A Message from President/CEO Mike Sordelli
2012 marked the shift from uncertainty to an economy with strong signs of recovery and stability. The transition reaffirmed SF Police Credit Union’s (SFPCU) ability to surpass one of the most turbulent economic periods since its conception; SFPCU’s unwavering soundness and capacity for growth exemplified a concrete foundation, with regard to operational structure and decision making. SFPCU once again adhered to its mission statement of promoting sound growth and member prosperity through outstanding products and exceptional service.
SFPCU maintained the standard of keeping a healthy capital reserve, solid financial portfolio and BauerFinancial’s 5-Star rating. Safe, strong and well capitalized, the Credit Union ended 2012 with more than 32,500 members, $6 million in net income and $722 million in assets. The increase of 13.96% organic loan growth and 3.61% share growth was indicative of the competitive rates and savings which were passed on to members. As of December 31, SFPCU held 13.69% capital in reserve, which was above the national average of 10.20%*.
In 2012, SFPCU introduced several new products and services. As a testament to our ongoing effort to increase convenience, the Credit Union launched Person-2-Person Payment (P2P) which enabled members to send money to anyone, anywhere. With our young members in mind, SFPCU created the First-Time Auto Buyer Loan to help purchase a vehicle. Lastly, the Credit Union released two Visa® enhancements. The CURewards® Mall gave members the opportunity to earn points faster, while Design Your Own Card offered the option to personalize their Visa Credit Card. It was my pleasure to see the positive impact all four new offerings had on members over the past year.
As we look onward to 2013, SFPCU will continue to search for new avenues to enrich the member experience through innovation, expansion and efficiency. Our goal simply will be to better align SFPCU with our membership, to be a Credit Union that better represents you and serves you. Our team members will challenge one another to offer unparalleled service and become each member’s primary trusted financial institution.
It is with great pride that I share with you the 2012 Annual Report, which illustrates how SF Police Credit Union has grown considerably over the past 59 years, and it is with enthusiasm that I look forward to embarking on our 60th year together.
As always, thank you for your support.