JM Associates 2017 Annual Report

JM Associates 2017 Annual Report

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Chairman's Report, April 2018 Dear Member, JM Associates Federal Credit Union (JMAFCU) is a federally chartered, not-for-profit, member- owned financial institution. As a single employer group Credit Union, our main focus is serving the financial needs of the associates and immediate family members of JM Family Enterprises. Our 36th year has been another productive year for JMAFCU. As of December 31, 2017, our Credit Union has over $106 million in total deposits. In addition to deposit growth, JMAFCU was recognized by the Jacksonville Business Journal as one of the top Credit Unions in our area. On October 16, 2017, we received a letter of congratulations on this significant accomplishment from Florida Governor Rick Scott. JMAFCU is truly a special institution that is even recognized by our governor. Last year, the U.S. economy strengthened, and the Federal Open Market Committee raised the current federal funds rate. Our management team has again provided JMAFCU strong financial results. During the year, your board spent a significant amount of time reviewing our investment portfolio to confirm it is performing at the level that balances our return with safety. The JMAFCU associates, board of directors and management team have dealt with many financial and regulatory issues throughout the year and have effectively resolved all challenges. We continue to work with all of our business partners to ensure that they are providing best-in-class service to our Credit Union. During 2017, JMAFCU executed a reorganization plan that has resulted in new ideas and leadership opportunities at our various locations, and we have focused on cross-training to reinforce our commitment to have a well-diversified group of associates that can effectively respond to any challenges our Credit Union could face. Cybersecuity again has been a primary focus during 2017. The recent upgrade of our mobile app and other technological improvements demonstrate our commitment to keeping your information secure. I have been honored to serve as your Chairman for the past few years and am fortunate to have received many compliments about the JMAFCU associates. Their dedication to member satisfaction and service does not go unnoticed and is greatly appreciated. I would also like to thank the many volunteers of JMAFCU who have devoted a significant amount of their time to our organization. These volunteers, with their respective expertise, have made a positive impact on our financial results. On behalf of the board of directors, I especially want to thank JM Family and the Moran family for their continued support. JMAFCU is your Credit Union, and we look forward to many more successful years. Larry Jaffe Chairman of the Board 2 JM Associates Federal Credit Union •

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