Poughkeepsie, NY – April 17, 2009
Hudson Valley Federal Credit Union is in strong financial shape. That was the message more than 500 members heard from T.S. Jones, Chairman of the credit union’s Board of Directors, during the financial institution’s 46th Annual Meeting. The event was held on Thursday, April 16, at the Grandview in Poughkeepsie.
Mr. Jones told members that 2008 ended with assets reaching nearly $2.5 billion, up almost nine percent from the prior year, and the highest level ever for the credit union. Other 2008 highlights were:
- Membership increased by more than 14,000;
- Savings grew nine percent;
- Outstanding loans rose by almost three percent; and
- Service and satisfaction ratings were 97.2 percent.
Safe And Sound
Mr. Jones said that while the financial services industry has never before faced what it currently is facing, the credit union industry as a whole remains safe and sound. “Without a doubt, the Hudson Valley Federal Credit Union, despite historic economic challenges, is safe and sound and through prudent and conservative leadership, we will continue to be a solid financial resource in the Hudson Valley.”
Mr. Jones added that people throughout the Hudson Valley can look to the credit union for their financial needs. “Although you have been hearing that banks aren’t lending, the credit union is absolutely lending. We want you to know that HVFCU has money to lend.”
The credit union Chairman also reached out to members who may be struggling in this challenging economy. “We suspect that some of our members are really having a tough time. We want to help you if you are having difficulties making loan payments or think you might have difficulty because of the financial downtrend, loss of job, or even decreased salary. Please contact the credit union. There are many things we can do to help you weather the storm. Don’t wait until it is too late. As a credit union, we are committed to helping you, our members, succeed.”
Members of the credit union elected three candidates to the institution’s Board of Directors. Re-elected to serve three-year terms were Mr. Jones and Takao Inouye. Newly-elected was Gabriel B. Roy, who also will serve a three-year term.
Following the meeting, the Board of Directors took action on the reorganization of the Board. Officers for 2008-2009 are: Chairman, Mr. Jones; First Vice Chairman, Joseph E. Eppich; Second Vice Chairman, Mr. Inouye; Treasurer David S. Bagley; Assistant Treasurer, Henry J. Rodgers; and Secretary, Larry J. Prescott.
In addition, Noreen Hennessy and Lynn R. Fielitz also are board members.
Ron Insana Was Guest Speaker
Besides credit union business, Ron Insana, a senior analyst for CNBC television, addressed the audience. Mr. Insana discussed the current economic market and its impact on people throughout the nation and within the Hudson Valley.
Hudson Valley Federal Credit Union is a full service, not-for-profit financial cooperative, offering more than 220,000 members real estate and consumer loans, a wide variety of saving and transactional accounts, investment services, estate planning, trust services and business services. Property and casualty insurance is available through the Insurance Agency of the Hudson Valley, an affiliate of Hudson Valley Federal Credit Union.
The credit union has $2.5 billion in assets. It serves its members through 12 branch locations in Dutchess, Orange and Ulster Counties, four branches at IBM facilities in Dutchess County, a nationwide network of nearly 70,000 surcharge-free ATMs, Internet banking, online bill payment, and 24-hour account access by telephone.