PRESIDENT AND CEO REPORT Harold Roundtree, President/Chief Executive Officer
loans, with over 23% in annual growth. UNCLE’s total loans grew by over $115 million in 2022, demonstrating the credit union’s ability to quickly meet the financial needs of the membership. Auto loans and home equity lines of credit were in high demand and the credit union took great pride in offering highly competitive products to be the lender of choice for many consumers. While there continues to be fluctuations in federal interest rates, home equity lines remain a great option for members who own real estate, whether owner or non-owner occupied. Another success the credit union celebrated throughout 2022 was the implementation of Zelle, a digital payment platform that offers real- time money transfers. This project was supported and executed by several key areas within the credit union to ensure the product was fully functional when introduced to members. With the implementation of Zelle, members can now easily and directly transfer funds to family, friends, or between their accounts at different institutions, all within UNCLE’s digital banking platform. Having this capability available to members is an immense achievement for the credit union, as we continue to compete with larger financial institutions that offer these types of services. At the end of 2022, over 51,000 Zelle transactions were successfully processed through the UNCLE mobile app, which currently holds an average app rating of 4.78 in the Android and IOS app stores. As the credit union expanded our digital services, UNCLE also continued to upgrade technology systems to mitigate potential threats of fraud. For example, additional measures were taken to protect members from new and emerging vulnerabilities by creating a dedicated Fraud
Department in 2022. This team works diligently to prevent and mitigate fraud losses across all channels, including ACH, mobile deposits, online banking, and real-time payments. UNCLE consistently makes fraud prevention a priority to ensure the safety and soundness of the credit union, and most importantly, members’ investments and earnings. We look forward to continued successes and achievements at UNCLE Credit Union as we work hard to deliver the products and services to meet members’ needs well into the future.
UNCLE CREDIT UNION closed out 2022 on top, with a successful merger, strong membership and loan growth, and new technology and services for members, despite an unpredictable economy, including several interest rate hikes. Throughout the year, UNCLE’s dedicated and talented staff remained ready to take on each new challenge. A key highlight of the year was the successful merger of UNCLE Credit Union and Moore West Federal Credit Union. Moore West was a small, San Leandro-based, credit union with limited ability to continue to provide expanded financial products and services to their membership. After weighing the outcomes and risks, the credit union decided completing this merger would result in a big win for UNCLE, as well as the members of the former Moore West. As a result, UNCLE acquired nearly 800 new members, along with nearly $12 million in assets, contributing to the credit union’s strong asset growth and over 10% membership growth in 2022. The credit union also welcomed the staff of Moore West who joined the UNCLE team and continues to serve the combined membership base which now extends further into Alameda County and the greater Bay Area.
On behalf of UNCLE Credit Union’s Chairman of the Board and President/CEO, thank you for your ongoing support and for your trust in us. Together we will continue to make UNCLE a premier financial institution for many years to come.
Along with growth within the membership, the credit union also saw a significant increase in
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