Our focus is always on the long-term value we bring to you and being relevant to your needs. We are committed to adding new products and services which will assist you in making your financial lives even better. We also want to ensure we are here not only for today, but for tomorrow as well. That simply means we have to ensure we are financially viable.
Our financial position remains solid. Year-end assets climbed in excess of $429 million, an annual growth of more than 7% from year-end December 31, 2010. At the same time, our net operating expenses YTD were at 1.76%, well below our goal of 2.95%. We finished the year with a net income of $6.9 million, garnering us more than $49 million in total equity to-date. If you have been following the news, having adequate capital is essential 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.
We are continuing to be recognized by outside industry related groups for the results we are garnering. The important component is the fact that these are not isolated occasions. Multiple year acknowledgements solidify our position that we are sustainable for the long-term. We are continuing to be recognized for financial performance, making employees a priority and having overall brand value.
- In mid-January, we received notification that we had been chosen for a second year in a row as one of the Best Companies to Work for in New York for 2012. Our selection as one of the top 20 small to mid-sized companies was based upon a survey in which our employees were asked to participate, along with requested criteria we had to provide. A few of the focus areas included role satisfaction, work environment and relationship with supervisor. We are extremely proud to be included within this privileged group.
- We also made the top 25 list of credit unions on the Bancography Brand Value Index in the U.S. in the asset category of less than $1 billion. This index calculates the value of an institution’s brand and the long term value. In addition, it factors in SeaComm’s reputation, service quality, image, and market awareness. Steve Reider, Bancography’s president, notes, “The 2011 BBVI illustrates the diverse nature of the economic recovery. In some regions of the country, institutions have stabilized earnings.” He goes on to say, “those institutions that remained committed to delivering a superior service and value proposition even in the down economy
appear poised for growth as the recovery continues.”
- This past fall we were honored for a second year in a row with the distinction of being given the Crystal Performance Award for Excellence by Raddon Financial Group. In a letter to us, Raddon said, “Despite challenging economic conditions, SeaComm Federal Credit Union was able to perform at the highest levels.” He added, “Outstanding performance. Congratulations to the team!” This award is based on certain performance indexes, including a balanced scorecard measurement of growth, income, efficiency and margin management. More than 500 credit unions across the country were measured for this award.
How does SeaComm do so well? There are a few things we take into consideration in developing our overall strategy. 1. Taking care of our members. 2. Have great employees. 3. Prudent financial management.
Our focus has been offering our members a compelling value. From the time they walk into one of our branches, phone into our Call Center or log in at one of our mobile delivery platforms, we want the experience to exceed their expectations. We don’t take that lightly. In fact, we obsess over it. We believe so much in member satisfaction, that on a monthly basis, random surveys are sent out to members who have conducted some sort of transaction at the Credit Union. This can be as simple as a balance inquiry to applying for a loan. Whatever the circumstance, we want feedback on how the member was treated and if we did everything necessary to make them feel valued. The survey results are reviewed by everyone on the management team that is responsible for a retail area, as well as by my senior leadership team and me.
If we do find areas where there needs to be improvement, we ensure that changes are made. The only way we can improve our delivery experience is if someone tells us where changes need to be made.
At the end of the year, we calculate the overall average of every employee who received surveys on their delivery of service. The top five this year were recognized for their high achievement in this area. We are extremely proud of the work all of our employees perform and their consistency in
delivering exceptional member service.
We have a talented, smart, hard-working staff, which take great pride in their work of serving our members. We do have high expectations and are committed to maintaining that standard moreover, we are incredibly fortunate to have dedicated employees who live our mission of “people helping people”.
At the same time, we acknowledge that our results also stem from effective margin and balance sheet management with a strong emphasis on expense control. We are constantly looking for ways to diversify. The more diversified our income stream, the more likely we can offset any adverse economic conditions that come our way. This also enables us to offer new products and services, which are geared for our member’s needs.
In 2012, we are adding a new state-of-the-art Home Branch platform. This will be enhanced from our current one, by offering check images online, upgraded electronic statements, as well as a single sign-on to an enhanced bill pay platform called Ipay. Last year, we added a new mobile platform which we have seen grow in usage by 30%. All of these enhancements are put into place to meet your ever-changing needs in how you would like to conduct business with us.
As a cooperative financial institution, missioned with helping one another, whether it is borrow or put funds on deposit, we are here to help one another. As the economic climate continues to change, we remain committed to being there for any type of financial situation. We understand that no members’ financial life fits into a “one-size-fits-all” box and therefore shouldn’t be reduced to just a FICO credit score. The relationship we enjoy with our members isn’t just about the one-time car loan; it’s about the entire life-long relationship. We are committed to being there – when you need us the most.
Last year, we changed our tag line to, “A financial institution for everyone.” It is clear and to the point. We wanted to send a message that we are not exclusive and as long as you live, work or worship in any part of St. Lawrence or northern Franklin counties, we can be your trusted financial partner.
2011 was an incredible year for us. We are grateful to our members who have put their trust in us and we will continue to work diligently to remain strong in order to be able to serve 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. We look forward to working together in 2012.
Respectfully,
Scott A. Wilson
President & Chief Executive Officer |
Photo taken by Jennifer McCluskey |
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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. 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!
