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	Annual Report (PDF format)
	2007
Dexter Credit Union's 59th Annual Meeting Dexter Credit Union's 59th Annual Meeting was held at St. Matthew's Church Hall in Central Falls on Tuesday, February, 12, 2008. At this year's Annual Meeting the following members were elected for a three (3) year term on the Board of Directors: Roy Silva, Marisol Garcia, and Angelo Lanni. The following Directors were elected as Officers at the 59th Organizational Meeting of the Board of Directors that was held on February 12, 2008: Roy Silva, Chairman of the Board Angelo Lanni, First Vice-Chair Mark Enander, DPM, Second Vice-Chair Marisol Garcia, Secretary John A. Soares, III, Treasurer Board of Directors - 2008 The Board of Directors consists of nine members. Three members are elected each year at the annual meeting of shareholders for a period of three (3) years. Mark W. Enander, DPM* Marisol Garcia* Senator Daniel J. Issa Angelo Lanni* Henry F. Lavoie Robert W. LeBlanc Roy Silva* John A. Soares, III* Elected as Officers at the 59th Organizational Meeting of the Board of Directors on February 12, 2008. Supervisory Committee – 2008* Stephen J. Angell, Esquire, Chair Thomas P. Kiley, CPA Credit Committee – 2008 Joseph Brunelle John E. Laboissonniere
Chairman of the Board's Message - Year in Review - 2007
Dear Members: As the Chairman of the Board of Directors, I am proud of Dexter Credit Union’s past, how we have grown and what we have accomplished for nearly 60 years. The credit union’s success is directly attributed to the loyalty and support of our membership, and our goal is to continue to move the credit union forward and maintain our members’ trust. In my role as Chairman, I have had the pleasure to work with the highly dedicated volunteers who serve on Dexter Credit Union’s Board of Directors, Supervisory and Credit Committees. These individuals are focused on fulfilling the mission of the credit union as a cooperatively owned financial institution run for the benefit of our member owners. I would also like to recognize the diligent efforts of our management team and staff in delivering outstanding products and services that continue to enhance the value of membership for our members. At Dexter Credit Union, we are committed to providing highly competitive products and services to best meet the needs of our members. Whether we are offering encouragement and education on saving for the future or providing a financial solution on purchasing or refinancing a home, making home repairs, buying a new or used automobile, or debt consolidation, Dexter Credit Union is making a difference for its members and the communities we serve. We recognize that our members’ trust is our most valuable asset. As such, we strive to maintain the level of confidence placed in us. As a credit union, we will continue our efforts to be the highest value provider of financial services. As a Board of Directors, we are committed to performing our fiduciary responsibilities, maintaining the highest standards of ethical behavior and approving policies to safeguard our members’ assets and protect their privacy and confidential information. On behalf of the Board of Directors, I would like to personally thank our valued members for their trust and continued support. We look forward to assisting you with your financial needs now and in the future. Robert E. Bradley, Sr. Chairman of the Board
President and Chief Executive Officer's message:
Dear Members: In 2007 Dexter Credit Union had a successful year of accomplishments. Several innovative products and services were introduced allowing the credit union to offer better value and improved service to our members while positioning the credit union for future success. The success that we have achieved over the past year was the result of an outstanding and dedicated team of individuals working together to successfully address financial and operational challenges for the benefit of our members. As the President and Chief Executive Officer, I am pleased to work with a team of professionals that includes our Board of Directors, committees, management and staff. This team approach allows our group of knowledgeable and talented volunteers and employees to share a vision that ensures that we can and will make a difference in our members’ financial security and in the communities they live. For nearly 60 years, Dexter Credit Union has continued to grow and evolve to better serve the needs of our members, and I am grateful to the members for their support in using the credit union’s broad range of products and services. Dexter Credit Union is a financial services cooperative that is owned by and operated for the benefit of our members. As such, we are committed to maintaining the “people first” philosophy that we believe affords us a competitive advantage in a highly competitive and often times impersonal financial services industry. Our goal is to provide the outstanding products and services that will ensure a secure financial future for Dexter Credit Union and its members. During the past year, Dexter Credit Union has continued its tradition of providing outstanding value for members by implementing many new product and service enhancements. On the savings side, we offered highly competitive rates and terms on our Certificates of Deposit and IRA Certificates and introduced an Xtra Money Market high-yield savings account. We also introduced a new suite of services for our business members that includes free business checking, business savings accounts, commercial real-estate loans, secured and unsecured business lines of credit and merchant card services. Additionally, the credit union has been successful in promoting a variety of specialized real estate financing and refinancing programs as well as competitively priced fixed rate and home equity line of credit loan programs with no closing costs and low introductory rates. The credit union strives to improve financial literacy in the community as evidenced by the success of the Coin Savers Club school savings program, now in its twelfth year, available to students in the Central Falls School District and Saint Elizabeth Ann Seton Academy. We have also established a partnership with Central Falls High School to implement a financial literacy curriculum that includes a Financial Literacy Fair. This fair will allow business department students an opportunity to interact with the credit union and other selected businesses as consumers and learn the importance of budgeting, financial planning and making wise purchasing choices. In looking ahead, we remain committed to offering the highest value of products and services to better serve the ever changing needs of our members. We are thankful to our members for supporting Dexter Credit Union, and we look forward to being your financial partner and primary banking institution. Thank you for choosing Dexter Credit Union. William B. Brownell President and Chief Executive Officer

