President and Chairperson Report
2016 marked our 75th year of service to Whatcom County – a milestone we are proud to have reached. We could not have achieved this success without all of the members, volunteers and employees that have been part of our journey since 1941.
With that said, we are very pleased to report once again that Industrial Credit Union is in a strong, secure position. As our product and service offerings have grown, so have our membership base and asset size. 2016 brought over 3% in net membership growth to a total of nearly 26,000 members; total assets increased by 8% to over $227 million; and loan volume was consistent, ending in positive growth over 2015. We are grateful to a wonderful membership base that allows us the opportunity to be In Your Corner and that continues to support our mission and values.
Our promise to be In Your Corner is the guiding force behind each decision impacting our members and Industrial Credit Union as a whole. We are committed to providing the best products and services to meet our members’ evolving needs, as well as the high quality, personalized service you have come to expect.
2016 was a year of both celebrating our past and looking to the future. In order to continue serving members to the best of our ability, we must be mindful of evolving and improving our technology. On December 30th, 2016, our staff began the 4-day culmination of an 18 month project: Brand new computer software for all of our membership information and activities. This new system is a significant improvement over our previous software and allows our employees to provide even better service.
We wish to take this opportunity to thank Tammy Schemstad, our VP of Technology, and our entire Information Technology Department for their hard work and dedication in implementing this new system. We are also grateful to our entire staff that worked evenings, weekends and holidays to ensure a smooth transition for our members.
Other technological improvements that took place last year include the addition of Mobile Check Deposit to our mobile app, as well as a new online loan application available through OnLine Banking. Our investment in these services is a direct result of member feedback and industry research, and we hope you enjoy the enhanced convenience that they provide.
As we look to the future, we know that membership growth is vital to the long-term success of our cooperative. We have experienced steady, positive growth as a direct result of word-of-mouth advertising from our members. If you are satisfied with the service and benefits you are receiving as an Industrial Credit Union member, we ask that you help us spread the word. In each of our branches we have referral cards available for you to share with non-members. Your personal testimonials about your experience as a member are the most valuable assets we have for sharing the credit union spirit with others, and we thank you for your efforts in helping us grow.
Being In Your Corner means more than serving members in our branches – it also means taking pride in serving the community. 2016 marked our 22nd annual Feed the Need Community Food Drive, bringing in over $150,000 for Whatcom County food banks. With the support of our members and employees, we were also able to contribute over $10,000 to local financial literacy efforts, $6,000 to the United Way, $2,000 to college scholarships along with many other donations to worthy causes. We are honored to provide support for many local organizations and are so grateful to the employees and members who donate their time and resources to reach our common goals.
We are also thankful for the guidance of our Board of Directors and Supervisory Committee volunteers, as they selflessly give of their time and expertise to improve the overall well-being of the Credit Union. This past year we had the privilege of welcoming Lauren Beckett to the Board of Directors and Melissa Muhich to the Supervisory Committee. We are thrilled to have their fresh perspectives and expertise on our team of volunteers. At the same time we said goodbye to Dick Perry, Peter Theisen and Rick Bruland, who had given a combined 14 years of service to the Credit Union. We appreciate their dedication and wish them all the best in their future endeavors.
As a final note, we would like to thank you for your membership and commitment to Industrial Credit Union. Your support gives us the opportunity to improve the financial strength of our members and community, and we look forward to fulfilling that role for years to come.
Terri Salstrom | President/CEO
Ken Ferry | Board Chairperson