2009 was an excellent year for the Credit Union. Year-end assets
climbed in excess of $334 million, an annual growth of more than
$70 million from year-end December 31, 2008. At the same time, our net operating expenses YTD were at 1.81%, well below our goal of
2.52%. We finished the year with a net income of $4.6 million, garnering us more than $33.5 million in total equity to-date. If you have been
following the news, having adequate capital is vital for any financial institution. It is sort of a “rainy day” fund, which enables the Credit Union to be prepared for any uncertainty and be viable well into the future.
Looking forward, we are not losing sight that the economy is still
very tenuous. We have and continue to be faced with some unique
challenges in the North Country. During the past year, we experienced the unfortunate idling of our GM Operations in Massena, layoffs
at the Alcoa East plant and then the ultimate domino effect of those situations has permeated throughout our region. Today, we are faced with the possible closure of the Ogdensburg Correctional Facility. This would be another definite hit to our economy in northern New York.
The good news is that we are all in it together. SeaComm will be there when our members need us the most. We have been extremely successful and this is due in large part that this Credit Union works extremely hard to do right by its members. We have built a nearly 47 year history on the fact that we are flexible and decision making is done locally. We understand what is happening within our market. It is extremely important to our long-term core strategy that we avoid just being a Credit Union which has transactional
relationships with its members. Understand what their individual needs are and then and only then, will we be able to put the right product and or solution into their hands. That
said, this enables us to work together with our members and assist them in whatever
life brings their way.
It is imperative that we continue to move forward and look for additional ways in which we can serve within our field of membership. Recently, we opened our sixth retail branch in Ogdensburg. We are very excited for the opportunity to not only serve our existing membership within that market, but for anyone who would like to experience the
SeaComm difference.
We have all sorts of plans for 2010 which include key ratios and over all objectives in order to meet a net income effect that will add to our overall balance sheet strength. That is
important to our financial well-being. That is not our mission, however we do need to be
fiscally sound in order to be able to serve our members well into the future. The heart of why we exist comes from us improving the overall lives of the member, which begins from the moment they open that door and enter a branch, make that phone call or send that email.
I am grateful to our Board of Directors who is dedicated to that very philosophy. As member representatives, the Directors spend their time ensuring that the assets
entrusted to them are safeguarded with soundness, while at the same time striving
to make available the very best rates and returns. In addition, focusing on long-term planning and growth continues to be one of their major strategic goals, which will keep
the Credit Union fiscally healthy well into the future. Over the course of the year, the Board of
Directors understood the challenging economic environment, continued to plan and look for ways in which the Credit Union could assist its membership and the communities in which we do business.
Recently, representatives form the Board of Directors and myself traveled to Washington DC., to participate in the Credit Union Association Governmental Affairs conference. This nation-wide event enables us to ensure that our needs as an industry are heard and understood by our representatives in Washington.
As we move further into 2010, we are committed to expanding our existing delivery channels of service, as well as providing additional ones, with the specific goal of making it even more convenient for the members we serve. The addition of an Instant Issue Debit Card platform will enhance not only the new member’s experience by enabling them to use their newly opened account immediately, but to existing holders as well.
With us, it’s always about delivering unparalleled service every day, to every person. And it’s about staying true to the philosophy of “people over profit” even in the most difficult of
economic times.
Be assured as your trusted financial partner, we will work diligently to remain strong in order to serve you well into the future. On behalf of the Board of Directors, management and staff, I would like to thank everyone who has made SeaComm what it is today and for allowing us to continue to serve your financial needs.
Respectfully,
Scott A. Wilson
President & Chief Executive Officer |
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Community Support thru Fund-raising!
Another year of raising money for the communities that we serve closed 2009 on a successful note. After holding bake sales, soup sales and several giveaway raffles, we were pleased to present a $4,000 check to each of the Neighborhood Centers of Massena, Potsdam, Canton and ComLinks of Malone.
This year we are focusing our efforts on our loyal, furry family members! We all
love our pets and would do just about anything for them, but there are so many
that do not have that love and support and the shelters they are housed in
are in dire need of funding and supplies.
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Driving Sense™
April 2010
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Do you answer “YES” to any of these questions?
Are you getting sticker shock while shopping for a new or used vehicle? Are you “lowering your standards” to get
the vehicle payment you want? Is buying less than what you really want the solution? Do you have a “dream vehicle”
you think you can’t afford?
STOP DREAMING....we have the solution for you!
The DrivingSense™ vehicle financing program will put you behind the wheel
of that new or used car, van or light
truck you want with a monthly payment you can afford. Like a lease, DrivingSense™ offers monthly payments
that
are considerably lower than conventional financing. But, unlike leasing, with DrivingSense™ financing, you
own the vehicle without all the hassle or
hidden costs associated with leasing!
All current year and previous model cars, vans and light trucks (up to three years used) qualify. New, current
year vehicles can be financed for 24 to 72 months. One-year-old vehicles can be financed 24 to 60 months,
two-year-old vehicles can be financed for 24 to 48 months, and three-year-old vehicles can be financed for 24
to 36 months. Discover the advantages of DrivingSense™ for yourself!
- No first or last payment or money due at signing
- Vehicle upgrade potential
- Vehicle ownership flexibility
- No capitalization fees
- No application or acquisition fees
- No early payoff penalty
- Mileage options of 12,000, 15,000 or 18,000 per year available
- Option to sell, trade, finance or return vehicle at loan maturity
For more information about DrivingSense™, call or visit any one of our convenient SeaComm locations today, or
click on the logo above to go to the DrivingSense™ CarBuilder™ calculator to see for yourself how low your vehicle
loan payment will be......You’ll love it!
