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Steve Kenny, CEO
A successful year of service
Columbia Credit Union exists to serve members, local businesses and our community. Whether you’re expanding a business, starting a family, or just beginning your financial life, we’re dedicated to helping members achieve their financial goals. This dedication created a solid foundation for our success in 2011, and we’re committed to make the coming year even better.
Financially strong and efficient
While we’ve started to see signs of improvement, economic growth in our area continues to struggle. To strengthen our position against unpredictable fluctuations in the economy, we took steps throughout the year to reduce costs and increase efficiencies throughout the organization.
In total, we were able to achieve cost reductions and optimize income opportunities totaling $1 million. We anticipate ending the year with assets at $816 million and capital above 9%, well above what our regulators consider “well capitalized.”
More members gain value
The importance of picking the right financial partner received increased attention throughout 2011. Interest in non-profit financial cooperatives skyrocketed, and on Bank Transfer Day, consumers across the nation were urged to transfer their money out of national banks for the superior value in local credit unions. We welcomed close to 10,000 new members to Columbia this past year helping us earn the ranking of the largest holder of local deposits of any Clark County financial institution. We’re proud to serve our members, both new and existing, with the superior value and service we’re known for. Thank you for the trust you place in us every day!
Loans for life
And speaking of records, if you joined us in 2011 by taking advantage of record low mortgage rates, congratulations! Our terrific rates and award-winning service enabled thousands of families to purchase or refinance a home with outstanding savings, enabling us to end the year as Clark County’s #1 mortgage lender!
In other lending news, our superior auto loan values successfully drove our auto lending program, where we ranked as the top Clark County auto lender! We also introduced a new home improvement option, the Equity Builder Loan. This loan offers a funding solution to members with little or no equity in their home to finance projects that will help them build equity.
Many of you have asked us about credit card services. In February, we proudly unveiled the new Columbia Credit Union Visa Platinum credit cards. Members can choose the low rate Platinum Visa card or earn rewards points with the Platinum Preferred Visa card. Both offer competitive rates, no annual fee and incredible convenience.
Our business lending department partnered with multiple local businesses to grow and thrive, by investing more than $43 million in local business funding. To increase member convenience, the team also introduced a new streamlined loan process to expedite the approval and funding of loans below $50,000. I am proud to add that we were also awarded SBA Credit Union Lender of the Year for the second year in a row, and honored for Outstanding Performance for Underserved Markets by the SBA Portland district office.
Going mobile
In June, we were excited to offer members the technology to bank from the convenience of their mobile phones. As of November, a robust 23 percent of our online banking members have taken advantage of this free convenient service. To check it out or to enroll, visit m.columbiacu.org.
Caring for community
Making life better in our community continues as a core purpose for Columbia and in 2011, we strengthened our commitment. On any given day, you’ll find members of our management staff volunteering on boards to prevent homelessness, delivering weekly Meals-On-Wheels, raising funds for new 3D mammography and much more.
In total, we collectively logged over 1200 hours of service and worked with a variety of nonprofits to raise over $2.9 million for the community for 2011! I am happy to report that our efforts were recognized with the 2011 Nonprofit Excellence Award for Corporate Community Support by the Nonprofit Network of Southwest Washington. What a great way to cap a year of making life better and invigorate our efforts for 2012!
Looking ahead
In addition to our free financial workshops and life-changing Financial Peace University program, expect to see some new and exciting changes in 2012. Watch for new products and technologies to help members achieve their financial goals and enjoy increased convenience.
Record level satisfaction
A recent national report on customer satisfaction revealed that credit union members report record-breaking levels of satisfaction with their credit union- more than any other consumers in any other sector! Our 2011 member survey revealed similar findings with members giving us a 95.8% member satisfaction rating - an industry benchmark! Plus, we were also honored to be voted Clark County’s Best Financial Institution for the third year in a row.
My thanks to our Volunteers and staff for all their hard work. And special thanks to you, our members, for your continued support. Best wishes for health and happiness in the New Year!
Steve Kenny
President and CEO
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