Message to the Membership
2020 was a challenging year for us all. As a not-for-profit financial institution, we’re pleased to report that we remain safe and sound, well capitalized and a preferred alternative to big banks. We worked hard to provide more value to enhance our member-owners’ lives, especially those impacted by COVID-19. We were “Big Enough to Serve - in a year that we will never forget - but Small Enough to Care”. We hope you stayed well, and our hearts go out to those we lost.
This year we prioritized keeping people safe and continued to provide essential financial services to our members throughout the pandemic. We were able to keep most branches open, as well as expand digital and phone access. We offered swift loan payment deferrals to members who had reduced income, lost their jobs or had their businesses closed. We made emergency loans and also waived numerous fees to make life more affordable. A big thanks goes out to our staff - frontline heroes - who showed compassion, helped to create normalcy and adapted through flexibility in service delivery as well as remote capabilities.
In 2020, we made a record breaking $120M in loans, to help members
reduce the cost of debt and finance
important purchases to enhance their
lives. Mortgage refinances were at an
all-time high because rates were so
historically low. We were proud to be
able to participate in the SBA Paycheck
Protection Loan Program (PPP) that
provided forgivable money to help businesses survive the shut downs and keep employees paid. Regular savings
ensures that members have a safety
net for unexpected emergencies or
the funds to reach a goal. Shares grew
by an unprecedented $64M, almost
16%, and total assets reached almost
$474M. Although market rates remain
low, we continue to offer some of the
best rates available, including our
reverse-tier $mart Start Money Market
that still earns up to 3% APY. We also
welcomed thousands of new members
and opened many checking/mobile
apps and digital service relationships
that increased convenience and saved
members thousands in fees.
In 2021, low loan rates provide an
on-going opportunity to save by
refinancing. If you are a business owner,
PPP Loans are available again, and we can
help. Through our dedication to People
Helping People, we will continue to
support our members through difficult
times and reach out to offer affordable
credit union services to more members.
For your convenience, we will continue
to improve our on-line digital banking
capabilities, and are planning to add
a new branch or two in the next few
years. We also look for ways to expand
our involvement in the communities
we serve to ensure everyone has access
to the value provided through credit
unions. As a financial cooperative, we
put you first and welcome everyone
in the communities we serve. Your
satisfaction is our number one priority;
we pledge to bring you more value, and
we strive to deliver it with the personal
service you deserve. Thank you for your
business and your referrals.
