I reported to you early last year that Pacific Service Credit Union was exceptionally well-prepared for today’s unstable economy and that we continued to conduct business as usual as a result. While 2009 was far from business as usual, I am pleased to report that your credit union posted modest net earnings and retained capital reserves totaling 12% of assets.
Simply stated, we are one of the safest financial institutions in the nation. Our long-standing commitment to providing superior value and service to you, our members, continues to be unyielding and ongoing.
As we start to see early signs of economic recovery, we are also seeing renewed commitments to build household savings, reduce unnecessary spending, and reevaluate business relationships. At Pacific Service Credit Union we have been busy creating market-leading products and services for 2010 that will deliver exceptional value and fit your busy lifestyles in a rapidly changing world. More than ever, consumers must be able to trust their business providers to understand and serve their interests.
Trust, while previously assumed when dealing with financial institutions, now will have to be earned. From the point of view of most consumers, doing the right thing has become the main thing. 75 years ago the story was much the same.
Formed as a not for profit cooperative during the Great Depression of the 1930s to provide affordable, safe and stable banking services to Northern California consumers, your credit union has delivered value and outstanding service from generation to generation. In the process, we have grown to more than $1 billion in assets. Credit unions made sense then and they make sense now. Our only shareholders are you, our members. It makes a difference.
Throughout the recession we have paid solid returns on savings, charged low loan rates, and have reduced fees in many areas to make doing business with us even more affordable. In addition, we have streamlined and improved delivery systems and cut red tape to improve convenience. During 2010, we have introduced our upgraded website, we will introduce a new and improved home banking system, and we will unveil shared branching to members through Financial Service Centers Cooperative (FSCC), a credit union industry owned company that networks thousands of credit union branches together. The concept is similar to ATM networks and will add a new level of convenience for members’ traveling or who live in areas not served by our present branch network.
Perhaps our most valuable offering for members in 2010 is our completely overhauled Visa card program. In response to recent regulatory changes and in recognition of rising costs to consumers from most other card issuers, we have created a true market-leading opportunity for members to cut their costs and pick up additional benefits in the process. We offer the same low rate for purchases, cash advances and balance transfers. In fact, we have never charged a fee for cash advances or balance transfers – it’s just one of the many ways we demonstrate our value advantage to you. Learn more about our new Visa program online or give us a call at (888) 858-6878.
As a corporate citizen, we are proud of our program to fund local charities that feed and assist those who are in need of help. Over the past 10 years, PSCU has donated more than $1 million dollars on behalf of our members. Our corporate giving has touched thousands of lives within the communities we serve. You make a difference as a member of the credit union.
While many people believe 2009 was a year to forget, I believe it will turn out to be a year to remember. Our lives have been changed forever in ways that will demand more from us, our institutions and our leaders. Greater control over our own futures and greater accountability from those in whom we place our trust will be central themes.
What’s old is new again. We’ve never lost sight of our mission and we stand ready to serve your family’s financial needs as we begin this new decade.
Take a few minutes to compare our products and services with those of other providers as we start the New Year. We’re confident that you will find ways to save money and improve your service experience.
All of us at Pacific Service Credit Union thank you for your business.