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| Annual Report | |||
| 2011 Report to The Membership This year, Patriot Federal Credit Union celebrates its 46th annual meeting. We have weathered the recession in much better shape than many financial institutions across the state, region and country. While substantial economic challenges remain, we believe Patriot is well-positioned for the opportunities that lie ahead. The year-end numbers do more than merely reinforce our strength and stability relative to the marketplace. They also reflect our ability to adapt to changing forces. RESULTS Key financial highlights for the year include: Total assets $434,473,350. Patriot's capital position remained strong at 12.4% of total assets. The National Credit Union Administration's guideline for a well capitalized credit union is 7.0%. Total shares at year end were $379,663,100. Financial statements for the years ending September 30, 2010, and September 30, 2011, are included in this report on pages _ and _. These statements were certified by Patriot’s independent accounting firm, Orth, Chakler, Murnane and Company, Certified Public Accountants. We are pleased to report that Patriot has earned and sustained the Bauer Financial 5-Star Superior rating for over 75 consecutive quarters (20years)-an amazing accomplishment! Throughout this 20-year period, Patriot has exhibited the best in safety, soundness, capital adequacy, asset quality, and stability. This 5-Star Superior Rating is the highest, and is earned by fewer than 10% of the nation's credit unions. Members can rest assured that Patriot capital base and excellent loan quality. Patriot has been successful in this uncertain global environment because of our focus on members in everything we do. The strength of Patriot resides in our core purpose of helping our member-owners experience their American Dream. This keeps us focused on helping them through competitively-priced products and services, and with additional attention to the financial challenges presented by these trying economic times. EXPANSION AND NEW PATRIOT SERVICES Patriot opened a new branch inside the Chambersburg Area Senior High School, opening the first day of the school year, August 29, 2011. Students, who work at the branch with supervision from Patriot staff, become paid employees of the credit union which provides valuable work experience as they prepare themselves to enter the workforce upon graduation. Through our arrangement with the school, we are also pleased to provide additional financial literacy education through various classes at the high school. Patriot began offering "I'm a Patriot" Plus, and Platinum, VISA credit cards to members on April 4, 2011, with introductory, low-rate balance transfers that were designed to save members money and to make day-to-day purchasing easier. MEMBER EDUCATION/SERVICE Throughout 2011, Kevin T. Shoemaker, CFP®, Patriot's Member Education Specialist, presented several "Financial Fitness" seminars on a variety of financial topics:
COMMUNITY SUPPORT Patriot stands for more than lending money and accepting deposits. Our financial cooperative takes an interest in our members, potential members, and the communities we serve, both financially and through volunteerism. Patriot supported many charitable and worthwhile organizations throughout our community charter area. A few are highlighted below.
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Toll Free (888) 777-9982
800 Wayne Avenue • Chambersburg • PA 17201
© 2013 Patriot Federal Credit Union
800 Wayne Avenue • Chambersburg • PA 17201
© 2013 Patriot Federal Credit Union
