2007 SCE FCU Annual Report
SCE FCU is Well-Capitalized as Future for the Banking Industry Looks CloudyApr 15, 2008 | Annual Reports
2007 proved to be a very challenging year for many financial institutions across our nation. Fortunately, SCE FCU was able to produce some solid gains even in this difficult environment. We topped $400 million in total assets, setting a new record for the organization. Total loans increased $21 million for an 8.4% growth rate, exceeding an aggressive budget of 6.4%. Total shares increased by $13 million for a 4% growth rate, also above the 3% anticipated for the year.
Amidst a steeply declining housing market, we funded $23 million in real estate loans for our members. With all of the very unsettling news about failing banking and investment companies during 2007 and into 2008, we proudly share with you that all of our loans, equity and real estate in particular, are evaluated on the foundation of sound underwriting policies and are reviewed regularly by external auditors under the supervision of your Supervisory Committee. We did not and do not engage in sub-prime lending and we have no sub-prime loans in our portfolio. Your Credit Union is as safe and sound as ever and finished the year in a strong financial position with a capital ratio (net worth) of 11.52%, well above the rate threshold of 7% considered well-capitalized by our federal regulators.
We also offered new and enhanced services for members. Among them:
Relationship Pricing – Offering extra rewards to members (free services, pricing discounts, and rate bonuses) based on the number of the products/services and the volume of deposits and loans a member has with the Credit Union. And, accounts from the same household can be linked to provide an opportunity for everyone in the family to enjoy greater benefits. Participation pays off – which follows the true definition of a cooperative.
Debit & Credit Rewards – Members can now earn rewardspoints on signature-based purchases with their Visa Check CardAND on all purchases with their Visa Platinum Rewards CreditCard. Debit and credit points can even be combined for greaterearning power. And, members of the same household cancombine points.
Business Visa Platinum Rewards – Businesses can nowtake advantage of our great rates and fair terms with anotherproduct offering – the Business Visa. Like our consumer PlatinumRewards card, there’s no annual fee and the fine print is fair.
We thank everyone who helped us achieve these accomplishments:
To our members who are participating and benefiting from our competitive services and prices, we thank you and applaud youfor taking advantage of all of the benefits of your cooperative. We do realize that some of our members may be caught in this financial crisis and may have less than desirable loans with other financial institutions. We would like to remind you that we are your Credit Union and we will help you in any way we can to make it through this difficult time.
To the members who volunteer on our Board of Directors, Supervisory Committee and other Board Committees, we thank you for your commitment and your invaluable contribution.
To our employees who not only work hard to serve members but also believe in serving the community, we thank you for contributing 764 volunteer hours in 2007 with a wide variety of local organizations and for facilitating 39 financial education workshops reaching 666 participants.
Our business in banking…with a full range of products and services at competitive rates. Our passion is service... providing creative, individual options to assist you in financing your life needs.