2011 SCE FCU Annual Report
Credit Union Works to Stimulate Economy Through Auto Loans, Mortgage Loans and Business LoansApr 12, 2012 | Annual Reports
For a second consecutive year, SCE FCU benefited from the ingenuity, determination, effort and loyalty of members, volunteers, and staff to address the challenges in this tough economic environment and maximize the value for all who have a stake in the success of their Credit Union. It was another year of celebrating members on freeway billboards, bus wraps, bus tails, and promotional materials, with a much more disciplined approach to soliciting and responding to member feedback.
A member feedback initiative was launched in July, and by year end, 6,868 surveys were sent to members. More than 1,600 members responded, providing valuable feedback about the quality of banking products and services from all delivery channels, and making requested suggestions for enhancements. We are thrilled with your responsiveness and appreciate the many great ideas you are sharing with us. Strategic response teams are working on communication and product improvements that will include many of your ideas. Some of you tested our new products before launch, including the mobile banking application and a new financial aggregation tool. A much needed expansion of the core software platform set the stage for a series of new services to launch in 2012.
A successful 10-year mortgage promotion fit the bill for close to 100 members, and another 150 took advantage of our concierge service CU at the Wheel. We received rave reviews for the experience of having a Credit Union car buying specialist find the specific car of choice, at the desired price point, and deliver it to the door complete with a big red bow. SCE FCU grew nearly 5% in business lending to partner organizations in our local communities. Business loans now represent 10.78% of total loans. In an effort to support the employees of our local businesses, we visited more than 200 employer sites to bring banking to the people, and to find new ways to delight our SCE FCU member family.
The SCE FCU Foundation continued its work in our local communities, with financial literacy workshops, high school initiatives, and multiple “real-life” Mad City Money events. Our scholarship program provided twelve very deserving students with monetary assistance for college expenses. We also donated $31,100 in charitable grants to local community organizations, and our employees donated 996 hours of volunteer time to a variety of worthwhile causes. Please read the “In the Community” section for more information.
The most significant initiative of the year was preparing for a merger with Sonepco Federal Credit Union in Nevada, a $54 million credit union serving 4,800 members with a four branch network. The merger, effective January 1, 2012, formed a $557 million Credit Union with 10 branches and 45,600 members. We share great synergy in membership demographics, serving Edison in Southern California and NV Energy in Southern Nevada. The merger also adds geographic diversification and greater convenience for the 400+ SCE FCU members who already reside in Southern Nevada.
We welcome our new Nevada employees and members to the SCE FCU family, and will continue to deliver a banking experience characterized by exceptional service that meets and exceeds expectations. We will continue to look to all of you for your feedback, inviting you to partner with us to improve your member service experience. We thank you for sharing the gift of membership by recommending your friends and family to us. We value your trust and partnership as we collectively work to make a difference for our member family and our local communities.