As we swiftly approach the new year with excitement and anticipation, it brings me great joy to share and reflect on the success of 1166 Federal Credit Union with our valued members.
At 1166 FCU’s Annual Members Meeting on November 21st, 2024, our board of directors shared key insights with our community about the Credit Union’s status and growth. It is my privilege to share those insights with you now.
Chairman’s Report
Since the National Credit Union Association approved 1166 FCU’s service area expansion into southern New Jersey, Southeastern Pennsylvania, and northern Delaware in mid-2023, our organization has experienced significant growth. As a reminder, the charter change enables the credit union to serve an additional 1.5 million potential members, including traditionally unserved communities, so we continue our efforts to educate the underbanked and to grow our footprint.
We’re sharing outcomes from 2023 in this communication, which represents a partial year of growth since this charter expansion. Our 2024 outcomes are even brighter, and we look forward to sharing these details with you next year.
As always, we’re monitoring the Federal Reserve’s interest rate movements, their related effect on inflation, and their economic impacts. We will continue to pursue growth, offer beneficial products to our community, and provide premium dividends to our members.
Sincerely,
Mike Shawaryn, Chairman of the Board Treasurer’s Report
Treasurer’s Report
At the end of 2023, loans outstanding totaled $7,625,608. Total shares (regular shares, certificates, Money Markets, IRAs, and share drafts) totaled $17,972,778, and our total assets stood at $20,161,317.
Our gross income for 2023 was $695,605:
- Interest on Loans $ 361,077
- Income from Investments $ 217,426
- Miscellaneous Income $ 117,102
- Total dividends paid on all accounts totaled $78,288
Courtesy of Roger C. Hood, Treasurer Supervisory
Supervisory Committee Chairman Report
I am honored to announce that, over the past year, the Supervisory Committee has completed all required audits. I extend a special thank you to Jacob Bentley for completing the on-site audits. In September 2023, the CrossState Credit Union Association conducted an audit of 1166 FCU for the period of October 1, 2022 to September 30, 2023. This was a remote audit in which the office staff uploaded all requested documents for the auditor’s review.
All reports have been forwarded to the Credit Union’s Board of Directors.
If you’d like to join the Supervisory Committee, please contact us.
Courtesy of Bryson Sundberg, Supervisory Committee Chairman
Your Feedback Is Important to Us
Each member plays an integral role in our 1166 FCU family. To help us better serve you and your fellow members, please take the surveys below and share your feedback on the direction of our credit union.
Member Satisfaction Survey: https://www.surveymonkey.com/r/1166FCUMemberSatisfaction
Business Banking Survey: https://www.surveymonkey.com/r/1166FCUBusinessBanking
We look forward to another impactful year of service to our community. Wishing you and yours a safe and enjoyable holiday season!
