Annual Report

2015 Chairman's and President/CEO's Letter

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Pillars of a Sound Financial Future


We believe it’s our responsibility to help set members up for financial success so they can take advantage of all that life has to offer. Simply stated, we aim to help our members capitalize on life!


This vision drives our business and shapes the way we work with, and for our members. Every employee is committed to providing value. And for us, value goes beyond the rates and terms we’re able to provide — it encompasses our convenient, member-focused service along with our commitment to providing financial education and support for the local community.


In 2016, this value came in the form of increased security and convenience along with the introduction of new products and services to support a broader range of our members’ needs. Through our partnership with TruStage Insurance we were able to launch a line of insurance products that provide members with trusted coverage. We also established a relationship with the Connecticut Green Bank and Energize CT which allows us the ability to provide members Smart-E Loans. Through these loans our members are able to receive long-term, low-interest financing on efficient upgrades that increase home energy performance.


In addition to this, we made improvements to our online banking platform, and completed our card reissue project to ensure all of our members had access to EMV-chip card technology. The completion of these initiatives provided members with an additional layer of fraud protection. We also introduced convenient mobile wallet options, including Apple Pay and VISA® Checkout, to keep up with members on-the-go. While providing for our members’ financial needs, we continued to support local charitable organizations and initiatives, such as Valley Goes Pink and the Pan-Mass Challenge. As a team, we were able to support 30 organizations and raise over $18,000 in donations. Our employees further proved our community commitment through their individual efforts which supported 37 organizations with a combined 1,268 volunteer hours.


We’re looking forward to building upon the foundation established in previous years so we can continue to provide relevant solutions to our members. We’ll also be asking for consistent feedback through additional Member Surveys. We recognize that in order to help our members achieve financial success, we have to first hear what their challenges and goals are, as well as the ways we can improve. Of course, none of this can be accomplished without financial stability. So we’re pleased to share that last year we grew over $14 Million in assets and welcomed over 3,000 new members. Our capital is strong and we’re positioned for continued success.


We’d like to take this opportunity to acknowledge the dedication of our employees and volunteer board of directors in service to our members — something for which we are truly grateful. Our exceptional team plays an integral part in the success of our organization and our ability to deliver innovative solutions that help our members experience financial security and freedom. And we’d be remiss if we didn’t also thank our members for their continued trust in us — they keep us motivated, accountable, and most importantly, they’re the reason we enjoy coming to work every morning. We’re looking forward to another great year and the opportunity to provide our members with the same great service they have come to expect.

Bruce M. Likly, Chairman of the Board of Directors

Larry F. Holderman, President/CEO