Annual Report - St. Jean`s Credit Union

2009
Annual Report
St. Jean’s Credit Union
2009:
a Landmark
Contents
Agenda 4
Our Mission 5
Letter from the Chairman of the Board 6
Board of Directors & Management 7
Staff & Service Awards 9
Donations & Sponsorships 10
Organizations & Activities 11
Demographics 12
Comparative Statement of Financial Condition 14
Comparative Statement of Income & Expenses 15
Select Employee Groups 16
Convenient Services 17
Letter from the President 19
Hours & Locations 20
Agenda
Welcome, Richard Dragone
Call of Meeting, Richard Dragone
Minutes of 2009 Annual Meeting, J. Paul Burke
Chairman’s Report, Richard Dragone
Treasurer’s Report, J. Paul Burke
President’s Report, C. David Surface
Reporting of Nominating Committee, Patrick Brady
Vote of New Directors
Vote to Ratify Director’s Expenses
Vote to Adopt Loan Limits Prescribed by Massachusetts
General Laws
Good of the Order, Richard Dragone
Award Prizes, Kathleen D. Donahue
Adjournment
4
Our Mission
The mission of St. Jean’s Credit Union is to fulfill the
needs of our diverse membership with the utmost
integrity and privacy.
5
Letter from the Chairman of the Board of Directors
Dear Loyal Member,
2009 was another successful year for St. Jean’s Credit Union. The Board of Directors is proud to report that we have consistently maintained our Five Diamond Award as published
by Bauer Financial Inc., Gables, Florida. As Massachusetts’ First Credit Union, we are committed to providing our membership with the most efficient means of delivering products
and services.
St. Jean’s Credit Union is proud to provide our members with dependable home financing that assists them in achieving their dream of owning their own home. Despite the turmoil
in the housing market, we continue to provide our members with real estate financing in the form of First Time Home Buyer Programs, First Mortgage Programs, and Home Equity
Programs to fit their individual needs.
We continue to strive to find new ways to make your experience a most convenient one. With the opening of our new Main Office this past September, we have added a drivethru and drive up ATM as well as a beautiful new facility for you to conduct your financial business. As we approach our centennial celebration, be assured that your Board of
Directors will work diligently to guide Massachusetts’ First Credit Union.
On behalf of the Board of Directors I would like to extend our thanks to every member of St. Jean’s Credit Union for their loyalty and support.
Sincerely,
Richard Dragone
Richard Dragone
Chairman of the Board of Directors
6
Board of Directors
Richard J. Dragone
Stephen F. Salvo
Patrick Brady
J. Paul Burke
Richard Bonnevie
Philip J. Doyle
Edward J. Leblanc
Linda Leblanc
Ira Novoselsky
C. David Surface
Steven M. Walsh
Management
C. David Surface
Kathleen D. Donahue
Gay Bronski
Lisa Campbell
Amy Delaney
Karen Interbartolo
Renee Kelleher
Nita Ludensky
Kathryn MacDonald
Nicole Markee
Scott Ramsey
7
Staff & Service Awards
Joyce Beltram
Melissa Bonnetti
Esther Cheltenham
Holly Cimmino
Jean Paul Delly
Donna Desimone
Colleen Donahue
Janet Dow
Patricia Dunn
Patricia Festa
Giselle Hunter
William LeBlanc
Daniel Lemenager
Diana Lemp
Robin Lermond
Barbara Liberatore
Meaghan MacDonald
Christine Minaya
Heather Motsis
Grehica Moreta
Christopher Nardone
Stephanie Papoulias
Grettel Perez
Sophany Phin
Michelle Plante
Cindy Pleitez
Judith Rewinski
Wanda Roland
Karen Ross
Donna Sharp
Enoy Souvannasy
Pamela Soto
Debra Lee Surface
Anna Te
