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2455 Executive Park Blvd. P.O. Box 286 Fairborn, OH 45324 (937 ...

2455 Executive Park Blvd. P.O. Box 286 Fairborn, OH 45324 (937 ...

0 2010 Annual Report

0 2010 Annual Report Save Better. Borrow Smarter. Learn a Lot!

The Credit Union Di�erence Q & A with President & CEO, Douglas A. Fecher Q: What was Wright-Patt Credit Union’s most significant accomplishment in 2010? A: We ended the year with a payout of over $4 million in excess profits to members. This is the credit union’s 3rd consecutive end-of-year Special Patronage Dividend, which now totals over $10 million. We take great pride in this figure because we never budget for the dividend. Special Patronage Dividends are earned by the membership’s continued use of the cooperative. There are two factors that influence whether or not an end-of-year Special Patronage Dividend will be paid: 1) the membership’s use of our products and services and 2) the credit union’s operating efficiencies. Even in the wake of increasing costs due to regulations, we had another successful year and we were able to give back. Q: What types of challenges lie ahead for Wright-Patt Credit Union in 2011? A: Unfortunately, the reality is the cost of banking is going up due to the increasing costs of regulatory compliance. As a result of the new banking regulations passed last summer by Congress, we are now facing increased threats to revenue. One change, in particular, may reduce amounts paid by merchants to cover their fair share of plastic card networks. As we face this challenge, our goal is to continue to keep expenses low and ensure that the membership receives the outstanding service they have come to expect from their credit union. We will continue to make decisions based on the best interest of our members and our Main Street values. Q: What is in store for Wright-Patt Credit Union in 2011? A: Saving members more money – millions more! We are going to continue placing the needs of people – members and employees alike – before profits. Many financial institutions are raising rates and imposing stricter and much higher fees in an attempt to offset income losses due to regulatory expenses. In 2011, we plan on saving our members $10 million in interest on their loans. WPCU recognizes that a credit union is operated for the benefit of members and not Wall Street. Our goal is to create greater value for our members by helping them save their hard earned money, by offering some of the best loan rates in the area and by not imposing excessive and unrealistic fees. This approach will further increase business and generate new revenue to offset regulatory costs. Q: How does Wright-Patt Credit Union help area businesses in the Miami Valley grow? A: There are two ways that WPCU helps businesses grow: by educating their employees on their personal finances and by offering valuable products and services to the business. We provide free financial education programs, such as Budgeting, Investments, and Steps to Buying a Home, through employers so employees can realize their financial dreams. As a result, financially successful employees are more productive at work, miss less work, plus it saves the human resources department’s time in dealing with employee related financial issues. We also offer businesses a financial advantage by providing competitive business building tools, such as checking, savings and loans – including our great low rate micro loans for small businesses. And, because we are a local financial institution, just like most of the businesses in the Miami Valley, we make our loan decisions right here.