2023 Chair Report

On behalf of the Board of Directors, I would like to thank you for joining us in this celebration of our 52nd year here at CHROME Federal Credit Union. We began as Employees of Washington Steel and today our field of membership includes these eight Southwest Pennsylvania counties – Allegheny, Armstrong, Beaver, Butler, Greene, Fayette, Washington and Westmoreland.

There are many advantages of Credit Unions over Banks:

• Fewer fees and requirements: Credit unions are more likely to offer checking accounts without monthly maintenance fees or minimum balance requirements.

• Better rates on saving accounts and loans: Credit unions offer higher interest rates on savings accounts and lower rates on loans-exactly what consumers want.

• Attentive member/customer service: Credit unions are smaller and committed to serving their members, not investors. Credit union representatives will give you personalized attention and HELP you identify the best products for your needs.

Credit unions work closely with their federal regulators to make certain that they are adhering to the strict rules and regulations set forth to ensure the protection of the financial health of member deposits. The National Credit Union Administration (NCUA) insurance guarantees up to $250,000 per share owner, per insured credit union, for each account ownership category, should the credit union close or go into conservatorship.

Here at CHROME our financial strength has not wavered and will continue to withstand the test of time. We offer the latest in technology and online banking ease 24/7. We don’t have sales goals or quotas to hit when it comes to our products. The GOAL is to HELP and serve our membership with their specific needs. We are growing every day, introducing more members to the credit union advantage. During the past 52 years, CHROME has served our members through recession and inflation. Our volunteers and professionals have demonstrated courage, determination, and dedication to the principles that have allowed our credit union to grow. As a financial cooperative, we don’t have the pressure of having profits to pay investors. Our members’ financial needs are top priority period! We provide the human touch!

There are many advantages to your membership in CHROME. It is no secret that we want to be your primary financial institution; we all know it’s important to not put all of your eggs in one basket; however; we would like to have the majority. That means we would like your savings and checking accounts; we appreciate your loan business, and we want to help with your investments needs. The more business you do with us, the more you benefit from the relationship that we build together. A long-term partnership allows us to better anticipate your needs so we can recommend the appropriate products and services, such as our home banking system.

It is evident that our continued success is in direct relationship to our members’ participation in our common purpose of providing competitive products and services that, in turn, enhance our members’ personal financial well-being.

As a member-owned financial service cooperative, CHROME is always looking for interested members who would like to participate in leading our organization for the benefit of all members. If you would like to volunteer for any position, please send a letter of interest. In your letter, be sure to provide any credit union-related experience, your credit union philosophy, and why you are interested in serving. As I can personally attest, being a volunteer in the credit union movement for 50 years has been a rewarding endeavor.