Welcome

to your 68th Annual Meeting of Capital Area Federal Credit Union for the year 2021.

It is with tremendous amount of pride and gratefulness that we provide to you our 68th Annual Report.

As the pandemic continues to create uncertainty, Capital Area continues to be certain we will be here for you and help with your financial needs. Since the pandemic began, we have provided numerous programs to help members during this pandemic. We continue to provide COVID extensions on consumer loans and special allonges for Real Estate loans. We have provided COVID relief loans, waived fees, and started with electronic delivery for loan closings and account openings. We continue to have the credit union sanitized on a weekly basis and we clean after every member. Our lobby remains open, and we provide masks for staff and members alike. At Capital Area we have always said “It’s all about You” and we will continue to keep this philosophy going forward.

2021 was a challenge but I am proud to report we met budget and remain financially sound. We ended 2021 with an ROA of 1.16%, net worth at 13.43% and ended the year as a $58 Million Dollar Credit Union. We may still be considered a small credit union, but we are mighty.

  • ROA of 1.16%
  • Net Worth of 13.43%
  • Met Budget with expenses under budget by $599K
  • Loans grew by a negative rate of 2.8%
  • Shares grew at a rate of 9%
  • Assets grew at a rate of 9%
  • Delinquent rate was at a low rate of .87%
  • Charge off ratio was at a low rate of 0.10%
  • Ending the year 2021 just over $58 Million

2021 was another year of Member Share growth and Asset growth; due to the Continued Pandemic and the Economy, Lending was down.

We have an excellent team to serve you and I am very proud of each and every one of them for showing up and stepping up even through a pandemic.

Patti Couverette Consumer Loan Officer - 16 years

Amy Crommett Operations Manager - 15 years

Eli Cummings Consumer and Real Estate Loan Officer - 3 years

Stacey Doucette Head Teller - 5 years

Shauna Magee Vice President – 22 years

Rae Murphy Operations Clerk – 6 years

Justin Quirion MSR/Teller II, Card Services and IRA Specialist - 8 years

Angie Stevens Accountant – 5 years

We welcomed back Leah Schonhoeft, MSR/Teller II, in February 2022.

We also welcomed 2 new team members at the end of 2021 and 1 in January 2022:

Amanda Caron – MSR/Teller II Valerie Lefebvre – MSR/Teller II Brooke Pelkey – MSR/Teller II

As your President/CEO it has been challenging balancing everything regarding regular business but then you add a pandemic into the mix made things even more challenging, but through it all I have been able to rely on your Capital Area Team and I have had solid support from your Board of Directors and Supervisory Committee, and I would like to recognize them as well: Tom Doore Chairman – 28 years

John Gregory Acting Vice Chair for the past year

Stan York Secretary – 7 years

Jane Whitley Director – 3 years

Shawn Arbour Director 4 years and Supervisory Committee Chair 18 years

Charlie Squires Supervisory Committee Member – 13 years

Christine Durgin Supervisory Committee Member – 3 years

A special thanks goes out Amanda Haskell for her 16 years of dedicated service to Capital Area and our members. Amanda is retiring from the Board of Directors, and we wish her all the best.

2022 has already started and we are still in the middle of a Pandemic, but we will continue to do what we do best help you our members meet your financial needs and support our community in many ways.

Respectfully submitted,

Diana Winkley President/CEO

AWARDS