Keeping the Momentum Going in 2015
2014 is quickly coming to a close and like every other year I wonder where the time has gone. It seems like only yesterday that we were closing out a tremendous 2013 and looking forward to the new challenges and opportunities that were yet to come in 2014. As most people know, this was a year of growth for VLFCU in both size and function. First and foremost, in early June we brought our new Hayes branch and operations center online. This was the final phase of our branch re-branding process that began in 2010 and finalized this year. We are very excited and proud of how this project turned out and appreciate the much needed space and security it provides. A big thanks to our members for being patient throughout this process and recognizing the long term benefits this facility will provide to both staff and members. Secondarily, we spent a good amount of time re-working our website making it more functional and user friendly for our membership plus optimizing it for use on all mobile devises. Also during this time a formal mobile application was developed for use on both Apple and Android products making VLFCU’s services available to all our members on the go. Our new website will launch in early December while the mobile app will be later in the month or the first two weeks in January so please be on the look-out for them. And finally, as you read further in this report, we will continue our growth mode in 2015.
Financially in 2014, the credit union remains strong and on target to meet or exceed most of our budgeted goals. As of this writing, our most recent financial statements show a strong but manageable asset growth of 9.76% and ROA (return on assets) of .83%. Along with these financial goals, we are on target to meet or exceed our budgeted loan, deposit and expense goals set in late 2013 and early 2014. As reported in past newsletters, we continue to remain at the top level of our credit union peer group. As of this writing, we have welcomed over 364 new members this year, down slightly from our total as of this time last year and from our projected goal for 2014. As a continued reminder, if you know anyone that qualifies for credit union membership, our staff is here and happy to assist them with all their financial needs.
Finally, as mentioned above, to keep the momentum going in 2015, I am pleased to announce that VLFCU will continue our growth trend with the acquisition of a new branch in Huron. In early May 2014, management began negotiations with Erie Community Federal Credit Union (ECFCU) for the acquisition of their Huron branch located at the corner of University Dr. and Rye Beach road. After several months of discussions, we were able to reach an agreement that benefited both credit unions. The property will be fitted with an operating ATM within the first two weeks of January and after a short re-branding and renovation phase, we expect to be open for operation sometime in March. Please be on the look-out for more information on our new location in the weeks and months to come.
I want to wish everyone a safe and happy Holiday Season and a very Happy New Year!