REPORT OF THE BOARD OF DIRECTORS
J.S. GARWOOD
Welcome to the 18th Annual Meeting of the Camp Pendleton Federal Credit Union. I think it fitting too, that we extend that welcome to the new decade of the Seventies. I hope that you will forgive me the luxury of spending a few moments to talk about the past-- the decade we just finished--and then some comparisons. 1 January, 1960, the assets of the Camp Pendleton Credit Union amounted to $216,063.06- -there were $160,942.09 in shares and $209,000 .00 in loans. Dividends paid to 1947 members for the year ending 31 December, 1959, amounted to $8,696.14. All of the business was handled by two employees, Jim and Clara Taylor, and a number of volunteers, operating in an office about the size of a good-size packing crate. 1 January,1970,the assets of your Credit Union are $10,165,069. 71 - -there are $8,575,566.94 in shares and $10,057,832 .16 in loans. Dividends in the amount of $102,414.83 were paid to 25,424 members for the last quarter ending 31 December 1969 . Our dividends for the enti re year of 1969 amounted to $385,595 .17. This growth even extends to the manager-in 1959 he weighed 175 pounds, now he tips the scales at 215 pounds . Seri ously, though, the credit union has experienced tremendousO growth and it has not been due to chance. Granted that some of the increase can be attributed to the fact that we are located and serve personnel of the largest amphibious training base in the Marine Corps . However, I prefer to believe that the growth repre- sents the efforts and interests of the members, directors, commit- tees, representatives and staff. Your credit union has been in the forefront of all competition in matters of loan costs and dividends paid. When I read the various advertisements of finance companies,savings and loan organizations and banks, I am continually amazed that what is presented as such a "good dea1" does not measure up to what we offer our members • I trust that you too,realize this. If not,take a moment to consider: ~ % dividends paid quarterly against 4 and 5 percent by the others; 1% interest on loans {12%per annt111) against 1~ to 3 per- cent '(18 to 36 percent per anm.an) by the others ; life insurance on deposits up to $2,000.00, dollar for dollar, and credit life and disability insurance on loans up to $10,000.00.FREE . If the custom- ers of the other organizations want this service, they pay for it.
Sometimes we become so used to benefits received that we lose sight of them. Others want them . I know this because I am ap- proached frequently by persons desiring to join the credit union but are outside our field of membership . You cannot imagine thei.r disappointment when they are told that they are not eligi- ble. So, I say to you, count your blessings in having such a fin- ancial organization at your side . The benefits are incalculable. Still, we are not able to serve all of our members. We are exper- iencing a very tight money situation . Therefore, we have had to turn down loan applicants that under different monetary circt111- stances, we would ordinari ly accommodate . In an attempt to over- come the lack of money, 6%Debentures have been offered to the general public. This has helped some but the need continues. Can~ mercial sources charge more for the use of their money than the credit union can afford. You can help by increasing your deposits to savings through allotments and payroll deductions. Also, sell the credit union to others eligible for membership-tell that rich uncle about our debentures. Q look forward to the challenges of the Seventies-will they be as uitful as the Sixties? I believe so, especially when I look ck and reflect on the support given the credit union and which is expected to be continued, It is with such support that we will be able to maintain our record of service. To the members, the Commanding General and his staff, my fellow directors, committee members, representatives, the Manager and his staff, my heartfelt "thank you" for the past support and sincere hope that it will continue on into the Seventies-that whoever writes the President's report for the 28th Annual Meeting, will have the same glow of appreciation that I am experiencing at this moment. Respectfully,
J. S. Garwood
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