2010 SCE FCU Annual Report
Credit Union Celebrates Members in People Powered Banking CampaignMar 23, 2011 | Annual Reports
It takes a special mix of ingenuity, determination, effort and loyalty from members, volunteers and staff to transform a challenging economic year into a successful experience for all stakeholders in this cooperative we call SCE FCU. 2010 was a celebration of our members, several of whom appeared on freeway billboards, city street posters, bus shelters, mall kiosks and bus tails ─ a testimony to our commitment to People Powered Banking.
The invitation to Join us • sce4me.com resonated with 2251 who came to take a look at the special website created for our People Powered Banking advertising campaign. Many joined the Credit Union and took advantage of aggressive rates as low as 1% APR on auto loans. Others test drove our concierge service CU at the Wheel for the first time and had a Credit Union car buying specialist find the car of their dreams and deliver it to their door, complete with a big red bow. Birthday, Christmas and Valentine’s Day heroes were born with this “one of a kind” white glove service. Others, some who have been part of the SCE FCU family for a long time, came seeking help dealing with unforeseen hardship like unemployment. We were able to provide feasible options that allowed close to 320 members to adjust the terms on mortgages or equity loans to get them through a rough patch.
For many small business owners, finding the right ─ and often elusive ─ business loan was a necessity to keep them in the community and ensure the doors stayed open for business. SCE FCU grew nearly 35.93% in business lending to organizations in our local communities. In an effort to support the employees of our local businesses, we visited hundreds of employer sites to bring banking to the people, and to find new ways to delight the SCE FCU member family.
Creative financial education events made learning fun for participants and volunteers alike. Youth celebrations, simulation games, seminars and online tutorials rounded out the offerings. In addition, all members have free access to our BALANCE financial fitness program, and many took advantage of educational and personal financial counseling opportunities. For more information on our community involvement, charitable contributions, and inaugural scholarship program, please read the “In the Community” section of this annual report.
Our members can look forward to a number of new services in 2011 as we enhance our ability to conduct business online. A redesign for CU@Home and for our website, a more robust bill pay product, SnapShot ─ a financial aggregator, and many upgrades to our ability to transact business and transmit documents securely from your location to our corporate office.
During the flurry of activities designed to provide member options and value, we are taking time to reflect on our roots. Difficult times often drive people to rethink their guiding principles and recommit to the things that are most important.
- We believe the people in our community really do need and want to be helped and, in turn, they want to help others.
- We believe the crises of recent years have caused some of our Credit Union family to become disillusioned with some of the dreams they built for themselves. For some, the dream collapsed and now they are holding the pieces.
- We believe many are going back to basics. They are looking for a credible, transparent financial option they can believe in. They are saving again for the long run, and looking for meaningful and lasting relationships, including financial partners.
- We believe we all want “living within our means” to have more meaning. Credit unions were born in times of crisis (during the Great Depression), at a point when people needed banking to be more responsive and more responsible.
- We believe this kind of commitment to people through their life journey has value and is meaningful. Times have changed, but our values have not. We are still organized by the people, for the people.
- We believe our brand of banking... people-powered banking... has a special quality and when you participate, you experience that difference.
We will be looking to you for feedback in a variety of ways in 2011, so you can play a more direct part in maximizing the member service experience. Over the years, many of you have recommended SCE FCU to your friends and family and it is our honor and delight to extend them our service. Thank you for sharing the gift of membership.
We are your Credit Union ─ focused on your street, not Wall Street.
Chairman of the Board