Like all credit unions, First City is owned by its members, and we try to the best of our abilities to serve you well, while maintaining the principles of conservative financial management. This is in stark contrast to many other types of financial institutions and banks that we have all heard so much about in the last few years.
One of the methods we use to maintain your trust in the credit union is communication. To that end, First City has recently released its 2009 Annual Report. The report includes messages from our Board Chair, Bob Ciulik, and Board Treasurer, Jim Likens. The Annual Report also includes our year-end financial statement. Here are some of the key highlights of the statement
1. Total Assets
Assets ended the year at $365 million, an increase of over $25 million. While growth for growths’ sake is not necessarily a good thing, this level of conservative increase (about 7%) indicates continued trust in First City through member investment opportunities and judicious use of credit.
2. Members’ Shares
Member share deposits increased by $14 million during 2009, reaching $308.2 million. Amid a challenging economy in Southern California, First City was able to provide a safe harbor for our members’ savings.
We ended last year with equity reserves of $44 million. This is more than 12% of total assets, significantly higher than the regulatory requirement of 7%. These reserves are a reflection of our continued conservatism to preserve a safe financial haven for years to come.
I am proud to be a member of the First City team, and look forward to doing my best to serve you, our owners, as we continue to provide financial services and financial opportunities in a challenging economy.
Chief Financial Officer
First City Credit Union