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Annual report of the Board Chair and president/Ceo

Presented February 28, 2012, at the LAFCU Annual Meeting These past few years have been extraordinary in terms of the

challenges that we as a Fire Family have faced. But thanks to our unique and exceptional membership base, LAFCU remains healthy fi nancially with a 9.75% capital ratio in an environment where regulators consider 7% to be well- capitalized.

Thankfully, Los Angeles Firemen’s Credit Union has once again

achieved good profi tability. LAFCU ended the year with a net profi t of over $5.5 million in 2011. We were very pleased to once again be able to provide members a “giveback” in the form of an Interest Refund and Extraordinary Dividend Bonus of over $1 million at year-end. This represents the credit union philoso- phy of being a true co-operative where members are able to share in the success of the Credit Union. As member-owners, the more business we do together as a Fire Family, the greater the fi nancial reward will be for all members! Today, we also serve more than 194 fi re departments within the State of California. Our goal is to continue providing value-added products and ser- vices tailored to meet the needs of our fi refi ghter families. We hope that you have noticed that in 2011, we focused on service quality in our call center and now answer 90% of our calls within 30 seconds. We also recently launched our mobile banking platform and had over 2,500 members using the service in just the fi rst week alone.

As you are aware, the fi nancial services industry continues to morph

and change. And the economic environment, along with regulatory changes, may continue to present challenges for our fi re families and fi nancial institutions in general. But together, we can overcome any obstacle that may come our way. In 2012, we plan to focus on investing in our infrastructure by improving our processes and further enhancing our service levels by answering the phone in a timely manner, following through with our commitments, delivering accuracy

in our work, and being knowledgeable regarding our members’ requests. We also plan on improving our delivery channels in order to become more conve- nient for our members. The Board, Management, and Staff want to also thank Ron Patterson

who will be retiring from the board this year with 40 years of service! He has been instrumental in maintaining the core values of this organization and his countless volunteer hours on behalf of the membership will never be forgotten. Thanks Ron, we will miss you. On a fi nal note, I will be stepping down as Chair this year. It has been

a privilege leading this organization for the last six years. We have a great group of volunteers who sacrifi ce their time to represent our membership. I plan to remain on the Board of Directors and continue serving in a different capacity. Thank you again for your loyalty and for being a part of our Fire

Family. Respectfully submitted,

Lawrence H. Metz Board Chair

Michael L. Mastro President/CEO

Thank you for protecting our homes & our communities.

We welcome all Fire Department

employees and their families to enjoy special VIP pricing on all Hamer Toyota models.

$34.75 per Shield $8.27 UPS

Contact Julio Rodriguez 877

46 • April 2012

274-0650 ext 370

11041 Sepulveda Bl. Mission Hills

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