Dear Member,

It’s hard to believe we are at the beginning of another New Year! 2015 was an exciting year for our credit union for many reasons. We welcomed over 1,300 new members to Glass City as a result of our merger with Libbey Federal Credit Union in November.

We also added trust and estate services to our wide variety of member benefits due to a new alliance with MEMBERS Trust Company*, a full-service trust company that is chartered and regulated by the Office of the Comptroller of the Currency, and provides trust services to credit union members in all 50 states.

Our focus on technology continues with enhancements to our Glass City Platinum Visa credit cards. All Visa credit card holders received new chip-enabled replacement cards, which provide a higher level of security and fraud protection, as well as global acceptance. Also our Visa credit card holders can now shop and pay with Apple Pay™ with their iPhone 6, 6 Plus or Apple Watch at participating retailers.

To find out more about these added member benefits, please contact any Glass City branch or visit glasscityfcu.com.

Thank you for your trust and confidence in our credit union. We are all working for you, and we wish you and your family the very best in 2016.

Sincerely,

Mark Slates

WINTER 2016

GLASSCUTTER

www.glasscityfcu.com Page 1

INSIDE THIS ISSUE...

Savings Bond Changes

Glass City Federal Scholarship Application

2012 Board Nominees

Date and Time of

Annual Meeting

Information for Members with IRAs

...and much more!

Vol. 10, Issue 1

We’re working for you!

A Message from the President and CEO INSIDE THIS ISSUE... • Visa Offer • Glass City Federal Scholarship Application

• 2016 Board Nominees

• Annual Meeting • Important Information for Members with IRAs

Put a freeze on high interest rates

with a Glass City Visa!

Open a new Glass City Platinum Visa and you’ll enjoy

0% APR* on purchases, balance transfers and cash advances

for the first six months! Current Visa Cardholders:

Enjoy 0% APR* for six months on balance transfers!**

After that, the standard APR* applies of 6.99% to 17.88%.***

*APR = Annual Percentage Rate. Subject to membership eligibility, credit approval and application. Introductory rate applies to purchases, balance transfers and cash advances for new cardholders only made during the first six months after the card is opened. **Intro rate for current cardholders applies to balance transfers from a non - Glass City credit card from 1/4/16-2/29/16. ***After six months, the standard APR will be applied to all new and outstanding balances. Other restrictions may apply. Offers expire 2/29/2016.

Check out our new website in late January!

Glass City’s website at glasscityfcu.com will soon have a brand new look! Be sure to visit the website late January for a redesigned and much more user-friendly experience. The comprehensive site will feature dedicated pages for our various member benefits, easy-to-use loan calculators, online applications for loans and Visa credit cards, product videos and more!

*Trust services provided by MEMBERS Trust Company, a federal thrift regulated by the Office of the Comptroller of the Currency. Trust products are not federally insured, are not obligations of or guaranteed by the credit union or any affiliated entity, involve investment risks, including the possible loss of principal.

Page 2

Glass City Federal Credit Union ScholarshipEligibilityStudents are eligible to apply for the Glass City Federal Credit Union Scholarship if they meet all of the following criteria: - The student will be attending a 2- or 4-year accredited post-secondary institution, during the 2016-17 school year. - The student is a member of Glass City Federal; or a parent, step-parent, or legal guardian is a member of Glass City. - The student submits the required essay and completes the application.

How To ApplyPlease complete and submit the application below with the required essay by March 31, 2016. Winners will be notified by April 29, 2016. Also, visit the “My Generation Student Banking” page at glasscityfcu.com for other scholarship opportunities.

Scholarship and Essay DetailsAgain this year, Glass City will award five scholarships, in the amount of $1,000 each. The scholarship will be paid to the Office of the Bursar at the colleges attended by our winners, no later than August 2016. Winners must show proof of enrollment before scholarship payment is sent.

Scholarship essays will be reviewed anonymously by Glass City community business partners. The essays will be scored with attention given to spelling and grammar, content, validity and sincerity, and the applicant’s ability to answer the question.

Glass City Federal Credit Union Scholarship ApplicationApplicant Name: _____________________________________________________________________________________

Glass City Member Number: ____________________________________________________________________________

Member Name (if other than applicant): ____________________________________________________________________

Relationship to Applicant: _______________________________________________________________________________

Address: ____________________________________________________________________________________________

City/State/Zip: ________________________________________________________ Home Phone: ____________________

Date of Birth: __________________ Email:_________________________________________________________________

College/University: ____________________________________________________________________________________

Expected Date of College Graduation: ___________________________ Major:____________________________________

High School Attended: ________________________________________Year of High School Graduation: ______________

Please attach to your application a typed essay of no more than 500 words which answers the following question:

What is the single most important financial education lesson you believe students should learn before entering college?

By submitting my essay and signing below, I agree that Glass City may use my essay or other application information within the credit union’s marketing and publicity materials.

