60th Anniversary Celebration and Annual Meeting
2023 Annual Report
Chung Bothwell, JD, LLM, CCUB
Chairman of the Board
Safe and Sound.
In 2023, the banking industry saw a significant trend in the number of bank failures. This has shaken the confidence of the public on whom to trust their assets and livelihood with. We are proud to state that our members’ assets are in safe hands at UNCLE. The safety and soundness of our credit union’s finances are of paramount importance to our Board of Directors, who monitor our financial performance regularly.
The economic environment has been a challenge throughout the year, with interest rates and inflation on the rise. Yet, overall, UNCLE was able to maintain our assets and credit union size through these economic challenges. At the end of 2023, we maintained total assets of $726 million and served over 35,000 members.
Despite a challenging economic environment, UNCLE has always kept true to its core value of People Helping People and supporting those in our community. In 2023, UNCLE Credit Union continued to support local non-profits such as Livermore Valley Arts, Livermore Lab Foundation, local schools and sports teams, and our local chambers. Continuing to be a community leader and supporter is a top priority at UNCLE, which helps the credit union and our community thrive as one.
As in years past, UNCLE has maintained our value of community and service to others. In 2023, UNCLE employees contributed over 700 hours of community service to local organizations such as Valley Humane Society, Tri-Valley Haven, Kids Against Hunger, Fertile Groundworks, and Brighter Christmas of Tracy.
In the area of education and financial literacy, UNCLE’s team provided several workshops covering a variety of topics from “Planning your Paycheck” to “Top Fraud Trends.” Several of our team members put hard work into helping educate our membership in the Tri-Valley and Central Valley areas. Education and financial literacy are core values of UNCLE, as we endeavor to keep our communities informed and help our members practice safe and practical money management.
In 2023, UNCLE was named Best Credit Union in the East Bay for the sixth consecutive year. This is an achievement voted on by readers of the news publication, further attributing the impact the credit union has on our local communities and the excellent customer service our team provides daily. Community members have chosen to vote for UNCLE year after year, and we hope to provide such service to continue being honored with this award.
The credit union was also named Top Workplace by the San Francisco Chronicle for a second consecutive year. We take this achievement to heart, as we not only want to create a great environment for our members, but we want our employees to feel pride in the credit union and the talent they bring with them every day. We thank our employees for working tirelessly, even on weekends, to serve our members. Their unwavering commitment and work ethic are highly valued and appreciated by all.
UNCLE Credit Union continuously strives for expansion and progress, emphasizing the protection of our members’ assets and the support of the community. We extend our sincere appreciation to all our esteemed members for selecting us as your financial institution of choice. Your trust is our top priority, and we are committed to prioritizing your interests.
Our achievements over the past year demonstrate our strong commitment to our community’s service, and a financial institution that is on a clear path to prosperity and growth. Our highly capable board members, management, and staff have worked together seamlessly to create the best possible value for our members, while bolstering our financial strength. I am grateful for our talented and dedicated UNCLE team, who have made this an exceptional year. I would also like to extend my gratitude to you, our members, including members of the Lawrence Livermore National Laboratory, for being an integral part of our thriving community, and for continuing to entrust us with your confidence as we look forward to even greater opportunities ahead.
Chung Bothwell, JD, LLM, CCUB
Chairman, Board of Directors
Harold Roundtree
President and CEO
A year that may have begun with uncertainty and apprehensions became an overall success for our credit union and our members. Throughout 2023, the team at UNCLE continued to adapt and pivot, offering more products and services to best serve our members’ needs.
In an environment where interest rates were at an unprecedented high, our credit union found ways to use this to our members’ benefit by offering high-yield certificates of deposits and checking accounts. This was a decision our team made to help assure our members’ assets with UNCLE were safe and sound, while also rewarding our members for their loyalty to our credit union.
In addition to membership benefits, UNCLE focused on upgrading our digital solutions, such as the implementation of our AI voice and chatbot, Zoey, which allows our members quick, self-service access to have questions answered 24/7. We understand today, instant results and responses are crucial. Whether a member is on vacation in another time zone, or just needs a question answered after regular business hours, Zoey is available to provide our members with reassurance and accurate responses anytime. Since the implementation of Zoey in late March, more than 106,000 calls have been answered through this channel, which accounts for approximately 45% of the phone calls that were received by our Contact Center.
Zoey also serves as a chatbot on our website, which was introduced at the end of the year, and allows our team to communicate with members using chat, SMS texting, and eventually video. This new solution allows us to co-browse with members, so we can see what their concerns are while guiding them to a solution. This new service has already supported more than 5,000 member interactions in the short time since implementation.
Additional membership offerings came with the reinstatement of an adjustable-rate mortgage (ARM) product, giving our members more options when refinancing or shopping for a new home. Three unique ARM products were created in June of 2023, contributing to over two million in additional mortgage loans made to our members by the close of the year.
Other member benefits implemented in 2023 included credit and debit card features within the UNCLE Credit Union 4.8-star rated mobile app. These card features include digital reissuance, providing members with a new card number should their credit or debit card be lost or compromised, and allowing the member to use a digital card immediately with no wait time. Other features include card controls which allow members to freeze, block, and report a lost or stolen credit or debit card, and limit its access immediately, so the member’s account is not affected by fraudulent charges or activity.
A big success the credit union celebrated in 2023 was an expanded partnership with Las Positas College and the Las Positas College Foundation. As part of this partnership, UNCLE Credit Union now has an ATM on-site at the Las Positas College campus, adding convenience and banking options for students at the college. In addition, our Financial Centers and sales teams will begin offering financial literacy seminars, providing education on budgeting, saving, investments, and more, all free for students and community members.
Another change the credit union saw in 2023 was the retirement of our previous financial advisor, and the introduction of Cetera Investment Services, LLC, our new broker/dealer partner for providing investment and financial services to members through our UNCLE Wealth Management program. We welcomed our new advisor and VP of Wealth Management, Ernest Collins, who hit the ground running, offering meetings with new and previous clients, and giving our members more options when it comes to investing.
As we move forward into 2024, our credit union remains steadfast in its commitment to delivering outstanding, cutting-edge products and services to our valued members.
We are excited to continue expanding our reach and ensure our members and communities receive the support and resources they require. Our leadership team is dedicated to facilitating growth and prosperity for all.
Harold Roundtree
President and CEO
