sce fcu 2015 annual report• ended the year with shares of $547.8 million ($13.1 million above...
TRANSCRIPT
EQUAL HOUSINGLENDER
Credit Union federally insured by NCUA. Equal Housing Lender.Partnering with you...
2015ANNUAL REPORT
800.866.6474 scefcu.org on the road to success
Back Cover Front Cover
whatever your road... making dreams a reality!
Inside Front Cover Inside Back Cover
we’re here for you
what is successSuccess can be defined in a multitude of ways – and so much depends on perspective.
Having a credit rating in the 800s...
Following a plan to recover from bankruptcy...
Erasing all debt...
Choosing to take on debt to purchase a first home...
Investing intelligently for retirement...
Breaking free from living paycheck to paycheck...
Going back to school to earn your degree...
Helping your child pay for college...
Starting a business...
Expanding your business...
At SCE Federal Credit Union, our member family is as different as their goals and dreams. However, one thing unites them. Each of them has something they want to attain and it’s important to them – and because of that, it is of utmost importance to us.
working together with our members...
working together
Coming together is a beginning;
Keeping together is progress;
Working together is success.
~ Henry Ford
Opening 116 closing
convenient access business banking insurance investments
We’re always open somewhere!• Deposit Anywhere – deposit
checks straight from your Android or iPhone
• Nearly 30,000 Surcharge-Free ATMs, including at most 7-Eleven® locations
• SCE FCU Branches in Southern California & Southern Nevada
• Shared Branches across the US• FastLine Automated Teller• 24/7 Contact Center, with
full-service 6 days a week and select service outside of regular hours
• Online Banking & Bill Pay• Customized smartphone apps• Snapshot, online personal
financial manager
Fair and affordable banking options for small- and medium-sized businesses:
• Free Business Checking, Commercial Checking, & Commercial Advantage Checking, which pays dividends
• Business Certificates• Money Market Accounts• Revolving Lines of Credit• Business Term Loans• Commercial Real Estate Loans• SBA Loans• Business Visa Credit & Debit• Online Bill Pay• Mobile Deposit
Member Advantage, our Credit-Union-owned insurance agency, offers competitive pricing from dependable insurance providers such as Allied, Mercury, Travelers Progressive, and many more.Member Advantage Insurance Services offer coverage for:
• Home, Auto, Motorcycle, RV & Watercraft
• Life• Business & Commercial
Property• Liability & Workers
Compensation
In addition to the many investment options the Credit Union offers, we invite you to utilize the services of SCE FCU Wealth Management for assistance with:
• Strategies for generating life-lasting income
• Investment management and retirement planning
• Life, disability and long-term care insurance
• Estate planning• Stocks, bonds, mutual funds
and annuities• 401(k) rollovers
report of the chair & ceo
At SCE FCU, our interpretation of success is quite simple: helping people. It is the reason we were founded more than 60 years ago and it remains our passion today.
We are incredibly proud of the many ways we helped members and our local communities throughout the past year. Here are some particularly special highlights:
• We loaned more money than ever in the Credit Union’s history. We are pleased not because we shattered records, but because so many of our members trusted us to finance their dreams. We funded more than $147 million in loans in 2015 – first cars, first homes, vacation homes, loan consolidations, business start-ups, and so much more – with affordable rates and fair terms.
• Our Board of Directors announced that Dan Rader, SCE FCU’s longtime CFO, would become the Credit Union’s next CEO. The leadership transition process began two years ago when Dennis Huber announced
he would be retiring in June of 2016. Selecting a new CEO is one of the most important duties of a credit union’s Board of Directors. Our Board led an extensive evaluation process, culminating in a selection incredibly well received by our staff and membership.
• We invested in current and future technologies to enrich levels of service and security for members:
• CardNav is a free smartphone app we launched to allow members the ability to set controls on their debit cards, including turning the card on and off, setting real-time transaction alerts, and limiting use by location or dollar amount.
