Accomplishments and Achievements On April converted charter to a by bigmekahlo

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									2006 Accomplishments and Achievements
On April 3, 2006, converted charter to a community-based credit
union serving the entire Berks County and Tri-County region.

Reached 100% employee participation to the United Way for the
fourth consecutive year in addition to Diamond’s support of over
18 community events.

Continued to develop Mortgage programs by offering over 150
products and enhancing on-line presence.

Developed the success of the Reading Member Service Center with
over $20 million in deposits and a growing membership.

Generated, with our business partners and membership, a total
donation of over $32,000 for the American Cancer Society.

Redesigned the entire electronic delivery package including the
web site and on-line banking.

Implemented the Fresh Start Loan program - a creative, alternative-
lending product to assist membership re-establish credit.

Held a record number of member education programs and seminars
providing resources to membership to make wise financial decisions.

Evaluated Diamond Credit Union’s Financial Advisory Services program
by providing depth in meeting family goals with a trusted advisor.

Elevated our Business Partners by developing a relationship with an
additional 20 local businesses.

Achieved Pennsylvania Department of Banking’s highest ranking for
the eleventh consecutive year.

Received The Pottstown Mercury Readers’ Choice Award for the
best Credit Union in the Tri-County region.

Received Berks County Living magazine People’s Choice 2007 Award
for the best Credit Union in Berks County.
“The world hates                      Board Chairman’s Report
change, yet it is
the only thing                       Change and Progress: Two            indication, will be filled with additional products, services,
that has                             words that have been used           delivery channels and value of membership.
brought                               time and again to describe         An individual who has experienced the most change at the
progress.”                             Diamond Credit Union’s            credit union and has meant so much to the deep history of
                                     success.                            Diamond Credit Union is Mr. Alfred A. Panfile. After 33

- Charles Ketering                  Throughout Diamond’s rich            years on the board, Al will be stepping down as of the 2007
                                    59-year history the credit union     Membership Meeting. Al has held several positions with
                                   has been driven by the                Diamond Credit Union’s Board of Directors including
                                  relationships established with         Membership Officer, Vice President and most recently the
                                 over 200 local businesses. These        position of Treasurer for 16 years. When Al began to serve
                                 partnerships have propelled             on the board, the asset level of the credit union was at $4
                                    Diamond Credit Union to grow         million serving 2,800 members. In 2004, the Board of
                                       at a rate that is well above      Directors officially named Diamond’s annual scholarship the
                           the industry average and the credit           Alfred A. Panfile Academic Scholarship. It would be
      union’s dedication to these partnerships will continue to          impossible to print all the contributions Al has made to the
      flourish. On April 3, 2006, as a strategic move to ensure          success and changes at Diamond Credit Union.
      future success, Diamond modified its charter structure to          On behalf of the Board of Directors, the staff of Diamond
      enhance our ability to serve even more consumers in the            and the entire membership, I wish to express my sincere
      entire Berks County and Tri-County region.                         appreciation to Al for what he has meant to the past and
      This strategic charter direction sets the table for Diamond        the future of Diamond Credit Union.
      Credit Union’s future. By increasing our market from
      100,000 consumers to over 700,000 gives Diamond the
      opportunity for future growth. Although the charter change
      is only one of the many accomplishments in 2006, and is            Herbert N. Yost, Board Chairman

      still in its infancy, it’s a move that positions Diamond Credit
      Union for the future…a future that, if the past has any



      2006                 Herbert N. Yost, Chairman                  Marcia J. Levengood, Secretary           Robert Tomascik
                           Patrick M. Austin, Vice Chairman           Alfred A. Panfile                        Clark Caughey
      Board of             Eugene F. Carter Jr., Treasurer            Robert C. Orlando                        Alexandra C. Nasuti
      Directors

      Annual               The 60th annual membership meeting of Diamond Credit union will be held at 5 PM on
                           Tuesday, March 6, 2007, at Diamond’s Pottstown Office, 1600 Medical Drive, Pottstown, PA.
      Meeting

      Annual                During 2006, the Board of Directors hired the independent accounting firm of Reinsel Kuntz Lesher,
                            LLP, Reading, PA to conduct quarterly audits and a comprehensive annual audit. Reinsel Kuntz
      Audit &               Lesher, LLP, has expressed an unqualified opinion that the financial statements present fairly, in all
      Examination           material aspects, the financial position of Diamond Credit Union. This opinion further indicates that
      Report                results of our operations conform with generally accepted accounting principles.



