As we approach our 80th Anniversary, we are very optimistic about the future. NorthPark not only weathered the storm, but came through the four year financial crisis healthier than ever before because we stuck to our cooperative principles. We found ways to help our members. During recent troubled times your credit union’s membership grew by over 100%! While banks were running from consumers, we were running toward them, helping people through the crisis, putting our members first. Putting you first!
As a non-profit, democratically controlled financial cooperative, NorthPark’s strength has always been our membership. New and existing members turned to us to help them navigate the financial crisis. We modified many of our members' loans to help them through the crisis, enabling them to migrate back to financial health. Many of our members expanded their relationship with us by taking advantage of additional products and services. Our member satisfaction level soared, as evidenced by membership growth.
While many large banks survived on bailout money, NorthPark never received nor needed government support. All four indicators of financial health are sound: capital, assets, loans and deposits. Since mid-2007, total loans and deposits have grown by over 100%. Asset quality leads our credit union movement peer group.
Good news! The economy is beginning to rebound. We are seeing it with trends in consumer lending. NorthPark has long been a strong advocate for consumers, and we continue to make loans available when our members need them most, with many who may have been turned away by local banks.
There are many legislative issues that remain to be determined. Keeping up with Washington can be a full time job. We see more consumer protection legislation than ever before. NorthPark supports consumer protectionism. Though unintended consequences occur too often, action to curb abusive banking practices was needed.
Our goal is to put you first and ensure your financial security. While banks protected their profit margins by raising fees at the expense of their customers, NorthPark put members first and continued to maintain low fees and better rates. Through “Relationship Rewards” the more you use services the members pay less fees. We offer REALLY FREE Extreme Checking with no surprises. While many struggled to qualify for a car loan or signature loan, we helped them when no other institution would, and still offered great low rates. Our credit cards carry no penalty APRs (Annual Percentage Rate) and no balance transfer fees. Compare our Visa program against the greedy bank cards. You will switch after you read their disclosures.
Your volunteer leaders and professional managers are very optimistic about the future. The stock market continues to grow despite terrible distractions. NorthPark does not try to be everything to everyone. Who we are is your partner and financial advocate. We are dedicated to your long-term financial health.
Thank you for your membership. Tell your friends about NorthPark.
Dan Robbins, President/CEO