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Annual Meeting – April 9, 2009
I’m happy to report this morning that our Credit Union is in excellent health and stands ready to assist our members with all of their financial needs. Our benchmark Camel Ratings continues to be strong with a very favorable capital position and a solid return on assets.
Along with our array of financial products and offerings, our trademark customer service, provided by our very knowledgeable and friendly staff, are the strengths of our “family” oriented business. Our staff is ready at all times to help our members meet their financial needs. I believe we are second to none in this very vital area.
While strong, our Board of Directors and Management continues to monitor and adjust our positions in this very challenging and changing economy. We are not exempt from the pressures and the threats that these times bring. We closely watch your/our share deposits and loan activity. As deposits increase and loan activity decreases, our “cost of funds” grows putting added pressure on our income position.
Recently, unprecedented liquidity and capital strains on the corporate credit union system required that we share in funding some of these “strains” through the National Credit Union Share Insurance Fund (NCUSIF) replenishment program. This is not unlike some of the activities we are required to do in the insurance industry with guaranty funds, etc. It’s the price of doing business in a highly regulated financial sector.
Rest assured that we are strong and will be here well into the future to serve our members with the warm and friendly service they are accustomed to.
Respectfully Submitted,
Harry A. Dorr, Jr.
President - Board of Directors UMICO FCU |
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