Financial Wellness
Message from the Board Chairman—June 2025
On behalf of Tower's volunteer Board of Directors and Senior Management team, I want to thank those of you who came to our Annual Meeting on May 13. To view Tower's 2024 Annual Report, please visit our About Tower page.
This year's Annual Meeting marks my 20th year of being involved with Tower's Board of Directors in some capacity, and I am proud to be a part of such an incredible group of men and women. The financial well-being of Tower members is always at the forefront of all that we do, and I appreciate the opportunity to help lead and direct our credit union.
In addition to serving another three-year term, Marcus was also elected Board Secretary, having previously served as Assistant Board Secretary. Board member Jason Bailey will assume the role of Assistant Secretary. I want to thank both Marcus and Jason for filling these positions and for devoting their time and talents to the Board. I also want to thank Pankaj, who previously served as Board Secretary, for his dedication and efforts in that capacity. And I want to thank Jim Kalkbrenner for his years of service to the Board, and for continuing to serve as Vice Chair.
And the deeper your relationship with Tower, the more you save. Our loyal members saved an average of $2,906 annually!3 The research also showed that our members earn higher interest rates on their Tower savings accounts—in fact, twice the average of Maryland banks.
For helpful articles and tips about how you can protect yourself and your family against fraudsters and the latest scams, visit our Fraud & Security Center. We also created an online fraud prevention webinar called "Outsmarting the Scammer." To watch the pre-recorded video, click here.
If you are looking to change jobs and want to join an exceptional team of employees, plus enjoy some of the best benefits in the industry, please see our open positions. Maybe there's a new opportunity for you or someone in your family at your credit union.
To address the urgent cyber workforce shortage, our TowerCares Foundation has made a ground-breaking $300,000 commitment to the UMBC Cybersecurity Institute to support and train Maryland's next generation of cybersecurity leaders and professionals.
The partnership will create a new scholarship fund within the prestigious UMBC Cyber Scholars Program, which is dedicated to equipping students with the skills needed for careers in cybersecurity, artificial intelligence, and data science.
Through the Orioles' Military Cap Program, active and retired military personnel can receive a free custom-designed Tower/Orioles logo baseball cap at all O's regular season home games starting this month. Look for more details coming soon!
When you do, you can also put some cash in your pocket—and the person you refer to Tower can earn cash too—through our member referral program. For details, visit towerfcu.org/refer.
If you find yourself experiencing financial difficulties, please reach out to us so we can discuss available options and how we can help. Stop by a branch or contact us if you are impacted and need financial assistance.
On behalf of your volunteer Board of Directors, thank you for your trust in us and for your membership. We are proud to say that we are your credit union and we stand ready to serve you and your family, now and for generations to come.
Arland A. White, Jr.
Board Chairman
This year's Annual Meeting marks my 20th year of being involved with Tower's Board of Directors in some capacity, and I am proud to be a part of such an incredible group of men and women. The financial well-being of Tower members is always at the forefront of all that we do, and I appreciate the opportunity to help lead and direct our credit union.
Four Board members re-elected to serve another term
I'm happy to announce that four Board members were re-elected by acclimation. Pankaj Belani, Scott Brown, Monte Dzurenko, and Marcus Parker will continue to serve on the Tower Board for additional three-year terms. All four bring to Tower a wealth of experience and expertise, and I thank them for their willingness to serve another term. I also want to recognize Monte for his 23 years of serving on Tower's volunteer Board and thank him for continuing to serve as Board Treasurer. His advice and leadership are invaluable.In addition to serving another three-year term, Marcus was also elected Board Secretary, having previously served as Assistant Board Secretary. Board member Jason Bailey will assume the role of Assistant Secretary. I want to thank both Marcus and Jason for filling these positions and for devoting their time and talents to the Board. I also want to thank Pankaj, who previously served as Board Secretary, for his dedication and efforts in that capacity. And I want to thank Jim Kalkbrenner for his years of service to the Board, and for continuing to serve as Vice Chair.
Over $79 million saved—just by banking with us!
