Annual Report

2015 Chairman's and President/CEO's Letter

For the Annual Report click here


Community Focused Member Driven


At Mutual Security Credit Union, giving back to the community is at the heart of our mission. We consider it a privilege to support and nurture the communities in which our Members live and work. As we strive to make a difference in the neighborhoods we serve, we form deeper connections and gain profound insight into our Members’ financial needs, and as a result, our Members have become more knowledgeable of the philosophy and purpose of our credit union.

Financial institutions use Capital (retained earnings) as a measure of their financial strength. As Member-driven non-profit organizations, credit unions can only increase capital through earnings. Even though we are not for profit, we still need Capital in order to remain viable in today’s competitive financial arena. Our strong Capital position allows us to add services and provide opportunities to further enhance our financial offerings and offer more competitive rates.

More than ever, Members turned to us as their credit union for their borrowing needs. Throughout the year, we provided loan solutions to over 2,900 Members – a record $55.2 million in new loan volume. In turn, we were able to fund this robust loan growth through the savings held on deposit from our Members. During the year, our Members grew our deposits by $5.7 million. We are very grateful to our members who both borrowed & saved with us to make 2015 yet
another successful year for Mutual Security.

Members also improved their money management skills with our Members’ Financial Services (MFS) program. Tom Kuharski, our licensed Financial Advisor helped numerous Members make the best decisions for their financial future by providing expert guidance and investing millions in 401K plans, stocks, bonds, mutual funds and life insurance programs.

In addition to our stellar financial performance, we upgraded our network/cyber security infrastructure and improved our dynamic back-up recovery systems. We also added new chip technology to our credit and debit cards in order to protect our Members from fraud. These improvements have allowed us to decrease our overall operational expenses – all while delivering the highest quality experience for our Members.

2015 was also a year of greatly increased community activity. Our team participated in over 90 community events – including our annual food drive for St. Vincent DePaul Mission in Waterbury, supporting Junior Achievement in various schools, and raising money and awareness of breast cancer through The Valley Goes Pink. In addition, and thanks to the generosity of our Members, we were the highest contributor to the Connecticut Credit Union League Charitable Raffle
– supporting CT Food Banks and Operation Fuel. Overall, our team contributed countless hours of their personal time supporting the credit union philosophy of “People Helping People” and we are very proud of their accomplishments and humbled by their commitment.

As we move forward, we will continue investing in our human resources and financial service offerings. We will also remain committed to keeping pace with technological advances and the ever-changing regulatory environment. Through continuous training, coaching and education, we endeavor to be best informed, to be the best at serving our Members, and equally the best at ensuring that our Members are educated and empowered to make the best financial
decisions possible for themselves and their families.

Bruce and I would like to take this opportunity to thank those who give of themselves so that we can continue to deliver a financially strong, vibrant and Member-driven financial institution: our volunteer Board of Directors, Committee Members and all our employees for their hard work and dedication. And most importantly, a very special thanks to our Members (for whom we work) for placing your trust in us. We look forward to an even better 2016!


Bruce M. Likly, Chairman of the Board of Directors

Larry F. Holderman, President/CEO