Together We Will Continue to Succeed
As a member of VacationLand Federal Credit Union, you are not like a bank customer building proﬁts for stockholders. You are part of an ownership team of a 17,500 member not-for-proﬁt cooperative ﬁnancial institution. Because of this unique structure, we are able to share earnings with members rather than outside investors through competitive rates, lower fees and personalized service. As a member-owner, each of you is highly important to the “big picture” success and future of our credit union.
With a focus on VLFCU’s “big picture” in 2015, we continued to expand our branch network by adding a branch on Rye Beach Road in Huron, Ohio. This office serves over 10% of our membership living in and around Huron. Other projects completed in 2015 included the redesign and chip implementation of our Visa and Debit Card programs, as well as, the ﬁnalization and implementation of our mobile app.
Financially for 2015, our asset growth climbed to 8.7% resulting in a strong .91% return on our assets. Our capital ratio ended the year at 10.49%, still well above the “well capitalized” ﬂoor limit set by the NCUA. Loan and deposit growth remained strong and in line with our peers. Our ownership team continued to grow as we welcomed 700 new members to VLFCU in 2015, a 4.16% increase over 2014. This success is a strong testament of our hard working staff and volunteers who work each day to help our members achieve their ﬁnancial goals.
Looking ahead to 2016, we will achieve another milestone as we celebrate our 60 year anniversary. I am reminded once again about our humble beginnings in 1956 when eight key employees of the Sandusky General Motors plant made a commitment to pool their funds to provide affordable loans and competitive deposit rates to each other and their peers.
Today, I’m very proud to be a part of our heritage that still believes in the same core values of “people helping people.” We will continue to improve membership value in 2016 by remaining member focused and exploring additional service delivery methods to accommodate our diverse membership. We will look at a long-range plan, focusing on the future challenges and opportunities expected over the next ﬁve to ten years. These projects that will keep us busy in 2016 will keep our credit union ﬁnancially strong for decades to come.
The Board, Supervisory Committee, Management, Staff and Volunteers at VLFCU are proud to serve our ownership team and provide the value needed to enrich your ﬁnancial lives. Our continued success is a direct result of your loyalty and trust in allowing us to provide for all your ﬁnancial needs. Together, we can ensure VLFCU remains successful for generations to come. We look forward to working with you in 2016 and thank you for your loyalty, participation and commitment.