• Credit card holders received chip-enabled cards, offering greater fraud protection. Debit card holders will receive their chip-enabled cards in 2016.
• We began work on projects that will debut in 2016, including an all-new website, online banking and
Securities offered through LPL Financial, Member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. The investment products sold through LPL Financial are not insured SCE FCU deposits and are not NCUA insured. These products are not obligations of SCE FCU and are not endorsed, recommended or guaranteed by SCE FCU or any government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible. LPL Branch Office: 12701 Schabarum Ave, Irwindale CA 91706
I N S U R A N C E S E R V I C E S
MemberAdvantage
2 chair ceo report products 15
products & services
consumer lending visa credit cards real estate loans checking & savings
A full array of loans, offering highly competitive rates, fair and flexible terms, no or low down payments, and a quick application process:
• Auto Loans - new, used, refis, street-bikes & classic cars
• Auto Equity Loans, which may provide a tax-deduction
• Recreational Loans - new & used RVs, travel trailers, 5th wheels, dirt bikes, boats, personal watercraft & off-road recreational vehicles
• CU at the Wheel - our complimentary auto buying concierge service exclusively for SCE FCU members, saving time, money and the typical car buying frustration
• Personal Lines of Credit
SCE FCU credit cards are loaded with great features – no annual fee, low interest rates, generous limits and fair terms:
• Visa Platinum Rewards Credit Card, with no annual fee and points toward travel, gifts, and merchandise
• Visa Platinum Credit Card, with no annual fee
• Zero-Liability Protection in the event of fraud
Whether members are purchasing a home, refinancing, or utilizing equity, we have programs in California and Nevada for:
• First Mortgage Loans – for purchase or refinance
• Second homes, vacation homes, rental properties
• FHA & VA Loans (in California) & first-time buyer options
• Reverse Mortgages• Conforming or Jumbo, fixed
or adjustable rates, variety of terms
• Fixed-Rate Home Equity Loans, Variable-Rate Lines of Credit & Split Second Loans
• Owner- and non-owner occupied
Our deposit accounts feature competitive rates and many free options:
• Free Checking – with no catch!• Green Checking – paying
dividends with no minimum balance required and offering a Debit Rewards program
• Free overdraft from other SCE FCU accounts
• Free Visa Check Cards• Savings & Money Market
Accounts• Holiday & Vacation Club
Accounts• Certificates, IRAs & Coverdell
ESAs• Health Savings Accounts• Youth Accounts
MARY STEUDLEBoard Chair
DENNIS HUBERPresident Chief Executive Officer
bill payment – filled with features and capabilities to make members’ banking experiences more powerful.
• Together with the nonprofit we founded, the Center for Financial Empowerment, we helped people in our local communities of Southern California and Southern Nevada:
• Our certification as a Community Development Financial Institution allowed us to further provide unique and affordable services to low-income residents.
• In addition to financial contributions to support local charitable organizations, more than one-third of our employees participated in community volunteer efforts.
It was an incredibly successful year for the Credit Union and our member/owners. We helped people – in record numbers – in a financially responsible way that benefits our entire membership. We thank our members for entrusting the Credit Union with their financial needs, and for referring us to their friends and family.
14 products chair ceo report 3
in the community
SCE FCU’s commitment to the underserved is evident through the work of the nonprofit we founded, the Center for Financial Empowerment. In 2015 the CFE further defined its mission to break the cycle of generational poverty and create more stable communities through financial empowerment for youth.
Here are a few ways that was accomplished:
• 63 financial literacy workshops facilitated, providing financial education to nearly 1,800 high school students and community residents
• 5 Mad City Money reality simulation events, preparing 465 teen participants for real-life finances
• $15,500 in college scholarships awarded to 14 students
• New collaborative partnership established with the Uplift Foundation of Nevada, to bring financial education and empowerment opportunities to underserved high school students in the Las Vegas area
The symbiotic relationship between SCE FCU and the CFE gives us the unique ability to equip young people with not only financial knowledge, but also with the right financial tools to put their knowledge into action. It’s a winning combination that continues to benefit youth in our communities year after year.
