It was a defining year for Patriot Federal Credit Union. While some financial institutions encountered problems due to subprime mortgage lending and uncertainties in the financial marketplace, PFCU continued to provide a safe, secure haven for members? funds. Your credit union adheres to prudent lending and investment policies and does not participate in subprime mortgage lending. As a result of these strategies, PFCU remains well capitalized and, once again, delivered strong financial results to its membership.
In 2007, we focused the credit union?s energies and resources on building a level of service, quality of product, and degree of caring for members that we believe will set Patriot Federal Credit union apart from other financial alternatives.
Financial Performance:
Patriot continues to grow, exceeding one third of a billion dollars in assets. Total assets reached an all time high of $385,528,158, as of December 31, 2007, representing a 6.5% increase over the previous year. Through prudent management of expenses and share and loan rates, the credit union attained a strong capital to asset position of 12.27%, by year end. In addition to PFCU?s strong capital position and required reserves maintained by the credit union, members? funds are protected by the National Credit Union Share Insurance Fund, an agency of the Federal Government.
Certified financial statements for the years ending September 30, 2006, and September 30, 2007, are included in this report on pages 6 and 7. These statements were provided by PFCU?s independent auditing firm, Orth, Chakler, Murnane and Company, CPAs.
Community Support:
PFCU continued to remain a strong presence in Franklin, Fulton, Washington Counties and the Borough of Shippensburg. In the true spirit of Building Better Lives and Communities Together, the credit union supported many charitable and worthwhile organizations throughout its community charter area.
Recognizing the sad reality that there are children in our area who need protection, PFCU donated funds to Safe Harbor in Washington County. Safe Harbor is a child advocacy center that helps bring child abusers to justice by providing a safe place for victims to tell their story.
To help in the fight to stamp out homelessness and substandard housing, PFCU contributed to Habitat for Humanity in both Franklin and Washington Counties. The credit union?s contribution was used to help build homes for local families in need.
PFCU was proud to support the local American Cancer Society?s Relay for Life event. The Relay for Life event celebrates survivorship and raises money for research. PFCU was proud to support a cause which touches so many of us in our personal and professional lives.
The American Heart Association is dedicated to finding ways of curing and preventing the number 1 killer in America; cardiovascular disease. PFCU was very pleased to participate as a sponsor in the association?s signature event, the Heart Walk. The local event promotes physical activity and heart healthy living in a family environment.
The credit union also played a part in granting the wishes of seriously ill children by contributing to the Make-A-Wish Foundation. Whether it?s a day at Disneyland, or meeting a famous celebrity, Make-A-Wish, makes it happen! PFCU was privileged to play a part in the joy of these children, through our donation.
PFCU?s contribution to the Chambersburg Meals on Wheels program helped pay for the home delivery of meals to local senior citizens who are unable to purchase or prepare their own meals
PFCU and our employees combined their efforts to contribute a total of nearly $7,000 to United Way Agencies in Franklin and Washington Counties. Our contributions flow directly into our local communities to fund programs that help children and youth succeed, and strengthen and support families. Their programs provide early education for children, parenting classes, substance abuse support, teen pregnancy support, access to health and wellness initiatives, and economic self support initiatives.
Your credit union participated in the sponsorship, planning and support of IceFest in downtown Chambersburg. A free, family-oriented winter celebration, IceFest attracts thousands of visitors young and old to the charm of historic Chambersburg. Visitors marvel at the ice sculpture masterpieces transformed by chainsaw wielding carvers from simple blocks of ice.
For the first time ever, PFCU was the major sponsor for Celebrate the Arts at Old Market Day during ChambersFest. This event drove over 10,000 people to Downtown Chambersburg, PA, and provided PFCU with the opportunity to promote the advantages of credit union membership to the community.
Our people-helping-people, altruistic efforts even reached outside our community charter area in 2007, when we contributed to the VA Tech Memorial Fund. In April, 32 individuals lost their lives, and 15 were injured when the horrific mass shooting rampage took place on the campus of the Virginia Polytech Institute and State University. PFCU?s donation was used to help the families and loved ones of the victims.
Patriot Financial Services:
Patriot Financial Services (PFS)continued to assist our membership with a variety of financial management solutions including mutual funds, estate planning, college savings plans, fixed annuities, bonds, and long-term health care insurance. Financial Advisor, Sarah Eyler, is committed to helping members find the proper solution to their unique financial situation.PFS professionals also conducted a Retirement Planning seminar and an Investment workshop entitled ?Make My Money Work For Me.?
Member Education:
Several free, educational seminars were conducted, as part of our continuing efforts to keep members informed on a variety of consumer topics. Patriot?s popular seminar entitled ?Understanding your Credit Score? helped members understand how a credit score is determined and how it affects your buying power. In addition, a ?Home Buying? seminar was held in 2007. Among other things, members learned how to determine how much house they could afford, and how to qualify to buy a home. Your credit union also provided ID Theft prevention information on the website, in the electronic newsletter and in your quarterly member newsletter, Expanding Horizons. These seminars and educational materials represent two of the advantages of membership at Patriot Federal Credit Union.
Scholarships:
In keeping with its theme of Building Better Lives and Communities, PFCU assisted the Chambersburg Chamber of Commerce and the Washington County Chamber of Commerce with their Leadership Development Scholarships. The goal of these scholarships is to develop first rate community leaders. PFCU also awarded a $2,500 scholarship award to Holly Browell, a graduating senior and credit union member. This memorial scholarship was established in honor of Richard E. Baumunk, a past board member and original founder of the credit union.
New or Enhanced Products, Services and Benefits:
Your credit union is positioned to assist you with the financial fitness you want and need throughout your lifetime. In 2007, PFCU introduced several new or enhanced products and services designed to provide increased value and convenience.
PFCU Expansion:
Patriot Federal Credit Union is transforming itself. We have expanded our capabilities and boosted our productivity, and in the process have situated the organization to assist current and potential members in the community.
Let?s Grow Our Future Together:
With market conditions shifting constantly, we are excited by the opportunities such changes present. We are committed to scanning the business environment for best practices; looking for ways we can enhance the organization; and, most importantly, pursuing every opportunity to continue delivering the greatest value to you, our members.
You can rest assured your money is safe, sound and secure at PFCU. While we ?Grow Our Future Together,? we will continue to honor the financial trust you have placed in us. As we look forward to another successful year, we will remain steadfast in our efforts to continue Building Better Lives and Communities Together.