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.

Providing fair and competitively priced services to members who borrow, and giving good financial return to those members who trust us with their savings is a challenge that this Credit Union faces every year. We were particularly successful with this task in 2007, with an impressive 49.7% of earnings being returned to our members in the form of dividends. At the same time we removed fees on most convenience and service transactions, making doing business with us that much easier.

Paying higher rates of return on deposits, keeping loan rates low and eliminating fees were done in a thoughtful and responsible manner. SF Fire Credit Union remains a financially safe and strong organization, with over 21,000 members and over $450 million in assets.

In 2007 we continued and deepened the commitment to strengthening our relationship with San Francisco firefighters and their families. We understand that each and every one of you is an individual, and strive to convey that in our interactions with you. The staff, management, Supervisory Committee and Board of Directors remained committed to providing you with an exceptional service experience that is second-to-none. I am elated to report that our 2007 member satisfaction surveys indicate that even greater numbers of members are identifying and appreciate these efforts.

I would like to thank the members, employees and volunteers for your continued loyalty to SF Fire Credit Union. You have been responsible for the success of this Credit Union in the past, and are a key component in its prosperous future.

Best Regards,

John Sweeney