Gene's Note: 2015 Financial Success
This time of the year I reflect back on the credit union's results for the previous year. The success that our members have created for our credit union is hard to put into words, but I will try... words like amazing, incredible, and outstanding are a few words that come to mind. The credit union reached several milestones and received several accolades for our member service, staff focus, and financial results in 2015. All of this is due to our Board of Director's member focused decisions at the beginning of the financial crisis; decisions that guided the credit union for the sole benefit of our members as a member owned institution. The Board's action went against common thinking. They decided to invest in you, our members, and protect the jobs of our staff members. Well, today we are seeing that the investment in member focused decisions is now paying incredible returns to our members. We are excited about the next phase of how our Board will invest in our members and recognize your loyal participation in your credit union. More on that in a later issue...
Our investment in you has resulted in growing to over $100 million dollars in Net Worth. Net Worth is the credit union's rainy day fund to protect against situations like the recent "Great Recession." This raised our Net Worth ratio to 9.68% which is the 5th highest ratio in the nearly 60 year history of the credit union. Our federal regulators require a Net Worth ratio of 7.00% in order for a credit union to be classified as "Well Capitalized." The other surprising result of the Board's investment in our members is our astonishing member growth. Your credit union is growing new members at over 12% per year and our national peers are growing at just below 4%. Growth has never been a strategy for the credit union, but it has been the result of the Board's focus on taking care of our members. In fact, you, our members are responsible for this amazing membership growth with nearly 90% of all new members joining the credit union because they were referred by a current member. Thank you for sharing the good news about Rogue Credit Union with your friends, family, and neighbors.
I am also very proud of the investment that our Board has paid in ensuring that we have the best staff. They have done such a good job that the Oregon Business Magazine recognized Rogue as the #1 Best Large Non-Profit to Work for in Oregon! That is quite an honor, but we know that happy staff love to take care of our members. Thanks for sharing with me through firstname.lastname@example.org the great stories of exceptional service our staff has delivered to you. I have also heard from you when we didn't do such a good job and watched our staff work hard to make it right. I am so proud to be employing over 360 of Southern Oregon's best at our local credit union.
The great part of this story is that the numbers listed above are only just the beginning of a long list of successes your credit union enjoyed in 2015. We are leaders in a variety of service and financial performance metrics, and I would love to share our results with you in more detail at our on March 15th, 2016 at the South Medford Plaza, 1370 Center Drive in Medford. At the meeting we will have your 2015 Annual Report and provide an update on all the great things that are going on at your credit union.
At Rogue, our Board firmly believes that if we focus on taking care of the member first, everything else will follow. This philosophy is the foundation of our financial strength and is creating a feeling of ownership and loyalty with our members. I am honored to be the CEO of a member owned financial cooperative that has enjoyed the amount of success we have because of our Board's commitment to focusing on member service above all else. Thank you for your loyal membership of your local credit union - Rogue Credit Union!