skills to help make their car buying process a positive experience while learning how to save money.
The workshop, What You Need to Know Before You Step on a Car Lot will be held on Wednesday, April 11, 2012 from 5:45PM to 6:45PM in the James Murphy Conference Room at Mount Wachusett Community College, 444 Green Street, Gardner MA.
Those interested in attending the workshop can register by visiting the ‘Educate Yourself’ at gfafcu.com or by calling 978-632-2542.
In addition to the Auto Buying workshop, GFA offers a range of financial education resources and workshops that are open to the public at no-cost. For more information as well as a list of the current topics being offered, visit ‘Educate Yourself’ page at gfafcu.com
GFA Federal Credit Union is a full service community financial institution serving Central Massachusetts and Southern New Hampshire. Branch locations are in Ashburnham, Fitchburg, Gardner, Hubbardston, Rindge, Rutland and Winchendon. Visit gfafcu.com for more information.
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April 05, 2012
Students at Gardner High School learning aboutfinances and how to calculate earnings and expenses will have the chance to apply their in-class studies in a real world setting at a Financial Education Fair, exposing them to the important financial decisions they’ll need to make throughout life.
More than 150 students will meet on April 10th for the Financial Education Fair to speak with representatives of auto dealerships, realtors, utilities and others to help them understand the real expenses they will face in adulthood.
The Fair creates a fun and interactive learning environment where students can practice specific financial management skills. Each student receives details of his or her personal career choice with their approximate monthly gross income and they must calculate their take-home pay, then create a monthly spending plan as they progress through booths representing various expenses they may incur. Students are required to make decisions about how much to allocate for items such as food, clothing, housing, transportation, insurance, home furnishings, savings, investments, entertainment and credit. Based on their personal scenario, they will also see alternatives provided and make choices based on their own values, goals and resources.
GFA Federal Credit Union is a full service community financial institution serving Central Massachusetts and Southern New Hampshire. Branch locations are in Ashburnham, Fitchburg, Gardner, Hubbardston, Rindge, Rutland and Winchendon. Visit gfafcu.com for more information.
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April 05, 2012
As the President and Congress annually proclaim April to be National Financial Capability Month, GFA Federal Credit Union is making a difference locally through its award winning financial education program.
GFA’s program has been offering financial education for over 20 years. Originally targeted specifically to school-age children, it has been expanded over the years to include a wider audience. The credit union offers a wide range of financial education workshops that are open to the public at no-cost. In April, consumers can attend workshops to learn about What You Need to Know Before You Step on a Car Lot and Preparing to Shop for a Home. This interested in attending can register by visiting ‘Educate Yourself’ at gfafcu.com or calling 978-632-2542.
As part of National Financial Capability Month, GFA is inviting Members and those interested in becoming Members to visit any of their branch locations for a personalized review of their accounts to both identify opportunities to save money and to ensure they have the resources to help meet their financial goals. Members are also encouraged to take advantage of the credit union’s partnership with BALANCE. BALANCE is a free, confidential credit and budget counseling service that offers personalized counseling as well as online resources such as articles, learning modules and podcasts.
Furthermore, GFA continues its commitment to youth financial education through its participation in two hands-on financial education fairs in April. GFA is co-sponsoring, with other local credit unions, a fair at Devens for middle school students and is sponsoring a fair in Gardner for high school students. The students participating in the fairs have been learning personal finance skills throughout the year and will have the opportunity to put their budgeting skills to test during the fairs as they interact with vendors and credit union staff in managing the mock budgets.
GFA Federal Credit Union is a full service community financial institution serving Central Massachusetts and Southern New Hampshire. Branch locations are in Ashburnham, Fitchburg, Gardner, Hubbardston, Rindge, Rutland and Winchendon. Visit gfafcu.com for more information.
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April 04, 2012
The Board of Directors of GFA Federal Credit Union is pleased to announce the promotion of David C. Bojarczuk, CPA to the position of Senior Vice President/Director of Corporate Finance & Chief Financial Officer.
Bojarczuk joined the GFA team in 2007 as a Vice President and was promoted to Vice President of Finance & Treasurer in 2009. With over 25 years of experience in finance, he has a strong background in accountancy, asset-liability management and consulting. His in-depth experience includes financial institutions, publically held and private companies and public accounting.
Bojarczuk will continue to oversee the credit union’s accounting and finance areas, including asset-liability management and credit union investments to ensure GFA continues as a financially sound institution.
“David has provided significant contributions to the success of our organization, applying solid ALM and Investment portfolio management strategies,” remarked Tina M. Sbrega, President & CEO, “His knowledge in strategic planning and budgeting are worthy of recognition.”
Bojarczuk graduated with honors earning a degree in Accountancy from Bentley College in Waltham, MA. He resides in Burlington, MA with his wife and has a daughter in college.
GFA Federal Credit Union is a full service community financial institution serving Central Massachusetts and Southern New Hampshire. Branch locations are in Ashburnham, Fitchburg, Gardner, Hubbardston, Rindge, Rutland and Winchendon. Visit gfafcu.com for more information.
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March 28, 2012
GFA Federal Credit Union recently announced that it will hold its 73rd Annual Meeting on Wednesday, April 25, 2012. The meeting will be held in the South Café at Mount Wachusett Community College in Gardner. Dinner will be served at 5:30 PM, with the business meeting commencing at 6:00 PM.
As a Member-owned financial institution, GFA’s annual meeting serves as an opportunity for Members to participate in their credit union and elect three Directors to serve three-year terms. Additionally, the David Jacques Memorial Scholarship will be presented during the meeting.
