2005 President’s Report
In our 35 Years of operation, no real estate market was as frenzied as the twelve months of 2005. Now the recent traditional easing of business has allowed stressed out Realtors, customers and clients to catch their collective breath in preparation for the 2006 campaign. Hopefully, it will be a year in which buyers and inventory will be more in balance while attractive interest rates remain available.
I am pleased to report that the credit union had a very strong year as once again our industrious members kept us busy. Loan volume increased 54% to $3.44 million while new car purchases rose 46% and home equity loans were also popular. Credit committee chairman, Len Mihalko and manager Tony Launi completed the forms and processing with the majority of applications approved it less than 48 hours.
Other highlights are a 40% increase in dividends as saving rates began to rise and our total assets climbed to a record $9.49 million. Net income was $114k which is 11% above last year’s record. When the books were closed in December all loans were current…just like 2004. The federal examiner gave us a high 2 out 5 rating but our goal remains a 1.
Sadly, in October we learned of the passing of Naomi Laughlin our second and remaining founder. For many years she owned a realty company in Silver Spring and was active in the Board of Realtors. A long time director of the credit union she was also our president from 1980 to 1984.
In the fall, after Tony had explored its set up costs, the board approved a plan to introduce online banking. For those who have difficulties in balancing their checkbook there will be 24/7 access to the account along with the ability to transfer funds from savings to checking. Trials are about to begin and if successful, the service will be available for all in May. Many newer members have requested this and we are excited by its possibilities. I will keep you advised.
We are no longer a small credit union. We wish to get the message out to our field of membership about the services we now offer. To this end we have added a new face to the staff. She is a current member and her name is Chris Beyma. Her responsibility is to increase membership so put out the welcome mat as we are glad to have her on board.
If you have been seeking a convenient place in which to hold a meeting, seek no more. Our conference room is available and at no charge. Up to 10 people may be accommodated in comfort. For more information call Tony.
Once again, our thanks to the smooth operators Tony and Nancy for another excellent year. Also to the directors whose genial business acumen continues to promote new and improved services for the members of the Capital Area Realtors Federal Credit Union.
Respectfully submitted,
Allen Anderson, President
24th February 2006