Service Credit Union once again reported outstanding results for another year of exceptional growth during its 55th Annual Meeting Thursday, March 29th at the Frank Jones Center in Portsmouth.
The credit union’s exemplary 24/7 live person service, state-of-the-art technology delivery, philosophy of exceeding members’ service expectations, vision and sound management are among the top reasons for consistent record-breaking growth year after year despite an unsettled economy.
New Hampshire Gov. John Lynch, the keynote speaker at the event, praised Service Credit Union for outstanding corporate citizenship and giving back to the state.
"I can't think of another company who has been more helpful to the state since I've been governor than Service Credit Union," Lynch said. “Service Credit Union is one of the biggest reasons why New Hampshire is so special.”
Lynch cited the leadership of Service Credit Union President/CEO Gordon Simmons for creating an organization which cares about its communities, members and employees. Whenever a natural disaster hits the state, the first phone call is from Service Credit Union, according to Lynch.
In addition, other speakers, Defense Credit Union Council President/CEO Roland A. "Arty" Arteaga, Portsmouth Mayor Eric Spear and New Hampshire, Rhode Island and Massachusetts Credit Union Leagues President Dan Egan, New Hampshire Banking Commissioner Ronald Wilbur and 157th Air Refueling Wing Commander Colonel Paul Hutchinson spoke to close to 300 members attending the annual meeting. Also in attendance was Brig. Gen. and Air National Guard Commander Carolyn Protzmann.
“Service Credit Union is the best in financial service and financial education for military members,” said Hutchinson. “Service Credit Union is a great model for success and we appreciate their efforts. They provide substantial support for the New Hampshire National Guard.”
Wilbur commented that more than 100 banks have failed and about 25 credit unions, while Service Credit Union has grown membership, increase their loan portfolio and assets.
Arteaga and Egan also commended Service Credit Union for their philanthropic efforts and growth.
The credit union’s assets, loans and shares reached unprecedented levels, and Service Credit Union paid out $15.2 million in dividends to its members. The loans outstanding were at their highest level in history for the credit union. Service Credit Union’s loan portfolio was at a record-high $1.3 billion while assets reached an all-time high of $1.9 billion.
New Hampshire credit unions as a whole saved consumers $56 million through lower rates on loans, better rates on savings and lower fees on accounts. That amounts to $293 per member household or $154 per member and 38% of the citizens of New Hampshire belong to credit unions.
A simple example of the credit union savings can be seen when comparing new auto loan rates. The average auto rate at credit union rates were more than 2.5% lower among all credit unions and 2.75% lower on loans at Service Credit Union than the average rate at a bank.
The largest credit union in New Hampshire, Service Credit Union also saw its membership increase to more than 161,000 in 2011. The credit union expanded its market in New Hampshire with an in-store branch in Concord and two traditional branches in Exeter and Hampton. Service Credit Union introduced several new products in 2011 including mobile apps with remote check deposit for the iPhone and Android, FinanceWorks, SMS text messaging and expanded E-statement access.
“In 2011, we realized record growth once again which allowed us to deliver to our member what they want when they want it, as quickly and efficiently as possible with little effort expected of them,” says Simmons. “This growth gives us the important opportunity to invest in convenience services and additional access points for our members. We have expanded our 24/7 banking to mobile apps, text messaging and remote deposit from your iPhone or Android cell phone.”
Service Credit Union originated right here in Portsmouth in 1957 by members who pooled their resources to benefit each other. Members’ resources are still pooled together for lower loan rates. Service Credit Union will continue to better serve the local communities and members as well as members worldwide through its new facility.
Spear commented that Service Credit Union “leads by example with a LEED-certified building” and have an economic goal to create wealth locally.
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