SF Fire Credit Union

John Sweeney, Chairman

On behalf of the Board of Directors, the committees and staff of SF Fire Credit Union, I am pleased to present this annual report to you.

2009 was a challenging year for SF Fire Credit Union, as we were not immune from the harsh realities of the troubled economy faced by all financial institutions. I’d like to extend my gratitude to the Management and Staff of the Credit Union, as I feel they’ve done an outstanding job at navigating us through these extraordinary times. They took prudent measures to control expenses and thus minimize the impact on the Credit Union’s capital reserves which remains at over $48 million providing ample security for the future. At the same time, the commitment to delivering exceptional service and value to our membership continued, with SF Fire Credit Union maintaining a 1st or 2nd place nationwide ranking when measured on returning value to members.¹ Our efforts have been rewarded with high member loyalty and a tremendous ‘word-of-mouth’ reputation – with membership surpassing 25,000 and assets eclipsing $640 million by the end of 2009.

SF Fire Credit Union also embraces and takes great pride in the history and tradition of the organization, and it’s with respect and admiration that I wish to acknowledge the retirement of Frank J. Dunphy from the Board of Directors in 2009. The Credit Union was privileged to have Frank serve as a volunteer for over thirty years, with every moment being dedicated to our members and their well-being. While he will be sorely missed, Frank will always be remembered for the leadership and guidance he provided to those of us who remain on the volunteer Board of Directors and Supervisory Committee. It is this continued legacy for which all of us remain grateful in having had the opportunity to work with Frank.

In closing, I’d like to thank you, the members, for your continued loyalty, confidence and faith in SF Fire Credit Union. We only exist as an organization to serve your financial needs and look forward to doing so well into the future.

Best Regards,

John Sweeney

¹ Callahan & Associates, 2009