President and Chairperson Report
2017 marked our 76th 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. 2017 brought 3% in net membership growth to a total of over 26,000 members; total assets increased by 4% to over $235 million; and loan volume was consistent from 2016. 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.
2017 saw many advances in technology and member convenience. New computer software for all of our membership information and activities was implemented on New Year’s Day, and we spent the following months adjusting to the enhanced features. This software improvement has resulted in more efficient member service in our branches. We also improved our ability to serve members by implementing iPads in all of our branches. Members can use these iPads to submit loan applications on the spot, without needing to wait for an available Member Service Representative. Members also have the ability to apply for a loan at any time through Online Banking using our improved Online Loan Application.
We introduced an exciting new loan product in 2017 – our 15/1 Adjustable Rate Mortgage. The first 15 years are at a fixed rate, which makes it a great time to lock in today’s lower – but rising – interest rates. After the first 15 years, the mortgage has simple annual rate adjustments depending on interest rates at the time. In an uncertain interest rate environment, this means you’ll get the best rate possible in the market. And with an amortization period of up to 35 years, this mortgage provides flexibility and lower monthly payments. We are proud to offer this competitive mortgage product which has been embraced by the membership.
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.
Being In Your Corner means more than serving members in our branches – it also means taking pride in serving the community. 2017 marked our 23rd annual Feed the Need Community Food Drive and 5th annual Food Truck Round Up, which brought in a combined total of over $130,000 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, $5,500 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. 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. This past year we had the privilege of welcoming Bonnie Drafs to the Supervisory Committee. We are thrilled to have her fresh perspective 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.
Terri Salstrom | President/CEO
Ken Ferry | Board Chairperson