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An Open Letter to Customers and Friends of First Citizens’ Federal Credit Union

I am writing to the First Citizens’ Community to recap the year 2009 and to provide some perspective on 2010. We at First Citizens’ have kept a promise to provide you the best service we possibly can, to keep your money as safe as we can, and to directly speak to you whenever we can on issues important to you as customers and as people. We know that what we do is essential to the people we do business with, because your deposited funds are your future and your past all wrapped together. We never forget that mandate and never will, during good times and during bad.

2009 was a difficult year for many of us, and for many people that we know and work with. Broader national economic trends have swept across the region lowering housing and asset valuations, eliminating jobs and driving business revenues lower. There is hardship all around us as unemployment, business and housing news continue to trend downward and foreclosures, short sales, and bankruptcies continue to rattle the foundations of families and businesses.

Unfortunately, the economy will most likely continue to shake off the effects of the recession throughout 2010; unemployment most likely will stay about where it is now. Some balance sheets have been particularly hard hit, notably those of financial institutions and investors in the high impact states having vulnerability to a profound residential collapse in prices, industry failure such as the automobile industry, and financial deleveraging by the largest financial firms in the country. While we have fared better in Massachusetts, we are at the tail end of a market adjustment that is still underway. It is surely showing signs of slowing down but progress is uneven.

Despite all of the unprecedented conditions that have been thrust upon us all, I am proud to be able to report a truly successful year for this Credit Union. We grow very modestly over time through management of the earned capital we retain from operations. We make loans, consumer, mortgage, and business loans from the funds that we raise by holding your deposits. We manage your financial affairs through checks, on-line banking, bill pay and debit card transactions all of which we monitor very closely to ensure your funds are safe and your privacy in intact.

We developed a mortgage modification program as the real estate market got difficult a full nine months before the federal Government, because it was the right thing to do and we knew some of our customers needed it. We have made more new mortgage loans this past year  than in any previous year, because our local market needed it. We have grown our member business loan portfolio because it is good business and the community needs it. We did not sit back over the last 18 months, but continued to strengthen the credit union and provide the products and services you requested and needed to better manage your financial matters. We support a wide range of charities through direct charitable support and by the involvement of our entire employee base.

So how do we move forward from here?

We will move forward with the same resolve and purpose we have demonstrated when times were difficult in the past. We will work even harder and with more conviction; we understand that our purpose and function for taking care of your financial assets has never been more important. We will continue to make sound mortgages, business loans and auto loans to our members. We will continue to offer competitive deposit products and services to continually help you better manage your banking needs. We will manage this credit union as we always have, carefully and prudently and with the best interest of you always in mind.

So on behalf of the Board, management team and all employees I thank you for the opportunity to serve you over the past year. We appreciate your continued trust and support and look forward to being there for you again in 2010. 

Sincerely,

Peter Muise

President & CEO

First Citizens’ Federal Credit Union

First Citizens’ Federal Credit Union Hero Program
Reaches $45,000 Donation Milestone
Groundbreaking Program Honors U. S. Military

December 17, 2009  First Citizens’ Federal Credit Union (FCFCU) today announced that its two year donation program to local and national veteran’s organizations has reached $45,000 as a result of the overwhelming success of its Hero Account program.

Announced in November 2007, the groundbreaking Hero Account was unveiled as a comprehensive package of banking services offering advantageous checking and savings rates, discounted personal, auto and home equity loan rates, reduced closing fees on mortgages, and a host of other personal financial services to any person currently serving or having served in any branch of the United States military.

Veterans Organizations Benefit

In order to further thank those members who served their country, First Citizens’ pledged to donate $50 to approved veterans’ organizations having a 501(c)3 designation for each new account opened. With the exception of the National Military Family Association, all recipient organizations are headquartered on the South Coast and Cape Cod. Local organizations include: Welcome Home Veterans Housing, Homes for Our Troops, Falmouth Military Support Group, Middleborough Veteran Outreach Center, Viet Nam Vets Association of Cape Cod & Islands, and Southeastern Massachusetts Veterans Transition House.

 “We knew instinctively that the Hero Program would receive a solid reception by our members, but we had no idea that the program would produce such dramatic results for the community” said Peter J. Muise, FCFCU President and CEO. “Our ability to impact so many organizations by providing them with funds to address critical rehabilitative and housing needs of veterans has been deeply gratifying and inspiring,” he added. 

Real Needs Addressed - Welcome Home Veterans

Kathleen M. Splinter, President of Welcome Home Veterans’ Housing, Inc., says that estimates of homeless veterans in Massachusetts put the number at between 3,000 and 3,500. “So, the need is very real, and the participation of First Citizens’ will help us produce tangible results in the form of housing and shelter in New Bedford,” she said.

The organization is currently converting a former mill building in New Bedford into one bedroom apartments for homeless veterans. With completion estimated by late next Spring, Welcome Home also will assist veterans in making the transition from the streets back into a normal living environment by providing fully functioning and furnished apartments to those who qualify.

Falmouth – Falmouth Military Support Group

In Falmouth, Massachusetts, the Falmouth Military Support Group has been using the funds to provide educational assistance to returning veterans. According to President Carol Kenney, the group has established scholarship funds, and assisted in providing tuition for college, technical school, and vocational training. “Our goal is to insure that those returning veterans who wish to better prepare themselves as teachers, barbers, computer techs, or whatever, will be able to rely on us for any and every kind of educational assistance, be it tuition, text books, or laboratory needs,” she added.   

 Middleborough – Veteran Outreach Center

The Middleborough Veteran Outreach Center (MVOC) serves as a primary advocacy center, the MVOC provides a host of services, including health and medical services, and life-saving transportation to U.S. veterans residing in 11 cities and towns along the Massachusetts South Coast.

Taunton – Homes For Our Troops

Home for Our Troops, headquartered in Taunton, Mass., provides regional and national assistance to veterans injured in battle by designing and building specially adapted housing to meet each individual’s challenging situation. Houses are purpose-built and may include elevated walkways, wide hallway and doors, lower cabinets and sink tops, etc. Currently, three homes are under active construction in Massachusetts, including a home on the South Shore in Plymouth, MA.

National Military Family Association

First Citizens’ members requested funding to the National Military Family Association because of its unique status as the leading non-profit organization focused on improving the lives of officer and enlisted families alike. With the huge increase in the number of deployed veterans after 9/11, the Association saw a dramatic spike in the request for services. Its advocacy, child care, and youth programs along with family counseling are provided free of charge. The Association is especially committed to combat-weary service members returning home in fragile mental health.

Two major initiatives are currently underway, Operation Purple, a program that includes camping opportunities for children and a Spousal Scholarship program, among many others.