Strengthening the Foundation for Meaningful Growth
As our name suggests, community is the bedrock of who we are.
After turning the page on a difficult and unpredictable 2020, we were more determined than ever to build on the incredible partnerships we’ve forged with our members and communities through enhanced services, expanded locations, and a variety of sponsorships and grants. We even took the opportunity to celebrate our 85th birthday by spreading random acts of kindness (read on to learn more).
We’re just as convinced now as we were 85 years ago that this commitment to community is what makes meaningful growth possible. As we take a moment to look back at the highlights from 2021, we also look forward to the next 85 years of helping our members and communities reach their goals.
Safety, reliability, and convenience
Always striving to be a trusted financial partner, SELCO worked diligently in 2021 to create and reinforce secure and convenient ways for our members to do their banking. Here are a few examples:
- Meeting people where they are. In 2021, SELCO continued to offer webinars for members to attend from the comfort of their homes, including for Medicare education (which are ongoing), Medicare Open Enrollment, and investment advice (these will be quarterly going forward). We saw record numbers of participants attend these webinars, so we’ll continue to offer them while gradually re-introducing in-person sessions.
- A new and improved website. You may have noticed that we recently launched a new sleek, modern-looking selco.org. The majority of this work happened in 2021, and it took a village to ultimately make it a reality in 2022. Thanks to a responsive design, new and enhanced financial tools, a revamped financial education hub, and much more, your selco.org is faster, more robust, and easier than ever to use.
- Tap-to-pay contactless cards. In 2021, SELCO rolled out contactless credit and debit cards. This fast, easy, and secure method of payment is yet another convenient way for our members to go about their daily lives. If you haven’t received your contactless card, it’ll be on its way before your current card expires.
SELCO turned 85 in 2021, and we couldn’t think of a better way to celebrate than by saying thank you to our communities that have made it possible to serve you all these years. Throughout October and November, SELCO team members from every branch and department surged past a lofty goal of 85 Acts of Kindness by saying thanks in nearly 300 ways.
We extended this appreciation through our annual grants, scholarships, and sponsorships, donating nearly $185,000 to educational and community partners in 2021. Here are some highlights:
SPARK! Creative Learning Grants. In 2021, SELCO provided over $54,000 in supplemental funding as part of its SPARK! Creative Learning Grants program. All told, these funds allowed 64 educators from 55 schools all across Oregon to engage their students with creative classroom projects. These activities included:
- “Rubik’s Cubes for Competition”—providing a set of magnetic speed cubes to a cubing team.
- “Amplifying 2D Art with the Power of a Press”—exploring the art concept of positive and negative space through use of a manual press.
- “Domo Arigato Mr. Roboto”—using robotics to learn a number of skills.
“Thank you so much for the grant that allowed my students to explore the world of coding. With the grant, I purchased six Ozobots (activity pictured above) that students use in groups. So far, we have explored the basics of coding and these first-graders caught on so quickly, they request to use the Ozobots every day!”
- Brooklyn Walker, Malabon Elementary School teacher and SPARK! Creative Learning Grant recipient
Community sponsorships. In 2021, SELCO collaborated with dozens of new and existing nonprofits to support our communities in meaningful ways, including:
- Liberty House. SELCO has partnered with Liberty House, a child abuse assessment center in Salem, since 2015. And for the past two years, we have sponsored their facility dog, Eli, who is specially trained to support children while they talk through their experiences during forensic interviews. SELCO covers veterinary services, food, and miscellaneous expenses for Eli, who has served over 600 children during his four years at Liberty House. As a way to say thanks for all Eli does, in October, we threw a 6th birthday party for him at our Salem Branch.
- Kids Club of Harney County (SELCO Homework Heroes). After SELCO Homework Heroes went on hiatus because of the pandemic, SELCO jumped at the chance to get it up and running again in 2021, providing kids in Harney County a safe and welcome place to sharpen their reading and comprehensive skills. As the presenting sponsor of the program, SELCO provides all funding for educators and much-needed after-school snacks.