Applicant’s Signature: __________________________________________________________ Date: _________________

Signature of Parent/Guardian: ___________________________________________________ Date: _________________Please send your completed application and essay to:The Scholarship Committee - Glass City Federal Credit Union, 1340 Arrowhead Drive, Maumee, OH 43537

Applications must be postmarked by March 31, 2016 to be considered.

Page 3

Board Nominees Named for 2016Members will have the opportunity to vote for their representation on the Board of Directors during Glass City’s Annual Meeting on Saturday, March 19, 2016. The following are this year’s nominees for open Board seats:

Phillip Browarsky: Phillip has served on the Glass City Board of Directors since 2000, and as the Chairman of the Board since 2003. He is a graduate of Duke University and The University of Toledo College of Law. He has practiced law in the Toledo area since 1978. He is active in the Ohio Credit Union League (Columbus) and The National Association of Federal Credit Unions (Washington D.C.), promoting the legislative agenda of credit unions.

Robert (Bob) Brenot: Bob has been a member of Glass City’s Board of Directors since 1976. He currently serves on the Board’s Supervisory Committee and formerly servedin the roles of Treasurer, Secretary, and 1st and 2nd Vice Chairman. A Glass City membersince 1955, Bob is a retired millwright from Libbey Owens Ford. In addition to his commitmentto the Glass City Board, Bob is an active member of the Local VFW George Rill Post 606 in Toledo. Bob and his wife Natalie reside in Toledo.

Raymond (Ray) Myers: A member of Glass City since 1977, Ray was appointed to the credit union’s Supervisory Committee in 1998. He was elected to the Board of Directors in 2000, and currently serves as Board Secretary and Chairman of the Education Committee. Ray is a graduate of the University of Toledo, and is employed as a Sales Representative at Kuhlman Corporation. Ray resides in Waterville with his wife, Patrice.

Greg Vance: Greg has been a member of Glass City since 2003. A graduate of St. John’s Jesuit High School, Greg attended The Ohio State University and The University of Toledo. Since 1991, Greg has been the owner of Vance Property Management, one of the area’s largest dump truck and freight companies. Greg resides in Monclova with his wife Tina and daughters Hannah and Gracie.

Annual Meeting Set For March 19, 2016Members of Glass City Federal Credit Union are invited to the Annual Meeting on Saturday, March 19, 2016, at 10:00 A.M., at Glass City’s Main Office, 1340 Arrowhead Drive, in Maumee.

The Annual Meeting is an opportunity for members to learn about Glass City’s accomplishments during the past year, and preview plans for the upcoming year. Board officials for 2016 will also be elected at the Annual Meeting.

PLEASE MARK YOUR CALENDAR:

EVENT: Glass City Federal Annual Meeting DATE: Saturday, March 19, 2016 PLACE: Glass City Federal Main Office 1340 Arrowhead Drive, Maumee TIME: 10:00 A.M.

Nominations for vacancies on the Board may also be made by petition signed by one percent of Glass City’s membership. When there is only one nominee for each position to be filled, the election will not be conducted by ballot, nor will there be any nominations from the floor. Nominations by petition must be received by the Secretary of the Board by Monday, February 1, 2016.

Page 4 419-887-1000 • 800-837-3595

Attention Members with IRAs: Important Notices• IRA balances as of December 31, 2015 are considered Fair Market Value, and will be the amount that Glass City will report to the IRS.

• Withholding Notice for Individual Retirement Account (IRA) Periodic Payments: We are required by law to send a Withholding Notice to any member receiving an IRA Pre/Post 70½ Distribution from the credit union. Whether or not you currently have Federal taxes withheld from your IRA Periodic Payment, no change will be made unless you contact the credit union.

Payments from your IRA are subject to Federal income tax withholding, unless you elect no withholding. You may change your withholding election at any time prior to your receipt of a payment. To change your withholding election, contact the credit union at 419-887-1000 for the appropriate form, or visit your nearest branch.

Withholding from IRA payments, when combined with other withholding, MAY relieve you from payment of estimated income taxes. However, your withholding election does not affect the amount of income tax you pay. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are insufficient.

• 2015 IRA Rollover Rule: Beginning in 2015, you can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own. The limit will apply by aggregating all of an individual’s IRAs, including Simplified Employee Pension (SEP) and SIMPLE IRAs as well as traditional and Roth IRAs, effectively treating them as one IRA for purposes of the limit.

• Trustee-to-trustee transfers between IRAs are not limited

• Rollovers from traditional to Roth IRAs (“conversions”) are not limited • Direct Transfers of IRA money are not limited: This change won’t affect your ability to transfer funds from one IRA trustee directly to another, because this type of transfer isn’t a rollover. The one-rollover-per-year rule of Internal Revenue Code Section 408(d)(3)(B) applies only to rollovers.

For further details, visit www.irs.gov.

Glass City Federal Credit Union1340 Arrowhead Dr. Maumee, OH 43537