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.