President's Message September 2015

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Uneasy Markets

We have received some calls recently from members who are worried about the state of the national and global economies. Some are concerned that the recent chaos in the Chinese stock market will adversely affect our own economy. Others are concerned that our own national economy and banking system are more fragile than before. A few have asked what the likelihood is that what happened in Greece could happen here. They want reassurance that their money is safe in U.S. financial institutions. We feel that the financial industry is strong in the nation. Most report strong growth in loans and capital.

Despite the strong local economy – with job growth, low unemployment, strong home sales and historic low lending rates – we can’t help but keep an eye on national  and global economic trends as nations ( including ours) grapple with uncertainty, currency valuation, interest rates, unemployment, import/export balance, and, of course, politics.

Strong Local Economy

One thing seems certain, the local Utah economy is strong with good job growth, low unemployment, a strong and growing real estate market with an average of 10% growth in home values over the last year, and continued low lending rates. Consumers show high confidence auto and home sales reach record heights. While we are not immune to broader interest rate trends and other economic trends in the nation and world, Utah has a diversified economic and employment base and all indicators are that we will continue to grow stronger.

The Credit Union is Very Strong

UCCU is fortunate to have a dedicated, competent, volunteer Board of Directors comprised of business and community leaders to guide the credit union. These professionals, along with a well-trained and dedicated management team and staff continue to operate the credit union in a conservative yet innovative manner. As a member, you can continue to expect world-class products and services. You and your family can continue to expect to earn more and pay less as you take advantage of UCCU’s services and financial tools. Our dedicated staff will do all they can to help you set and reach your financial goals.

UCCU is a highly rated and financially stable institution. As a recipient of the Bauer 5 Star Superior rating, UCCU earns the accolade, “Utah Community Credit Union is one of the strongest Credit Unions in the country”.  Well-capitalized, UCCU continues to grow quickly and has capital well beyond legal requirements.

The following most recent annual report reflects the credit union’s success and stability – reassuring all members that they are members of a credit union offering safety and security along with “first-choice” service and products. Your money and your financial plans are safe with Utah Community Credit Union!

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Jeff Sermon
President/CEO

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