Dear members

OAS FCU’s 60th year of existence was one of mixed news all around. As inflation soared, the economy took some tumbles: the Federal Reserve increased rates as an inflationary control measure, and so did we. This has resulted in higher deposit rates –a welcome change to earn dividends in still uncertain times when many are weary of investing in riskier prospects. However, it also means that some of our variable loan rates went up. Fluctuating rates make for a delicate balancing act, and we want you to know that we take very seriously the economic well-being of every single member. We will do our utmost to ensure that we maintain and ensure your ability to handle rate changes while safeguarding the Credit Union’s financial soundness.

Speaking of soundness, our growth in assets to reach $300 million and 9,000 accounts has only been made possible with the support and trust you deposited in us. We have reached these new levels of growth while keeping well in mind the current financial volatility, and I want to assure you that we will continue to exercise sensible financial practices that will keep OAS FCU stable through the upheaval.

Our success also stems from the belief in the cooperative values of being non-profit financial institutions, whose sole mission is to provide quality financial services to our member-owners, giving you a say in the future and direction of the institution through our elected volunteers. In our specific case, OAS FCU also benefits from a strong corps of volunteers who dedicate their time, energy, and talents for the greater good, and of course, our dedicated staff who are the heart of the institution, here to provide the best experience to the membership.

As the world –and us alongside it- settled in 2022 into a new post-pandemic reality, both our offices saw a shift in branch hours of operation to match those of the buildings where they are each located. Our intent is to be available in person to any member who might want to visit our offices. This means that our branch days and hours of operation may change again, as the organizations that we serve change theirs. Our phone and email hours of operation remained at an extended schedule to help those who connected remotely or could not visit our branches. This is something that we plan to continue in the near future, as we understand that many business models prosper offering the flexibility of hybrid workstyles.

Late last year we started a large restructuring project of our Member Services Team. This process includes a comprehensive knowledge and operational training schedule that is designed to ensure that every employee of our Member Services Department -from our frontline staff to our office representatives- will be able to offer a more extensive set of services. Every one of them will have the ability to provide you with the same quality of service, from opening an account to assistance with cards, checks, loan applications and more. This restructuring also includes the creation of a new point of service, one that will be dedicated to serving the needs of every single one of you who cannot come to our offices in person. This Global Access Branch will operate by phone and email, but also through some new and exciting digital channels. Without giving anything away, I will say this: you will love the changes that are coming!

As some of you may know, later this year it is expected that the OAS FCU office at the National Geographic building will close temporarily due to the renovation of the Nat Geo complex. I am happy to inform you that National Geographic has allotted us space to continue serving you on-site after the renovations are done.

As we celebrate our 60th anniversary from reminiscing about our humbling beginnings of $15,000 and 286 accounts by the end of 1962, we remember and thank the founders of the Credit Union for their vision and passion for establishing a financial institution that would serve the financial needs of a group of people who had limited access to affordable financial services. After 60 years, the legacy continues, and their passion and vision live on. Whether you are new in the US, well established here, or live in another country, the Credit Union can make a difference in your finances with affordable and unique products and services, all delivered with our distinctive touch. Our philosophy and mission are as relevant today as the first day we opened for business.

And, as with every year in which I have made this report before, I am glad to inform you that the Credit Union remains on a strong financial footing, ready for the next 60 years, and more. Markets will go up and down, and crises come and go, but OAS FCU continues to weather it all as well as ever.
In closing, I would like to thank our members, volunteers, and staff for the privilege of serving as the Chief Executive Officer of this wonderful institution whose best years are yet to come, and ready to reach new heights.

Respectfully,

Carlos R. Calderon