2008, what can we say? WOW, what a year! The
beginning of the year started with a lot of promise. The economy
was moving along, OK, not setting the woods on fire, but moving in
the right direction. Then along came $4.00 gas, higher food prices
and then what we thought was as bad as it could get got worse. Who
would have believed in January that one of the largest, most
respected banks in these parts, Wachovia, would be listed as one of
the worse in the country and eventually arranged to be gobbled up
by another bank by September?
Through all this we have managed to keep Health Facilities FCU in strong financial shape. Our financials show that we are over 200% of the required financial strength to be classified as "Well Capitalized" by the NCUA.
We were not without our worries and the need to make adjustments in 2008. We pulled in, cutting expenses as much as possible, making adjustments in staff and positioning the credit union to weather the storm.
We have been fortunate. Most of our employer groups did not suffered wide-scale layoffs in 2008. We have had a few but the overall economy in the Pee Dee seemed to be fairly strong in 2008. We are preparing for a worsening economy in 2009. These preparations will keep us strong and able to meet the needs of our members for years and decades to come.
What can you do to help HFFCU? Please think of us as your primary financial institution. We will be planning to have the most competitive programs, products and rates in the area. We will be prepared to help meet your financial needs at every turn.
What can you do to help yourself during these hard times? Increase your savings. Save for that rainy day. Learn what your credit score is and how you can improve that score. Borrow only when necessary. That will put you in position where we can help you when the need arises.
There will be many challenges in 2009. The economy, changes in Washington with our regulator, more bad banking news, auto makers and other industries falling on hard times but through all of this your board of directors and your staff will remain vigilant to best position HFFCU for the future.
Please join us for the ride.
Sincerely,
Robert D. Harris
CEO
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CEO's Message
2008, what can we say? WOW, what a year! The
beginning of the year started with a lot of promise. The economy
was moving along, OK, not setting the woods on fire, but moving in
the right direction. Then along came $4.00 gas, higher food prices
and then what we thought was as bad as it could get got worse. Who
would have believed in January that one of the largest, most
respected banks in these parts, Wachovia, would be listed as one of
the worse in the country and eventually arranged to be gobbled up
by another bank by September?
Through all this we have managed to keep Health Facilities FCU in strong financial shape. Our financials show that we are over 200% of the required financial strength to be classified as "Well Capitalized" by the NCUA.
We were not without our worries and the need to make adjustments in 2008. We pulled in, cutting expenses as much as possible, making adjustments in staff and positioning the credit union to weather the storm.
We have been fortunate. Most of our employer groups did not suffered wide-scale layoffs in 2008. We have had a few but the overall economy in the Pee Dee seemed to be fairly strong in 2008. We are preparing for a worsening economy in 2009. These preparations will keep us strong and able to meet the needs of our members for years and decades to come.
What can you do to help HFFCU? Please think of us as your primary financial institution. We will be planning to have the most competitive programs, products and rates in the area. We will be prepared to help meet your financial needs at every turn.
What can you do to help yourself during these hard times? Increase your savings. Save for that rainy day. Learn what your credit score is and how you can improve that score. Borrow only when necessary. That will put you in position where we can help you when the need arises.
There will be many challenges in 2009. The economy, changes in Washington with our regulator, more bad banking news, auto makers and other industries falling on hard times but through all of this your board of directors and your staff will remain vigilant to best position HFFCU for the future.
Please join us for the ride.
Sincerely,
Robert D. Harris
CEO
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