Looking back on 2012, we see a year of some economic recovery – especially in the local economy. Home prices have stabilized and home sales are increasing. In addition, pockets of new home construction are popping up around the valley. New job creation remains positive and the reported unemployment rate of 5.4% is the lowest in years. Overall, the signs point to a slow but steady economic recovery in the state. Of course, national and global monetary policies and economic trends continue to spell uncertainty and dampen confidence in a robust recovery. Most economists expect that the first quarter of 2013 will be sluggish as businesses and families wait to see what happens in Congress, as Congress faces dealing with complicated issues. Let’s hope that they are able to take appropriate steps that will help restore the economy both short term and in the long run.
The Credit Union Remains Healthy and Strong
We are pleased to report that UCCU continues to growth in membership, assets, and capital. We look to end the year with asset growth of over 8%! Capital has grown more than $6 M to raise the credit union’s Net Worth Capital ratio to a very healthy 9.8%. More importantly, the credit union has grown in membership and added thousands of new checking accounts as members of the community recognize the great value of being a member of Utah Community Credit Union.
The credit union mortgage department has been very busy the entire year helping members take advantage of the historically low mortgage rates. Members have saved hundreds of thousands of dollars in interest by refinancing their mortgages through UCCU. Others have taken advantage of low rates and a helpful mortgage staff to purchase a home and lock in low rates. Home construction loans and home equity loans have also increased during 2012.
New Services and Products added in 2012
Members have appreciated the new services, features and upgrades to our Personal Branch home banking system – including helpful money management charts and graphs. The new features make it even easier for members to manage their finances and track their progress toward important financial goals.
An additional new service addition was the introduction of our very popular Mobile Deposit feature, which allows members to easily deposit checks using their mobile phone or iPad! This new feature redefines convenience and is a great service for people on the go or living elsewhere.
We were proud to introduce our new online loan application system which was placed into service in 2012. This new feature allows members to apply for loans online and in many cases receive immediate loan approval. Additional upgrades and added features are slated for 2013 – including electronic signature capabilities and expanded mobile device account access.
Of course, we continue offering you friendly and personalized service at each of our convenient branch locations. Trained and experienced staff members will gladly help you with transactions, services, and information. Professional and helpful staff members in our call center are available by phone and can help you. Look for expanded hours and Saturday service in 2013!
Your “First Choice” Financial Partner
At UCCU, we continue to focus on you, the member. Our mission is to be your “First Choice” financial partner. As a not-for-profit organization, we exist to help you and your family manage your finances, reach your financial goals, and help you make the best possible financial decisions. I am very proud of our staff members and commend them to you as friendly, trained, and capable professionals.
As we approach the end of this eventful year, we take a moment to thank you for your trust and your business. We are glad to have the opportunity to serve you. We look forward to many more years of partnership and commit ourselves to providing you with the best financial service possible. And, at this special time of year, we join to wish you and all those you love a very Merry Christmas and a Happy and Successful New Year!
Utah Community Credit Union