The past year, 2020, undeniably posed some unique challenges for our credit union, from both operational and financial perspectives. The Covid-19 pandemic created not only a huge impact on our personal lives but as well affected how we conducted our everyday business.
Following the guidance offered by local and state government along with the CDC, we installed plexiglass protection barriers, special filtration units on our HVAC systems, and we purchased PPE (personal protective equipment) to protect against the spread of the disease among staff and members interacting in our buildings. In addition, members’ use of VLFCU’s existing remote platforms such as online banking, mobile banking, bill pay, and remote deposit helped to alleviate lobby traffic. And, at times, when our lobbies were mandated to close, staff efficiently took care of members’ transactions at the drive-thrus. Despite the hurdles facing them, our employees rose to the occasion, united in the effort to provide the best possible service to all members. And, likewise, we are grateful for the patience, cooperation, understanding and most of all the loyalty extended to us by our membership during this past challenging year.
Despite 2020’s year-long sharp decline in short and long-term interest rates creating an historic low-interest rate environment coupled with the pandemic’s overall negative impact on the economy, I am happy to report that our capital position remains strong and our financial ratios remain in line with industry standards. While facing down the year’s fiscal challenges, we were still able to assist our members dealing with financial difficulties resulting from job cutbacks or loss by offering loan forbearances, fee waivers and low-interest short-term loans among many other accommodations.
VLFCU’s core values of Resourcefulness, Excellence, Strategy, Passion, Empowerment, Commitment and Trust were truly put to the test during the past year. The acronym these words spell, “Respect,” was for 2020 and will continue to be for 2021 and beyond the driving force behind our pledge to you, our valued membership, of “people helping people.”
Bryan P. Myers
Chief Executive Officer