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2021 SCE FCU Annual Report

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2021 SCE FCU Annual Report


SCE FCU 2021 Annual Report

Report of the Chair, Patrick McCloskey

For most in the United States, 2021 was the first complete calendar year spent dealing with the pandemic. We learned the full extent of what it means to pivot and make the best of any situation. We became accustomed to moving within uncertain conditions and times. Even with the difficulties so many continued to face, so much was accomplished.

The Credit Union’s assets continued to grow significantly, ending the year at nearly $1 billion. Despite having to adapt to the volatile nature of the pandemic, we generated the fiscal success that allowed us to be there for our members, our communities, and our team.

We were steadfast in our dedication to providing excellent service. We launched video lending, allowing members to speak “face to face” with a loan consultant without needing to visit a branch. We introduced an appointment system, for those who prefer to visit a branch. Regardless of how you choose to connect with us, we are honored you continue to turn to us as your trusted financial partner.

Along with making it more convenient to “do” banking, we made moving funds easier by offering self-service loan payments, increasing daily remote deposit limits, and partnering with Zelle. We enhanced our Online and Mobile Banking platforms with credit scores and monitoring. We put the finishing touches on “The Teen Scene” – a website designed exclusively for members ages 12 to 17, with videos and blogs to teach teens smart money skills.

Our Credit Union remained strong, created opportunity and provided options. Despite social distancing, we continued to be joined at the heart with our members and the communities we serve. We provided more than $30 million in loans to low-income borrowers and extended credit builder loans to nearly 300 members. As a certified Community Development Financial Institution (CDFI), we were honored to receive a $1.8 million grant to expand our initiatives in underserved communities. Be sure to read the community section of this annual report for information on some of the many ways we continued to Create Good in Southern California and Southern Nevada.

2021 was also the final full year with Dan Rader as our President/CEO, as we prepared for his retirement in early 2022. Where does one begin when talking about a leader like Dan? Respected across the entire organization, Dan is someone equally at ease discussing complex strategic plans, as he is with casual conversion in the lunchroom – seeming to know each one of our nearly 200 team members by name.

Dan has never failed to uphold the trust he built with the Board and the SCE Credit Union team – first as the CFO and then as the President/CEO. He is admired for his ability to make sense of and resolve difficult financial situations, and even extraordinary circumstances like the pandemic. Dan never faltered when it came to doing what was best for the Credit Union members and team. We express our immense gratitude to Dan for the significant contributions he made during his 25-year tenure. Turn to the closing section of this annual report for heartfelt sentiments from our outgoing CEO.

With every fond farewell, there is an opportunity on the horizon. After a search that took well over a year, countless resumes and careful consideration, please join me in welcoming Jennifer Oliver as our new President/CEO, effective March 1, 2022.

There are numerous reasons the Board feels Jennifer is the right fit as the Credit Union’s next leader. She has an impressive record of success in the credit union industry, including experience in Southern California and Southern Nevada. She was called upon by the National Credit Union Association to steward a credit union in conservatorship. Her ability to “turn that institution around” clearly shows her skill at identifying and acting on incredibly challenging situations. Throughout the course of her career, Jennifer has demonstrated her leadership capabilities and commitment to people. She believes wholeheartedly in SCE Credit Union’s mission to Create Good for our members, communities and team members.

We realize we would have no mission to serve if it were not for you – our members. Thank you for continuing to place your trust in us. Together, we will continue to Create Good.

A message from Jennifer Oliver, our incoming CEO

It is an honor to be the new CEO of SCE Credit Union. Thank you to the Board of Directors for placing their trust in me to lead this incredible organization and care for the people we serve. My passion for the credit union movement began more than 30 years ago, when I started out in this industry at a credit union in Southern Nevada. Since then, I have successfully transformed credit unions in Southern California and New York City. As a wife and mother of two, I understand how important it is to have a true financial partner on your side. I was immediately drawn to the mission at SCE Credit Union: To Create Good for our members, communities and team members. The more I learned about how this lives and breathes at the Credit Union, the more I knew how wholeheartedly my beliefs aligned with this mission.

2022 will represent a year of RE-connecting as we welcome the end of the pandemic, meet new team members, continuously improve services, and build new or renewed relationships with our members. Here is a glimpse at just a few of the objectives we will be working on in 2022:

  • Enhance member well-being and support the communities we serve!
  • Provide members with modern features for better access to debit and/or credit cards, at account opening or when replacing lost or compromised cards
  • Develop a relationship banking program, to reward members as they participate with the Credit Union and help us to Create Good
  • Reimagine small business banking offerings, as the world has changed and we want to be an even  more valuable partner – not only for lending needs but also for deposits and merchant solutions
  • Introduce a new Visa credit card product, offering additional benefits and features to cardholders
  • Complement convenient self-serve options with easy-to-follow guidance

Whether you have been a member for 70 years, just recently opened your account, or are somewhere in between, please know we are committed to YOU. We will generate an urgency to provide exceptional service, working with genuine passion and enthusiasm. We vow to create memorable experiences for you that result in long-lasting, loyal member relationships.

I look forward to building upon the foundation set by the Board and executive team while introducing new initiatives as we focus on helping members make their financial goals a reality and Create Good, together.