WE`RE FOCUSED ON YOU
WE`RE FOCUSED ON YOU
WE’RE FOCUSED ON YOU 2010 ANNUAL REPORT LETTER FROM THE CHAIRMAN OF THE BOARD AND THE CHIEF EXECUTIVE OFFICER Dear Members: The 2010 year started with the celebration of the Credit Union’s 80th Anniversary. The Celebration concluded at the Annual Meeting where we gave out three 80th Anniversary raffle prizes. Also in the beginning of 2010, we opened our fourth location in Assonet at 58 South Main Street. The decision to expand our geographic reach came from a need we saw from the Freetown and Assonet community for a local financial institution. Many of the larger banks have headquarters in other states or even other countries; we wanted to bring to this community a financial institution that understood their needs and was operated by people who lived and worked in Southeastern Massachusetts. We have been very well received into the Freetown/Assonet community and we are happy to report that deposits and loans continue to grow. While we had many reasons to celebrate in 2010, we also had some challenges with the fluctuating rate environment and with several regulatory changes. As a Credit Union, we are here to help our members with their financial situations; whether it’s buying a home, refinancing, or saving for a vacation, the holidays, or retirement. We strive to find ways to keep fees reasonable when other financial institutions are charging monthly fees for savings accounts. We work hard so that our rates are competitive to help the lending environment in Southeastern Massachusetts remain active so that our community can make purchases such as buying cars or completing home improvement projects. While reviewing 2010, we also need to recognize the efforts of the Board of Directors, Management, and Staff. We all worked diligently to bring you the quality products and services you have come to expect from Fall River Municipal Credit Union. We are proud of the heritage that was started over 81 years ago; and we strive every day to continue to deliver those same standards. We look forward to continuing the tradition of providing Southeastern Massachusetts and nearby Rhode Island with quality products and services. Thank you for allowing us to serve you, Michael L. Shea Chairman of the Board Matthew G. Schondek Chief Executive Officer In remembrance of Mr. Joseph F. Doran, Board Room Dedication Left to right: Michael Shea, Chairman of the Board; Matthew Schondek, Chief Executive Officer; Rebecca Doran; Michael Doran; Lillian Doran; Joan Malloy; and Meghan Malloy. 80th Anniversary Raffle Winners Left to right: Michael Shea, Chairman of the Board; Richard Vasconcellos, Director; Michael Coogan, Director; Anthony Carlone, prize winner; Theodore Kaegael, Director; and Stephen Pypniowski, prize winner. Annual Meeting on April 11, 2010 GROWING GREAT BRANCHES The Fall River Municipal Credit Union opened its newest office in Assonet, MA. This full service office is located at 58 South Main Street in Assonet next to Junior’s Convenience store. The Assonet location is open on Sundays so that all of our great products and services are available seven days a week. The Assonet office opened for business on April 19th, and the official grand opening was on May 1st and 2nd. We offered grand opening specials on our checking accounts, consumer loans, and certificates of deposit. On Saturday, May 1st, Representative David Sullivan stopped by the Assonet branch to help us celebrate the opening of our fourth location while WSAR Radio Host George Colajezzi was broadcasting from Assonet. Picture left to right: Matt Schondek, FRMCU CEO/ President; Mike Hanson, MSIC President and CEO; Mike Shea, FRMCU Chairman of the Board; Dan Murphy, MSIC VP Marketing/Business Development. Picture left to right: Assonet Raffle Winners with Nancy Couture, Branch Manager and the staff at the Assonet Branch. Picture left to right: George Colajezzi, WSAR Radio Host; Matt Schondek, FRMCU CEO/President; Representative David Sullivan; and Kathy Oldrid, FRMCU Training Manager. HELPING OUR COMMUNITY... The Board of Directors and the Employees of FRMCU understand the importance of giving back to the communities we work and live in. Below is just an example of some of the organizations we’ve helped through fund raising, donations, and Employee Dress Down Days. »»We helped with the collection of food and clothing »»We participated in the Breast Cancer and Heart Disease Awareness National Dress Down Days »»We helped enrich the lives of younger and older residents by supporting programs, education, and research »»We supported family service centers to help give people the required tools to achieve rewarding lifestyles »»Annually, we provide scholarship awards to our members and their families »»We participated in several Dress Down Days to raise funds for local community charities BALANCE SHEET As of December 31, 2010 Assets Cash and due from banks Short-term investments Total cash and cash equivalents 4,728,088 5,318,826 10,046,914 Certificates of deposit Securities available for sale, at fair value Securities held to maturity, at amortized cost Federal Home Loan Bank stock, at cost EasCorp member capital shares, at cost Loans, net Premises and equipment,net National Credit Union Share Insurance Fund deposit Accrued interest receivable Other assets Total assets 6,100,183 95,778,386 782,323 3,060,700 500,000 104,386,403 4,990,134 1,438,763 823,133 1,249,210 229,156,149 Liabilities & Retained Earnings Deposits Federal Home Loan Bank advances EasCorp advances Mortgagors’ escrow accounts Accrued expenses and other liabilities Total liabilities 143,893,780 40,000,000 10,000,000 379,897 358,716 194,632,393 Commitments and contingencies Retained earnings, including regular reserve Accumulated other comprehensive income (loss) Total retained earnings 34,295,110 228,646 34,523,756 Total liabilities and retained earnings 229,156,149 balance sheet unaudited DEDICATED LEADERSHIP BOARD OF DIRECTORS Michael L. Shea Chairman David M. Machado Vice Chairman Mildred C. Shaughnessy Treasurer Santi DiRuzza Clerk Michael Coogan Nero Farias Theodore J. Kaegael James Machado Richard A. Vasconcellos Edward Walsh MANAGEMENT TEAM Matthew G. Schondek, Chief Executive Officer Maria Carvalho, Senior Vice President Steven D. Haight, Vice President Finance Kimberly Trahan, Vice President Human Resources Maryellen Cordeiro, Assistant Vice President Operations Clara Beausoleil, IT Manager Robert Cabral, Consumer Lending Manager Suzanne Catraio, Marketing Manager Donna Correia, Residential Lending Manager Kathy Oldrid, Training Manager Cherie Ashton, Branch Manager Kris Cambra, Branch Manager Nancy Couture, Branch Manager Holly Frazer, Branch Manager Lisa Lamoureux, Branch Manager OUR MISSION STATEMENT Strive to provide a full range of quality financial services to our members, delivered by professional and motivated employees, while maintaining the stability and security of our members and the Credit Union. Connecting all offices: 508-678-9028 Main Office 333 Milliken Boulevard, Fall River Drive-up located at 289 Milliken Boulevard Robeson Office 1110 Robeson Street, Fall River Lakeville Office 290 Bedford Street (Rte. 18), Lakeville Assonet Office 58 South Main Street, Assonet Swansea Office 755 GAR Highway (Rte. 6), Swansea www.frmcu.com THIS CREDIT UNION IS FEDERALLY INSURED BY THE NATIONAL CREDIT UNION ADMINISTRATION.