      New                   Berks County Intermediate Unit        KB Alloys, Inc. &                    Muhlenberg School District
                            (BCIU)                                Reading Alloys, Inc.
      Business                                                                                         Nassau Broadcasting, LLC
                            Boat N RV Superstore                  Lamar Advertising Co.                (dba WBYN)
      Partners
                            Chiyoda of America Inc.               ManorCare Health Services            Olivet Boys and Girls Club of
      in 2006:                                                                                         Reading & Berks County
                                                                  Martin Stone Quarries Inc.
                                President/CEO’s Report                                                                “Change is the
                                                                                                                      law of life. And
At Diamond Credit Union we’re mindful of the past while         ♦ The only credit union to be
                                                                                                                       those who look
consistently striving to provide excellence in everything           awarded The Pottstown                             only to the past
we do for our membership and always maintaining a clear             Mercury Readers’ Choice                             or present are
eye on the future. It’s what we, as your financial                  Award and the People’s Choice                       certain to miss
institution, can expand upon to provide you with the                Award in Berks County.
                                                                                                                           the future.”
technology, products and services that make a difference        ♦ Established a leadership role
in your financial life.                                             as a consumer credit advisor
                                                                                                                         -John Kennedy
During a year of uncertain economic climate, 2006 proved            with our unique CreditCare
to be one of the most successful in the history of                  program and Fresh Start Loan
Diamond Credit Union. Thanks to the leadership of the               product.
Board and the dedication of Diamond’s staff, growth of          ♦ Diamond Credit Union is the
the credit union substantially outperformed peers with              only credit union to serve both
loan growth increasing by 9.57% and deposit growth by               the Tri-County and Berks
over 8.22%. In addition, use of electronic delivery channels        County region.
have been well accepted by membership with online
                                                                Diamond has been able to propel into the elite of not just
banking usage up over 18% and Bill Payer usage up over
                                                                credit unions, but financial institutions as well. The
28%. Our entire membership should be proud of these
                                                                Diamond leadership team is extremely enthusiastic about
additional highlights in 2006:
                                                                our growth potential in 2007 and beyond. Our goal is to
♦ Of the 627 credit unions in the state, Diamond Credit         continue to spread the word of Diamond’s value and
  Union now ranks as the 18th largest credit union in           service throughout the community, leaving consumers
  Pennsylvania.                                                 saying, “Diamond Credit Union…I Want That!”
♦ Diamond’s efforts in the Pottstown American Cancer
  Society’s Relay for Life assisted the event in achieving a
  ranking of #8 in the world!
                                                                John M. Faust, President/CEO




                ♦Research and establish a branch expansion               ♦Enhance the Diamond’s brand in the region
2007
                  strategy in Diamond’s defined region.                   through mass media and community programs.
Goals
                ♦Re-introduce an auto balloon-lending program.           ♦Review of additional credit union services
                                                                          including:
                ♦Expand access to Diamond accounts through:
                                                                               − Commercial service for small businesses
                     − Research of expanded hours
                                                                               − Health savings accounts
                     − Develop creative deposit solutions
                                                                         ♦Establish staff service training and develop
                     − Continue to implement electronic tools
                                                                          programs to expand Diamond’s relationship with
                                                                          current and future members.




Reading Berks Association                 Reading Truck Body, Inc.                     UtiliTech, Inc.
of Realtors                               Stratix Systems (formerly Copy World)        Westlawn Graphic
Reading Express, LLC                      Strategic Analysis Inc.                      Williams Metalfinishing Inc.
Reading-Muhlenberg Area                   Teleflex Incorporated
Vocational Technical School
                                                Treasurer’s Report                                        “2006 presented
                                                                                                            many economic
Diamond continued impressive growth figures in 2006 while making considerable capital
                                                                                                             challenges for
investments throughout the organization. With assets increasing 9.03%, shares at 8.22%                         businesses,
and loans increasing 9.57%, we continue to produce results that achieve national                             but Diamond
recognition. Member growth brings total membership to 30,159. Aggressive lending                              continued to
with limited delinquency is the backbone of Diamond’s financial success. Capital ratio
                                                                                                                   produce
levels remained strong throughout the year and conclude with an 9.26% mark.
                                                                                                                impressive
As a leader in asset-liability management, we continue to maintain exceptional
                                                                                                                   results.”
results. The strength of our balance sheet lies in the quality of assets, with no
inherent liquidity or interest rate risk.




Eugene F. Carter Jr., Board Treasurer

                                         Financial Statement - December 2006
OPERATING STATEMENT                                      2006       BALANCE SHEET                                      2006
Operating Income                                                    Assets
Interest on loans                                 15,238,331        Loans (net)                                205,502,384
Income from other investments                      1,628,032        Cash                                        21,593,808
Other income                                       4,568,089        Investments (net)                           17,311,941
Total Operating Income                            21,434,452        Fixed Assets                                 7,637,309
                                                                    Other Assets                                 9,054,984
Operating Expenses
                                                                    Total Assets                               261,100,426
Compensations and Benefits                         4,927,214
Office Operations                                  2,048,144
                                                                    Liabilities and Equity
Education and Promotions                            426,355
                                                                    Liabilities                                  2,685,192
Professional Services                              1,176,429
                                                                    Shares                                     234,226,861
Other Expenses                                     2,959,392
                                                                    Reserves                                     3,281,165
Total Expenses                                    11,537,534
                                                                    Undivided Earnings (net)                    20,907,208
Income from Operations                             9,896,918        Total                                      261,100,426
Non-Operating Gains                                     18,092
Income before dividends                            9,915,010        Total Number of Members                        30,159
Dividends                                          7,186,762
Total Operating Income                             2,728,248




KEY         2006                2005             2004


SHARES in millions                     LOANS in millions
193.8                                  176.4


216.4                                  187.7


234.2                                  205.5
                                                                        POTTSTOWN OFFICE       READING HOSPITAL OFFICE
                                                                        1600 Medical Dr.       6th Ave. & Spruce St.
ASSETS in millions                     MEMBERSHIP
                                                                        Pottstown, PA 19464    West Reading, PA 19611
214.7                                  26,971                           READING OFFICE         Phone: (800) 593-1000
                                                                        1500 Ethan Dr.
                                                                        Wyomissing, PA 19610   Website: www.diamondcu.org
239.5                                  29,530


261.1                                  30,159

								
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