xpanding horizons

xfcu.org 800.xfcu.222
corporate Headquarters
888 N. Nash street
el seguNdo, Ca 90245
regional Headquarters
3330 MoNroe aveNue
xpanding horizons
roChester, NY 14618
We search high and low for the best quality
services and financial resources. Xceed goes
further to offer our members more.
XCeed FINaNCIal CredIt uNIoN
2010 aNNual rePort
xpanding horizons
2010 annual report
We take it a step further to explore uncharted territory
and push boundaries. We go the distance and xceed
member expectations. We are expanding horizons.
a message from the Board Chair
While much of last year was marked by continued
membership application have also enjoyed tremendous growth throughout the year.
financial uncertainty, for us, it was a year of renewed
But we’re not calling it a day just yet. We intend to stay on the forefront of technology
commitment to be “At Work For You.” Time and time
by maintaining growth and expanding our online resources. I’m thrilled to let you know
again, we saw banks and other financial institutions
that we’ll be migrating to a new online banking platform in 2011, including a robust
burden their customers with unnecessary fees and
financial management tool that will help take the guesswork out of personal budgeting
services charges. For Xceed Financial, this was a
for years to come.
clear call to action to further assist our members as
they focused on achieving their financial goals.
Of course, the true value of your Xceed membership is only as good as you say it is.
And we’re thrilled to hear that it’s working! More than 93% of our members say they
Simply put, we spent our resources where it truly counts—on our members. We
would refer us to co-workers and friends. And overall membership satisfaction has risen
continued to provide affordable lending options when others wouldn’t. We worked
with more than 75% saying they are “very satisfied” with their membership. While these
diligently to improve our members’ cash flow by consolidating and restructuring existing
numbers are extremely encouraging, please know that we will always look for ways to be
loans. And, we approached every day as a new opportunity to be there for our members
even better.
in any way possible. In fact, we’re quite delighted by the positive response to this
service commitment. To date, the number of members who have selected an Xceed
We are excited about the future, and look forward to every opportunity we’ll have to meet
personal banker has nearly reached 1,000—and is still growing.
your financial needs. From the Board of Directors, and everyone at Xceed, thank you for
Creating a stable financial foundation is what we do
best. Helping our members realize their dreams and
expand is our passion.
your business.
Throughout 2010, we also focused our efforts on technological advancements and
Sincerely,
infrastructure to ensure that as our members’ needs grew, so would our ability to
provide even greater member value. As a result, mobile banking usage has more than
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doubled, and existing online services like eStatements, bill payer, and our online
Roni Crichton Board Chair
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Supervisory Committee Report
The Supervisory Committee, a group of appointed volunteers, is primarily responsible
for overseeing the overall safety and soundness of Xceed Financial, as well as the
credit union’s adherence to operating policies and procedures. Each year, we reaffirm
our commitment to ensuring that your credit union is financially stable and maintains
the highest member service standards possible.
The Supervisory Committee annually conducts a number of on-site audits of Financial
Centers and other credit union areas.
Additionally, we review member account records to verify their accuracy and oversee
the audit performed by our independent auditing firm, Moss Adams LLP, Certified Public
Accountants. As a result of these combined efforts, I am proud to report that Xceed
Financial Credit Union and its assets remain financially sound and secure.
Sincerely,
Gretchen Valentine Supervisory Committee Chair
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a message from the President & Chief Executive
Xceptional member satisfaction is what we strive for.
Meeting xpectations and soaring above what is
asked of us remains our goal.
In times of economic turmoil, the credit union difference—
Additionally, we spent a great deal of time reaching out to our Select Employer Groups
the philosophy of “people helping people”—is especially
(SEGs), to host a number of educational events and provide valuable guidance on all
meaningful. Without question, credit unions exist to
things financial. As a workplace credit union, ensuring that we are available to employees
serve our members and provide financial soundness and
at these companies is vital to our growth and continued financial success. And, I’m
stability in all economic environments. While 2010 will be
very pleased to report that in fact, 22 additional SEGs were welcomed to the Xceed
remembered unfavorably by many, for Xceed Financial, it
family during 2010.
was a year of going further to bring our members more.
