Saugus Celebrates Success at 70th Annual Meeting
SAUGUS, Mass. -- The Saugus Federal Credit Union 70th annual meeting proved to be a time for celebration.
According to SFCU Board Treasurer Ted Nickole, while other financial institutions in the country have been reporting negative results for 2007, Saugus FCU had another positive year.
"I am pleased to tell you that even with all the negativity in the financial markets around us, we were able to have another profitable year," Nickole said to attendees. "We have many new expenses with the opening of the new main office, and we are working diligently to ensure our continued success. Although things have been more difficult, we continue to makes strides as we prepare the credit union for the future."
In addition to the positive results, SFCU realized several monumental achievements and the successful completion of several major projects during the past year, including the opening of the main headquarter in September and the opening of the Saugus Financial Insurance Agency in April 2007.
"The opening of this spectacular new office is indeed the highlight of the past year," said SFCU Board Chairman William Doyle. "We waited a long time for building's completion and the grand opening, and we were not disappointed."
Doyle also acknowledged the hard work of SFCU Executive Vice President Deirdre Festa who served as project manager and onsite coordinator for the building construction.
Among the milestones highlighted included the acquisition of the former David A. LeBlanc Insurance Agency, a move that was made to ensure the continuity of superior service to SFCU members in the future, added SFCU President John Smolinsky.
"The opening ofSaugus Financial Insurance Agency is a tremendous opportunity for our members, especially as we approach April 1, the time when Massachusetts will no longer set auto insurance rates," said Smolinsky. "We have high expectations for the upcoming year, and we look forward to the opportunities ahead both at Saugus Financial and SFCU."
During the meeting Eugene Decareau, John Smolinsky, and Dr. Herbert Upton were re-elected to the board.