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ANNUAL REPORT
DECEMBER 31, 2007
REPORT OF THE BOARD OF DIRECTORS: The Credit Union growth declined in 2007 due to the economy and the Hershey closure. We still have strong ratios. Our net worth/total assets grew from 9.15% to 10.52%. Also, our return on average assets is 1.78%, our peer is .067%. So looking at these few stats we are encouraged that our Credit union is in great shape. We have a new CEO, Vicki Crooker, she has been with the Credit Union for 28 years, we are hoping to squeeze a few more years out of her. Jeanette Bell retired September 15, 2007, after 15 years and we miss her. She was a great asset to the Credit Union. We have a few new services. Online banking, which is great, no more writing checks and it is a very safe way to pay your monthly bills. Also our Visa rates are tiered, the best rate is 8.50% with "A" paper. Also you can still do a balance transfer at 6.99% until paid off. We paid a total of $318,935.77 in dividends this year. We are still very competitive with our loan rates. We appreciate your support and involvement this year. We are here to serve you. Please let us know how we can improve our services for you. Respectfully submitted, Board of Directors REPORT OF THE SUPERVISORY COMMITTEE: As your Supervisory Committee we are responsible for the verification of member's accounts, selection of an auditor for the annual audit, supervision of the acts of the board of directors and credit committee and other checks and balances. During 2007 the Committee performed reviews and verifications of accounts, examined random new loan applications, reviewed member accounts, checked application cards, completed random checks of staff accounts. We met with the DFI examiner and reviewed the hired auditors report for fiscal year ending 2006. Committee members attended Director meetings and reported back to the committee at our quarterly meetings with highlights of each meeting. A Bank Secrecy Act Audit was performed which included checks of internal controls. The mailing of the annual statements was witnessed by a committee member. The Supervisory Committee determined that the financial condition of the Credit Union was accurately and fairly presented. Respectfully submitted, Chairperson REPORT OF THE CREDIT COMMITTEE: During 2007, the committee approved 583 loans, denied 47 requests, approved 43 extensions, and denied 1 extension requests. The committee meets at least five times per week to consider loan requests. The CU Direct Lending program approved 57 loans at a total dollar amount of $1,280,318.76.
Respectfully submitted, Chairperson
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"This credit union is federally insured by the National Credit Union Administration." "Your savings federally insured to at least $100,000 and backed by the full faith and credit of the United States Government" |
