Annual Chair Report 2016

KimJackson_edited2016_web

UCCU is celebrating its 60th anniversary in 2016. It is an institution built to last and is based on enduring principles of thrift, honesty, conservative and steady growth, managed risk and people helping people.

During 2016 we will be telling the story of the rich heritage of UCCU. In 1956, seven BYU employees started UCCU with only $35 from their own pockets. Resources were scarce back then, but the credit union grew because it was a financial institution that valued people over profits. In his prayer at the dedication of the Stadium Branch in 1977, resident N. Eldon Tanner, a member of the first presidency of the LDS church, said, “We pray that those who are managing this organization may all be blessed with the ability, desire and determination to do what they do in the interests of those whom they serve, and that it may benefit those who contribute, who have their savings here, and who are depending on this organization to help them in time of need; that they may be honest and honorable and upright in every way in their dealings.”

2015 was one of the best years in UCCU’s history. UCCU exceeded the billion dollar mark in total assets—an annual increase of $110 million; and membership increased by 7,000, to 129,000. Loans to members grew over 25% for the year as members took advantage of
a strong economy and record low loan rates.

UCCU is a leader in the county as an issuer of mortgage loans, home equity loans and automobile loans which helps our members buy homes, cars and other necessary items. For the most part our members are using credit wisely and the credit union has programs
to provide members with additional services and tools to help them safely manage their money. UCCU has established mini branches in several area high schools and recently partnered with Utah Valley University to provide financial education and planning for students. UCCU continues to offer our “Be Money Smart” program to provide financial literacy experiences and education to our youngest members.

The excellent financial results for the year have contributed to a strong net worth capital ratio of 10.59%. This ratio is a measure of the capital strength of a credit union and reflects on the credit union’s ability to weather financial storms. UCCU is considered well
capitalized by NCUA, the credit union industry regulator, and by Bauer Financial, an independent entity that rates financial institutions. The conservative company gave us a five star superior rating and listed us on their Recommended Report which means we are considered a “safe, financially sound credit union, operating well above regulatory
capital requirements.”

In anticipation of reaching the next billion dollars, we are in the final stages of completing the 7 story UCCU Financial Center in the heart of the Lehi business district. The Lehi branch will occupy the main level, and we will lease out the upper floors until the space is needed. UCCU is also in the process of upgrading the computer system to support the growth in membership well into the future and provide a base for future technological developments.

UCCU management and employees are professional, experienced and courteous. They train for many hours to provide you with the best financial products and services in the industry. They contribute countless hours in community service providing income tax
preparation and other services that benefit those in need. UCCU continues to shine in the community and was once again voted #1 in the Best of Utah Valley poll.

It is UCCU’s mission and desire to be our members’ first choice for financial services and information. Any input and suggestions are always welcome as we strive to improve and serve our members.

I’m grateful I have had the opportunity to serve this past year as Chair of the Board of Directors and to work with the other members of the Board, the Supervisory Committee, the management team, and our great employees. I believe that this credit union is built on principles that will allow it to outlast the test of time. We have enjoyed membership in an institution that is 60 years old. I believe it will last another 60 years and beyond if we will continue to abide by those inspired dedicatory words, “that those who are managing this organization may all be blessed with the ability, desire and determination to do what they do in the interests of those whom they serve”.

Kim Jackson
Chair 2015-2016
Board of Directors

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