Your Board of Directors is very focused on providing the best value to our members, which makes me excited to let you know that independent research done by America's Credit Unions shows Tower delivers $79 million in direct financial benefits to our members!1 That's on average an extra $730 per household, every year.1,2And the deeper your relationship with Tower, the more you save. Our loyal members saved an average of $2,906 annually!3 The research also showed that our members earn higher interest rates on their Tower savings accounts—in fact, twice the average of Maryland banks.
May Shred Day helped members fight against fraud
Our Shred Day held last month at our Laurel Headquarters was a big success. In total, we shredded over 18,000 pounds of paper, filling two large shred trucks! Thank you to those members who came out for the event; safely disposing of documents containing sensitive or personal information instead of throwing them in the trash is a good way to prevent identity theft.For helpful articles and tips about how you can protect yourself and your family against fraudsters and the latest scams, visit our Fraud & Security Center. We also created an online fraud prevention webinar called "Outsmarting the Scammer." To watch the pre-recorded video, click here.
Tower is a Great Place to Work—seven years in a row!
I am proud to announce that Tower has once again been recognized as a "Great Place to Work"—for the seventh year in a row! This award is especially meaningful, as it comes from our own employee team. More details are in this month's Towerline.If you are looking to change jobs and want to join an exceptional team of employees, plus enjoy some of the best benefits in the industry, please see our open positions. Maybe there's a new opportunity for you or someone in your family at your credit union.
Doing our part to support Maryland's cybersecurity community
Cybersecurity continues to be a core priority for Tower. Did you know that Maryland faces over 24,000 unfilled cybersecurity positions, while nationwide, that number exceeds 457,000, according to CyberSeek?To address the urgent cyber workforce shortage, our TowerCares Foundation has made a ground-breaking $300,000 commitment to the UMBC Cybersecurity Institute to support and train Maryland's next generation of cybersecurity leaders and professionals.
The partnership will create a new scholarship fund within the prestigious UMBC Cyber Scholars Program, which is dedicated to equipping students with the skills needed for careers in cybersecurity, artificial intelligence, and data science.
New! Hats for Heroes for military and Veterans
I'm excited to announce a new sponsorship—Hats for Heroes with the Baltimore Orioles! Hats for Heroes is another way we recognize and say "thank you" to our military heroes and Veterans.Through the Orioles' Military Cap Program, active and retired military personnel can receive a free custom-designed Tower/Orioles logo baseball cap at all O's regular season home games starting this month. Look for more details coming soon!
Share the gift of membership this summer
While you are at pool parties, family gatherings, and barbecues this summer, I invite you to share Tower with your friends, co-workers, and neighbors. Let them know about the many benefits of Tower membership and invite them to join.When you do, you can also put some cash in your pocket—and the person you refer to Tower can earn cash too—through our member referral program. For details, visit towerfcu.org/refer.
Your credit union is here for you
I want to end my message this month with the reassurance that, given the ongoing uncertainty regarding federal jobs and jobs supporting federal efforts, Tower is here for you.If you find yourself experiencing financial difficulties, please reach out to us so we can discuss available options and how we can help. Stop by a branch or contact us if you are impacted and need financial assistance.
On behalf of your volunteer Board of Directors, thank you for your trust in us and for your membership. We are proud to say that we are your credit union and we stand ready to serve you and your family, now and for generations to come.
Arland A. White, Jr.
Board Chairman
1 Rates and fees as of 12/31/2024.
2 Assumes 2.1 credit union members per household.
3 A "loyal member" is assumed to have a $30,000, 60-month auto loan, a classic credit card with an average balance of $5,000, a $200,000, 30-year fixed mortgage (a 30-year fixed rate mortgage is replaced with a 5-year adjustable rate mortgage if it yields a greater benefit as it is assumed more in demand), $5,000 in an interest/dividend checking account, $10,000 in a one-year certificate account, and $2,500 in a money market account.
© America's Credit Unions 2024
2 Assumes 2.1 credit union members per household.
3 A "loyal member" is assumed to have a $30,000, 60-month auto loan, a classic credit card with an average balance of $5,000, a $200,000, 30-year fixed mortgage (a 30-year fixed rate mortgage is replaced with a 5-year adjustable rate mortgage if it yields a greater benefit as it is assumed more in demand), $5,000 in an interest/dividend checking account, $10,000 in a one-year certificate account, and $2,500 in a money market account.
© America's Credit Unions 2024
