President and Chairman's Report
To Our Valued Members,
Although this Annual Report is meant to remark on and evaluate 2019, it is important that we first comment on critical events that unfolded in early 2020 to date. These events created the need to push our 2019 Annual Meeting out to the latter part of 2020 and to make the meeting virtual for the very first time in our history.
It’s fair to say 2020 has been a year like no other. We are experiencing a global pandemic and ongoing civil unrest. These challenges are likely to be with us for quite some time and will most certainly change our way of life going forward. During these challenging times, our deep commitment to provide exceptional financial solutions and extraordinary service has grown ever stronger. We care about our members’ financial well-being and have met these challenges head on and have become even stronger as a well-managed, safe, sound, and secure financial institution.
RESILIENCE As the COVID-19 pandemic hit in early March, we quickly enacted our Business Continuity Plan to deal with the pandemic in a safe, sound, and secure manner. We enacted our plans and are able to offer our continued full-service offerings in support of our members’ financial needs. We closed our branch lobbies but maintain hours of operation and offer full service through our drive-thru lanes around the state. These actions serve to protect the health and well-being of our staff and members. Our staff has been incredibly strong in working many hours to continue our world-class service in support of our members’ financial needs.
SAFETY AND SOUNDNESS We remain diligent in constantly updating our fraud protection mechanisms. We continue to invest heavily in the best technology, equipment systems, and people to make your credit union as safe and secure as possible. Unfortunately, fraud is rampant with no relief in sight, but you can rest assured that we are always working to protect your financial information, of which we control, at your credit union.
DIVERSE Through partnerships with our subsidiaries, we remain statewide leaders in offering full-service financial solutions.
CUSO Home Lending remains one of the top mortgage lenders in all of Maine. Our ownership in CUSO ensures that we are competitively-priced and have the backing of an extremely knowledgeable team of professionals. Our lenders have years of experience and offer personal service to all of our communities. Rates are poised to remain low for the foreseeable future and we are well-positioned to satisfy your home lending needs.
Business Landing Solutions (BLS) supports our small business lending efforts in our local communities. We are active commercial lenders and offer the experience needed to help your small business prosper. Our products and services are extremely competitive and again, current rates remain very attractive.
One Maine Insurance is our full-service insurance agency, offering all lines of insurance for consumers and businesses alike. We partner with FA Peabody to offer these competitively priced insurance products and services.
One Maine Financial is our financial planning division. We offer wealth management services, including retirement income planning, estate planning, and income tax reduction strategies. Free consultation can be arranged to guide you through this important service.
BANK BOLD Growth: 2019 Financial Results and Beyond We are pleased to report that 2019 was an extremely successful year from all financial aspects. Your credit union continues to operate successfully with solid growth in all areas. Asset growth approximated 6.65%, deposit growth well over 10% and capital growth well in excess of 11%. Members continue to take advantage of our aggressive loan rates in all categories with overall loan production exceeding $173 Million. Our delinquency numbers remain low, and well below peer averages.
Obviously, our members look to us first for all of their borrowing needs and support us by making timely payments, even when economic times are challenging. For that, we are grateful.
Our growth in 2019 serves as an impetus for much larger growth in 2020 and beyond. Although we are encountering challenging economic times, we are growing market share in all categories. We continue to offer our communities bold new products and services that constantly challenge the status quo and fuel positive activity.
BANK 207 Community We are proud to be BOLD in the many ways we help our communities within which we all live and work. Our charitable giving remains strong and we are always searching for ways to make positive impact within our great state.
Our roots are, and always will be, here in Maine. As a credit union, our total focus is on service quality and caring deeply for the financial well-being of our members. Our slogan of BANK 207 is our attempt to be clear about supporting our communities and local businesses. We live in a time when many local institutions have sold or merged, or are choosing to focus their expansion efforts outside of “207.”
- We won’t sell you out
- We won’t merge you out
- We won’t close your branch
- We will continue to invest in our local communities
- We will continue to welcome new members with innovative products and services
Your credit union remains strong financially and we are well positioned to continue to help our members through these challenging times. Thank you for your continued business and remember to… BANK BOLD, BANK 207, BANK MAINE SAVINGS.
Respectfully, John Reed, President and CEO Don Grant, Chairman