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2016 Annual Report

Success Through Unity

2016 Annual Report
Credit Union Growth
Community Investment
Chair President's Report

Since 1936, SELCO Community Credit Union has been dedicated to helping our member-owners achieve their good life goals. Our members’ patronage has in turn fueled our own success, further reinforcing our commitment to exceptional financial value, industry expertise, and the highest level of member service.

Thanks to more than 126,000 members and 341 associates, SELCO had a banner year both financially and operationally. We closed 2016 with a record $1.4 billion in assets, $1.1 billion in loans, and $1.3 billion in deposits. In addition to our financial growth, SELCO completed our Old Mill Branch remodel, purchased land and developed a strategy for our new high-tech West Bend Branch, and enhanced our cards through the implementation of EMV chip technology and mobile wallets.

As 2017 progresses, we continue developing ways to better serve our members and communities through initiatives around operating efficiency, financial performance, strategic position, and, of course, member experience. Thank you for playing a crucial role in our past and ongoing success—we wouldn’t be where we are today without you.

Credit Union Growth

Bend Old Mill Branch Remodel

Bend Old Mill Branch Remodel — Completed in 2016

2016: A Year of Growth

Thanks to our members, staff, and Board of Directors, 2016 was another year of exceptional growth for SELCO. Thousands of new members joined our credit union, bringing SELCO’s total membership to nearly 127,000. Among other accomplishments, SELCO introduced mobile wallets (Apple, Samsung, and Android Pay), established a digital services office, and implemented EMV chip technology on SELCO-issued cards, all with an eye to providing our members with the most secure and convenient banking experience.

Apple Pay, Samsung Pay, and Android Pay

Community Investment

thank you cards from the community

mini-grant recipients

Gervais High School Mini-Grant Project, Girls in the Shop.

Community Partner Spotlight

In keeping with our mission to improve our members’ social and economic position, SELCO and its employees donated more than $330,000 to educational and community partners in 2016. Included in these contributions were over $230,000 in community sponsorships, $62,000 in SELCO Mini-Grants and Scholarships, and $15,000 for our 2016 SELCO Cheer campaign.

"Gervais High School was extremely excited to benefit from our SELCO Mini-Grant. We want to get young women involved in more career and technical activities, and welding is no exception. The gear we were able to purchase makes the class more enjoyable for the ladies in it, and [everyone] can weld comfortably and safely because of it. Thank you for helping improve the progression of our shop program."

—Megan Dilson, Gervais High School, Mini-Grant Recipient

But we believe giving back means more than financial contributions, and in 2016 SELCO employees dedicated hundreds of volunteer hours to such organizations and events as Relay for Life, Gift of Literacy, and Financial Beginnings—a nonprofit that provides financial education to youth and young adults in the Pacific Northwest.

Chairperson and President's Report

SELCO’s mission is to improve our members’ social and economic position. In order to achieve this mission, we center our activities around four guiding principles: Safety and Soundness; Operating Efficiency; Quality Personal Service; and High Return to Member. Below are some of our most noteworthy accomplishments for 2016 in each of these areas:

Safety and Soundness:

  • SELCO’s strong ROA (return on assets) drove the improvement of the capital ratio to 10.73%, which is considered well-capitalized per the industry’s standards for a safe and sound credit union as determined by the NCUA, the credit union industry’s federal regulatory body.
  • In 2016, state and federal examiners provided SELCO with a fully favorable examination report.

Operating Efficiency:

  • SELCO’s ongoing focus on operating efficiency and expense-side management resulted in an operating expense to average asset ratio of 3.04%.
  • SELCO’s Strategic Execution Office evaluated and implemented organizational process improvements that resulted in greater operating efficiency and improved member service.

Quality Personal Service:

  • In 2016, SELCO branches processed 1.3 million transactions for our nearly 127,000 members. We funded 23,896 loans totaling $460 million.
  • In 2016, SELCO Mortgage funded 1,086 mortgages totaling $230 million, SELCO Insurance Services wrote 2,682 policies, and SELCO Investment and Retirement Services managed $272 million in member investments.

Return to Member:

  • In 2016, SELCO provided direct benefits to members through lower account fees, higher interest rates on savings and checking accounts, and lower interest rates on loans.
  • In 2016, we continued to help SELCO members borrow sensibly, save smarter, and invest wisely with our extensive menu of products and services coupled with industry-leading rates.

Thank you for choosing SELCO as your financial partner. We wouldn’t be where we are today without you.

Harold Welborn signature

Harold Welborn
Chair, SELCO Community Credit Union
Board of Directors

Bob Newcomb signature

Bob Newcomb
President/CEO, The SELCO Companies

SELCO Community Credit Union 2016 Official Family

Senior Leadership Team

President/CEO: Bob Newcomb
Senior VP of Finance and Member Solutions: Tiffany Washington
Senior VP of Lending and Business Solutions: Craig Carpenter
VP of Administration and General Counsel: Steve McIntire
VP of Information Services and Technology: Kirk Letourneau
VP of Operations and Human Resources: Babs Manion
VP of Marketing: Laura Illig
Controller: Jeff Stevens

Board of Directors

Harold Welborn, Chair
Jim Lindly, Vice Chair
Carol Beckley
Curt Heimuller
Dick Metzler
Jeanne Staton
Kaye LeFrancq

Supervisory Committee

Tony Saxman, Chair
Brian Beck
Jane Vered
Todd Nelson

Operations & Marketing Committee

Dick Metzler, Chair
Carol Beckley
Curt Heimuller
Tammi Miller
Jeanne Staton

Executive & Finance Committee

Harold Welborn, Chair
Jim Lindly, Vice Chair
Kaye LeFrancq

SELCO Group, Inc.

Bob Newcomb, Chair
Jim Antonini, Vice Chair
Barry Miller
Carol Beckley
Kaye LeFrancq
Nick Bloxham