2019 Annual Report

Annual Report

2019

SHAREFAX CREDIT UNION

Sharefax Credit Union is a cooperative formed for the sole purpose of improving the financial well being of our members.

CHAIRPERSON’S REPORT I would like to thank everyone for attending Sharefax’s Annual Meeting. Your Board of Directors, management, and staff are dedicated to improving the financial well being of our members and to making certain that the needs of our members always come first.

The credit union has earned the highest rating possible on our last annual examination from the Ohio Division of Financial Institutions. The credit union has also finished strong for the year with double digit loan growth and impressive overall net membership numbers.

Sharefax is very excited about our future office at Ivy Pointe. The office is being designed to meet the anticipated demands of our members & employees. Special features of the building include an exercise room, educational class rooms, and a community room. The building will be very welcoming to the community at large and hopefully become a signature building to our members.

The marketing committee is interested in creating a new branding campaign which is more representative of our new direction. An email survey is being sent to our members to request your input and ideas..

It has been my pleasure to serve with such dedicated employees and directors. The entire team is committed to continue to serve our members and to strengthen our platform of financial services into the next decade and beyond.

Sincerely, Janet Lake Chairperson

BOARD OF DIRECTORS

Janet C. DavidLake Taylor

C. David Taylor

Dan Murphy Recording Secretary

Denny Messer Assistant Secretary

Dave Aaronson

Phil Carlberg

Mark Fox

Chairperson

Susan Ochs

A MESSAGE FROM THE PRESIDENT As CEO, I am tasked with the responsibility and privilege to address our membership each year with the current state of our credit union and our vision for the future. I am proud to report that your credit union has experienced another successful year both financially and in new service implementations. In 2018 alone, both Apple Pay and Google Pay were added as payment options to our debit cards. Electronic signature capabilities were finally fully integrated into our system as a new lending channel allowing for remote signing of loan documents. A new website was also introduced permitting better navigation and quicker access to desired information. Finally, a 3rd party overflow call center was put in place to assist Sharefax employees in responding to member calls in a more timely and efficient manner.

Financially, the credit union had a banner year. Loans outstanding increased by over 10% for 2018, which is the second consecutive year of double digit growth. Net members grew by 9% and our delinquency rate dropped to .59% & net charge-off ratio to .26% both far exceeding our peers. Sharefax also continues to maintain one of the strongest efficiency rankings in the state by effectively managing overall operating expenses and by producing net income results significantly better than budget. The Ohio Department of Financial Institutions has recognized our efforts and financial success by awarding Sharefax with their strongest rating for 2018.

After a very active year, your Board of Directors will not pause in their efforts to improve the credit union. A new phone system will be installed in 2019, which should improve communication both internally and with our members. A better electronic alert system will be launched later this year providing more options for alerting our members when selected transactions occur. A new link will be added to our website to allow our members to pay their Sharefax loans electronically by advancing their credit or debit cards from any financial institution or through the Automated Clearing House. In addition, management is reviewing our members’ interest in contactless credit & debit cards for the future. This is quite a full plate. However, add to these projects the construction of a new corporate office and the result is an extremely demanding 2019.

The need for a new office and more space to support our expanding organization was discussed at last year’s annual meeting. The necessity has become even more critical over the past 12 months due to adding more staff and the lack of expandability at our current location. Therefore, a 30,000 sq ft building is currently being designed to provide the needed space, plus add a branch office and community meeting room. The plan is based upon a 10 year growth plan, which will help propel the credit union far into the next decade. The building will have excellent visibility from I-275 and easy access from multiple areas. This move should enhance our brand and allow Sharefax to add the needed services & support expected by our members.

To accomplish our goal of enhancing our brand, the marketing department will be launching a rebranding campaign including a new logo at the end of the year. The credit union wants to underscore our new image of a progressive, all-inclusive cooperative serving the financial needs of the entire community in which we operate. Our message will be welcoming and simple. Sharefax is here to help you financially through every stage of your life. Hopefully, this message will resonate and the community will better understand the mission of our credit union.

While transitioning to our new corporate headquarters, the next few years will be extremely hectic.

However, even in the midst of this whirlwind of activity, your Board will never lose sight of our mission and will continue to search for better ways in which to serve our members. This will not be without challenges, but the desire to improve our credit union will always be the driving force behind our success.

Statements of Income & Comprehensive Income

Statements of Financial Condition