Chair’s Shareholder Report Summer 2019
F&A got off to a great start in 2019 with strong income and continued extraordinary financial strength. Your Credit Union continues to focus on three primary objectives: providing exceptional value to the members in the form of high dividend rates and low fees, maintaining solid financial strength, and a continuing focus on making the service experience as simple as possible. Highlights of our performance are below:
We are pleased to report that we were able to provide total dividends of $6.4M, which ranks F&A as the 10th highest dividends per member of any credit union in the country over $1B. This dividend payment represents a 34% increase over the same period a year earlier. We also continue to focus on not adjusting fees to the membership. This quarter our fees were listed as the 8th lowest in the nation for any credit union over $1B. We are also proud to be once again named a Top 200 Healthiest Credit Union for 2019. This puts F&A’s overall financial strength and safety in the top 1% of all NCUA insured credit unions nationwide.
We have several new technology upgrades planned for the remainder of 2019. The first is an enhancement to our current mobile platform, which will include an improved look and more features to access easily from your mobile device. We are also updating our new account opening process to make it easier than ever for your co-workers and family to join F&A. We are rolling out Quicken Direct Connect in Q3, which will allow members to use a best-in-class budgeting tool and have it integrate seamlessly from their mobile or online banking account. Lastly, we are excited to introduce Samsung Pay and Android Pay to our existing Apple Pay mobile wallet choices. Look for more information on these enhancements coming soon.
In addition to the strong performance of your Credit Union, we have noted some interesting trends in the local real estate market. According to a June 11, 2019 report from Trulia, Los Angeles real estate market trends indicate an increase of 2% in the median home sales price over the past 12 months, signifying a slowdown in the rise of property values. The deceleration in appreciation should allow some first-time home buyers to enter the market while still ensuring existing homeowners can take advantage of their existing equity.
We couldn’t accomplish this great success without our loyal members. Thank you for continuing to make F&A one of the best credit unions in the country.
Chair, Board of Directors