This year, as the financial outlook continues to slowly improve, we’re already investing
At Xceed, we’ve redefined the perception of a credit
in technology and service offerings that will further protect you and your information,
union. Certainly, our members know and trust us for our free checking and low-rate
will add account access convenience, and will ensure that your financial experiences
loans. But to us, true value is more about acting as a financial advocate, every day,
with us continue to be accurate and efficient. In short, we will never stop looking for
to each and every member. Last year, that meant having the resources in place to
ways to strengthen your trust in us as a financial partner.
ensure that when our members made decisions about their finances, those decisions
were informed and calculated.
I want to extend my appreciation to you, our members, for allowing us to help you
move forward, realize your dreams, and expand into the future. We are grateful for your
Throughout the year, we continued our on-site seminars at Financial Center locations
membership, and know that it is because of you we continue to grow. Our future
across the country, with topics ranging from taxes and estate planning, to advice for
is bright, and we look forward to sharing it with you.
first-time homebuyers. To complement our in-person workshops, we offered a myriad
Sincerely,
of educational opportunities online via financial webinars, social media engagement
through Facebook and Twitter, our own website’s enhanced suite of financial calculators,
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and our financial blog—xperienceonline.
Teresa Y. Freeborn President & Chief Executive
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xpanding resources
Our members deserve more when it comes to technology. At Xceed, we
Offering even more ways to stay on top of finances
is just the beginning...
go beyond expectations to bring members the future of online benefits
and 24/7 account access.
Xceed Online Quick Enroll
Members can now sign up for Xceed Online using our Quick Enroll feature.
This automated process is quick and convenient.
A member poses to flex their financials with Numbers Guy.
Quicken Interface
With our simple download feature, members can bring Xceed account information
Shopping Discounts
directly into Quicken software without having to log on to Xceed Online.
Members have even more ways to save at our new online member mall.
From travel destinations to car rentals and amusement parks—even cell phone
eStatements and Mobile Services
plans and computer discounts. We offer a myriad of exclusive discounts to our
Our mobile banking service has more than doubled this year, with 1,500 active
members every day.
users per month. Members enrolled in eStatements jumped up nearly 7% in 2010.
iPhone App
It all adds up
iPhone users can download our free app to find a branch or ATM location nearby,
A new suite of more than 60 financial calculators is now available online, with
as well as connect directly with us via phone, and even check in on Numbers Guy
categories ranging from mortgage and auto, to retirement. Members can make
through his Facebook page.
informed decisions about their money while working through a number of financial
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scenarios, and results can be sent straight to their email accounts.
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At Xceed we know the value in helping our
members and our community. We continue to
support several organizations and foundations that
xpanding outreach
are important to our select employer groups (SEGs).
Casual For Kids
This year we played with kids, fed animals, walked
Partnering with the Children’s Miracle Network (CMN) we reinforced our
our way to healthy, and much more…
credit union philosophy, “people helping people” as we honored Casual for Kids
again this year. Together with our associates Xceed donated more than
$17,000 to the Children’s Miracle Network.
Romeo Doty College Scholarships
$10,000 in college scholarships were awarded to 10 high-school seniors.
Zoobilation
Students were evaluated on academics, extracurricular activities and an essay
One of our favorite activities is our Zoobilation partnership with the Seneca
describing the responsibility of financial literacy education to teens and college
Park Zoo in Rochester, New York. This year, we celebrated a night of food,
students. Each student was awarded $1,000. “These students are truly making
drink, live and silent auctions, music and more. All proceeds go to help
a difference in their schools and communities,” said Teresa Freeborn, Xceed
support the zoo’s education and conservation programs and camps for kids.
