2017 SCE FCU Annual Report

65 Years of Trust

Our mission is to improve the lives of our members, our communities and our team.

Report of the Chair & CEO

Last year marked a milestone for us. We celebrated our 65th anniversary in business. In 1952 the International Brotherhood of Electrical Workers Local 47 founded what was then called the Local 47 Federal Credit Union. Over time that small operation would evolve into our thriving financial institution. Today, with more than 55,000 members and nearly three-quarters of a billion dollars in assets, SCE Credit Union is a trusted financial partner, community contributor and inclusive cooperative.

Our existence has spanned seven decades and we take great pride in all we have accomplished. This past iconic year, 2017, is no exception. We are proud of our financial performance. We are proud of our people, our members and our team. We are proud of our community impact.

Our 2017 goal was to increase loan growth by 12%. We doubled that by reaching 24%. We said yes to a total of nearly $226 million in loans and $17.4 million in Visa credit lines. Deposits also increased. Consumer Checking was up roughly $4 million. Savings and Money Markets increased $25 million. We ended the year with assets at nearly $730 million.

Longevity is a significant signpost, an indication of responsibility and trust, especially in the financial world. Our goal, however, is to go beyond reputation and earn the trust of every member, and their family and friends, through our actions and endeavors.

While endurance is worth noting, it is our 65 year effort to elevate and improve that we really celebrate. The nonprofit we founded, the Center for Financial Empowerment, helps with financial literacy for teenagers, a subject close to our hearts and even closer to their future. We provide products and services to people at every rung on the ladder of success; as a Community Development Financial Institution, we are recognized for bringing affordable services to the underserved. In 2017 we received a grant for the WISH program, which allowed us to provide a 3-to-1 downpayment match of up to $15,000 to qualified applicants buying a home. We distributed a total of $150,000 in WISH funds. Beyond good corporate citizenship, our team members are good citizens. They volunteered at numerous community and charitable events, evidence they take the people helping people credit union credo to heart.

Speaking of teams, we became a sponsor of the Triple-A Las Vegas 51s baseball team and we made it to the “show” in 2017 by promoting the Credit Union through L.A. Dodgers Radio. In both cases, figurative home runs.

The world has dramatically changed over the past 65 years. SCE FCU’s ability and willingness to adapt, upgrade and innovate are primary reasons for our longevity and success – ironically, it is also the things we refuse to change that keep us relevant.

For 65 years we have not changed our commitment to people, our commitment to community, or our commitment to empower. We have lasted this long and come this far because, above all else, we have always been here to help. Whether you are already part of the top 10% or still striving for the American dream, we are behind you 100%.

 

SCE FCU 2017 Annual Report