As Self Reliance (NY) Federal Credit Union ends its 57^th year of continuous service to members and the community, we are pleased to report to you another successful year for your credit union in 2007.  At the outset, we gratefully acknowledge the patronage and loyalty of the credit union’s members which has made our credit union’s continued growth and prosperity possible.

Financial Summary

In 2007 Self Reliance (NY) Federal Credit Union’s assets grew $31.0 million (5.5%) reaching $593.2 million making us the 15^th largest credit union in the State of New York.  Deposits increased $23.1 million (5.3%) to $462.4 million and net loans increased $22.7 million (6.1%) to $393.2 million.  Net income for 2007 was $5.5 million.  Dividends paid to members totaled $18.6 million, $3.3 million more than last year.  With the addition of our 2007 net income, the credit union’s capital reached $125.0 million or 21.1% of assets.  The credit union ended the year with 14,695 members.  The financial statements as well as the reports of the credit and supervisory committees included in this report provide additional details on your credit union’s financial performance.

2007 Accomplishments

In December, 2007 the credit union opened a new branch in Lindenhurst, New York in order to better serve the growing Ukrainian community on Long Island.  In addition, we introduced the home banking product, which affords members access to their accounts over the internet.  Lastly, analysis has been completed and contracts signed for a new computer operating system to be installed during 2008.  With this system conversion the credit union will be better prepared to offer our members additional products and services as well as an ability to compete in the ever-changing financial services environment.

Organizational Changes

At the Board of Directors level, Mr. Myroslaw Shmigel retired from the Board after 18 years of continuous service, 11 years as chairman.  On March 31, 2007 Mr. Bohdan Kekish retired from his position as President and Chief Executive Officer after 18 years in this position.  Mr. Kekish remains on the Board of Directors, and at the Board’s annual organizational meeting, Mr. Kekish was elected Chairman.  Mr. Bohdan Kurczak assumed the position of President and Chief Executive Officer on March 31, 2007.  Mr. Bohdan Sawycky was elected to the Board at the annual membership meeting and began employment on June 1, 2007 as Treasurer and Chief Financial Officer.  Finally, after over 30 years of service both with the credit union and the former Self Reliance Kerhonkson Federal Credit Union, Mr. Nicholas Oprysko retired on July 31, 2007.  We wish Messrs. Shmigel, Kekish and Oprysko all the best in their retirement and Messrs. Kurczak and Sawycky success in their new positions.

Service to the Community

Throughout 2007, the credit union remained true to its vision by supporting numerous cultural, educational and religious activities of the Ukrainian community of which we are a part.  The diversity of our contributions reflects both the richness and wide ranging needs of the community. Over $883,000 was donated to these causes.

In closing, we extend sincere thanks to our Board of Directors and Committees for volunteering their time in serving the credit union, and our employees for working diligently every day to meet member needs in a competent and friendly manner.