2015 Chairman's and President/CEO's Letter
For the Annual Report click
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
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
– 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!
M. Likly, Chairman of the Board of Directors
Larry F. Holderman,