Usage of the United States Senate Federal Credit Union's Online Banking Services is More Than Three Times the National Average

Online Banking Helps Propel the USSFCU's Total Assets To

More Than $200 Million



Apr 16, 2001, 01:00 ET from United States Senate Federal Credit Union

    WASHINGTON, April 16 /PRNewswire/ -- Over half (53 percent) of the United
 States Senate Federal Credit Union's (USSFCU) members use its online banking
 services, which is more than three times the national average for credit
 unions. First offered in 1998, the institution's online banking services
 enable members to access their savings and checking accounts, apply for loans
 and utilize an automatic bill-paying feature.
     "Providing members with the ability to access services via the Internet is
 essential to our efforts to broaden membership and overcome the geographic
 limitations that affect most credit unions," noted USSFCU president and CEO
 Jan Roche. "Our online success is an important reason why our total assets
 reached a new high."
 
     Other Operational Achievements in 2000
     The extraordinary use of the institution's online banking services is one
 of numerous operational achievements announced today by the USSFCU for the
 recently concluded 2000 fiscal year:
 
     * The institution reached a new high in total assets, eclipsing the $200
       million threshold, while raising its ratio of capital to a new high.
     * Membership as a percentage of potential members also reached a new high
       of 93 percent, meaning that more than nine out of ten potential members
       are actual members of the credit union.
     * The institution's churn rate -- which measures the loss of credit union
       members -- was a mere 3 percent, which is roughly half the percentage of
       peer institutions. This means that, in the increasingly competitive
       financial services marketplace, the members are twice as loyal as those
       at peer institutions.
     * A survey conducted in 2000 by an independent research organization
       reveals that USSFCU member satisfaction levels are well above the
       industry average.
 
     "2000 was a year of continued growth and stability for the institution,"
 continued Roche. "We have never been in a better position to meet the
 increasingly complex financial needs of our members, nor has the institution's
 safety and soundness provided our members with greater security and piece of
 mind."
 
     A New Management Team
     Fiscal year 2000 also brought personnel changes to the USSFCU, as a new
 management team was installed with the oversight of the Board of Directors.
     Led by Roche -- an 11 year veteran of the organization who served as its
 chief financial officer -- the management team includes: Faith Miller, chief
 operating officer; Rod Jacobs, chief technology officer; Susan Enis, chief
 financial officer; Bob Klonoski, director of marketing; and Alex Young,
 director of human resources.
     "Our management team possesses more than 100 years experience in the
 financial services industry," said Donnee L. Gray, chairman of the Board of
 Directors. "Their qualifications and integrity are most exceptional, which is
 plainly reflected in our performance this past fiscal year."
 
     About the USSFCU
     The USSFCU is a non-profit financial cooperative that provides its members
 with life-long access to high-quality financial products and services at rates
 superior to commercial banks and other financial institutions. Founded in
 1935, the institution provides savings and checking accounts, loans for
 virtually every need, mortgages, investment services and credit cards.
     The USSFCU offers account access through its branches in the Senate Hart
 Office Building and the General Accounting Office in downtown Washington, and
 its branch on Eisenhower Avenue in Alexandria. The Credit Union is also
 accessible through the Internet, its telephone banking service, and at Credit
 Union Service centers in Rockville, Falls Church, Springfield and Marlow
 Heights. Members include employees and families of the U.S. Senate and staff,
 the Architect of the Capitol, the Supreme Court of the United States, the U.S.
 Capitol Police, the General Accounting Office and several other associated
 groups. The USSFCU maintains a Web site at http://www.ussfcu.org .
 
 

SOURCE United States Senate Federal Credit Union
    WASHINGTON, April 16 /PRNewswire/ -- Over half (53 percent) of the United
 States Senate Federal Credit Union's (USSFCU) members use its online banking
 services, which is more than three times the national average for credit
 unions. First offered in 1998, the institution's online banking services
 enable members to access their savings and checking accounts, apply for loans
 and utilize an automatic bill-paying feature.
     "Providing members with the ability to access services via the Internet is
 essential to our efforts to broaden membership and overcome the geographic
 limitations that affect most credit unions," noted USSFCU president and CEO
 Jan Roche. "Our online success is an important reason why our total assets
 reached a new high."
 
     Other Operational Achievements in 2000
     The extraordinary use of the institution's online banking services is one
 of numerous operational achievements announced today by the USSFCU for the
 recently concluded 2000 fiscal year:
 
     * The institution reached a new high in total assets, eclipsing the $200
       million threshold, while raising its ratio of capital to a new high.
     * Membership as a percentage of potential members also reached a new high
       of 93 percent, meaning that more than nine out of ten potential members
       are actual members of the credit union.
     * The institution's churn rate -- which measures the loss of credit union
       members -- was a mere 3 percent, which is roughly half the percentage of
       peer institutions. This means that, in the increasingly competitive
       financial services marketplace, the members are twice as loyal as those
       at peer institutions.
     * A survey conducted in 2000 by an independent research organization
       reveals that USSFCU member satisfaction levels are well above the
       industry average.
 
     "2000 was a year of continued growth and stability for the institution,"
 continued Roche. "We have never been in a better position to meet the
 increasingly complex financial needs of our members, nor has the institution's
 safety and soundness provided our members with greater security and piece of
 mind."
 
     A New Management Team
     Fiscal year 2000 also brought personnel changes to the USSFCU, as a new
 management team was installed with the oversight of the Board of Directors.
     Led by Roche -- an 11 year veteran of the organization who served as its
 chief financial officer -- the management team includes: Faith Miller, chief
 operating officer; Rod Jacobs, chief technology officer; Susan Enis, chief
 financial officer; Bob Klonoski, director of marketing; and Alex Young,
 director of human resources.
     "Our management team possesses more than 100 years experience in the
 financial services industry," said Donnee L. Gray, chairman of the Board of
 Directors. "Their qualifications and integrity are most exceptional, which is
 plainly reflected in our performance this past fiscal year."
 
     About the USSFCU
     The USSFCU is a non-profit financial cooperative that provides its members
 with life-long access to high-quality financial products and services at rates
 superior to commercial banks and other financial institutions. Founded in
 1935, the institution provides savings and checking accounts, loans for
 virtually every need, mortgages, investment services and credit cards.
     The USSFCU offers account access through its branches in the Senate Hart
 Office Building and the General Accounting Office in downtown Washington, and
 its branch on Eisenhower Avenue in Alexandria. The Credit Union is also
 accessible through the Internet, its telephone banking service, and at Credit
 Union Service centers in Rockville, Falls Church, Springfield and Marlow
 Heights. Members include employees and families of the U.S. Senate and staff,
 the Architect of the Capitol, the Supreme Court of the United States, the U.S.
 Capitol Police, the General Accounting Office and several other associated
 groups. The USSFCU maintains a Web site at http://www.ussfcu.org .
 
 SOURCE  United States Senate Federal Credit Union