March 2, 2010
It was just over a year ago that I stood before you as your new credit union CEO- excited to be a part of something so special, yet nervous with the reality that the upcoming year would be difficult. The financial industry was in a mess- news media was reporting numerous bank failures, and headlines read “corporate greed” and “irresponsible business practices”. The words “bailout” and "TARP" were becoming familiar to us all, and the National Credit Union Administration had sent notice that the largest corporate credit union had gone into receivership. I knew it was going to be a tough year, but I also knew that the membership of Daviess County Teachers Federal Credit Union would expect nothing less than what they’ve always received- success.
Success in the midst of chaos, would best describe our past year. Daviess County Teachers Federal Credit Union is among the very few financial institutions across the nation to report a financially productive 2009. We grew from $26 million to $29 million in assets- a 12% increase in asset size. While many financial institutions experienced large share growth, very few were able to offset that growth with matching loan growth. Our mortgage promotion was a huge success as was the “Cash for Clunkers” promotion. We were able to meet our members’ needs on many levels including new services. This year, we launched the Online BillPay program and installed a new file server, and we expect to offer e-statements in the near future.
We realize that the success of Daviess County Teachers Federal Credit Union depends on both sound business decisions and the continued support and commitment of our membership. We are committed to our members and take seriously the responsibility of operating your credit union. We appreciate your trust and membership in DCTFCU as we continue to manage our organization, serving credit union members today and into the future. Our balance sheet and income statement will continue to be posted every month, and I am personally available to discuss our financial results with you. We know that you have a choice in financial institutions, so I want to personally thank you for allowing us to be your trusted financial partner. Thank you for your continued support and commitment. Thank you for a successful year.
Alesha H. Saalwaechter