Financial President and Chief Executive.
Wellness Program
Kid’s Day
Team Xceed created our Wellness Program designed to help associates
Take Your Child to Work Day was a wonderful way for youngsters to learn
feel better by focusing on their overall health and subsequently decrease
about creating financial stability for their futures. Teresa Freeborn welcomed
rising insurance costs. This program tracks their fitness, charitable giving,
the kids and parents at each of our 15 Financial Centers via teleconference.
green efforts and personal development. When associates reach point
Each child received goody bags, which included their very own superhero cape,
thresholds they are rewarded at year-end. We believe that by encouraging
from Number’s Guy. Together, parents and kids, learned about investing and how
associates to take care of themselves, they can better support and serve
a credit union operates to serve communities. Teresa Freeborn felt this day was
our members. More than half of our associates participated this year,
intended to “inspire these kids because they are the future of our industry.”
prompting Xceed’s first ever “health fair” that included 28 vendors.
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celebrating our members
Every day they Xceed our xpectations and xpand our horizons! They
are our xceptional members. We appreciate our members and had many
Free Groceries
reasons to give back to them throughout the year. We held several incentive
Imagine $3,000 in free groceries! A New York based Xceed family got to enjoy
programs and promotionals including:
the rewards of this great sweepstakes saying, “every little bit helps – especially
$3,000 for groceries!”
Cash Giveaways
Member Appreciation Week was a joyous occasion at many of our locations this
iPhone Sweepstakes
year. Activities we offered included an ATM Giveaway that changed ten $20 bills
In our eStatement Sweepstakes Giveaway, five members won an iPhone gift card
to $50 bills for lucky ATM recipients, members opening a SeekMore Checking
valued at $200. To qualify, members had to enroll online to receive eStatements
account during Member Appreciation Week received $50 in their accounts and some
for at least two consecutive months. The contest was launched in part with our
members had the opportunity to enter the money-filled Cash Cube to grab as much
Go Green campaign that encourages members to bank online and go paperless.
money as possible.
Superhero And Super Kids
Video Contest
In honor of “Take Your Child to Work Day,” we celebrated with a full day
When asked, “What does Xceed Financial Credit Union Mean to You?” one
of activities for Xceed families and their children across our centers nationwide.
member explained how Xceed helped him with several important decisions in his
Our financial avenger, Numbers Guy, was on-hand giving sound money advice
family’s life. This heartwarming video earned him a grand prize of $500.
to children and teaching them about the advantages Xceed brings to members
and its communities.
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xceptional connections
We push the boundaries of communication to provide
our members with the most up-to-date and valuable
financial information with everyday convenience.
Online Buzz
In 2010, we were followed, tweeted, liked, posted, downloaded, and watched.
Our “social status” is on the rise and we continue to attract more members online
each day. Our Facebook page is filled with fun posts, great videos, and of course,
our very own Numbers Guy. Members regularly engage him while he’s online
promoting credit union news and community events.
Education and Seminars
Whether members wanted to learn how to control their debt, create and manage
a budget, find a little financial first aid, get great tips on buying a home, or generally
be in the financial know, we were there to help. Throughout the year, Xceed held
a number of workshops at Financial Centers across the country. We also kept
online members up to date with online blog content, financial podcasts, and
helpful videos.
More For Our Associates
This year, our Xceed training department renewed their commitment to professional
development across the entire organization. Throughout 2010 associates participated
in a combined 1,500 hours of training to better help them serve our members
with the highest levels of accuracy and efficiency.
