| ||
|
Dear Member, During this time of reflection and celebration, the staff and board of Catalyst Corporate Federal Credit Union are very pleased to report that Catalyst's first two months of operations far exceeded expectations. During September, Catalyst's return-on-assets was .35 percent, as compared to the forecast of .04 percent. The coverage ratio (net fee income divided by operating expense) was 102.9 percent, as compared to the forecast of 82.9 percent. Catalyst's interim leverage ratio was 4.75 percent, as compared to the 4.56 percent forecast. During its second month, Catalyst achieved well-capitalized status (with a 5.01 percent leverage ratio)—an accomplishment that was not forecast to occur until 2013. The leadership team of Catalyst is working purposefully to execute the business plan that was presented during webinars and town hall meetings over the past year. Beginning with the October 2011 Statement of Financial Condition, Catalyst is posting on its website a "Member Dashboard" progress report that will compare several target ratios that were listed in its business plan alongside Catalyst's actual performance. In addition, Catalyst will include updates on non-statistical commitments that were made and have been fulfilled. As of November 18, Catalyst has 890 capitalized members with more than $95 million in perpetual contributed capital (PCC). Further, Catalyst has seven verbal commitments from credit unions in the process of completing membership paperwork for $986,000 in PCC. Thirty-one additional credit unions are in the process of evaluating Catalyst. And, capitalized members are busy adding new services and anticipating the rollout of mobile banking, mobile capture and lockbox processing services early next year. In addition to sharing the good news above, staff and board would like to take this opportunity to express their deep appreciation for the support and confidence you have placed in Catalyst. The goal, and genuine desire, of the leadership of Catalyst is to exceed your expectations going forward. In closing, on behalf of the entire Catalyst team, I wish you and your loved ones a glorious holiday season. After celebrating Thanksgiving, and as we look forward to Christmas and the beginning of a new year, we are extremely grateful for the opportunity to serve you. Sincerely,
Catalyst Corporate Federal Credit Union
|
||