Membership Expansion Provides Continued Opportunity and Value for All Members

Paul V. Parish
President/CEO

Wings Financial recently took a big step after receiving overwhelming member approval of our bid to convert to a credit union chartered by the state of Minnesota. The conversion has allowed us to keep our U.S. aviation field of membership, while allowing us to expand membership to include the 13 counties in the Minneapolis/St. Paul metro area. This change was finalized Oct. 23, 2009, and we have already begun welcoming MSP community members to Wings.

Even though we've opened our doors to the Twin Cities, you really won't see much change. Our focus on aviation remains, and our products and services continue to rank among the best in the nation.

Field of Membership Has Evolved Over Time
While the reasons for our expansion are many, we believe this was the best way to ensure the long-term stability of Wings and allow us to keep providing the leading financial services you've come to expect. We have a proven track record of successfully navigating our past membership expansions. In fact, our aviation industry expansion happened during a period when overall employment in the industry decreased by 24%. We were able to significantly increase membership while maintaining market-leading pricing.

Wings is taking our latest expansion into the Twin Cities market cautiously. We are not adjusting our lending underwriting to take on more risk, and we are sticking to our philosophy of keeping our operating costs low while relying largely on automated channels to deliver service to members. Branches add significant operating costs, so we will continue our practice of only adding branches when and where they are most productive – whether that be in the Twin Cities or in an airport location elsewhere in the country.

Nationally Recognized Market-Leading Pricing
Since we proposed expanding our membership to the Minneapolis/St. Paul community, members most often shared one concern: that we continue offering market-leading pricing. While other financial institutions are finding new and creative ways to take more of your money, we're proud to be finding more ways to return value to you. Consider the following:

Checking Accounts: The cover of Money Matters says it all: "Save Up to $877 with a Wings Checking Account." The comparison is made directly to Bankrate.com's national checking study for 2009, and we've calculated the overall value from that. Next time you see an offer of $50 to $100 to move your checking account, the quick cash may be tempting, but be sure to read the fine print. We offer one simple checking account that's easy to understand and loaded with benefits.

Loans: Wings' lending philosophy is different than most – the rate you see is the rate you get through our low GreatRate loans. Most institutions advertise "as-low-as" rates, then offer you a higher rate depending on your credit score and other factors. If you're offered a higher loan rate elsewhere, please check Wings out before you finalize that loan. We can likely do better.

Savings/CDs: Recently, Wings has been noted in several publications and blogs for our market-leading rates. One of those was from Credit Union Times, an industry publication, where three of Wings' CD and Money Market rates were specifically mentioned as the top in the country among all financial institutions.

Wings Strength and Future Growth Will Ensure Member Value
Wings continues its philosophy of providing market-leading pricing to our members by keeping our operating costs low and ensuring member growth. While aviation remains our focus and will continue to be reflected in our name and brand, we can now extend those products and services to those who live in the community that Wings has always called home. If you live in the Minneapolis/St. Paul metro area, we encourage you to tell your friends and family members about the Wings products and services that they are now eligible for!

Thank you for your continued support of Wings Financial.

Sincerely,

Paul V. Parish
President/CEO

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eMoneyMatters is published by the Marketing Department at Wings Financial Credit Union for its members. It is designed to help maintain communication with members and provide reliable and helpful information that will contribute to each member's overall financial well-being. eMoneyMatters is published at Wings Financial Credit Union, 14985 Glazier Avenue, Apple Valley, MN 55124, (952) 997-8000. While consistent effort is made to ensure the integrity of information contained in this publication, material should not be considered legal, financial or professional advice. The publishers do not assume liability for loss or damage as a result of reliance on this data. Images may be from one or more of these sources: ©Jupiterimages, ©Getty Images, ©iStock, ©Fotolia. Copyright ©2009 Wings Financial Credit Union. All rights reserved.