Introducing Barbara Kamm, Tech CU’s new CEO
Dear Valued Members:
Allow me to introduce myself: my name is Barbara 
Kamm, and I am the new President and CEO of Technology Credit Union. I’ve spent most of my career in financial services and have strong ties to the tech community through my 10-year association with Silicon Valley Bank. I am very pleased to have this opportunity to lead Tech CU into a new decade, particularly since we will celebrate our 50th anniversary in 2010. That represents a half century of serving the financial needs of members in the Silicon Valley and Bay Area!
What sets credit unions apart is their passion to help members succeed financially, and despite these unprecedented, tough economic times, Tech CU has stayed true to that mission. We funded over $200 million in mortgage loans in 2009 while maintaining the lowest delinquency and charge-off ratios among our credit union peer group. And our reputation for safety, along with our competitive rates, allowed us to significantly exceed our goals for deposit growth.
Member satisfaction is a top priority at Tech CU, so we perform monthly surveys to find out how our members think we’re doing. I’m pleased to report that for 2009, we received a ‘satisfied’ rating of 97% and a ‘very satisfied’ rating of 64%, indicating that, in general, members feel we’re doing a good job. We will strive to do even better in 2010.
From a safety and soundness perspective, credit unions have weathered the financial storm pretty well. The National Credit Union Administration reports that only 14 of the country’s approximately 8,000 credit unions failed in 2009, compared to the FDIC showing 140 banks failing out of a similar total of 8,000. With a capital ratio of 11%, Tech CU has one of the strongest capital levels among financial institutions nationwide, making your membership in Tech CU a smart choice. We also continue to receive the best rating possible (5 stars) from Bauer Financial, the nation’s largest independent rating service for financial institutions.
What does all this mean to you? It means you can bank with Tech CU and know that our solid financial position and prudent lending practices will allow us to be here for you—today and tomorrow. While the year ahead will still prove challenging, we remain committed to meeting the financial needs of our community. We will continue to introduce new products, services and technologies, and we will maintain our ability and willingness to lend.
I thank you for being a Tech CU member, and I invite you to make us your first stop for financial services. I also encourage you to tell your friends and family about the advantages of belonging to Tech CU instead of a bank. Remember, as a not-for-profit financial cooperative, we’re here to serve you—not shareholders. And in light of the last two years of a grinding recession fueled by bank failures that stemmed from putting profit over common sense, isn’t it reassuring to know that your financial partner relies on a creed of member service and making safe, sound loans?
Please join me this year in celebrating Tech CU’s 50th year of service to its members—and here’s to a rewarding 2010!
Sincerely,
Barbara B. Kamm
President & CEO