“The Annual Meeting is an opportunity for us to share the results of the prior year with our Members and provide them with information on our financial strength and continued success,” commented Allen Goguen, Chief Governance Officer.
GFA Federal Credit Union is a full service community financial institution serving Central Massachusetts and Southern New Hampshire. Branch locations are in Ashburnham, Fitchburg, Gardner, Hubbardston, Rindge, Rutland and Winchendon. Visit gfafcu.com for more information.
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March 1, 2012
GARDNER, MA and PETERBOROUGH, NH – GFA Federal Credit Union (“GFA”), Monadnock Bancorp, Inc. (“Monadnock”) (OTC Bulletin Board: MNKB) and Monadnock Community Bank, the wholly-owned subsidiary of Monadnock, announced today that they have signed a definitive purchase and assumption agreement under which GFA will acquire substantially all of the assets and assume substantially all of the liabilities of Monadnock Community Bank for approximately $6.4 million in cash. Headquartered in Peterborough, NH, Monadnock had assets of approximately $82.7 million at December 31, 2011 and operates one office in Hillsborough County, NH. Monadnock Community Bank converted from a New Hampshire-chartered credit union to a federal savings bank in 1996.
The $6.4 million purchase price equates to approximately $5.50 in cash for each of the 1.164 million outstanding shares of Monadnock common stock. The price represents 119% of tangible book value, a 13.1% price to deposits, and a 2.73% premium to core deposits, based on December 31, 2011 financials.
The Monadnock office will become a GFA branch. Upon consummation of the acquisition, GFA will serve customers through a network of nine full-service branches, seven in north central Massachusetts and two in New Hampshire, with combined assets of approximately $429 million and deposits of approximately $318.3 million. This is the first bank acquisition for GFA and if approved the first such acquisition nationally by a credit union of a stock savings bank. Overall, this acquisition will be only the second acquisition of a savings bank by a credit union.
“We are pleased to join GFA Federal Credit Union and know that this new partnership will continue to serve our customers, communities and employees with the same care and commitment characteristic of Monadnock,” stated William M. Pierce, Jr., President and Chief Executive Officer of Monadnock. “Our Board of Directors, in considering various strategic alternatives, placed great value on the compatibility of GFA’s strategy and culture, and on its leadership.”
“Monadnock Community Bank has served its members and community well for over 40 years,” said GFA President and Chief Executive Officer, Tina M. Sbrega. “We look forward to building upon the tradition of customer service and community commitment and bringing greater convenience not only to Monadnock customers but to the members of GFA as well.” Sbrega also noted that this extension of GFA’s footprint further into New Hampshire fits well with recent strategic growth initiatives.
Pending approvals from the shareholders of Monadnock and both entities’ regulators, as well as satisfaction of customary closing conditions, including the repayment of TARP funds by Monadnock, the parties anticipate that the transaction will close in the fourth quarter of 2012. It is anticipated that all of the Monadnock board members will join an advisory board of GFA.
Sterne, Agee & Leach acted as financial advisor to GFA while Michael M. Bell, Esq. of Kotz, Sangster, Wysocki P.C. provided legal counsel to GFA. Loomis & Co., Inc. served as financial advisor to Monadnock in the transaction, and Richard S. Garabedian of Luse, Gorman, Pomerenk and Schick, P.C. served as legal counsel to Monadnock.
This press release contains certain forward-looking statements that are based on assumptions and may describe future plans, strategies and expectations of GFA and Monadnock. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Certain factors that could cause actual results to differ materially from expected results include changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the business of GFA and Monadnock. Except as required by law, GFA and Monadnock do not undertake any obligation to update any forward-looking statements to reflect changes in belief, expectations or events.
For more information, please contact either Ms. Tina M. Sbrega, President and Chief Executive Officer, GFA Federal Credit Union (978) 630-5612 or Mr. William M. Pierce, Jr., President and Chief Executive Officer, Monadnock Bancorp, Inc. (603) 924 1254.
February 23, 2012
February 19th-26th 2012 marks America Saves Week, and GFA Federal Credit Union, along with many government agencies and businesses will be celebrating the week by spreading the message of saving and developing valuable money management skills. America Saves Week was founded in 2001 to encourage Americans to save for the future. Over 1,800 organizations participate in America Saves Week, and have successfully encouraged and assisted hundreds of thousands of savers.
To mark the annual event, GFA is inviting the public to visit any of its branch locations for free credit counseling, assistance in establishing a savings plan, and analysis of their personal finances to find opportunities for savings.
“Personal savings has become ever more important these days,” commented Tina M Sbrega, President & CEO of GFA, “Setting money aside isn’t always easy for many consumers, however saving even a small amount on a regular basis is a good start to accumulating funds. One way to achieve this is through a payroll deduction that makes automatic deposits into a savings account.”
As part of America Saves Week, GFA will offer a no-cost workshop on Auto Buying: Learn how you can save yourself time and money on your next vehicle purchase. The workshop will be held on Tuesday February 21, 5:45PM-6:45PM in the James Murphy Conference room at Mount Wachusett Community College in Gardner. Those interested in attending can visit ‘Educate Yourself’ at gfafcu.com or call 978-632-2542 to register.
GFA also offers a variety of financial education and budgeting tools through BALANCE, located at gfafcu.com.
GFA Federal Credit Union is a full service community financial institution serving Central Massachusetts and Southern New Hampshire. Branch locations are in Ashburnham, Fitchburg, Gardner, Hubbardston, Rindge, Rutland and Winchendon. Visit gfafcu.com for more information.
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