Treasurer and Senior Vice President/Chief Financial Officer's Message:

Dear Members:

We are pleased to report that 2007 was another successful year financially for Dexter Credit Union. In review of the credit union’s financial condition, as of December 31, 2007, assets totaled $98.3 million. During 2007, the credit union continued to maintain deposit growth as a result of competitive pricing of our regular and IRA Certificates of Deposit and the introduction of a high-yield money market savings account. As of year end, total deposits were $85.9 million. Deposits at Dexter Credit Union are federally insured by the National Credit Union Administration and backed by the full faith and credit of the United States Government. The credit union also returned over $2.7 million in dividends and interest to the members, which represents an 18% increase or an additional $412,000 over the previous year.

Paul R. Brousseau CFO Loans outstanding as of year end, less the allowance for loan losses of $115,578, totaled $64.9 million. Even with the uncertainties of the economy and the fallout of the sub-prime market debacle, the credit union maximized its ability to offer highly competitive mortgage loan rates, and many of Dexter Credit Union’s members had the confidence to turn to the credit union to purchase or refinance their homes. Owning a home is the foundation of individual financial security, and home ownership is critical for creating strong communities. All of us at Dexter Credit Union are proud of the fact that in 2007, we provided financing for 162 residential real estate and home equity loans totaling $9.3 million. Additionally, the credit union provided financing for other provident and productive purposes including new and used automobile loans, personal secured and unsecured loans and member business loans in the amount of $3.4 million.

Capital or total surplus is a measure of Dexter Credit Union’s soundness and its ability to adjust to fluctuating market situations. A strong capital position affords the credit union the flexibility to provide the products and services that our members need for their personal and business financial wellbeing and success. At year end, the credit union’s capital including reserves and undivided earnings totaled $12 million and represented a capital to asset ratio of 12.26 percent. Based on the strength of the credit union’s capital, it is clear that the credit union is securely positioned to assist our members in meeting their future financial goals.

We would like to thank the valued members of Dexter Credit Union for your loyalty and support and look forward to continuing to serve your financial needs.

Daniel G. Hamel, CPA

Treasurer

Paul R. Brousseau

Senior Vice President and Chief Financial Officer

THE EDUCATED WAY TO SAVE!
	Dexter Credit Union's Coin Saver Club, a school savings program designed to teach children important life skills in managing finances, successfully kicked off its 12th year in the Central Falls School District and Saint Elizabeth Ann Seton Academy (Grades K-8).
Since its inception in 1996, the program has grown to over 2,000 students participating. On an annualized basis, participating members are rewarded with an end of the school year celebration and receive Certificates of Achievement for saving effectively.