We invite our members to join us by investing in the financial education of our youth. Visit Center4FE.org to find out more and join us in our efforts to break the cycle of generational poverty.
MARY STEUDLE
Chair
PATRICK McCLOSKEY
Vice Chair
WARREN LEHMANN
Financial Officer
KENJI COLEMAN
Secretary
GREG WALLACE
Director
NANCY BONDDirector
VICTOR DOMINGUEZ
Director
board of directors
community 134 board
road to retirementmaking a difference...
After nearly 20 years with SCE FCU, and more than 40 years in the credit union industry, George Poitou began a well-deserved retirement at the end of 2015. George’s years as the Credit Union’s Chief Operating Officer were filled with much excitement and incredible growth. One of George’s finest accomplishments, though, likely had nothing to do with our asset size or number of branches. It involved what has been his lifelong passion: serving the underserved, particularly those in low-income communities.
George led the movement to offer what we now call mission-driven lending at the Credit Union. He would always say, “It’s not about a number. Listen to their story.” When there was a way to responsibly help someone, who would likely otherwise be unable to get credit, he would find it. His booming voice and huge heart have helped change the paths for many.
George’s dedication has been commended nationwide. He was recently honored by the California and Nevada Credit Union Leagues with their Distinguished Service Award, which recognizes credit union professionals’ service to the industry. Shortly thereafter, we received word George was being inducted into the Credit Union House in Washington, D.C., where his name will forever adorn the walls, in recognition of his longstanding leadership and commitment to the credit union movement.
SCE FCU has been extraordinarily fortunate to have George Poitou as one of its fine leaders. We look forward to his continued presence on the Board of Directors for the Center for Financial Empowerment, the nonprofit founded by the Credit Union. We wish George and his wife Carol the very best always as they journey through retirement together.
george 512 community photo
financial report
2015 was a financially successful year for SCE FCU. As a cooperative, we’re committed to fulfilling the philosophical credit union mandate of helping people, including those of lesser means who have traditionally been underserved and excluded from accessing mainstream financial products and services in the greater Los Angeles and Las Vegas areas. Through a combination of affordable financial services and comprehensive financial education, we aim to help our members build assets and enjoy financial stability.
Here are some of the SCE FCU financial highlights of 2015:
• Ended the year with assets of $636.4 million
• Net income of $2.9 million ($1 million over budget)
• Totaled $147.4 million in funded loans
• Had $66.2 million in Member Business Loans (MBL) – an increase of $14.1 million over 2014 and $2.2 million over our 2015 goal
• Ended the year with shares of $547.8 million ($13.1 million above budget)
• Total loan growth (including MBL) of $61.3 million ($25.4 million over our goal)
• Delinquency ratio of .94% and loan loss ratio of .29%
Our regulators (NCUA) define a well-capitalized credit union as having at least 7% of its assets in reserve. SCE FCU finished the year at a very healthy 9.9%. Overall, your Credit Union is financially strong and able to meet the financial needs of our member/owners for the foreseeable future.
report of the supervisory committee
The Supervisory Committee, a group of volunteers appointed by the Board of Directors, is primarily responsible for overseeing the overall safety and soundness of the Credit Union. The committee meets every other month with the Credit Union’s internal audit team to monitor adherence to operating practices and procedures.
In addition, the committee contracted with the independent accounting firm of RSM US LLP, formerly known as McGladrey LLP, to audit the Credit Union’s records for the twelve months ending March 31, 2015. Once again, we are pleased to report the assets held by SCE FCU are safe and secure and no significant findings were reported. Furthermore, our review concludes that SCE FCU is in compliance with federal regulations and standards provided by the National Credit Union Administration (NCUA).
The Supervisory Committee congratulates the SCE FCU volunteers, managers and members on another successful year.
