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2010 Chairman's and President/CEO's Report

We Work for You!

2010 continued to be another challenging year as consumers, businesses and financial institutions were faced with a high rate of unemployment and an uncertain economic climate. Our members looked to us for assurance that their money was working as hard for them as they do for it – with that in mind, Mutual Security management and staff remained steadfast in proactively demonstrating that, "We Work For You!"  is more than just a tagline!

Providing safety and soundness continued to be the number one focus for our Board of Directors and Management in meeting and exceeding our members’ expectations. Throughout 2010, we worked diligently to adhere to business policies and practices that allow us to ensure that we are continually reaching the highest standards possible.

Meeting the lending needs of our members was a key component of showing how "We Work For You!" As such, offering the very best rates and terms on Mortgages, Home Equity Loans & Lines, Auto Loans as well as various types of Personal Loans was an ongoing goal throughout the year. Highly successful Loan Promotions – such as our 2nd Annual Loan Fair – provided members many opportunities to select the loan programs that worked as the best fit for their individual financial needs.

Our Ultimate Checking Account continued to maximize the return on thousands of our members’ hard-earned dollars. This premiere checking product provided members with an extraordinary high-yield and many exclusive benefits throughout the year. While other financial institutions began implementing fees on their checking products (much to the dismay of their customers), Mutual Security’s members were thrilled with the many ways that Ultimate Checking worked for them.

Management also worked diligently with our card processors to ensure that the various Rewards Programs associated with our debit and credit cards were of significant value to our members. When compared with the competition, Mutual Security’s Rewards Programs proved to be outstanding!

A significant accomplishment during 2010 was the relocation of our Norwalk Branch to a newly renovated location at 295 Westport Avenue. Designed to provide members a "Welcoming" and user-friendly lobby, it features a high-tech Touch Screen Monitor; a self-service PC Café; over 700 Safe Deposit boxes; and a Community Room open to members who wish to host small groups for various community outreach meetings and events. Members were also excited to begin utilizing the

convenience of a Drive-Through Teller and a 24-Hour Drive-Up ATM complete with deposit capabilities. This new branch received rave reviews from our Norwalk members.

The credit union philosophy of "People Helping People" was never more evident than it was throughout 2010. Mutual Security’s staff worked diligently to support and participate in community events. Their efforts extended to over 50 Outreach Programs/Events throughout the cities and towns in which we do business.

From the distribution of $6,000 in Community Service Scholarships in memory of Joe Fernandes and Berny Klaus, to raising over $10,400 for the Connecticut Food Banks and Operation Fuel through our participation in the Charitable Foundation Raffle, Mutual Security valiantly responded to the needs of others, which is at the core of the credit union movement’s philosophy.

"We Work For You!" is not just a tagline; it is rooted in the foundation of our organization and the core values of the Board of Directors, Management, and all of our employees. It is our focus when we set our business goals, and more importantly, it is our pledge to you as we open our doors for business each morning. We do not work for stockholders. We work for our member/owners!

We wish to express our gratitude to all of you, our dedicated Board of Directors, the members of our various Committees, and of course, our employees. By continuing to stand alongside us and be the shining examples of what Mutual Security Credit Union is now, we all can reflect upon 2010 as a testament to what we can collectively achieve in the future.

Thank You!  

Bruce M. Likly, Chairman of the Board of Directors

Larry F. Holderman, President/CEO