This past year was a great year of discovering, learning, and growing. We accomplished many of our strategic initiatives that will further support our future growth and stability. Our focus on “Ritz Carlton” style service, plus a culture of fitting members with the product or service that meets their needs is our main priority.

We want to make it convenient for you to do business with us. In 2011, we introduced text message and e-Mail alerts, e-Deposits, online account opening, and mobile banking apps for the iPhone, BlackBerry and Android further defining our goal to make it possible for you to have 24/7 access to your accounts.

In October 2011, we became the first credit union in Connecticut to open a branch in a grocery store, making it convenient to bank where you shop. The Price Chopper branch in Newington is open weekdays until 7 p.m. and on Saturdays until 3 p.m. Further, within the next 5 years, our plan is to strategically expand our branch network in Hartford, Middlesex and Tolland counties.

In 2011, we also introduced business banking services including free business checking with free e-Pay, e-Banking and e-Statements, and merchant services. At the same time, we also started offering business loans with flexible terms, lines of credit, and commercial real estate loans. Our goal is to offer small businesses simplified services at little to no cost. We also wanted to be able to offer the convenience of having business loan decisions made locally by a partner that the community has grown to trust.

Nutmeg State Federal Credit Union had one of its most successful years in the credit union’s history. We ended 2011 with one of our most profitable years ever. Our return on assets was 0.51% and our net worth was 12.74% making us a well capitalized credit union. Additionally, we grew our overall membership by 8.5% to 28,478, a record in the credit union’s history. This is an accomplishment considering the economic challenges that we continue to face.

As we begin 2012, we have even more to be excited about. We plan to open our second in-store branch in West Hartford this spring, and soon we will be the first credit union in Connecticut to introduce a “Mobile Bus,” which is essentially a credit union branch on wheels. And of course, we will continue to be a leader in technology by upgrading our Voiceline and e-Banking solutions to include features such as account aggregation, person-to-person payments, and the ability to transfer money from one financial institution to another.

Above all else, our main focus will continue to be on you, the member. We are committed to making it convenient for you to do business with us. Thank you for your loyalty and membership. I look forward to our continued growth and success in 2012.

Sincerely,

John Holt
President/CEO