Marilena Thorn
Ann Tilt
Linda Wiggin
Gloria Zelada
2009 Service Awards
Meaghan MacDonald
Heather Motsis
Judith Rewinski
Lisa Campbell
Nicole Markee
Karen Ross
5 Years
5 Years
5 Years
10 Years
20 Years
20 Years
9
Donations
& Scholarships
10
America’s Credit Union Museum
Anna Jaques Hospital
Autism Society of America
Bishop Fenwick High School
Buddy Fennell Memorial Fund
Children’s Hospital Boston
Credit Union Affordable Pledge
Credit Union House
Family & Children’s Services
Franco-American Club
Girls Inc. of Lynn
Homes for Our Troops
Jewish American War Veterans
Knights of Columbus
Lincoln-Thomson School Field Day
LynnArts
Lynn Classical High School
Lynn English High School Baseball
Lynn Fireworks Fund
Lynn Football Program Luncheon
Lynn Museum
Lynn Rotary
Lynn Special Games
Massachusetts Coalition for the Homeless
My Brothers Table
Newburyport Chamber of Commerce
Newburyport Education & Business Coalition
North Shore Chamber of Commerce
North Shore Consumer Credit Association
North Shore Storm
North Shore Veterans
NSMC Walk for Cancer
PMR Scholarship Fund
Project Cope
Revere Parks & Recreation
Revere Beautification Committee
Revere Veterans Committee
Revere Ward 2 Festival
Salem Chamber of Commerce
Salem Main Streets
Stephen M. O’Grady Foundation
St. Mary’s High School
Toys for Tots
Organizations
& Activities
CUNA Marketing & Business Development Council
East Boston & Revere Rotary Club
Franklin Street Business Association
Girls Inc. of Lynn
Knights of Columbus Scholarship Board
Lincoln-Thomson Elementary School Reading Program
Lincoln-Thomson Elementary School Council Business Partner
LynnArts, Inc. Board of Directors
Lynn Business Partnership
Lynn Chamber of Commerce
Massachusetts Credit Union League, Board of Directors
Massachusetts Coalition for the Homeless
Newburyport Chamber of Commerce
Real Solutions
Salem Chamber of Commerce
Storey Avenue Committee
St. Jean’s Credit Union Artist Partnership
Tri-County Chapter Board of Directors
American Cancer Society Daffodil Days
Autism Society
Bishop Fenwick High School Class Ambassador Program
Credit Union Community Hope Initiative
11
Demographics
Lynn
Revere
Newburyport
Peabody
Salem
Amesbury
Salisbury
Saugus
Beverly
Swampscott
Danvers
Byfield
Rowley
Newbury
Haverhill
Georgetown
West Newbury
12
6161
1135
737
504
549
323
289
246
224
192
149
127
125
124
114
109
121
Malden
Ipswich
Merrimac
Everett
Winthrop
Nahant
Gloucester
Other (MA)
New Hampshire
Maine
Vermont
Rhode Island
Other States
Total Members
71
82
80
65
56
67
55
1627
555
89
12
10
899
14,897
Comparative
Statement
of Financial
Condition
Audited 2008
Audited 2009
$81,766,993
<$508,724>
$28,365,390
$1,862,527
$2,015,357
$803,493
$758,642
$474,629
$2,436,707
$87,077,249
<$510,775>
$36,852,689
<330,950>
$2,510,286
$2,832,385
$1,145,488
$1,113,218
$469,040
$2,687,140
$117,975,014
$133,845,770
Other Liabilities
$22,517,458
$9,982,027
$282,925
$41,357,082
$19,091,056
$9,666,588
$598,773
$179,569
$24,285,784
$10,934,744
$294,087
$43,109,002
$30,404,420
$11,084,918
$539,703
$147,881
Total Liabilities
$103,675,478
$120,800,539
$1,905,824
$1,905,824
Undivided Earnings
$12,393,712
$11,139,407
Total Equity
$14,299,536
$13,045,231
$117,975,014
$133,845,770
Assets
Loans to Members
Less Allowance Loan Losses
Investments
Less: Allowance for Investment Losses
Cash
Land & Building
Leasehold Improvements
Furniture Equipment
Accrued Income
Other Assets
Total Assets
Liabilities
Shares
Share Drafts
Clubs
Certificates
Money Markets
IRAs
Accounts Payable
Equity
