Home
Dear Member:
In March, we held our 75th annual meeting of the membership, where we announced the results of our board elections and reviewed our financials. The chairman of our board of directors gave a report to the membership and so did I. It is a gathering unique to credit unions, an opportunity for members to meet the management and board members, give feedback and ask questions. Sometimes we hear about their concerns and worries, and we often hear about their wonderful experiences with our staff.
The most important message that we delivered to our members at this meeting is that Community First Credit Union remains a stable, safe and sound financial institution. Members' deposits are insured up to $250,000 through the National Credit Union Association (NCUA) and backed by the full faith and credit of the U.S. Government. The credit union is well capitalized, which means we have more than enough cash reserves to manage through the twists and turns of this economic downturn. Lastly, and perhaps most importantly, Community First continues to work closely with members who are also coping with difficult times. We are very proud of the work that goes on every day to help members improve their financial condition, deal with the financial constraints of job loss, or just figure out how to save more.
In fact, in a recent Wall Street Journal article reporting America's credit unions as "safe havens" that deliver lower cost services to their members, one of Community First's members was interviewed. "Community First not only had the best rate," says Stephen Birkelbach, who transferred over the accounts of his local business after obtaining a car loan with the credit union. "I was so impressed with the customer service and the up-front attitude I moved everything over to them." Not long after, he also got a mortgage with Community First.
Community First is "Invested in You." That means we use the money that members put in our trust to make home loans, car loans and business loans to your neighbors, teachers and co-workers. We don't pay shareholders because we are a not-for- profit organization with a volunteer board of directors who look out for the best interests of our members. This means we can charge fewer and lower fees than most banks, and pay higher interest and dividend rates.
The great news about Community First Credit Union is that it is open to anyone who lives or works on the First Coast. So, if you have a friend, neighbor or family member, do something nice for them - tell them about the Community First difference. Invite them to be a member and tell them about the strength and security of a local credit union with more than one billion dollars in assets and over 103,000 members, all local, all owners of their credit union. To find out more about how Community First is serving our members and our community, I encourage you to view our annual report or call our Member Service Center to request a copy at 904.354.8537.
John Hirabayashi
President and Chief Executive Officer