DANRADER
Executive Vice President
Chief Financial Officer
WARRENLEHMANN
Board Financial Officer
6 Financial Report sup committee report 11
2015
$62,
724,
600
2014
$59,
812,
520
2015
$547
,782
,890
2014
$518
,593
,481
2015
$402
,350
,319
2014
$341
,010
,742
loan growth share growth net worth growth
2013 2013 2013
$318
,827
,592
$513
,071
,984
$55,
602,
983
supervisory committee
MICHAEL MAXWELL
Chair
CHRIS CARTER
Member
PATRICK McCLOSKEY
Member
CONNIE PEREZMember
BILLTORRES
Member
10 sup committee photo Loan, Share & Net Worth Growth 7
2015 2014total income $31,959,935 $30,167,436
expensesPersonnel $14,484,371 $12,693,563
Office Operations & Occupancy 6,400,595 6,131,151
Loan Servicing 1,821,831 1,801,547
Professional/Outside Services 1,348,883 1,601,397
Education/Promotion 829,723 638,900
Provision for Loan Losses 151,000 -750,000
Other 1,276,259 1,008,793
Total Expenses $26,312,662 $23,125,351Total Interest Expense & Dividends 2,735,193 2,832,548
net income $2,912,080 $4,209,537
statements of income financial conditiondistribution of loans distribution of shares
2015 2014assets
$197,480,717 $233,115,258 Cash & Investments
397,557,826 335,281,157 Loans, Net
17,193,758 17,390,751 Fixed Assets24,121,233 22,030,296 Other Assets
$636,353,534 $607,817,462 total assets
equity & other liabilities
$547,782,890 $518,593,481 Shares & Certificates
62,724,600 59,812,520 Reserve & Undivided Earnings25,846,044 29,411,461 Other Liabilities
$636,353,534 $607,817,462 total equity & liabilities
As of December 31 – Unaudited As of December 31 – Unaudited
33%Real Estate
34%Vehicle
16%Business
9%Visa
5%Personal2%
Other
30%Money Market
29%IRAs & Certificates
25%Savings
17%Checking
8 Distribution of Loans & Income Statement Statement of Financial Condition & Distribution of Shares 9
2015 2014total income $31,959,935 $30,167,436
expensesPersonnel $14,484,371 $12,693,563
Office Operations & Occupancy 6,400,595 6,131,151
Loan Servicing 1,821,831 1,801,547
Professional/Outside Services 1,348,883 1,601,397
Education/Promotion 829,723 638,900
Provision for Loan Losses 151,000 -750,000
Other 1,276,259 1,008,793
Total Expenses $26,312,662 $23,125,351Total Interest Expense & Dividends 2,735,193 2,832,548
net income $2,912,080 $4,209,537
statements of income financial conditiondistribution of loans distribution of shares
2015 2014assets
$197,480,717 $233,115,258 Cash & Investments
397,557,826 335,281,157 Loans, Net
17,193,758 17,390,751 Fixed Assets24,121,233 22,030,296 Other Assets
$636,353,534 $607,817,462 total assets
equity & other liabilities
$547,782,890 $518,593,481 Shares & Certificates
62,724,600 59,812,520 Reserve & Undivided Earnings25,846,044 29,411,461 Other Liabilities
$636,353,534 $607,817,462 total equity & liabilities
As of December 31 – Unaudited As of December 31 – Unaudited
33%Real Estate
34%Vehicle
16%Business
9%Visa
5%Personal2%
Other
30%Money Market
29%IRAs & Certificates
25%Savings
17%Checking
8 Distribution of Loans & Income Statement Statement of Financial Condition & Distribution of Shares 9
2015
$62,
724,
600
2014
$59,
812,
520
2015
$547
,782
,890
2014
$518
,593
,481
2015
$402
,350
,319
2014
$341
,010
,742
loan growth share growth net worth growth
2013 2013 2013
$318
,827
,592
$513
,071
,984
$55,
602,
983
supervisory committee
MICHAEL MAXWELL
Chair
CHRIS CARTER
Member
PATRICK McCLOSKEY
Member
CONNIE PEREZMember
BILLTORRES
Member
10 sup committee photo Loan, Share & Net Worth Growth 7
financial report
2015 was a financially successful year for SCE FCU. As a cooperative, we’re committed to fulfilling the philosophical credit union mandate of helping people, including those of lesser means who have traditionally been underserved and excluded from accessing mainstream financial products and services in the greater Los Angeles and Las Vegas areas. Through a combination of affordable financial services and comprehensive financial education, we aim to help our members build assets and enjoy financial stability.
