Industrial Updates

President and Chairperson Report 2016

  • Published

2016 marks an important milestone for Industrial Credit Union: 75 years of service to Whatcom County. As we reflect on the past year, we are proud to have built such strong roots here and appreciate all of the members, volunteers and employees that have been part of our journey since 1941.

We are very pleased to report that 2015 brought tremendous growth in membership, loans and assets. Membership growth saw an impressive 5% increase as we ended 2015 with over 25,000 members; and our competitive loan rates allowed us to increase loans to members by 25% over 2014. As more and more members continue to utilize the Credit Union’s vast product and service offerings, we have grown to over $210 million in assets. 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.

MEMBERS FIRST – As member-owners, you come first. We exist to serve your financial needs.

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.

We are constantly seeking ways to enhance the value of your membership. We do so by offering highly competitive loan options as well as industry-leading security and access to your accounts. In 2015 we transitioned all of our Visa credit cards to the more secure chip-enabled system. Later this year we will do the same for all of our debit cards. The new chip technology will enhance security for you as well as provide an extra layer of protection against fraud for the Credit Union.
Our newest branch in the Sunset Square Safeway store recently marked its first full year of operation. It has proved to be a welcome addition to our other seven locations. The Safeway branch provides extended hours, a convenient central location, and a friendly, helpful staff. We hope you are enjoying the benefits of the new branch and encourage you to visit if you haven’t yet.

SUSTAINABILITY – Without you there is no Industrial Credit Union. We pledge to maintain a credit union built safely and soundly for generations to come.

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. We thank you for your efforts in helping us grow.

COMMUNITY – Industrial Credit Union is an active steward in Whatcom County. We work side by side with our neighbors to improve our communities.

Being In Your Corner means more than serving members in our branches – it also means taking pride in serving the community. 2015 marked our 21st Annual Feed the Need Community Food Drive, bringing in over 300,000 pounds of food for Whatcom County’s food banks. With the support of our members and employees, we were also able to contribute nearly $10,000 each to Relay for Life and 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. We are 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. Last year Donald Oehler retired from the board after 6 years of service; we appreciate his dedication and wish him well. We also had the privilege of welcoming Harold Henkel and Nikole Knauft to the Board of Directors, as well as Robert Penney to the Supervisory Committee, and are thrilled to have their fresh perspectives and expertise on our team of volunteers.

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. We look forward to fulfilling that role for years to come.

Respectfully submitted,

Terri Salstrom | President/CEO
Dick Perry | Board Chairperson