SF Fire Credit Union

Darren Herrmann, President and CEO

Welcome to the 61st Annual Meeting of the Members of SF Fire Credit Union. I appreciate having this opportunity to review the significant events of the past year, and share some thoughts regarding what’s on the horizon for 2012 and beyond.

Many of you are probably aware that 2011 was an amazing year for the Credit Union Movement. Actions taken by some of this country’s largest banks during the fourth quarter spurred a grassroots movement to credit unions never seen before. Americans learned they had an alternative for meeting their financial services needs, with close to one million people deciding it was time to become a credit union member. The message of this ‘move your money’ movement certainly resonated in the Bay Area, and to the benefit of many San Francisco-based credit unions – including our own. While there were no changes to our continued focus on providing solid value and exceptional personal service, we saw invigorated interest in the Credit Union from an already loyal membership. Usage of our products and services increased (with an additional $54 million in deposits alone) and satisfied members were enthusiastic in recommending us to their family and friends.

2011 was also a good year for SF Fire Credit Union. We continued to be profitable, adding $3.4 million to capital reserves which now stand at $52.4 million. A successful merger was completed with Pacifica-Coastside Credit Union, an action which not only assisted a small city employee credit union with a similar core membership of firefighters and first responders, but also benefited our members with the convenience of an additional branch in Pacifica.

Enhancements were made to Online Banking to increase its speed and ease-of-use. New mobile banking applications allowing members to deposit checks using smartphones have been well-received, and continue to grow in popularity. Our Investment Services program was expanded, with an additional financial advisor now being available to provide a level of personal service and expertise our members expect and deserve. And finally, those wanting to empty their piggy banks can now do so using free coin redemption machines at our California and Stonestown branches.

As we move into the new year, our local economy is not out of the woods. A stagnant housing market and high unemployment will continue to pose challenges to all financial institutions, including our own. With that being said, I believe we are well-positioned to ensure a long and prosperous future for your Credit Union. Members should expect 2012 to bring further enhancements to the ways you can access accounts, as well as a steadfast commitment to providing an unmatched level of personal service.

It’s a privilege to be your financial institution of choice, and I thank you for your continued loyalty and support.

Darren Herrmann

President and Chief Executive Officer