Going into the third quarter, SeaComm continues to exceed our own expectations. The net assets at the end of June were in excess of $291 million.  That’s a growth of more than $26 million from the previous year.  At the same time, net operating expenses YTD were 1.98% well within the 2.3% target goal set by the 2009 budget. Our balance sheet continues to be strong, giving you a good indication of our fiscal health and therefore the continued confidence in us to serve you well into the future. 

The outstanding performance we continue to benefit from is the result of not one particular thing, but from an extremely focused multi-faceted plan, which is guided by our Board of Directors.  This includes, growing our member base and expanding on existing relationships. Offering additional delivery channels to enhance the member experience, while striving to exceed our own expectations in member service in the most efficient manner possible continues to be a key objective.   

As we continue to move into the third quarter of 2009, we are very excited about a number of significant projects and initiatives, which continue to assist us in meeting the ever changing preferences of our membership:

• The largest of these is the planned move into the Ogdensburg market.   This lends us additional opportunities for growth with this extended footprint into an extremely viable market.   Adding a retail-branch will offer our members who currently reside in this area a more convenient member experience. 
• Later this year, we will begin to offer our members the ability to have a debit card issued right in our branches.   During the account opening process, members will be issued a card and will be able to begin using it immediately.  In addition, if a card is lost or stolen, a new one can be issued and can be used that very same day.  We recognize the inconvenience a member can experience when they are not able to use their card and have committed ourselves to improve the entire process.
• Our Call Center, which is located at 30 Stearns Street in Massena, will be relocated at our former branch location 35 Andrews Street, currently used as a training & conference center.  This move will allow us to look at expanded hours in order to meet the varying needs of our members.  Averaging around 15,000 calls per month, we are fully aware that this is a delivery channel our members prefer and are continuing to utilize on an increased basis. 

Going forward, we recognize that the state of the economy continues to be unpredictable.  However, we have stayed true to our own mission of providing a “safe harbor” for you to place your money, giving a good rate of return, while at the same time meeting the loan demands of those who have a need.  We are in the “People Helping People” business.  As the economic climate continues to change, we remain committed to being there for our membership.  We are very proud of that position.   At a recent Member Appreciation Day, I had a member say to me, “SeaComm believed in us and treated us with respect.  You did that and we didn’t have lots of money on deposit.” That is what we are all about.  We understand that no members' financial life fits into a “one-size-fits-all” box and therefore shouldn’t be reduced to just a FICO credit score.  The relationship we enjoy with our members isn’t just about the one-time car loan; it’s about the entire life-long relationship.  We are committed to being there – when you need us the most.

The results of our latest membership survey were reviewed and then shared with our Board of Directors.  This survey will assist us in guiding our strategic direction. A fantastic 11% response rate gave us early indication that our members truly care about their Credit Union.   You took the time to fill it out and many actually wrote in comments.  The end result is our membership overall is very satisfied, extremely loyal and very likely to recommend us to other people.  Our growth is evidence of that fact. 

To ensure we stay on track and continue to meet our members’ expectations, we regularly send out member satisfaction surveys with questions focused on friendliness, attentiveness, knowledge, timeliness, accuracy and value-filled service.  In addition, I continue to make myself available in our branches on a quarterly basis to meet and talk first hand with members to ensure we are meeting their expectations, not only financially, but in the delivery of our service. 

On behalf of the Board of Directors, management and staff, I would like to thank everyone who has made SeaComm Federal Credit Union what it is today and for allowing us to continue to serve your financial needs. 

Respectfully submitted,

Scott A. Wilson
President & Chief Executive Officer