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Xceed financials
CONSOLIDATED STATEMENT OF INCOME
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
As of December 31, 2010
As of December 31, 2010
INTEREST INCOME
Total Interest on Loans
Total Interest on Investments
2010
$34,643,553
577,445
TOTAL INTEREST INCOME
$35,220,998
INTEREST EXPENSE
Total Dividends on Member Savings
Other Interest Expense
$7,262,117
2,317,800
TOTAL INTEREST EXPENSE
$9,579,917
NET INTEREST INCOME
PROVISION FOR LOAN LOSSES
$25,641,081
NET INTEREST INCOME AFTER PROVISION
$19,941,081
$5,700,000
NON-INTEREST INCOME
Net Loans
Cash
Total Investments
Other Assets
$596,148,018
38,459,706
21,524,169
64,764,968
TOTAL ASSETS
$720,896,861
LIABILITIES & MEMBERS’ EQUITY
LIABILITIES
Notes Payable
Other Liabilities
$57,300,000
6,532,937
TOTAL LIABILITIES
$63,832,937
MEMBERS’ EQUITY
Fee Income
Other Income
$6,672,676
2,868,609
Member Savings
Non-Member Savings
$589,299,274
–
TOTAL NON-INTEREST INCOME
$9,541,285
TOTAL SAVINGS
NET EQUITY
TOTAL LIABILITIES & EQUITY
589,299,274
NON-INTEREST EXPENSE
Salaries and Benefits
Other Expenses
$14,966,738
18,309,387
TOTAL NON-INTEREST EXPENSE
$33,276,125
NCUA & Stabilization Expenses
-$3,793,759
$1,540,832
Net Income Net of NCUA & Stabilization Expenses
-$2,252,927
NET INCOME
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2010
ASSETS
67,764,650
$720,896,861
For the independent auditor’s report and opinion, please visit
our website at www.xfcu.org or contact us at 800.XFCU.222.
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rONI CRiChtoN
DENNIS RUFFNER
rALEIgh StEiNBaCh
LOIS MCFaRlaNd
FrED NiCholS
Volunteers
DEA BENSoN
DAvID BoldUC
JOhN BUttRill
FrED laPoiNtE
Executive Management team
MEgAN SwatEk
LEN PaRkER
grETChEN ValENtiNE
Xceed officers & directors
Xceed leadership
Board of directors
BOARD OF DIRECTORS
NOMINATING COMMITTEE
Roni Crichton
Dennis Ruffner, Chair
Chair
Len Parker
Dennis Ruffner
Raleigh Steinbach
Vice Chair
Fabiana Burkett, Liaison
Raleigh Steinbach
Secretary
SUPERVISORY COMMITTEE
Lois McFarland
Gretchen Valentine, Chair
Fred Nichols
Dea Benson
Len Parker
Fred Lapointe
Gretchen Valentine
Fabiana Burkett, Liaison
FINANCE & INVESTMENT COMMITTEE
EXECUTIVE MANAGEMENT TEAM
John Buttrill, Chair
Teresa Y. Freeborn
David Bolduc
President & Chief Executive
Lois McFarland
Kathryn Davis
Dennis Ruffner
Senior Vice President
Mary Roberts, Liaison
Mary Roberts
Chief Financial Officer
GROWTH COMMITTEE
Nicole Valentin-Smith
Fred Nichols, Chair
Senior Vice President
Len Parker
Megan Swatek
C O M M IT T E E S
Gretchen Valentine
Nicole Valentin-Smith, Liaison
EXECUTIVE COMMITTEE
Roni Crichton, Chair
Dennis Ruffner, Vice Chair
Raleigh Steinbach, Secretary
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TErESA Y. FREEBoRN
KAThrYN daViS
NICOLE ValENtiN-SMith
MArY RoBERtS
19
xfcu.org 800.xfcu.222
corporate Headquarters
2010 was a great year filled with xpansion, xcelleration
& xceptional service. cheers to 2011!
