There is no greater understatement than to say 2020 was a challenging year. It seemed as if we were in a never-ending cycle of unprecedented events. That being said, I was inspired by stories of members like yourself, whose resilience and determination to pave a promising path forward, would not allow them to give up. It is evident to me that what fuels our members’ resolve, during trying times like these, is their focus on what is most important—family.
It is that same dedication to family that drives us. As you know, we think about our members and employees as family. It’s more than empty words or a cliché marketing slogan for us. It’s part of the core values and beliefs that the Credit Union was built on. This past year has only reinforced our commitment to our employees and members and hardened our resolve to help guide members to better financial lives now and for generations to come.
Opportunity in Chaos
While 2020 was a challenging year, we didn’t let it distract us and prevent us from moving forward. I attribute that to our early planning for dealing with a pandemic. As an organization, our first Covid-19 related meeting took place on January 27th to put our annual Board-approved Pandemic Policy in place. We have had this policy to address a pandemic for several years, so even before Covid-19 we were preparing should one day we face the unexpected. This allowed us to move swiftly and ensure the safety of our staff and members.
We were also able to successfully achieve many critical initiatives in 2020, from the completion of the TransCapital Bank merger, which broadens our Business Banking services, to the launch of our newly redesigned website, which provide members with an enhanced, more personalized online banking experience. Our new website is an important first step in our digital transformation into a modern financial institution. And our enhanced Business Banking capabilities allow us to provide members with an end-to-end solution to meet both their personal and business banking needs.
What to Expect in 2021
The coming of the New Year presents many more exciting opportunities for us to strengthen our ability to serve you. We will continue to improve our products and services with value-added member experience as the main focus. We will be enhancing our “Understanding Your Finances” program by including videos, quick reference guides and other tools that provide you with personal solutions to help you reach your financial goals. We will also be significantly upgrading your Online Banking and Mobile Banking App experiences to provide you with an even more seamless and convenient banking experience.
Real Change for Equality
Another core belief of the Credit Union is our fervent desire to lift up all members of our community—emphasis on the word ALL. As a community-based financial institution, it is our responsibility to do all we can to fight economic inequality and racial injustice. Power Financial Credit Union has always been extremely active in making donations to community organizations but it was time for us to take a hands on approach to executing the change we need in our community. With that, the Real Change for Equality initiative was created. The collective brainchild of our employees and CEO, the Real Change for Equality mandate was to identify African-American, member-owned, small businesses that are in need of assistance and leverage all of PFCU’s resources to help them become successful. That includes everything from financial grants, low to no interest loans, free office space, and complimentary access to PFCU staff that are subject matter experts in areas such as accounting, HR/payroll, marketing, IT, merchant services and more.
We started this initiative with two, member-owned small businesses but we hope to expand the program in the future. We will be sharing more on the stories of the selected businesses’ and their owners’ and we will keep you updated on their journeys during this process.
We are Here for You
Finally, in these tumultuous times we want to reiterate that we are here for you and we have your back. We have always put our members first, as you are more than an account number to us, and will continue to do so this New Year. We invite you to turn to us during all the ups and downs you experience in life as our mission is to understand your financial goals and assist you on your path to making them a reality. We are people helping people and we will continue our work to inspire hope and bring financial wellness to our local community. Regardless of what new challenges we face in 2021, we will get through them as a family. Because that is what family does.
On behalf of the Board of Directors and the staff at Power Financial Credit Union, we would like to wish you a prosperous and safe New Year. Thank you for being a part of our family. It is our great honor to serve you as a trusted partner.
Chairman – Board of Directors