Report of the Board Chairman
Our Credit Union started as the Capital District Telephone Employees Federal Credit Union 61 years ago on State Street in Albany. The Credit Union enjoyed steady growth over the first 25 years in Albany before moving to the Wolf Road area in 1978. Today, we are preparing for a move just down the street from our well-known Computer Drive East location to a great spot on Winners Circle. It has been a long, interesting and prosperous journey guided by strategic planning, focus and attention to every detail. We have evolved from former Treasurer Lou Love’s desk in a State Street office to a new 110,000-square-foot Financial Center standing three stories high. We are now a significant anchor of the Wolf Road business community. We are recognized by our industry peers as leaders and sustained by a team of employees that has a sharp focus on one mission: To be a sought after financial institution whose unbridled commitment to our members and community will be unmatched by anyone. As I look back on 2013, I see a year in which our outstanding staff and leadership team has remained dedicated to members and again lived up to our mission. I am proud to report that CAP COM was recognized for the 10th year in a row as one of the Best Places to Work in the Capital Region by the Albany Business Review. Our team continues to bring our special brand of member service to life. This unique brand of service is the primary reason we have grown from the original founding members to become the second largest Capital Region credit union with over 100,000 members. Our Credit Union is not only a one-stop shop for traditional financial products but also offers a host of unique options such as free educational workshops; a College Bound Program for families to assist in college selection and financing options; and an array of Mobile and Web Banking tools.
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In 2013, we enjoyed a year of well-attended and useful workshops. Hundreds of members joined us to learn about topics ranging from basic finance and budgeting to home buying and retirement planning. We are member advocates who help people unravel the sometimes complex details of financial planning at every stage of their lives. There is no better time to start building financial literacy than in elementary school. All of us can be proud that CAP COM’s School Banking Program is active in more than 70 local schools. It teaches financial literacy and helps CAP COM attract new households and young families. Often, when a family first considers switching to CAP COM, one of the first areas they check is Mobile Banking. These smartphone tools are essential for all financial institutions and your team has the Credit Union positioned on the leading edge of technology. In fact, we were ahead in many areas such as our Remote Deposit App, which now accepts hundreds of checks each week for deposit using a smartphone. The iPhone and Android Mobile Banking Apps combined with our free Checking Account make our web services second to none in our service area. As Board Chairman, I can assure you that CAP COM’s strategic goals will continue to fall in line with the fundamental role of a financial institution: To be safe and sound, to offer convenience, and to maintain a high level of service and value. I want to thank you, the member, the Credit Union staff and my fellow volunteers for their support throughout 2013. I look forward to continued success in 2014.
Edward A. Gilligan, Board Chairman