2014 was a very successful year for credit union members and for UCCU.
Boasting one of the nation’s lowest unemployment rates, Utah is recognized as one of the most stable and economically sound states in the nation. According to the Labor Department, Utah emerged as a job creation leader – resulting in a tie with Nebraska for the second lowest unemployment rate in the nation at 3.6%.
The chief economist for the Salt Lake Chamber of Commerce notes that Utah was “hit harder during the downturn, but it’s recovered more quickly than the rest of the country.” And Utah economist, Natalie Gochnour states that Utah’s economic resurgence reflects gains across a broad spectrum of sectors, especially in tourism, technology, and financial services.
Provo scored #12 in the nation for the location of the nation’s most advanced industries according to the Brookings Institution. Provo/Orem is also listed as one of the top environments for business expansion and quality of life.
STATE OF THE CREDIT UNION
Utah consumers, including members of UCCU, show a growing confidence in the local economy and the stability of jobs. Auto sales, home construction and home values all are on the increase. UCCU saw both strong deposit growth and record loan growth through 2014. Mortgage and commercial lending soared as credit union members took advantage of low rates, great terms, and a strong economy. Though members continue borrowing carefully, total loans grew an outstanding 20% for the year. Credit union deposits grew $ 42.9 M during the year as members set aside savings in secure credit union accounts.
UCCU GROWS STRONGER
While we all keep an eye on the recovering economy, the credit union continues to provide members with access to valuable products, services, and information to help members make smart financial decisions and reach their financial goals. As a member, you can rest assured that as a not-for-profit financial institution, we have your best interest in mind in everything we do. Under the direction of a very capable board of directors and with the help of a friendly and professional staff, our entire focus is on serving as your trusted financial partner – for life.
Along with growing bigger, it is important that we are also growing stronger. UCCU recently again received the coveted “Superior” Five-Star rating from Bauer and Associates, acknowledging the credit union’s outstanding financial performance and fiscal stability.
Our Net Worth Capital continues to grow, keeping UCCU in the highest “Well Capitalized” category.
While we expect to reach $1 Billion in assets in 2015, we measure our success by our level of service to you, the member. Year-end surveys reveal that 93% of members rated quality of service at UCCU as Very Good and Excellent. Additionally, UCCU was voted the #1 credit union in Utah Valley again, in the Daily Herald reader’s poll.
YOUR “FIRST CHOICE” FINANCIAL PARTNER
Our number one goal at UCCU is to be your “First Choice” financial partner. We know we have to earn and re-earn that position. I am grateful for a talented management team and a professional team of employees who take this goal seriously. Most of all, we are grateful for the opportunity you have given us to serve you and help you set and reach your financial goals! We look forward to a very good 2015 and look forward to serving you. We invite you to take full advantage of your credit union membership and use us – for all we’re worth!
Utah Community Credit Union