2023 proved to be a very challenging year. Our fantastic management team and employees led by our CEO Fardad Khosravi had to become proficient with the new core system and deal with the changing financial world of rising interest rates and new and better services demanded by our owner members. The team is also dealing with our change to a community membership base which is helping to stabilize our declining membership. F3 Credit Union continues to be a strong financial institution.
Our loan growth continues to climb by 6.97%, and we remain well capitalized at 16.88% which is more than double what our regulators require of a well capitalized credit union.
Roger Somer
Chairperson
Our total assets declined to 236.5 million from 239 million which is a sign of our declining membership. In 2023 the credit union presented many loan promotions to our membership which is why our loan portfolio continues to grow and present opportunities to all of our interested members. We are very dedicated to our members as evidenced by our successful audits from our internal auditors as well as the state and federal NCUA auditors. The results of these audits make it clear that we are a safe, secure and a very strong well-managed financial institution.
I want to take this opportunity to thank our CEO Fardad, his Executive Team, and all of the service-providing staff that have made a difference to our members. The Board of Directors and Supervisory Committee have continued to support the vision and direction of the credit union and its CEO. In closing, I want to thank our members for placing your trust in our management team and our staff
to give you the financial support, programs, products and services that you and your families require. In anticipation of the impending changes and challenges coming in the next year, all of our management, staff and volunteers are preparing for the successful transitions and outcomes to deal with the future of F3 Credit Union.
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If you have any questions or need additional information about any of our products, please feel free to contact our Member Services team.
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