Think Community

First Citizens' is committed to supporting our local non-profit community service organizations. As part of our continued support we are pleased to introduce you to our Think Community program. In an effort to provide further support to our local 501(c)3 non-profit organizations, First Citizens' will be able to spotlight some of the monthly community news and events for these local organizations in our newsletters.

If you are interested in having your organization’s event included in our newsletter, please email details and contact information to: marketing@firstcitizens.org First Citizens’ will review submissions on a case-by-case basis, and will have the sole discretion on inclusion of materials provided. We cannot guarantee your article
will appear on our website or in our newsletter. Space will be filled on a first come first serve basis. 

New from First Citizens'

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





 

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