Here are some of the SCE FCU financial highlights of 2015:
• Ended the year with assets of $636.4 million
• Net income of $2.9 million ($1 million over budget)
• Totaled $147.4 million in funded loans
• Had $66.2 million in Member Business Loans (MBL) – an increase of $14.1 million over 2014 and $2.2 million over our 2015 goal
• Ended the year with shares of $547.8 million ($13.1 million above budget)
• Total loan growth (including MBL) of $61.3 million ($25.4 million over our goal)
• Delinquency ratio of .94% and loan loss ratio of .29%
Our regulators (NCUA) define a well-capitalized credit union as having at least 7% of its assets in reserve. SCE FCU finished the year at a very healthy 9.9%. Overall, your Credit Union is financially strong and able to meet the financial needs of our member/owners for the foreseeable future.
report of the supervisory committee
The Supervisory Committee, a group of volunteers appointed by the Board of Directors, is primarily responsible for overseeing the overall safety and soundness of the Credit Union. The committee meets every other month with the Credit Union’s internal audit team to monitor adherence to operating practices and procedures.
In addition, the committee contracted with the independent accounting firm of RSM US LLP, formerly known as McGladrey LLP, to audit the Credit Union’s records for the twelve months ending March 31, 2015. Once again, we are pleased to report the assets held by SCE FCU are safe and secure and no significant findings were reported. Furthermore, our review concludes that SCE FCU is in compliance with federal regulations and standards provided by the National Credit Union Administration (NCUA).
The Supervisory Committee congratulates the SCE FCU volunteers, managers and members on another successful year.
DANRADER
Executive Vice President
Chief Financial Officer
WARRENLEHMANN
Board Financial Officer
6 Financial Report sup committee report 11
road to retirementmaking a difference...
After nearly 20 years with SCE FCU, and more than 40 years in the credit union industry, George Poitou began a well-deserved retirement at the end of 2015. George’s years as the Credit Union’s Chief Operating Officer were filled with much excitement and incredible growth. One of George’s finest accomplishments, though, likely had nothing to do with our asset size or number of branches. It involved what has been his lifelong passion: serving the underserved, particularly those in low-income communities.
George led the movement to offer what we now call mission-driven lending at the Credit Union. He would always say, “It’s not about a number. Listen to their story.” When there was a way to responsibly help someone, who would likely otherwise be unable to get credit, he would find it. His booming voice and huge heart have helped change the paths for many.
George’s dedication has been commended nationwide. He was recently honored by the California and Nevada Credit Union Leagues with their Distinguished Service Award, which recognizes credit union professionals’ service to the industry. Shortly thereafter, we received word George was being inducted into the Credit Union House in Washington, D.C., where his name will forever adorn the walls, in recognition of his longstanding leadership and commitment to the credit union movement.
SCE FCU has been extraordinarily fortunate to have George Poitou as one of its fine leaders. We look forward to his continued presence on the Board of Directors for the Center for Financial Empowerment, the nonprofit founded by the Credit Union. We wish George and his wife Carol the very best always as they journey through retirement together.
george 512 community photo
in the community
SCE FCU’s commitment to the underserved is evident through the work of the nonprofit we founded, the Center for Financial Empowerment. In 2015 the CFE further defined its mission to break the cycle of generational poverty and create more stable communities through financial empowerment for youth.
