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| Annual Report | |
| 2010 Report to the Membership This year Patriot Federal Credit Union celebrates its forty-fifth annual meeting. This milestone for our credit union deserves to be celebrated with pride as well as a sense of accomplishment. However, we have only just begun our quest to help our members reach their financial dreams. The numbers, as of December 31, 2010, do more than merely reinforce our strength and stability relative to the marketplace. They reflect our ability to adapt to changing forces by using our time and resources wisely. Most importantly, our financial standing is a true measure of our most valuable, yet intangible, asset of all - trust. Because of trust, we continue to attract members in search of a mutually beneficial relationship with their credit union. Real estate loans performed well and grew by $10 million to almost $164 million while saving our members over $20 million in interest costs. We attribute these successes in uncertain times to commitment to member relationships, set of core values and business beliefs. In addition, our financial strength, investment and suite of relevant, customizable, credit union products and services differentiate us as the trusted solution. I am pleased to report that Patriot Federal Credit Union has earned and sustained Bauer Financial's 5-Star Superior rating over 71 consecutive quarters (18 years). Patriot has exhibited the best in safety, soundness, capital adequacy, asset quality, and stability. This status is the highest rating and is earned by fewer than 10% of the nation’s credit unions. The credit union ended the year with strong liquidity, a strong capital base and excellent credit quality. Results Certified financial statements for the years ending September 30, 2009 and September 30, 2010 are included in this report on pages 6 and 7. These statements were provided by Patriot’s independent auditing firm, Orth, Chakler, Murnane and Company, Certified Public Accountants. Key financial performance highlights for the year included:
Patriot completed a branch office expansion project in Hagerstown, Maryland. Construction of a 3,000 square foot, full service, and free standing branch was completed in the first quarter of 2010. The new branch is located between Sheetz and Martins at 18721 Longmeadow Road, Hagerstown, Maryland. This branch replaced the mall storefront branch at 18723 North Pointe Drive. This new state-of-the-art facility features drive-up service and a "SMART" ATM which accepts deposits and prints a copy of your deposited checks on your receipt. Member Education/Service Educational seminars were presented to assist our members with financial information on a variety of topics:
Paris Helman of Chambersburg, PA was named the recipient of Patriot's 2010 Richard Baumunk Memorial Scholarship. Paris is attending Shippensburg University where she is pursuing a degree in Communication/Journalism/Public Relations. The memorial scholarship was established in honor of Richard E. Baumunk, a past board member and original founder of the credit union. Community Support The credit union is known for more than lending money and accepting deposits. Our financial cooperative takes a personal interest in our members and the communities we serve, both financially and through volunteerism. Patriot supported many charitable and worthwhile organizations throughout its community charter area. Patriot coordinated the collection of school supplies at our five branch office locations for distribution to students in Franklin and Washington Counties. Over 250 school supplies from binders to composition books to pencils, markers and crayons were distributed to the area school districts. Patriot contributed to The Pennsylvania Free Enterprise Week which creates an educational experience where young adults can learn about the wonders of our private enterprise system and what it means to our democratic form of government. If Pennsylvania businesses are to remain competitive, it is crucial that our future workforce have an understanding and appreciation of the challenges facing the business community. Conclusion Looking forward, our industry faces many challenges. Sluggish recovery of both economic stability and job growth has created a wait-and-see mentality. We continue to closely monitor developments on the regulatory front and are committed to remaining innovative in both our product and service offerings that fall within the parameters of Congressional and regulatory requirements. To adapt to the current climate, our management team has focused on improving processes, infrastructure and skill levels throughout our organization. Your credit union will remain a vital, resilient and steadfast part of our community’s landscape and a beacon of trust to those we serve - regardless of the economic times. Patriot Federal Credit Union remains committed to providing you with competitive rates and outstanding service for all of your financial needs. Thank you for your continued referrals and support, and we look forward to serving your needs in the future. |
Toll Free (888) 777-9982
800 Wayne Avenue • Chambersburg • PA 17201
© 2012 Patriot Federal Credit Union
800 Wayne Avenue • Chambersburg • PA 17201
© 2012 Patriot Federal Credit Union
