2009 is in the books. While it is common at the beginning of a new year to look back at the previous year and review what happened, there wasn't a lot of good to look back on as a whole. Sure the Steelers and Penguins both brought home championships but most of the talk was about the economy but we don't want to talk about that any more than we want to talk about the Steelers five game losing streak that finally came to an end as this newsletter went to print.
Let's resolve to have a better year in 2010. Interest rates are at an all time low. Despite this fact your credit union has been nearly overwhelmed by memeber deposits. Our assets have eclipsed $18 million. That's up over $5 million since December 2006. Our loans to members decreased slightly in 2009. This rapid increase in savings coupled with the decrease in loan demand will cause us to lower the dividend we pay on shares to 1.00% (APY of 1.01%) effective January 1, 2010. Our operating costs remain low despite the new services we introduced in 2009. The realtime home banking and debit and ATM card processing went live in November. This exciting product allows you to view your accounts as we see it from the credit union computers. Debit card and ATM transactions can be seen as they are conducted. If you haven't yet signed up for our new home banking product please visit our website at www.vascofcu.com. If you need help getting enrolled, please contact us at (724) 539-2858.
We wish you all a Happy New Year and promise that we will pay you the best dividend we can while offering our products and services at the lowest possible price! Thanks for belonging!