Report of CEO for Annual Meeting 2011
I am proud to say that our 45th year has been another year of growth, great service and positive change. We have navigated through some challenging times, with more on the horizon, but despite some rough waters in the economy and with the financial services industry, we are charting a course that will keep us safe and secure well into the future.
New member growth has been a big part of our success over the past year, with 506 new members. We are now serving around 5000 members, growing by a few dozen more each month.
Loan growth has been very health with 442 new loans closed for a total of nearly $4 million.
Loan growth is absolutely essential for our continued growth and financial stability due to the shrinking returns available on our investments. With the increase in lending a very important part of the process is controlling our delinquency. I am very proud to say that even with the increase in loans being made that our losses and loan delinquency have continued to remain very low and very manageable, due in large part to the relationship we establish with each member and the great job done by our team working face to face with members who run into financial difficulty. That is our mission; we are here to be a helpful neighbor to our members, in good times and bad and I am happy to say that we are fulfilling that mission.
Our 45th year also marks the first branch expansion to Orrville with the purchase and remodel of the Seifried Pharmacy building. This is a direct result of the input from YOU our members, who told us in no uncertain terms that accessibility was a major concern. With this easily accessible and prominent new location we will be able to continue to grow and serve our members as well as be an even bigger asset to the Wayne County Community. With your continued support and trust, who knows what great things the next 45 years will bring!
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