888 N. Nash street
el seguNdo, Ca 90245
Select Employer Groups
Select Employer Groups
regional Headquarters
3330 MoNroe aveNue
roChester, NY 14618
AccuStaff Inc • ACE USA • ACS - Xerox • Adecco • Adecco - Rochester, NY • Advanced High Technology Corp • Advantage Human Resourcing • Aero Wheel and Brake Service • Air Tahiti Nui • Airport Center Family Dental Service • Airport Suzuki • Airport Corporation • Ajilon (Rochester only) • AKA International, Inc • All Transport Packing • Alliance Automation • Alliance Capital Investments, Inc • AllState • Ametrek Power Instruments • Amplaco Inc. • AMREL Corp • Ancoma Inc • Apprise Corp • Aramark - Xerox Sites • Arthur J. Rogers & Co • Assoc. Customshouse Brokers •
Associated Health Professionals, Inc Automation Design & Engineering • Aviation Fuel Systems Repair, Inc • Avis Budget Group, Inc CA • Avis Budget Group, Inc NJ • Avnet, Inc • B.G.L. Associates • Bacons Information • BALFAB Manufacturing • Barkley Court Reporters • Bell Industries • Boulter • Broccolo Tree and Lawn Care Inc. • Bryant & Stratton College • Buffalo Zoo • BZ Manufacturing • California United Terminals • Candle Corporation • Canfield & Tack Inc • Catholic Family Center • CDI Corporation • Cee Bailey's Aircraft Plastics • Centinela Freeman
Regional Medical Central • Kia of Irving • Central Kia of Louisville • Centura Software • Charter Partners • China Airlines Bldg 76 • CIBER • Coforce ComputerAid, Inc • Concourse Concessions Inc • Condor Electronics • Connors Haas Inc • Consolidators International • Cooke Center for Learning & Development • Coregis Group • Costco Wholesale • Covert Iron Works • CPA Payroll • Croop-LaFrance • Crosbie Brownlie • Crum & Forster Insurance Dallas, TX • Dartnell Enterprises Inc (DEI) • Davidson Fink Cook Kelly Galbraith LLP • Davie Kaplan Certified Public Accountant • DecisionOne •
Dentalogy Dental Group • Desser Tire and Rubber Company Disabled Veterans Charities • Dixon Schwabl • DMV, EL Segundo Driver Safety • Double Tree Hilton Hotel • Dynalab Corp • EDS • Encore Forwarding, Inc • Enterprise Rent A Car NY • Excel Office Products, Inc • Executive Liability Mergers • F & E Aircraft Maintenance • Factory Motor Parts • Fairport Baptist Home • Faith Missions Crisis Rehab Center • Farmer's Branch and Carrollton • Federation of Catholic Teachers • Flying Tiger Pilots Association • Foreign Trade Association of California • Franklen Glass • FSH
Delivery Services Inc. • Fuji Xerox • Gillette Machine & Tool Co Inc • Global Imaging Systems Inc • Glovia International • Greater Ridgewood Youth Council • GuideMark Inc • H & M Brokerage • Hacienda Hotel • Halmar AMB Cargo Ctr - Multi Tennant • Hampton Inn North • Hankyu International • Hazlow Electronics Inc • Heal The Bay • Heather Heights of Pittsford, Inc • Heberle Disposal Services • Hemisphere Management • Highsoft Inc • Hitco Carbon Composites, Inc • Hoselton Auto Mall • Hyatt Regency Rochester • Ignited, LLC • Industrial Indemnity • Inference
Corp • INFOCUS Employee Services, Inc • Innovative Solutions • InSciTek Microsystems Irving, TX • InSciTek Microsystems Irving, TX • Isaac Heating and Plumbing • J. Robert Scott,Inc • Jewish Home of Rochester • Johnson Controls (Rochester only) • Juanita's Foods • Kadima Security Services • Kerlan-Jobe Orthopedic Clinic • Kerr Trucking • Keystone Insurers Group • Law office of Richard A. Krolls • Learning Tree International • Leo J. Roth Corp • Lewisville Mitsubishi • Lewisville, TX • Light Fabrications Inc • Lockton Insurance Brokers, LLC • Magnetic Technologies • Manpower • Marsh