Here are a few ways that was accomplished:
• 63 financial literacy workshops facilitated, providing financial education to nearly 1,800 high school students and community residents
• 5 Mad City Money reality simulation events, preparing 465 teen participants for real-life finances
• $15,500 in college scholarships awarded to 14 students
• New collaborative partnership established with the Uplift Foundation of Nevada, to bring financial education and empowerment opportunities to underserved high school students in the Las Vegas area
The symbiotic relationship between SCE FCU and the CFE gives us the unique ability to equip young people with not only financial knowledge, but also with the right financial tools to put their knowledge into action. It’s a winning combination that continues to benefit youth in our communities year after year.
We invite our members to join us by investing in the financial education of our youth. Visit Center4FE.org to find out more and join us in our efforts to break the cycle of generational poverty.
MARY STEUDLE
Chair
PATRICK McCLOSKEY
Vice Chair
WARREN LEHMANN
Financial Officer
KENJI COLEMAN
Secretary
GREG WALLACE
Director
NANCY BONDDirector
VICTOR DOMINGUEZ
Director
board of directors
community 134 board
products & services
consumer lending visa credit cards real estate loans checking & savings
A full array of loans, offering highly competitive rates, fair and flexible terms, no or low down payments, and a quick application process:
• Auto Loans - new, used, refis, street-bikes & classic cars
• Auto Equity Loans, which may provide a tax-deduction
• Recreational Loans - new & used RVs, travel trailers, 5th wheels, dirt bikes, boats, personal watercraft & off-road recreational vehicles
• CU at the Wheel - our complimentary auto buying concierge service exclusively for SCE FCU members, saving time, money and the typical car buying frustration
• Personal Lines of Credit
SCE FCU credit cards are loaded with great features – no annual fee, low interest rates, generous limits and fair terms:
• Visa Platinum Rewards Credit Card, with no annual fee and points toward travel, gifts, and merchandise
• Visa Platinum Credit Card, with no annual fee
• Zero-Liability Protection in the event of fraud
Whether members are purchasing a home, refinancing, or utilizing equity, we have programs in California and Nevada for:
• First Mortgage Loans – for purchase or refinance
• Second homes, vacation homes, rental properties
• FHA & VA Loans (in California) & first-time buyer options
• Reverse Mortgages• Conforming or Jumbo, fixed
or adjustable rates, variety of terms
• Fixed-Rate Home Equity Loans, Variable-Rate Lines of Credit & Split Second Loans
• Owner- and non-owner occupied
Our deposit accounts feature competitive rates and many free options:
• Free Checking – with no catch!• Green Checking – paying
dividends with no minimum balance required and offering a Debit Rewards program
• Free overdraft from other SCE FCU accounts
• Free Visa Check Cards• Savings & Money Market
Accounts• Holiday & Vacation Club
Accounts• Certificates, IRAs & Coverdell
ESAs• Health Savings Accounts• Youth Accounts
MARY STEUDLEBoard Chair
DENNIS HUBERPresident Chief Executive Officer
bill payment – filled with features and capabilities to make members’ banking experiences more powerful.
• Together with the nonprofit we founded, the Center for Financial Empowerment, we helped people in our local communities of Southern California and Southern Nevada:
• Our certification as a Community Development Financial Institution allowed us to further provide unique and affordable services to low-income residents.
• In addition to financial contributions to support local charitable organizations, more than one-third of our employees participated in community volunteer efforts.
It was an incredibly successful year for the Credit Union and our member/owners. We helped people – in record numbers – in a financially responsible way that benefits our entire membership. We thank our members for entrusting the Credit Union with their financial needs, and for referring us to their friends and family.
