Years of History and Counting By Hal Carroll President SJCU

75 Years of History…and Counting By Hal Carroll, President, SJCU The creation of credit unions in the early 1930s was a direct response to banking failures at the onset of the Great Depression. From 1929 to 1940, over 9,000 U.S. banks failed with depositors losing an estimated $140 billion (in today’s standards, the loss would calculate to over $2.1 trillion dollars). The banking devastation in the 1930s was massive. As a reference point, the total cost of the S&L crisis in the 1980-90s amounted to $152 billion, an amount only 1/14th the size of the Depression era banking failure losses. Plus, while the government absorbed the majority of the losses in the S&L crisis, the bank depositors took all the losses in the earlier banking crisis, since there was no government depository insurance. Credit unions were created to help build the public’s trust and faith in U.S. Savings institutions. The credit union experiment worked. Today, credit unions play a key role in the financial service marketplace, while maintaining the same focus of “not-for-profit but for service.” There are approximately 8,600 credit unions in the United States, serving about 87 million members. In California, there are over 540 credit unions serving almost 10 million people. Still, credit unions only hold a little over 6% of the combined assets of depository institutions. 75th Anniversary The Credit Union's first year-end Financial Statement dated December 31, 1932 (above). 1932 Fast Facts • The Great Depression was in full force • • U.S. unemployment rose24%24% U.S. unemployment rose to to • • President Herbert Hoover lost his President Herbert Hoover lost his reelection bid to to FranklinRoosevelt reelection bid Franklin D. D. Roosevelt • The U.S. population equaled 125 125 million • The U.S. population equaled million • • Los Angeles, CA hosted the Summer Los Angeles, CA hosted the Summer Olympics & Olympics &NY hosted theNY hosted Lake Placid, Lake Placid, Winter Olympics • The Great Depression was in full force “Be assured, SJCU is financially strong and is ready to embrace the next 75 years.” - Hal Carroll Established in 1932, San Jose Credit Union is the ninth oldest credit union in California. SJCU has assets of $115 million and capital of over 12%. A credit union that exceeds 7% capital is considered “Well Capitalized” by credit union regulators – the best designation given. Be assured, SJCU is financially strong and is ready to embrace the next 75 years. the Winter baby was • The Lindberg Olympicskidnapped • The Lindberg his fi was kidnapped • Walt Disney wonbabyrst Academy • Walt for Mickey Mouse Award Disney won his first Academy • A postage stamp rose from $.02 to $.03 • •Gasoline sold for $0.10 per gallon Gasoline sold for $0.10 per gallon • •Average home cost was $6,515 Average home cost was • A Award for Mickey Mouse to $.03 postage stamp rose from $.02 SJCU is only where we are today because of the loyalty and quality of our members. All current and former members should be proud of the credit union that has been built. You can expect the continuation of new services and more value to your membership for years to come. DISCO UNT TICKE TS DISCOU NT TI C KETS Discount Tickets are based on availability and prices subject to change without notice. TICKETS ARE NON-REFUNDABLE. Please call to check availability. AMC Theatre SILVER* GOLD (No restrictions) SJCU $6.00 $7.50 Retail $10.00 $10.00 Retail $49.99 $49.99 Retail $46.95 $10.00 Retail $28.95 Northstar or Sierra-at-Tahoe Lift Tickets SJCU Adult (ages 23+) $53.00 Young Adult (ages 13-22) $44.00 Child (ages 5-12) $15.00 Monterey Bay Aquarium Adult (ages 18-65) Senior (ages 66+) Student (ages 13-17) Child (ages 3-12) Raging Waters General Admission Season Pass Gilroy Gardens Family Theme Park General Admission SJCU $21.95 $19.95 $19.95 $12.95 SJCU $19.99 $38.99 SJCU TBA Retail $69.00 $59.00 $24.00 Retail $24.95 $22.95 $22.95 $15.95 Retail $27.99 $58.99 Retail TBA Disneyland Park Hopper Adult 2-Day (ages 10+) Child 2-Day (ages 3-9) *Adult 3-Day (ages 10+) Child 3-Day (ages 3-9) SJCU $115.90 $96.90 $116.10 $116.10 Retail $122.00 $102.00 $159.00 $129.00 *Not valid the first 2 weeks of a movie’s release. Six Flags Discover Kingdom (formerly Marine World) SJCU Spring Break Special $19.99 General Admission Great America General Admission Parking Santa Cruz Beach Boardwalk 1-Day Unlimited Rides $24.99 SJCU $29.95 $5.00 SJCU $21.95 *Valid through April 15 only. Includes free parking Universal Studios Hollywood 1-day + get 2 Days Free SJCU Retail Adult/Child $46.00 $61/day SeaWorld San Diego 2-Day SJCU Adult $43.50 Child (ages 3-9) $38.00 Legoland Adult/Child SJCU $40.00 Retail $56.00 $46.00 Retail $57.00 Page 3