2012 SCE FCU Annual Report

2012 SCE FCU Annual Report

Apr 18, 2013 | Annual Reports

The Right Tools Make a Difference


We’re passionate about providing members with surprisingly good service and the appropriate products and services to meet their specific needs. In 2012, our financial “tool box” expanded to include:

  • Deposit Anywhere! and Free Android & iPhone Apps – customized apps provide the convenience of mobile banking and Bill Pay, and remote deposit capabilities – allowing checks to be deposited from the beach, the backyard, the ballgame…wherever our members are. An enhancement on remote deposit for businesses is planned in 2013 to allow high-speed and desktop check scanning.
  • SnapShot, our online Personal Financial Management (PFM) tool, provides the ability to aggregate all financial accounts into one screen for a holistic view of all transactions. In addition,SnapShot contains customizable budgeting tools, allows forpersonalized alerts, and calculates net worth.
  • Streamlined mortgage application and processing – online, by phone, and in person at branches – helping us to fund $55 million in first mortgage loans for our members in 2012.
  • CU at the Wheel – continued growth of our concierge vehicle buying service, which completely eliminates the hassle of spending hours at a dealership negotiating price and financing. We helped more than 400 members get the car of their dreams in what they refer to as “the only way to buy a car” – and it’s complimentary for all SCE FCU members!
  • Additional ATMs, bringing SCE FCU-owned ATMs to 26 and network ATMs to nearly 30,000 – all surcharge-free to our members, which is more ATMs than even the largest banks offer. We also changed many of the SCE FCU-owned ATMs to imageenabled machines, with no envelopes needed. Checks deposited are scanned and their images print on the receipt.
  • SCE FCU Branches in California and Nevada – our merger with Sonepco FCU expanded our SCE FCU branch network, which now includes 9 branches in Southern California and Southern Nevada. We welcomed our new members from Nevada and look forward to continuing to find ways to best serve them and all SCE FCU members.

More detailed information about the full line of products and services available to members can be found in the pages that follow.


Report of the Chairman & CEO2012 annual report

Your Credit Union had another successful year in 2012. For-profit corporations like large US banks base their success strictly on how much profit the bank generates. For SCE FCU, our main driver of success is defined by how our members utilize us and what they say about their experiences with us. In other words, providing the highest level of service at the best possible cost is our primary objective. A big part of providing the type and level of service our members need is simply to ask them. For the last two years we’ve sent out both paper and electronic surveys to thousands of members asking them to tell us what they want and expect from their Credit Union. But asking is not enough. We put together strategic response teams comprised of management staff, as well as many other key employees, that regularly meet to discuss the findings of the surveys and make changes as needed. We can’t promise to honor every request, but we do promise to listen to you and make every effort to make your experience with SCE FCU as rewarding as possible.

"If you do build a great experience, customers tell each other about that. Word of mouth is very powerful.”
~ Jeff Bezos, CEO Amazon.com

Success must also be defined by our ability to be strategically oriented and financially sound enough to have the vision and resources needed to research, develop, anticipate, and implement new products and services that meet the ever changing financial services needs of our members. From the financial perspective, your Credit Union – even during the continued economic challenges facing our country – satisfied all the regulatory requirements, ensured the Credit Union is safe and secure for our members, and generated enough income to be able to put a number of new products and services in place – as well as looked at the long-term horizon to anticipate member needs in the future.

“Quality in a service or product is not what you put into it. It is what the client or customer gets out of it.”
- Peter Drucker

Finally, the definition of success must also include answering the question of how well we did at helping the communities we serve and being a good and conscientious corporate citizen. SCE FCU, through its corporate outreach activities and our non-profit Foundation, is committed to helping our youth be prepared to handle their finances once they go out into the real world. To that end – we provided $14,000 in scholarships, and 125 financial literacy workshops to help educate more than 3,600 high school students and community residents. We gave donations to other local non-profits also working to better the communities we all serve. Please read more about our non-profit partner, the SCE FCU Foundation, later in the report.

In the end, SCE FCU is only as good as the value we bring to our member-owners. More than 70% of you tell us you are very satisfied with the service, product mix, and pricing, but we will continue to ask. We don’t want to rely only on the surveys we send out. Here are the direct extensions of our Senior Management team. You are welcome to call any team member at any time.

Dennis Huber, President/CEO, x2254
George Poitou, Chief Operating Officer, x2371
Dan Rader, Chief Financial Officer, x2291
Irene Sarber, Chief Planning & Development Officer, x2320

We hope you enjoy the credit union difference – and in particular, the member experience at SCE FCU.

2012 SCE FCU Annual Report (PDF)