I hope you have been having a great start to the new year!
As always, I want to start by saying thank you for being a PSECU member.
Last year, we experienced a lot of change and growth despite navigating through quite an interesting macroeconomic environment. Much in the same way they affected other industries, and even most of you in your personal lives, continued supply shortages, strained labor markets, inflationary pressures, and interest rate hikes not seen in most of our lifetimes brought about new challenges. Despite those challenges, we still managed to keep your credit union as healthy as ever and experience a few successes that I’d like to share with you.
Our membership base continued to grow, ending the year at just over 560,000 members! PSECU’s dedication to offering excellent member benefits, 24/7 digital banking options, and member-focused service enabled us to continue to reach and engage with more and more Pennsylvanians, offering them the best in credit union financial services.
Twenty-twenty-two also saw the launch of several new features and services, notably in the area of money movement. One such example was the launch of Zelle®, a person-to-person payment system that allows members to easily and securely send money to others with no added fees. This value-added feature is just another way we ensure our members can access and manage their money at the speed of life. Later this year, we’ll be looking to add several new features to our online and mobile banking applications, so stay tuned!
One of the biggest perks of PSECU membership is access to extremely competitive rates on savings products like money market accounts and certificates. In fact, through much of the latter half of the year, we offered some of the most competitive rates, both locally and nationally, on these products.
We’re still offering these great rates, so if you’ve not yet taken advantage of this opportunity to boost your bottom line, it’s not too late. Unlike many other institutions, at PSECU, you need only $500 to start taking advantage of our very competitive savings rates. For up-to-date info on money market accounts, visit here. And, for current certificate rates, visit here.
In keeping with the credit union philosophy of “people helping people,” we continued to partner with nonprofit organizations throughout the commonwealth contributing more than $350,000 in financial support. We raised an additional $55,000 at our annual PSECU Chips In Golf Tournament, which directly supports one of our pillar organizations, Junior Achievement.
The four pillars that guide all the corporate social responsibility work we do are: education, wellness, children, and environment. We work with four charity partner organizations that align with those focuses - Feeding Pennsylvania, Envirothon, Junior Achievement, and Children’s Miracle Network - and continue to support them with volunteer hours and monetary donations.
Finally, once again, your credit union received several organizational designations last year. We were named a Forbes Best-in-State Credit Union, a Top 100 Organization by PA Business Central, and a Top 100 Bank and Best Credit Union by GOBankingRates!
As with any recognition, these designations reinforce PSECU as a leader in digital-first banking and credit union best practices. Every day we support our members with products and services that meet their needs and support their financial goals. It’s also a huge testament to the hard work of our nearly 900 employees who consistently deliver best-in-class products and member service.
Reflecting on 2022, when I consider that we now serve more than half a million members and compare that to our humble beginnings with just 22 founding members, I can’t help but feel like we have been successful in realizing their dream of helping you, our valued members, live better and achieve more.
As always, we sincerely appreciate your continued support and membership in PSECU - it’s why we’re here!
Cheers to a great 2023.