A Message From The President
Joint Report of the Chairperson and President/CEO
A tradition of BUILDING BETTER LIVES
Since 1954, Credit Union of Southern California (CU SoCal) has been building a solid foundation of serving Members and enhancing the benefits of credit union Membership. Our focus has remained consistent through the years—to provide our Member-Owners with World-Class Service and Convenience. This is your credit union’s mission, and we remained passionately committed to it in 2010.
BUILDING BETTER LIVES through excellent financial health
In 2010, CU SoCal continued to be one of the strongest financial institutions in the country. Your loyalty and trust, in addition to sound financial policies, conservative lending practices, attention to expense control, and managing resources effectively, contributed to another profitable year.
CU SoCal returned nearly $4.9 million in dividends to Members and ended the year with net earnings of $4.8 million. Additionally, we attained a net worth ratio of 11.35 percent, more than four percent above the National Credit Union Administration’s (NCUA) normal seven percent requirement to be considered “well capitalized.”
This solid financial position allowed us to successfully navigate 2010’s unprecedented challenging economy, regulatory reform, and compliance demands without increasing fees or limiting services.
BUILDING BETTER LIVES with exceptional Member experiences
True to our foundation, CU SoCal remained committed to building better lives by exceeding service expectations through exceptional Member experiences. Based on your valuable feedback, one of our most significant achievements in 2010 was in the service arena.
Ninety-three percent of Members surveyed responded that they were “very satisfied” with CU SoCal’s service. In addition, CU SoCal scored well in a service and Member loyalty assessment called the Net Promoter Score (NPS). This is a recognized objective measurement projecting the likelihood that Members would refer their family or friends to our credit union. CU SoCal achieved a high 81 percent NPS. This score far exceeds bank and credit union averages, currently at 11 and 56 percent, respectively.
BUILDING BETTER LIVES through World-Class Service and Convenience
In 2010, our voice and data “up” times averaged an impressive 99.4 percent. In addition, a new online Membership application and a free Mobile Banking application for the Android cell phone were introduced.
Our earnings provided the resources to increase the daily debit card withdrawal limits for PIN and signature-based transactions, offer debt cancellation coverage granting protection against involuntary unemployment, and launch a Small Business Administration (SBA) Lending program.
BUILDING BETTER LIVES in our communities
In 2010, CU SoCal employees once again embraced the credit union philosophy of People Helping People by volunteering their time, talents, and resources. At CU SoCal’s Annual Food Drive in April, employees worked alongside Members to distribute food, clothing, and toiletries to local families. And, in June, employees eagerly laced up their sneakers to participate in the American Cancer Society Relay For Life®.
Through CU SoCal’s Member Relations Committee and employee-inspired charitable organization, Southern California’s Helping Hands (SCHH), nearly $63,000 was donated in 2010 to help build better lives for those in our communities.
Continuing a tradition of BUILDING BETTER LIVES
In 2011, your Credit Union will leverage its financial strength to build an even brighter future. We are currently offering Members a fee-free Visa® balance transfer program with a 2.99 percent APR for 12 months. We will also continue to provide totally free checking—indefinitely.
On behalf of CU SoCal, we thank you for your continued trust. With your support and the dedication of our Board of Directors, Supervisory Committee, and Member-focused teams, we look forward to the privilege of bettering your lives today, tomorrow, and in the years ahead.