- The GROW Project at Willamalane Park and Recreation District. The goal of this program is to remove as many barriers as possible for people in the community to experience the benefits of home gardening. As the presenting sponsor, SELCO helped offset Willamalane’s material costs, and our volunteers helped cut down on labor costs by assembling raised-garden beds and kits.
- Peer Support 541 (PS-541). This program through Jackson Street Youth Services in Albany and Corvallis is designed to help young adults ages 16-24 build useful life skills such as communicating with peers, overcoming fears during a job interview, and shopping on a budget. Through programs such as this, Jackson Street strives to prevent homelessness by showing youths a path to long-term success.
SELCO Scholarships. SELCO continued its tradition of supporting students seeking higher education by awarding $2,500 scholarships to 20 worthy high school seniors in 2021. For the second year, one applicant was chosen for the Richard Metzler Opportunity Scholarship, a $5,000 scholarship awarded to a graduating senior who, despite adversity or lack of opportunity, has demonstrated excellence in education, leadership, or civic responsibility. Once again, the ceremony was held virtually, hosted on Instagram Stories and featuring highlights of all of the recipients from across Oregon. The full ceremony was saved to SELCO's Instagram Highlights. If you have an Instagram account, go check it out.
SELCO enjoyed a banner 2021 financially and operationally, hitting a few milestones along the way. For the first time in our long history, SELCO surpassed 400 total team members. We also finished the year by crossing two financial thresholds—$2.5 billion in assets ($2.6 billion) and $2 billion in deposits ($2.3 billion), while finishing the year with $1.4 billion in loans.
Beyond our financial successes, we’re proud to share a few of the year’s other noteworthy accomplishments:
- North Redmond Branch. SELCO began construction of a new full-service branch in North Redmond that is set to open in spring 2022 and will expand our presence in Central Oregon.
- Corporate headquarters transition. SELCO prepared its Springfield headquarters for occupancy, including migrating the technology infrastructure, and non-branch support teams began returning to the office in late 2021.
- Major internal reorganization. Coinciding with the consolidation of personnel in our new headquarters, SELCO underwent one of the most significant restructurings in its 85-year history. In addition to showcasing the outstanding work done by team members across the organization, this helps the organization achieve even greater efficiency in operations and build upon our commitment to exceptional member service.
“We believe that evolving to meet members’ changing needs, operating efficiently, and recognizing outstanding team members for their contributions help set SELCO apart. I’m proud of where our team has taken us. Thanks to their commitment and leadership, we can look forward to serving members another 85 years and beyond.”
- Bob Newcomb, SELCO President & CEO
To achieve our mission to improve our members’ social and economic position, we use four guiding principles to help shape our strategic and operational decisions: Safety and Soundness, Strategic Positioning, Quality Personal Service, and High Return to Members. Below are just a few of our noteworthy accomplishments for 2021 in each of these areas:
Safety and Soundness: SELCO generated solid earnings and produced an ROA (return on assets) that exceeded projections and peer comparisons. However, the extraordinary deposit growth resulted in a decline to the capital ratio, which ended the year at 9.84%. This ratio is considered well capitalized per the industry’s standards for a safe and sound credit union as determined by the NCUA, the credit union industry’s federal regulatory body. In 2021, state and federal examiners provided SELCO with a fully favorable examination report.
Strategic Positioning: SELCO’s 2021 Strategic Plan included multiple initiatives intended to better position the organization for the future. There was significant work done to design and build a more robust website; efforts to develop new products and service enhancements; and steps taken to improve the digital experience for members.
Quality Personal Service: In 2021, SELCO branches processed more than a million transactions for our 143,500 members. We funded 19,500 loans totaling $642 million. SELCO Mortgage funded 1,904 mortgages totaling $535 million, SELCO Insurance Services wrote 2,396 policies, and SELCO Investment & Retirement Services managed $395 million in member investments.
High Return to Members: In 2021, SELCO provided direct benefits to members through lower account fees, higher interest rates on savings and checking accounts, and lower interest rates on loans. We continued to help SELCO members borrow sensibly, save smarter, and invest wisely with our comprehensive product and service offerings coupled with industry-leading rates.
Thank you for joining us for a review of our 2021 Annual Highlights—and for choosing SELCO as your financial partner. We exist because of you.