Annual Report

CEO’S 2019 Annual Report

After three years as Patriot’s CEO I remain humbled by the talent and energy which surrounds me. Our volunteers, who give so generously of their time and talents, and our staff, who continue to amaze me by their willingness to give of themselves in service to their neighbors, create the backbone of Patriot Federal Credit Union. If pressed to define our corporate culture, I’d say we’re a ‘family with a servant heart.’

For those new to Patriot, we’re a community credit union serving all who live, work, worship, attend school or generally do business within our Field of Membership (FOM). Our FOM includes Fulton and Franklin Counties as well as the borough of Shippensburg in Pennsylvania; and Washington County in Maryland. During the past three years I’ve been both blessed and amazed to have been given the opportunity to work beside the leaders (and stewards) who serve those within our current FOM. In a highly partisan climate it’s refreshing to be able to work across the social and political divides within all communities, side by side serving the needs and financial dreams of all. This is a tribute to the great people who live in our community.

Yet members are why Patriot truly exists. They’re the “soul” of the credit union movement and why we come to work each day. To the 67,058 members of Patriot Federal Credit Union . . . THANK YOU for trusting us with your business and allowing us to serve your financial needs!

This being said, please allow me to point out our accomplishments during 2018. Let’s begin by reviewing our numbers:

December
2017
December
2018
%
Growth
Peer Growth Comparison*
Total
Shares
$517,378,522$577,200,74611.56%5.76%
Total
Loans
$438,791,251$515,377,38117.45%9.93%
Total
Assets
$591,112,270$658,160,11711.34%6.22%
Total
Equity
$68,841,159$76,009,42610.41%
Net
Income
$4,113,478$5,888,25243.15%N/A
Dividend
Expense
$3,263,074$4,909,42350.45%N/A
Numbersof
Members
59,29167,05813.10%5.09%
December 2017December 2018Peer Group Comparison*
Return on Assets0.72%0.94%0.89%
Loan Delinquency0.42%0.52%0.61%

*Peer Group is any Credit Union over $500 million in assets

How did we achieve these results? By focusing on three statements we refer to as our Brand Messaging: 1) “Patriot Offers the Products and Services that Meet My Needs”; 2) “Patriot is convenient”; and 3) “Patriot Cares About Me”. These brand messages are all about giving the best member experience possible. Since our last annual meeting we made improvements to our Omni-channel, specifically by enhancing our eBranch (online banking) and Mobile banking platform, re-issuing debit cards with EMV chips for added security, bringing credit cards in-house so members have better access through eBranch and Patriot Mobile. Concurrently as we planned and executed the movement of credit cards to our core, Patriot also introduced Instant Issue of credit and debit cards so that new members can get cards issued on the spot and existing members can get lost or stolen card replacements instantly. Just a few months ago, we introduced ‘card controls’ on Patriot Mobile, allowing members to manage their debit and credit cards by turning them on and off for enhance security.  This feature will soon be available via eBranch. And in October 2018 we opened a second Hagerstown branch on Robinwood Drive.

Also, we’ll be replacing our aging fleet of ATMs with newer models that offer more features beginning this summer.  One thing members tell us they’d like to have is ATMs that dispense cash in more denominations than just $20 bills.  These new ATMs will offer the member the ability to select cash denominations which will meet their needs to include $5, $10, and $20 dollar bills.  Watch our web site for the schedule of new machine installations.

During the first half of 2019, we were humbled by the accolades our members and the community at large showered on our Patriot.  Our Credit Union was voted the “Best Bank/Credit Union in Franklin County” in the Reader’s Choice Awards conducted by the Public Opinion newspaper. In addition to these honors, radio listeners of WAYZ and 101.5 Bob Rocks! rated us ”Best in the Tri-State” in the financial services category.

And finally, in an independent research study, Patriot was rated the highest in overall awareness and future consideration by Franklin County residents who are NOT currently members of the credit union. This speaks volumes for the good things that our current members are saying to their friends and family about Patriot. Speaking for the volunteers, management and employees at Patriot; we want to thank all who live in our FOM for the faith and confidence you have placed in us. We are committed to earning your trust by continuing to do what is right.

Sincerely,

Brad R. Warner, President/CEO