Message from the President and CEO
|Darren Herrmann, President and CEO|
Welcome to the 63rd Annual Meeting of the Members of SF Fire Credit Union. It’s a wonderful opportunity for us to reflect on the past year, and for me to share some thoughts regarding what’s in store for us in 2014.
As we look back at 2013, I’d describe it as a very good year for SF Fire Credit Union. As the owners of this financial cooperative, members should be pleased to know that our financial performance remained strong. Profitability is important for all credit unions, including ours. It’s how we ensure long-term viability, and provide members with the products and services to meet their needs in an ever-evolving financial services marketplace. SF Fire Credit Union had an operating profit of $8.5 million in 2013, which was $1.2 million more than the previous year. This brings our total reserves to over $70 million dollars, which positions us as well capitalized and provides assurance that we’ll be here to serve members well into the future.
Our commitment to providing you with the best possible service remained steadfast in 2013. A new branch opened at Mint Plaza, very close to where we began at 17 Engine on Jessie Street back in 1951. Those of you with busy schedules can now make branch appointments to open new accounts, apply for loans, or meet with a financial advisor or mortgage consultant. Many of our members are entrepreneurs, so we expanded our business services program to offer SBA (Small Business Administration) loans. And knowing the importance you place on education, we expanded student loans to include kindergarten through high school and increased our Arthur F. McIntyre Scholarships from $1,000 to $2,500.
In regards to what’s in store for 2014, rest assured that we’ll continue working hard to make doing business with us even easier, and with the high level of personal service you deserve. I expect a sustained recovery of our local economy, with my optimism being fueled by continued improvements in the job and real estate markets. While this should be a good year for us, it will not be one without challenges. In 2014 we will likely see renewed attacks by the banking lobby, who will aggressively lobby Congress to subject not-for-profit credit unions to for-profit corporate taxation. Many of you answered our call for help on this issue last fall, and sent over 5,200 messages to elected officials asking them not to tax our credit union. We were humbled by your response, and would greatly appreciate your standing with us again should we need your help on this or other legislative-related issues that may arise over the course of the year.
In the meantime, thank you for your continued loyalty and support and know that all of us at SF Fire Credit Union consider it a privilege to be your financial institution of choice.
President and Chief Executive Officer