Message from the President
Thank you for being members of Dirigo Federal Credit Union, it is always our privilege to serve you and our local communities. We strive to maintain the same small-town values of community, trust, and hard work that make our members and our state great. Our ongoing commitment to you is that we will continue to be your trusted financial advisor, provide excellent products with competitive rates, and that we will continue to improve our technology and product offerings to make your experience with us more pleasant and banking with us more convenient. We hope you continue to find value in your ownership of the credit union and share the benefits that Dirigo FCU offers with your friends and family.
2019 saw the completion of our new flagship location at 391 Main Street in Lewiston. This facility allows us to better serve our members and represents the continued strength of our cooperative. We added many new services this year, online account opening, ACH Origination, CardValet®, and Skip-A-Pay to make our services more accessible and affordable for our members. We look forward to many new offerings in 2020, we will be enhancing mobile lending, mobile banking, commercial deposit accounts and using technology that will allow our members the ability to complete consumer loans without having to travel to a branch location.
Financially, your credit union remains strong. Our capital ratio stands at 11.63% of assets or $30,311,963. This amount is the retained earnings of the credit union since we opened in 1956. These funds are reinvested into the credit union and provide a safety net when the economy is not performing well. Fortunately, the economy did perform well in 2019, interest rates decreased, unemployment hit 50-year lows, and the stock market reached all-time highs. Your credit union posted $1,364,249 in net income and grew total assets by 8%. Our institution and our members continue to grow and prosper together.
Thank you again for choosing Dirigo Federal Credit Union to be your trusted financial provider. We look forward to welcoming even more members to the Dirigo family in 2020.
Best, Mark Samson