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Annual Meeting President’s Report

April 7

This past year was a year of growth and positive change at Nutmeg. We established a solid infrastructure that will position us to continue to exceed your expectations by offering products, services and technology that are focused on convenience and great experiences.

2015 By the Numbers

In 2015, we experienced growth in membership, loans, and deposits. Our membership grew 7.79% and our loan portfolio grew 6.86%. Our shares grew by 6.35% and our core deposits (checking and savings products) grew by 6.95%. Additionally, we remain one of the strongest credit unions in the state of Connecticut (and in the country) with a capital ratio of 13.24%. We experienced a decline in net income from 2014 as a result of an increase in loan losses. We anticipate continued challenges in this area through 2016.

2015 Developments

On January 1, 2015, Nutmeg changed from a federal charter to a state charter allowing us to extend our membership to anyone that lives, works, worships, volunteers or attends school in New Haven County. With this change, we also updated our name and logo, advertising, branch signage and overall messaging.

We consistently strive to stay on top of banking trends and technology to deliver the exceptional service that you have come to expect. In 2015, we introduced new products such as Apple Pay for Nutmeg debit and credit cards. Apple Pay provides you with a simple, secure and easy way to make your purchases with your smartphone when you go shopping. We also began offering a new, convenient way to pay your loans online from another financial institution.

Major Technology Changes and Upgrades for 2016

As exciting as 2015 was, we have new and exciting changes that will take place in 2016. We have launched a new look and feel to our website that will make finding information faster and easier. In July, we will launch our greatest technological upgrade in the credit union’s history. We will change to a new core processing system that will streamline information into one large well-integrated system that will allow us to process your transactions more quickly and efficiently. Members will see upgrades to our e-Services including e-Deposits, e-Pay, e-Banking and our mobile app. Additionally we will refresh and upgrade our Voiceline system that will allow members to access their account information faster and easier via the phone. Our goal is to make this transition as smooth and seamless as possible. Your account numbers will remain the same and all automatic deposits, withdrawals and payments will be uninterrupted. We are excited to bring a new, easier way to bank to our members. As the launch date approaches, we will communicate more specific information regarding this conversion.

I would like to thank all of the employees and Board of Directors for their continued hard work and commitment to Nutmeg’s success. I especially want to thank YOU for your continued support and trust in Nutmeg. We look forward to a BANKING AWESOME 2016!


John Holt
President and CEO