2024Q4 Highlights from the CEO
Posted: January 1, 2025
2024 Q4 – ICYMI!
Hello Members!
Each quarter, it is my privilege to share with you the highlights of your credit union, as well as the programs, services, or happenings within your credit union that add value to your membership here at Labor Credit Union. Normally at year end, I recap the year that was. This year, as America prepares to go through a significant change
in the leadership of the country, it has given me pause to reflect on all that we have accomplished together since I became President/CEO of your credit union in 2020.
By The Numbers
- By the numbers of our credit union, working together we have:
- Increased membership from 6,900 members to over 8,300 members.
- Increased our loans to members by more than $43 million.
- Decreased our loan delinquencies (as a percentage of total loans) by 78%.
- Grew the credit union assets from $89.9 million to $134 million.
- Provided our members with dividends of $3.6 million.
These numbers represent significant growth and a return of value to our membership over the past five years. However, these are just the numbers, and they don’t tell the whole story of Labor Credit Union’s value to our community.
The Value of Inclusiveness
One of the core values we aspire to is creating a culture of inclusiveness within Labor Credit Union. This applies to our team members, as well as our approach to serving our membership. More than 50% of our team members speak multiple languages, covering 10 different languages spoken amongst our team members. Our call center
team has a translation service that can provide communication with our members in more than 240 languages spoken around the world. Over the last couple of years, we have made it possible for our website and loan documents to be translated into different languages as well so that our members who prefer communicating in a language other than English will feel at ease and welcomed when interacting with our credit union.
Our focus on inclusiveness has led us to expand access to our credit union over the last few years. We have added to our field of membership by welcoming in members of the Labor Council for Latin American Advancement (LCLAA), employees and union members of the Federal Contract Guards of America, the students, faculty, and alumni of University of D.C., and most recently anyone who lives, works, goes to school, or worships in the Maryland counties of Prince George and Montgomery, as well as Washington D.C.
In 2022, through our Closing the Equity Wealth Gap grant, we helped three members become first-generation homeowners that will provide stability and returns for their families for generations to come.
As our membership has grown, so have the needs of our members. To keep pace with the growing needs of our members we have added Retirement, Wealth, and Estate Planning services, Business Accounts and Services, Youth Savings & Checking accounts, and we added a cash-back on debit card reward option.
Our members reside in 47 different states, and represent all age groups, as well as race, ethnic, and socioeconomic demographics.
I am proud of the inclusive culture we have built together for our credit union members. The diversity of our team members and membership, and that of our products and services make our credit union profoundly strong, resilient, and dynamic.
As we end the year 2024 and move into 2025 you can expect from me that I will continue to focus our credit union on being inclusive. I will continue to focus on expanding access to those who need our assistance. I will continue to focus on Engaging, Empowering, and creating Opportunities for our 8,300+ members.
I want to wish you all a Happy New Year, and I look forward to serving you and your family to help make this upcoming year financially successful for you!
Sincerely,
Thomas Domingue
President/CEO Labor Credit Union