Summer Update - Message from the President

It seems that only a few weeks ago I was providing members with a recap of 2012, and what we had planned for this year. While it's hard to believe that we're already half-way through 2013, it is an opportune time to update everybody on the state of their credit union. There are some recently launched products and services to make sure you're aware of, news of what's coming soon, and our needing assistance from the membership.

First and foremost, know that your credit union remains a safe and sound financial institution. We continue to be profitable, which is how we grow our capital reserves to ensure a long and prosperous future. We owe this success to you, as the more business you do with SF Fire Credit Union, the more successful we are as a financial cooperative. We know you have many financial services providers to choose from, and appreciate being your financial institution of choice.

Education has always been important to our membership, with many asking for help in finding ways to pay for the ever increasing costs associated with it. We responded by expanding our education loan program, which is now available for K-12 tuition, as well as graduate level business studies.

We're excited to have completed the remodel of our Mint Plaza Branch, located just a few steps from where the credit union began at 17 Engine on Jessie Street in San Francisco. I apologize for any inconvenience members may have experienced during construction, and hope you'll be pleased with the improved space.

There's more in store for members this summer, including a new Online Banking system which promises to be faster and easier-to-use. We'll also continue holding the popular member car sales, with the next event scheduled for late September at the Cow Palace in San Francisco.

While all is well at SF Fire Credit Union, we are facing a significant challenge that many of you might already be aware of from messages I've sent out recently. Congress is considering subjecting not-for-profit credit unions to corporate taxation-the impact of which would be very detrimental to all credit unions, including our own. If you haven't done so already, please contact your elected officials and ask them to not tax your credit union. An easy way to do this is through Connect for the Cause (www.connectforthecause.org), a simple, free, web-based network which allows you to quickly send your legislators a message.

On behalf of all of us at SF Fire Credit Union, I thank you for your continued loyalty and support. As always, I welcome your questions and comments. Feel free to contact me directly through our website (Ask Darren), Twitter (@SFFireCU) or by mail at our California Street address.

Darren Herrmann

Darren Herrmann, President & CEO