14 products chair ceo report 3
convenient access business banking insurance investments
We’re always open somewhere!• Deposit Anywhere – deposit
checks straight from your Android or iPhone
• Nearly 30,000 Surcharge-Free ATMs, including at most 7-Eleven® locations
• SCE FCU Branches in Southern California & Southern Nevada
• Shared Branches across the US• FastLine Automated Teller• 24/7 Contact Center, with
full-service 6 days a week and select service outside of regular hours
• Online Banking & Bill Pay• Customized smartphone apps• Snapshot, online personal
financial manager
Fair and affordable banking options for small- and medium-sized businesses:
• Free Business Checking, Commercial Checking, & Commercial Advantage Checking, which pays dividends
• Business Certificates• Money Market Accounts• Revolving Lines of Credit• Business Term Loans• Commercial Real Estate Loans• SBA Loans• Business Visa Credit & Debit• Online Bill Pay• Mobile Deposit
Member Advantage, our Credit-Union-owned insurance agency, offers competitive pricing from dependable insurance providers such as Allied, Mercury, Travelers Progressive, and many more.Member Advantage Insurance Services offers coverage for:
• Home, Auto, Motorcycle, RV & Watercraft
• Life• Business & Commercial
Property• Liability & Workers
Compensation
In addition to the many investment options the Credit Union offers, we invite you to utilize the services of SCE FCU Wealth Management for assistance with:
• Strategies for generating life-lasting income
• Investment management and retirement planning
• Life, disability and long-term care insurance
• Estate planning• Stocks, bonds, mutual funds
and annuities• 401(k) rollovers
report of the chair & ceo
At SCE FCU, our interpretation of success is quite simple: helping people. It is the reason we were founded more than 60 years ago and it remains our passion today.
We are incredibly proud of the many ways we helped members and our local communities throughout the past year. Here are some particularly special highlights:
• We loaned more money than ever in the Credit Union’s history. We are pleased not because we shattered records, but because so many of our members trusted us to finance their dreams. We funded more than $147 million in loans in 2015 – first cars, first homes, vacation homes, loan consolidations, business start-ups, and so much more – with affordable rates and fair terms.
• Our Board of Directors announced that Dan Rader, SCE FCU’s longtime CFO, would become the Credit Union’s next CEO. The leadership transition process began two years ago when Dennis Huber announced
he would be retiring in June of 2016. Selecting a new CEO is one of the most important duties of a credit union’s Board of Directors. Our Board led an extensive evaluation process, culminating in a selection incredibly well received by our staff and membership.
• We invested in current and future technologies to enrich levels of service and security for members:
• CardNav is a free smartphone app we launched to allow members the ability to set controls on their debit cards, including turning the card on and off, setting real-time transaction alerts, and limiting use by location or dollar amount.
• Credit card holders received chip-enabled cards, offering greater fraud protection. Debit card holders will receive their chip-enabled cards in 2016.
• We began work on projects that will debut in 2016, including an all-new website, online banking and
Securities offered through LPL Financial, Member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates. The investment products sold through LPL Financial are not insured SCE FCU deposits and are not NCUA insured. These products are not obligations of SCE FCU and are not endorsed, recommended or guaranteed by SCE FCU or any government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible. LPL Branch Office: 12701 Schabarum Ave, Irwindale CA 91706
I N S U R A N C E S E R V I C E S
MemberAdvantage
2 chair ceo report products 15
we’re here for you
what is successSuccess can be defined in a multitude of ways – and so much depends on perspective.
Having a credit rating in the 800s...
Following a plan to recover from bankruptcy...
Erasing all debt...
Choosing to take on debt to purchase a first home...
Investing intelligently for retirement...
Breaking free from living paycheck to paycheck...
Going back to school to earn your degree...
Helping your child pay for college...
Starting a business...
Expanding your business...
At SCE Federal Credit Union, our member family is as different as their goals and dreams. However, one thing unites them. Each of them has something they want to attain and it’s important to them – and because of that, it is of utmost importance to us.
working together with our members...
working together
Coming together is a beginning;
Keeping together is progress;
Working together is success.
~ Henry Ford
Opening 116 closing
whatever your road... making dreams a reality!
Inside Front Cover Inside Back Cover
EQUAL HOUSINGLENDER
Credit Union federally insured by NCUA. Equal Housing Lender.Partnering with you...
2015ANNUAL REPORT
800.866.6474 scefcu.org on the road to success
Back Cover Front Cover