President’s Message March 2013

2013 is Expected to Be a Good Year

UCCU is optimistic about 2013. While economic trends and conditions remain a concern in the national and global economies, we see several positive indicators – especially in the local economy – that give us reason to be optimistic. And we’re not alone.

  • In a recent Gallup-Healthways Survey of 190 metropolitan areas across the country, Provo/Orem ranked #1 in citizen optimism and satisfaction regarding the economic trends in the community where they live!   A national high 76% of residents say the Provo/Orem community is becoming a better place to live.
  • Forbes Magazine recently ranked Provo/Orem as the #1 place in the nation for businesses and for careers. They cite our community’s low crime rate, lower-than-average cost of living, and education and graduation trends as support for the ranking. In addition, Provo ranks #30 in the nation for job growth and has one of the nation’s lowest unemployment rates of 5.8% and dropping.
  • Money Magazine lists the Provo/Orem community as the #3 Best place to live in the USA. This ranking is supported by their acknowledgment of our great schools and education system, a blossoming and positive environment for businesses, and a family friendly atmosphere. Outdoor recreation opportunities also ranked high on their list. And, though you may not always agree, they ranked Provo/Orem #1 in the nation as the Least Stressful City!
  • The housing industry is finding solid footing with home sales up and a general and long awaited increase in home values. New housing starts are at new highs. Mortgage rates remain very low.
  • Along with the optimism, we as a community are also being cautious and wise with money. A very recent study by Bancology found that Provo/Orem residents have the  second highest savings rate of any residents in the nation. UCCU members alone added over $79 Million to their savings accounts in 2012. UCCU members are making smart financial decisions – saving when possible and borrowing carefully at low market rates when appropriate.
  • UCCU remains strong and is seeing record growth in membership, deposits, loans, and capital. UCCU membership grew at double the population growth rate. Capital grew at a whopping 12% and thousands of members took advantage of our new and rapidly growing Mobile services, including Mobile Deposit where you can deposit a check with your smartphone by simply taking a picture of the check and pressing a button!
  • UCCU just received the coveted 5-Star Superior rating from Bauer Financial, an independent rating agency, noting that UCCU has “demonstrated the epitome of safety and soundness. It means that your credit union excels in areas of capital adequacy, profitability and asset quality and indicates that your credit union is among the top in the nation when it comes to strength and security.”
  • We feel that it is as important to be friendly and service-oriented as it is to be financially healthy. Our trained, professional staff is ready to help you take full advantage of your membership at Utah Community Credit Union. Whether online, over the phone, or at one of our 18 convenient branches, our goal is to provide you world class service and trusted products and services.

So while there are still plenty of things to be concerned about in our world, we are very optimistic about the great community in which we live! We appreciate the opportunity we have to serve this community in general and the privilege to serve you and your family in particular. We exist as a not-for-profit financial organization, focused solely on providing you with all the necessary tools, information and services to manage your financial affairs and reach your financial goals.

Thanks for your trust and here’s to a healthy and successful 2013!

Sincerely,

 

 

Jeff Sermon

President/CEO

Utah Community Credit Union

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