Share Advantage: CEO Comments

Some words from your credit union's CEO ...

President & CEO's Annual Report

I want to begin by saying "thank you" to all our members who have chosen us to be their financial institution!

Our purpose is to be your credit union. Your staff works hard to provide you with personalized service offering you the right choice to meet your financial needs. We offer a broad variety of loan products, including mortgage, home equity and automobile lending. In addition, we have extensive savings products to meet your needs such as holiday accounts, share certificates, retirement and checking accounts. We differentiate ourselves from other credit unions and banks by our commitment to service to you our members!

During 2007 we completed several actions that are building the future of the credit union! The following is a partial listing of our accomplishments for 2007:

Member Survey -  With your help we completed a survey of your thoughts and ideas about our credit union. You spoke and we listened! As a result we are implementing an improved bill pay system, providing more information about our products and services, and looking at additional ways to improve our service to you.

UMD Student to Business Initiative.   As a result of the member survey we asked to participate in this annual initiative and were selected. These students provided us with a fresh perspective on how to more effectively market our credit union. You are going to see some changes to our logo and marketing materials to better describe our services.

2007 Results.   The following will summarize our growth for the year:

Net Income totaled $183,053, and exceeded our 2006 earnings and our 2007 budget goal.

Regulatory net worth increased to 8.18% and exceeds the minimum regulatory Risk Based Net Worth requirement of 5.67% by 2.51%

The credit union remains Well Capitalized and continues to maintain a 4 Star rating with Bauer Financial.

Member lending totaled $6.8 million.

2008.   2008 will present a challenge to the credit union due to the widening of Maple Grove Road by the State of Minnesota. This will severely impact your physical ability to access your credit union. It appears that during 2008 we will be directly impacted as this work is done in front of the credit union. During 2009 other work will be done in the area that will also impact your ability to get to us directly. We ask for your patience during this reconstruction.

As a member of Share Advantage Credit Union you have chosen the credit union to be your financial institution. On behalf of the directors and staff we appreciate your confidence and support. What can we do to help you achieve your financial goals?

Knut F. R. Hovde
President & Chief Executive Officer

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