Dear Members of Health Facilities
Federal Credit Union,
2010 CEO's Report
I stressed in last year's CEO's report that 2010 would be a challenging year. I was correct in that assessment. We have had a run of challenging years but in 2010 we did see improvement.
Despite the difficult year, Health Facilities Federal Credit Union still remains well capitalized.
Lower loan income and the bailout of U.S. Central Corporate Credit Union and our corporate credit union system were the biggest reasons for our negative income for the year.
We worked very hard to lower our delinquency and our charge off rates in 2010. We made great strides in both areas. We will continue to contact members early if they are late making a payment. Our Loan Department has helped many of our members save thousands of dollars in consumer loans through creative loan modification and budget support. We stand ready to help where we can to support our members during these still troubling times.
I cannot emphasize enough that if you have a problem making a payment, call us as soon as you have the problem. Problems known early gives us more time to work out the problem with any modifications and budget suggestions so that your loan does not become reportable to the NCUA or the credit bureau.
What is our plan to bring us back to positive incomes each year and how can you help? The biggest part of our income is the interest we earn from loans. If we do not have all your loans, please give us a call. We have some of the better interest rates in the industry. We can quite possible save you money on a refinance of any of your loans.
We now have our credit card program up and running giving you 3.5% interest for the first 6 months and then rates as low as 7.99% after that. Again, these are some of the lowest rates in the industry. Check your wallet and your credit card statements, what are you paying? Could we save you some money? Give Susan, Ernie or Veronica a call or go online and apply.
Our commitment continues to be to the employees of the select employer groups we service. Our focus in not on the community at large but on those few companies we have selected to partner with to offer what we feel is the best employee benefit - a strong, caring financial institution standing ready to help you meet your need.
We continue to look at our product and service offerings with an eye on how it will help the families of our members. We contributed our time and resources to several community events and causes. We worked hard to keep all our employees fully employed in this time of high unemployment. We will continue these activities in 2011.
We announced our credit card program mid-year 2010 and kicked it off in December. We have plans to start a mobile banking project in early 2011. Our Shared Branching program continues to add credit union locations-now up to 6300 locations across the country you can go into, just like our office here, and do your transactions with a live teller.
In closing I want to sincerely thank the staff of Health Facilities FCU. They rolled up their sleeves and helped out in countless ways this year. I am fortunate to work with such dedicated, talented, and creative people. Also, our membership continues to impress me with their fortitude. To you we give great gratitude. Lastly, our Board of Directors has done an outstanding job at the helm of the credit union.
Robert D. Harris, CEO
Health Facilities FCU
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CEO's Message
Dear Members of Health Facilities
Federal Credit Union,
2010 CEO's Report
I stressed in last year's CEO's report that 2010 would be a challenging year. I was correct in that assessment. We have had a run of challenging years but in 2010 we did see improvement.
Despite the difficult year, Health Facilities Federal Credit Union still remains well capitalized.
Lower loan income and the bailout of U.S. Central Corporate Credit Union and our corporate credit union system were the biggest reasons for our negative income for the year.
We worked very hard to lower our delinquency and our charge off rates in 2010. We made great strides in both areas. We will continue to contact members early if they are late making a payment. Our Loan Department has helped many of our members save thousands of dollars in consumer loans through creative loan modification and budget support. We stand ready to help where we can to support our members during these still troubling times.
I cannot emphasize enough that if you have a problem making a payment, call us as soon as you have the problem. Problems known early gives us more time to work out the problem with any modifications and budget suggestions so that your loan does not become reportable to the NCUA or the credit bureau.
What is our plan to bring us back to positive incomes each year and how can you help? The biggest part of our income is the interest we earn from loans. If we do not have all your loans, please give us a call. We have some of the better interest rates in the industry. We can quite possible save you money on a refinance of any of your loans.
We now have our credit card program up and running giving you 3.5% interest for the first 6 months and then rates as low as 7.99% after that. Again, these are some of the lowest rates in the industry. Check your wallet and your credit card statements, what are you paying? Could we save you some money? Give Susan, Ernie or Veronica a call or go online and apply.
Our commitment continues to be to the employees of the select employer groups we service. Our focus in not on the community at large but on those few companies we have selected to partner with to offer what we feel is the best employee benefit - a strong, caring financial institution standing ready to help you meet your need.
We continue to look at our product and service offerings with an eye on how it will help the families of our members. We contributed our time and resources to several community events and causes. We worked hard to keep all our employees fully employed in this time of high unemployment. We will continue these activities in 2011.
We announced our credit card program mid-year 2010 and kicked it off in December. We have plans to start a mobile banking project in early 2011. Our Shared Branching program continues to add credit union locations-now up to 6300 locations across the country you can go into, just like our office here, and do your transactions with a live teller.
In closing I want to sincerely thank the staff of Health Facilities FCU. They rolled up their sleeves and helped out in countless ways this year. I am fortunate to work with such dedicated, talented, and creative people. Also, our membership continues to impress me with their fortitude. To you we give great gratitude. Lastly, our Board of Directors has done an outstanding job at the helm of the credit union.
Robert D. Harris, CEO
Health Facilities FCU
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