USA Risk & Insurance Srv • Masline Electronics Inc • MD Synergy • MediaGraphics • Medical Motor Service of Rochester • Mendon Capital Advisors Corp • Mercury Print Productions • Metal Edge • Milbank Real Estate • Moe’s Southwest Grill • Monroe Veterinary Associates • Monument Builders of North America • MTX Services • Myers Pest and Termite Services • National Health Career Assn • Neato Robotics • Nesco Service Corp/Lehigh Design • New York Racing Association • NF Associates • Nippon Cargo Airlines • Nippon Express USA •
Noosh Inc • Nordon Tool & Mold Inc • North American Airlines • Nothnagle Realtors • Oak Crest Institute of Science • OfficeMax • Optimum Staffing, Inc • P&R Industries PagePath Technologies • Paradigm Engineering • Penske Cadillac Hummer South Bay • Peterson Spinning and Stamping • Platinum Healthcare Staffing, Inc • Polar Air Cargo • Postler & Jaeckle • Power Nissan Torrance • Prairie Medical Group • Praxair • Precision Dialing Services, Inc. • Precision Metal Finishing • Print by Design • Prism Software • Pulsafeeder Inc. • Pyramid Air • Q-TECH Corporation • R.P. Fedder Corp • Radisson Hotel
LAX • Radisson Hotel Westside • Ramada Plaza Hotel • Raycom Data Technologies, Inc • RCI Image Systems • Realogy • Rene Isip Toyota of Lewisville • Rero Distribution Companies Resolution Group • RETRAN • Rochester Business Alliance • Rochester Computer R & R • Rochester Davies Fetch • Rochester FCU • Rochester Riverside Convention Center • Rochester Underserved Charter • Rochester Yacht Club • Rogers & Associates Tool & Die Rosemont, IL • Royal Pacific Express, Inc • S & E Trucking, Inc • San Jose Underserved Charter • SD&A Teleservices • Securitas - New
Jersey • Securitas - Rochester • Securitas - Torrance • Security Aviation • Seneca Park Zoo Society (SPZS) • Sharp Edgez Barber Institute • Sierra Systems - L.A. County • Sigma Marketing Group • Signature Escrow • Silicon Valley Community Foundation • SITA/Equant • Sizzler USA, Inc • Sodexho Health Care Services • Sousa Court Reporters • South Bay Center for Counseling • Southwest KIA • Spectra Services Inc. • Spherion Corp. • Spinery • St Joseph Catholic Church • St Joseph Villa of Rochester • St Petersburg Florida • St. Ann's Community • Standard Data Corporation
Stanford Mu Corp • Stokes, Visca and Company • Superior Companies • Superior Design International • Sylvan Learning Center • System Care Inc • Tanksley Group • Tapecon Inc • Teledyne Controls • Texas Nissan of Grapevine • The Bus Service Center • The COMDYN Group, Inc • The Friendly Home • The Gardner Group • The Pike Company • The Queen Mary • The Raytec Group • The School of the Holy Childhood • Third Wave Technology Services Inc • Time Warner Cable • Tower Air, Inc • Trans Group Express • Transport Drivers, Inc • Travelodge Hotel • Travelport • Tree Musketeers, Inc • Trident Precision Manufacturing • True2Form
Collision Repair Ctrs • Tucker Printers • UIW • UltraFab • Unlimited Technologies • Val-U-Tech • Velocity Service Networks • Vivitar Corporation • Vivitar Security Systems • Web Title Agency • WebLife Media LLC • Webster Public Library • West Coast Escrow • Westside Children's Center • Whitenack Consulting • Wood Oviatt Gilman LLP • Woodcliff The Lodge • WXXI Public Broadcasting Council • Wyerhaeuser • Wyndham Worldwide • Xceed Associates • Xerox • Xerox Capital Services • Xerox Sales Agent Channel • XPLOR International • XRA • YMCA of Greater Rochester • Young & Comapany CPA's LLP • Zeller Electric, Inc