To Our Members,
Thank you for your continued membership and business at Access Community Credit Union. I’m pleased to report that 2017 was another prosperous year for our credit union. Several achievements stand out, but before reflecting on 2017’s successes, I would like to recognize Keith Watson, for his leadership over the last 17 years. Keith retired early last year, after serving 11 years as President/CEO. Keith came to Access as CFO in July 2000. He was instrumental in the growth and re-branding of our organization from single-sponsor to a full service community credit union. I also want to thank our board of directors and our staff for their support and leadership as I made the transition to President/CEO in early 2017.
Several milestones highlight the past year. We launched our mortgage loan program by hiring a Sr. Mortgage Officer to help guide members during this life changing and often stressful event. In late 2017, we unveiled our Identity Theft Protection in partnership with Zander Identity Theft Solutions. You may recognize that name as a company endorsed by Dave Ramsey. For a very low monthly cost ($14.99 for couple, $9.99 individual) you are provided extensive coverage. The real perk is that your minor children (up to age 18) are included at no extra cost to you. Many of you have also taken advantage of several insurance products we began offering last year. Our partnership with Affinion Group allows access to Accidental Death & Dismemberment Insurance -AD&D (the first $1,000 is paid for by the credit union), hospital accident and recuperative care plans, life insurance options, and finally auto and homeowners discounts available through Travelers Insurance. Unfortunately, many employers are unable to offer or provide these benefits as in the past, so for many of our members this is an important benefit of membership.
We’ve also heard a lot of feedback regarding our Online Banking system and mobile app. During 2017 we took steps to find the best Online Banking platform available. Working closely with a team of volunteers on our Technology Committee we selected a best in class provider used by some of the largest credit unions and regional banks in the country. Many of the credit unions using this platform serve the military, with millions of members scattered across the country and globe. We believe this is a strong indication of overall dependability, and functionality of the platform. Some of the enhancements will include the ability to aggregate accounts from over 17,000 other institutions, financial performance and budgeting tools. The switch is slated to happen in late 2018. Finally, we’ve also taken many steps to improve the response times of our branch drive-thru tellers and have additional plans for in this area for 2018. We know how busy and hectic life can be, and are committed to continually improving our service to you.
Our financial condition also reflects solid growth and sound oversight by the board and leadership team. The Credit Union’s 2016 & 2017 Annual Reports will be made available on our website very soon, but here listed below is a financial snapshot from 2017:
- Total Assets reached $118.1 million at year end – a $3.6 million increase or 3.1% increase for the year
- Member Loans grew by 7.4% to $93.3 million outstanding at year end; an increase of $6.4 million for the year; we made over $47.3 million in new loans during the year
- Member deposits are now at $100.1 million; deposits grew by $3.3 million; growth in member checking accounts, share accounts, money markets and IRA’s combined for an overall increase of 3.5%
- Our Net Worth remains high at 14.1%; it is approximately 3.10% higher than our peer credit unions industry wide
Also thank you for helping us continue our support for “24 Hours in the Canyon.” As many of you know, “24” directly funds the Cancer Survivorship Center that is free to all survivors in the Texas panhandle, regardless of where they were treated. Our fall checking promotion helped raise $5,000 and we’re planning the fourth annual One Night of Victory in partnership with 575 Pizzeria this spring.
May you and your family have a blessed 2018!
President / CEO