Required Reserve
Total Liabilities & Equity
14
Comparative
Statement
of Income
& Expenses
Income
Audited 2008
Audited 2009
Other Operating Income
$5,222,176
$864,920
$1,288,658
$5,357,204
$573,953
$1,430,439
Total Income
$7,375,754
$7,361,596
Audited 2008
Audited 2009
Interest on Loans
Income from Investments
Expenses
Salary & Benefits
Building Occupancy
Office Operating Expenses
Other Operating Expenses
Provision for Loan Losses
Provision for Investment Losses
$2,532,244
$506,540
$1,169,537
$391,266
$230,920
-
$2,512,133
$792,839
$1,116,906
$542,206
$316,857
$330,950
Total Operating Expenses
$4,830,507
$5,611,891
Dividend to Members
$2,472,861
$1,996,284
Other Gain (Loss)
<$23,271>
<$768,962>
$49,115
<1,015,541>
Net Income
15
Select Employee Groups
Advanced Urethane Technologies
Alden Merrell
Anna Jaques Hospital
Beverly Hospital
Blaire House of Tewksbury
Bishop Fenwick High School
Bourneuf Corporation
Bradford & Bigelow
Cabot Stain
Cassidy Brothers Forge
City of Newburyport Employees
Dugan Supply
Electronic Products
ENPRO Services, Inc.
Essex Engineering, Inc.
16
Essex Group Management
Essex Park Rehabilitation & Nursing Home
General Linen
Geonautics
Home Health VNA
H.P. Hood
Lexington Healthcare
Lifecare Center of Lynn
Lynn Home for Elderly Persons
Masconomet Healthcare
M & H Engineering
Mirra Corporation
Northeast EDM
NSMC Salem Hospital
Opportunity Works
Peabody Glen Healthcare Center
Port Healthcare Center
Porthole Restaurant
R & D Engineering Services, Inc.
Riverside Veterinary Clinic
Seaview Retreat
Starensier
Sterling Machine Company
Town of Newbury Employees
Town of Topsfield Employees
Town of Swampscott Employees
Turning Point
Union Hospital
Union Specialties
Deposit Services
Share Savings Account
NOW Checking Account
Freshman5 Account
MasterMoney Debit Card
ATM Card
Term Certificate Account
IRA Account
Holiday & Vacation Club Accounts
Money Market Account
MatriMoney Wedding Registry Account
Business Deposit Services
Share Draft Business Accounts
Money Market Accounts
Night Depository at our Salem Branch & Operations Center
Online Bill Payment & Presentment
Online Statements
Freedom Phone
Complete Internet Banking Services
Check Images accessible via stjeans@home
IRA Plans
Merchant Bankcard Services
ACH Transactions
Wire Transfers
EFTPS (Electronic Federal Tax Payment System)
Member Benefits
stjeans@home
Online Statements
Bill Pay & Presentment
Freedom Phone
Loan Life Insurance*
Loan Disability Insurance*
Mortgage Life Insurance
American Express Travelers Cheques
Lending Services
Share Secured
Personal Loans
New & Used Vehicle Loans
1st & 2nd Mortgages
Home Improvement Loan
Home Equity Line of Credit
Tuition Loan
Fuel Loan
Revolving Credit
Credit Card
Business Lending Services
Lines of Credit
Term Loans
Commercial Real Estate
Business Credit Cards
17
Letter from the President
Dear Loyal Member,
As we look back on 2009, we reflect on the exciting year we have had at St. Jean’s Credit Union! Through the commitment and hard work of our staff, we have answered your
need for convenience. In September, we opened our new Main Office at 250 Maple Street in Lynn. With the opening of this facility, we are able to offer you the convenience of
a drive-thru, drive up ATM and internet café. While the service you receive continues to be superior, the atmosphere of our new home is fresh and exciting. I would like to personally invite you to visit our new Main Office to view first hand, the upgrades that have been made for your convenience.
