The P.A.

A weekly address from Patrick Adams,
President of St. Louis Community Credit Union

We’re Focused On You During These Tough Economic Times

On February 2nd, 2009, posted in: Uncategorized by

Short-term, we’re focused on you. Long-term, the focus is much the same. I bet you’re thinking that you must be the most important thing in our daily planner. If that’s what you guessed, you would be 100% correct. Nothing matters to us more than you, our members.

Short-term, the economy is ugly. You read, hear and see the same newscasts that I do, and admittedly there is a lot of pain in our community. While many businesses offset their problems by passing them on to the consumer, St. Louis Community Credit Union attempts to absorb the difficulty within our corporate structure. In other words, rather than penalize you by passing on the market discord, we “crawl in the foxhole” with you and help fight the battle.

As a result, our rates remain great; our fees are some of the lowest you’ll find anywhere; the office hours are the same; our products continue to expand; and there are no service cut-backs. In business terms, we call this exercise “return” to you. Short-term, we’re in this together.

Long-term, we have a strong capital position. That’s a business term for a “rainy day” fund. Yes, we have a substantial “rainy day” account – more than most other financial institutions. It currently represents just over 16% of our assets. We haven’t used a dime of it. We are as safe and sound as it gets. But, if we had to dip into the “rainy day” monies, we would do so for the long-term benefit of you. And that’s the point.

Rather than heap the problems of the economy on you and your family, we’ll help shoulder the burden for as long as we can during these tough times. Short-term, our bet is that you would rather not pay higher fees; earn below-market rates; pay higher loan rates; and/or have limited access to our many convenient services. Long-term, we’ll remain safe and sound at the highest level, but we may seek help from our “rainy day” fund when needed. Now that’s a great plan – all with you in mind.

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