The key lesson we took away from 2007? Don’t Panic! Having been in the credit union arena for over 40 years, this market cycle, too, shall pass. Actually, Envision did better in 2007 than in 2006, because we stayed the strategic course in all the fundamental areas — core loan products and competitive savings rates — without trying to grow the assets.
We expect more of the same in 2008 and we expect a doubling of our net revenue over 2007. While we’re well capitalized, we don’t want to be too conservative about growth in the asset base. Our home loan portfolio is very strong and productive, as is, surprisingly, our credit card portfolio. These will be the key product lines, while automobile loans have and will continue their trend down in importance in our mix.
Our strategy will be consistent and predicable in light of the credit markets meltdown. However, we see a great opportunity in our CUSO to expand upon our offerings to the more than 85 credit unions we currently serve. We believe that cooperation among credit unions via CUSOs is one way conservation of resources can take place, while exploring new ways of jointly providing the infrastructure each of our credit unions need for seizing upon new opportunities. From data processing to human resources, from member business lending to managed network services, credit unions can benefit through collaboration and “co-opetition.” CUSOs offer that final frontier where credit unions can still be friends with one another.