In addition to facility upgrades, we have organized initiatives to better understand the demands of our membership. A Generation Y Committee has been formed in order to assist
the credit union in reaching out to members of this generation. Made up of employees that are also members of Generation Y, the committee meets monthly to discuss ways we
can improve on our outreach to these members, as well as educate this generation on financial responsibility. Look for exciting new products in 2010 that focus on the wants of
this technically savvy group of members.
In addition to new products and services, we are continuing to successfully serve local businesses through our Business Account program. Offering a menu of products including
Business Checking and Business Lending, to Merchant Bank Card Services this program offers a comprehensive package to manage your business.
Dependable products and services are the foundation of our mission here at St. Jean’s Credit Union. In 2010 we will be celebrating our 100th Anniversary. We anticipate a year
full of celebration and enthusiasm for the credit union movement as well as the history of our institution. Mindful of our roots, we operate on the premise of people helping people
and have continued to do so for close to 100 years. As we celebrate this milestone in the upcoming year, know that you, the membership, are the reason why your financial
institution is thriving. We welcome you to visit our locations and participate in all of our Anniversary activities throughout the year.
On behalf of the staff of St. Jean’s Credit Union, I would like to extend our thanks to every member for their loyalty and support.
Sincerely,
C. David Surface
C. David Surface
President & CEO
19
Hours & Locations
Main Office
250 Maple Street • Lynn, MA • 01904
781.592.5420
Monday: Drive Thru: 7:30a.m. - 4:30p.m. Branch: 8:30a.m. - 4:30p.m.
Tuesday: Drive Thru: 7:30a.m. - 4:30p.m. Branch: 8:30a.m. - 4:30p.m.
Wednesday: Drive Thru: 7:30a.m. - 4:30p.m. Branch: 8:30a.m. - 4:30p.m.
Thursday: Drive Thru: 7:30a.m. - 6:30p.m. Branch: 8:30a.m. - 6:30p.m.
Friday: Drive Thru: 7:30a.m. - 6:30p.m. Branch: 8:30a.m. - 6:30p.m.
Saturday: Drive Thru: 8:00a.m. - 1:00p.m. Branch: 8:30 - 1:00p.m.
Salem Branch & Operations Center
370 Highland Avenue • Salem, MA • 01970
978.219.1000
Monday: Drive Thru: 7:30a.m. - 4:30p.m. Branch: 8:30a.m. - 4:30p.m.
Tuesday: Drive Thru: 7:30a.m. - 4:30p.m. Branch: 8:30a.m. - 4:30p.m.
Wednesday: Drive Thru: 7:30a.m. - 4:30p.m. Branch: 8:30a.m. - 4:30p.m.
Thursday: Drive Thru: 7:30a.m. - 6:30p.m. Branch: 8:30a.m. - 6:30p.m.
Friday: Drive Thru: 7:30a.m. - 6:30p.m. Branch: 8:30a.m. - 6:30p.m.
Saturday: Drive Thru: 8:00a.m. - 1:00p.m. Branch: 8:30 - 1:00p.m.
visit us online at www.stjeanscu.com
20
Newburyport Branch
45 Storey Avenue • Newburyport, MA • 01950
978.462.2771
Monday: 9:00a.m. - 4:00p.m.
Tuesday: 9:00a.m. - 4:00p.m.
Wednesday: 9:00a.m. - 4:00p.m.
Thursday: 9:00a.m. - 6:00p.m.
Friday: 9:00a.m. - 6:00p.m.
Saturday: 9:00a.m. - 1:00p.m.
Key Branch
184-186 Shirley Avenue • Revere, MA • 02151
781.284.1550
Monday: 8:30a.m. - 4:00p.m.
Tuesday: 8:30a.m. - 4:00p.m.
Wednesday: 8:30a.m. - 4:00p.m.
Thursday: 8:30a.m. - 6:00p.m.
Friday: 8:30a.m. - 6:00p.m.
Saturday: 9:00a.m. - Noon