Our 2006 Annual Meeting provided members with more
than just coffee and donuts — we shared our successes from
2005 and our goals for 2006. In 2005 Retail Employees
Credit Union continued its tradition of providing best-inclass
service while adding convenient and low cost products.
At the core of each new product, improved service, and
upgraded technology is our top priority – the member.
Balancing work, family, and community obligations often
requires creative scheduling, and setting aside time for
everyday household responsibilities can be a challenge.We
understand that priority, and in 2005 we rolled out two new
products, electronic bill pay and electronic statements.
Today, our members are able to allocate less time toward
paying bills and more time to activities directed at
improving their lives. Both of these new services are
offered free of charge.
The credit union experienced unprecedented financial
improvement this year as well. In 2005 Net Income
increased by 80%, and our Return on Assets doubled for
the second straight year in a row.We increased our Loan to
Share Ratio while reducing both loan delinquencies and
our operating expense ratio. Capital, while always high,
increased to over 16%. Our financial strength enables us to |
provide more to our members, whether that’s in the form of
lower loan rates or additional products and services.
And speaking of added services, we plan to join the CU
Service Centers network by the third quarter of 2006.This
partnership will provide our members with an additional 61
locations in Georgia and over 1,900 nationwide where they
can conduct transactions on their RECU accounts.
We significantly expanded our field of membership this
year. Employees of Perimeter Mall, ABM Janitorial, and
Quickparts are now able to join RECU and take advantage
of all credit union benefits. Please take the time today to
refer a family member or co-worker to RECU. Let them
know about our no-down-payment home loans, competitive
auto loan rates, and free electronic bill pay!
At the heart of the credit union’s success is its dedicated
Board of Directors, management team and staff. Each of us
lives and works in the communities served by the credit
union.This connection to the community allows us to have
a better understanding of the goals and dreams of our
members and their families. As a financial partner, Retail
Employees Credit Union remains committed to helping
members reach their financial objectives. |
