A Message From the CEO – Trisha Baker
If I had to choose a word to describe LCCU in 2022, CHANGE would have to be it. We went through a lot of change this year, and while some might get nervous when it comes to change, we embraced it! Change is necessary for the growth of our credit union. It’s important that we keep up with technology, regulations and the ever-changing state of financial safety and security.
Our mobile and online banking services were upgraded this year, making account services not only easier to use but also keeping your accounts more secure. The safe-keeping of your money was why we went from having your account number be your login to now using User IDs. The upgraded service also brought easier navigation, better fraud protection, the ability to make external account transfers, and more.
Our members and staff dealt well with the remodel of our Lewiston branch. We closed the branch completely in April and moved most of the Lewiston staff to our Bryden branch for the duration of the remodel. I’m pleased with how the model went – it looks so good and the new technology that was integrated into the building will serve our members well.
And when I speak of change, I would be remiss if I didn’t note the changes the nation’s economy saw this year. The Federal Reserve raised interest rates an astounding seven times in 2022 in an effort to fight inflation. When the Federal Reserve raises rates, interest rates on loans go up.
What some people may not realize is that this also means savings rates go up. This is a glass-half-full opportunity. Yes, loan rates are higher, but CD and savings account rates are higher too. That’s a positive for all the savers out there!
Despite lingering economic uncertainty, LCCU saw nice, controlled growth in 2022. By year-end, we sat at$215 million in assets, up from $200 million at the end of2021 and $158.4 million in 2020. This year, we also continued our tradition of community giving as well. We had a wonderful turnout for our Miracle Golf Tournament which raised $30,000 for Sacred Heart Children’s Hospital, purchased 2,500 lbs of ham for local food banks, and gave thousands of dollars in grants to local teachers -just to name a few of our accomplishments!
I am looking forward to what 2023 brings to LCCU. We know that you – our members – have many choices when it comes to banking. We will continue to offer exceptional products and services to our members while making the changes necessary to keep LCCU the LC Valley’s best credit union, because you deserve it!