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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Meet Brent Wilson

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When it comes to making smart financial decisions, you’d be hard pressed to find someone more qualified than Brent Wilson. Brent spent 35 years as a professor of finance at Brigham Young University, where he often consulted with large, international financial institutions. Brent became a UCCU member in 1982 and a board member in the late 1990s.

Today, Brent brings his decades of international expertise to UCCU and its members. He specializes in financial analysis and investment decision making and utilizes his background in the lending industry to provide guidance on a wide range of issues related to the credit union. “In the current low-interest-rate environment, the decisions for investing UCCU’s assets are very challenging,” he says. “I believe I provide some additional perspective on these decisions.” Brent shares his insights to the following questions:

What excites you most about where UCCU is right now?
UCCU has been conservatively managed and fortunately did not suffer from many of the challenges faced by other financial institutions during the “great recession.” As the economy improves, UCCU is well positioned to provide needed services to the members. Additionally, UCCU’s growth allows us to invest in the infrastructure such as mobile technology to provide the financial services our members want.

What UCCU products and programs are you most proud to be associated with and why?
During the time I have served on the board, the financial industry has evolved from “bricks” to “clicks.” This has been a difficult transition for many financial institutions, particularly smaller institutions. Fortunately UCCU has been able to devote the resources needed to stay at the forefront of this evolution.

What are challenges you look forward to helping with over the next few years?

Because of abuses by some large financial institutions, we face an environment of increasing government regulation. Although these regulations are not specifically directed at credit unions, we will have to respond to them. Complying with these regulations will be costly and will impact our ability to provide services to the members. Another challenge for us will be to provide the delivery of financial services as our members increasingly adopt mobile technology.

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Meet Steve Mann – UCCU Board Member

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The following article is from the UCCU’s 2015 Spring/Summer “Smart Decisions Magazine.” Steve Mann has an extensive background in both business operations and technology. Steve’s experience includes working for large technology companies as well as founding and managing software companies … Continue reading

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President's Message February 2015

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2014 was a very successful year for credit union members and for UCCU. LOCAL ECONOMY 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 … Continue reading

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Meet Michael Orme

For the past 25 years, Michael Orme has helped guide UCCU’s growth by addressing current financial trends and preparing for the future. After receiving a B.A. in history from BYU summa cum laude in 1975, Mike received a J.D. from BYU’s J. Reuben Clark Law School in 1978. He returned to BYU in 1989, where he worked as Associate General Counsel and joined the UCCU Board of Directors. Since 2005, Michael has acted as Assistant to the President, General Counsel, and Corporate Secretary to BYU. He is rated “AV”—the highest rating for legal expertise and ethics—by the national Martindale–Hubbell directory. We spoke to Michael about his experience serving on the UCCU Board of Directors.

What brought you to UCCU?
Before coming to BYU, I practiced law in Idaho Falls, where I represented a
couple of credit unions. When I came to BYU, the UCCU board approached me
because they were in need of a lawyer. I realized I could put my experience
with banking and credit unions to work for UCCU. I didn’t anticipate serving on
the board for as long as I have, but it’s been a wonderful experience and a very
worthwhile place to volunteer my time and efforts.

Can you tell us a little about your role on the board?
My job is to not only see where UCCU is now but to anticipate where it will
be in ten years and how we can plan for that. I really enjoy strategic planning;
anticipating trends and changes and putting the credit union in the best position
possible as the world moves forward. The world is very fast paced and change
is happening all the time. But with strategic planning, we can ensure stability and
growth.

What philosophies guide UCCU’s strategic planning?
We’ve always administered UCCU according to conservative strategies and what we
believe to be correct financial principles, such as “thrift” and “savings.” Even
as we’ve grown, we’ve stayed true to these principles. I attribute much of our
success to that. Since I joined the board, the nation has gone through three major
downturns, but UCCU has continued to grow. We don’t chase after trends or take
risks with temporary bubbles. We stay true to who we are.

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Savings: Your Key to Success

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You have wants. You have needs. And you have two ways of paying for them – pull out the credit card or use the money you have set aside. Which would you prefer? It’s a safe bet that most people … Continue reading

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Voluntary Visionaries – The Board of Directors

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The UCCU Board of Directors is made up of nine members from a variety of industries and areas of expertise. These elected representatives serve voluntarily, providing a wealth of diverse experience and leadership that benefits both UCCU and our members. UCCU’s Board of Directors … Continue reading

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The Chairman's Report 2014

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As shown on the charts, UCCU continued its steady growth in membership and financial strength during 2013 despite the lingering difficult economic environment. During the year, assets increased by 3.81% to over $879 million at the close of the year. … Continue reading

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President's Message June 2014

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Congratulations to Linda Makin, Steven Mann, and John Stevenson for their elections to the Board of Directors as part of the Credit Union Annual Meeting held in May of 2014! Members of the credit union are also the owners and … Continue reading

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Meet Teri Chatterton

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With over 30 years of experience in Information Technology, Teri Chatterton understands how complex technologies can simplify our lives. After graduating from the BYU Marriot School of Finance, Teri began working as a student programmer at the university, helping to … Continue reading

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