Annual Report

As Select Seven Credit Union enters our 71st year of dedicated service, first and foremost we would like to express our sincerest gratitude for your trust, your loyalty and your continued support. Each year presents unique challenges, milestones and accomplishments. You, our member, have been at the center of everything we do, working together to secure a real advantage for you and your family. It's the foundation of our success and our promise to you.

While the business of banking is complex, Select Seven is successful because we stick to the basics. That is, make prudent financial decisions, so that our credit union will remain financially strong. We finished the year as a NCUA well capitalized 9.89% credit union. We understand the needs of our members and the communities we serve. We aim to deliver convenient and affordable products in a way that is simple and Tim efficient to our membership. We seek to add value to the member experience by providing such things as state of the art online and mobile services and robust security features that protect member information and assets.

We strive to help our membership grow by always striving to grow the credit union in meaningful ways. This past year we loaned out over $15.5 million to our membership. That included over $10 million in auto loans, $2.5 million in home loans and almost $1 million in recreational vehicle loans. We ended the year with total assets over $60 million. Delinquent loans remained well below peer average at .41%. What does all this mean to you, our members? It means your credit union is financially sound and can offer some of the best short and long-term savings rates and also some of the lowest lending rates in our region.

Giving back to the community in 2019 is how we began to celebrate our 70th anniversary. A greater community involvement pledge from the staff was out catalyst for our 70 for 70 social media community service video series. With the help of our generous and caring staff, we were able to provide support for 70 different organizations in our seven-county charter area. Among those we were able to help were the Boys & Girls Club of Johnson City and Kingsport, The River & Oasis, Warriors Canvas, Isaiah 117 House and Coalition for Kids to just name a few. It was with great happiness that were are able to support thee organizations in a small way that had a real impact on our members and community.

All of us at Select Seven - from our front-line staff to our Board of Directors - are thankful for our members. We look forward everyday to providing each of you with the accounts, the loans and services you need for your financial prosperity. Thank you for your loyalty and trusting us with your business.

We look forward to another 71 years of providing you with financial solutions you can trust.

Sincerely,
Kevin M. Jones
President/CEO