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Newcomb featured in special insert of Bloomington newspaper
February 17, 2006
Submitted by the Indiana Credit Union League on behalf of IU Credit Union
 BLOOMINGTON,
IND.--Bob Newcomb, president/CEO of Indiana University EFCU in
Bloomington, was quoted in a special insert of the Feb. 15 edition of the
Bloomington Herald Times, read by 28,000 individuals. The insert was a
publication of the Bloomington Chamber of Commerce. The story, "Nonprofits: In
Business to Serve," included interviews with three individuals who lead
nonprofit organizations in the area. It provided a great opportunity to educate
more people about the uniqueness and mission of credit unions, as well as
emphasizing their benefits to consumers compared to for-profit banks.
Newcomb’s quotes included remarks about credit unions serving people of
modest means and putting money to work for families. He added that, "while
traditional banks focus on providing a reasonable rate of return to the
shareholder, the focus of credit unions is with one person—our member. Our
members are our owners. Credit unions offer a higher savings rate, lower loan
rates, and below-market service fees." Dispelling a popular misconception,
Newcomb noted that, "we do pay taxes—payroll taxes, and property taxes." He
added, "We do feel we have an important role. We bring important benefits to the
community. We are people-centric, as opposed to focusing on shareholder rate of
return."
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