First Quarter |  March 15, 2017 IDB IIC FCU

William L. Lusk, Jr.

State of the
Credit Union​

by William L. (Chip) Lusk, Jr., CEO
News Release: Credit Union Announces Special Dividend and Accomplishments of the Past Year

Dear Valued Member,

"We are what we repeatedly do. Excellence, therefore is not an act, but a habit.” – Aristotle

As a runner, I have learned that excellence in running does not happen overnight. In order to improve at running, it takes practice, discipline, and hard work. Excellence in banking is no different. At the credit union, the embodiment of excellence occurs through our team´s rigorous pursuit of continually improving our products and services for you.

This month marks my one-year anniversary with the credit union. The past year began with listening and learning, as well as honoring those who led the credit union before me. With an appreciation of the past, we turned our efforts towards the future, launched several exciting new products and services, and maintained a keen eye on profitability and financial strength. Highlights of the past 12 months include:

  • Online account applications were introduced to enable our members to establish share and deposit accounts through an electronic channel – now members may open accounts from anywhere in the world;
  • Payment solutions were improved by reissuing debit and credit cards with EMV security chips, as well as adding Apple Pay to enable electronic debit card payments from your iPhone;
  • Travel notifications were simplified with a user friendly button on our website’s homepage;
  • Membership onboarding program was formalized beginning with a professional video introduction of the credit union followed by scheduled, methodical communications with new members to provide education regarding the products and services throughout their first year of membership; 
  • Fund raising efforts were established to align member behavior with relief support for earthquake damage in Ecuador and, most recently, fire damage in Chile;
  • Profitability and financial strength were improved in 2016 over 2015 – our net income and capital ratio were $4.7 million and 11.83%, respectively, for 2016, compared to $4.3 million and 11.68%, respectively, for 2015; and
  • A special dividend in the amount of $500,000 was declared by our Board of Directors for members of record as of December 31, 2016 and payable on March 31, 2017.

While the challenge of excellence is a never ending pursuit, the fruit of excellence is sweet, as it leads to meaningful accomplishments. As such, I am grateful for our hard working, collaborative team who continues to raise the bar of excellence for service standards, product delivery, and process improvements.

There is no better place for our members to bank than with the IDB-IIC Federal Credit Union. We hope that you agree and will encourage your family members to join our cooperative to take advantage of our strong savings rates, our low mortgage rates, and our convenient online banking solutions. As you know, once a member, always a member!

Thank you for your business, trust, and support as we continually pursue excellence. As always, if you have any questions, don’t hesitate to contact us. We are here for you.


William L. (Chip) Lusk, Jr.
William L. (Chip) Lusk, Jr. 
Chief Executive Officer
IDB-IIC Federal Credit Union