News & Events
American Eagle Federal Credit Union Reports Strong Financial Performance and Re-elects Five Board Members at its 72nd Annual Meeting

EAST HARTFORD, CT – American Eagle Federal Credit Union reported a strong financial performance for 2007 and re-elected five Board Members during its 72nd Annual Meeting held at its Main Office on Tuesday, March 25, 2008.

“As a testimony to our commitment, American Eagle Federal Credit Union now serves more than 96,000 members and has grown to over $1 billion in assets, a level that makes it Connecticut’s largest federal credit union and one of the largest in New England,” William J. Dokas, President and Chief Executive Officer, said.

During 2007, American Eagle continued to increase its membership through its recently expanded community field of membership that is open to anyone who lives, works, worships, or attends school in Hartford, Middlesex, or Tolland counties. It also increased its commitment to community outreach and the results have been gratifying. Examples of the Credit Union’s involvement and support in the community include teaching financial literacy classes at the Pathways to Technology Magnet High School in Windsor and staff pitching in for the United Way Day of Caring at a local group home.

According to A. Lisa Burgarella, Chairwoman of American Eagle Federal Credit Union’s Board of Directors, loan activity remained strong for the Credit Union, as evidenced by a 12% increase in loan balances during 2007.  Loan balances for 2007 were $644.2 million compared to $570.4 million in 2006. “While this increase reflects substantial volume, it is important to note that our lending decisions are made with the best interests of both the member and the Credit Union in mind,” said Burgarella. “Our core values of ‘“Trust, Dependability, and Caring’” guide our organization and have helped us and our members avoid the severe financial challenges that some consumers and institutions have recently faced as a result of sub-prime lending," she added. 

While American Eagle successfully avoided the problems associated with sub-prime lending, it remained competitive in both the Money Market and Certificate of Deposit arenas in 2007. The Credit Union provided its members with some of the highest rates of return on their savings while maintaining a prudent position relative to our costs. As a result, share balances increased by 6.6%. Share balances for 2007 were $939.2 million as compared to $880.8 million in 2006.

According to Dokas, the Credit Union’s income and reserve positions also reveal solid

performance and sound operations. Net income for 2007 was $6.5 million as compared to $5.5 million in 2006. Reserves increased to $101.1 million, or 9.43% of assets. “Building a strong reserve position helps protect us against economic downturns and market volatility that could threaten our long-term success,” he added.

American Eagle members voted to re-elect Mark P. Allen, Catherine Banbury, Angela Bull, Michael W. Hawman, and Kenneth D. Stevenson, Jr., to each serve another three-year term on the Credit Union’s Board of Directors.

Mark P. Allen joined United Technologies Corporation in 1995. He has held management positions at Pratt & Whitney and United Technologies Corporation’s Corporate Headquarters in various organizations. He is currently the Manager of Engine Test Operations at P&W. Mr. Allen has held various positions in other aerospace companies within manufacturing, engineering, quality, and procurement. He holds an Electrical Engineering degree from the State University of New York and an MBA from Rensselaer Polytechnic Institute. Mr. Allen joined the Credit Union as a volunteer in 1998. He is currently a member of the Marketing Committee.



Catherine Banbury was employed by United Technologies Corporation from 1978 through 1993 and from 2000 through 2003. Ms. Banbury began her United Technologies Corporation career with Pratt & Whitney Aircraft Commercial Products Division in Regional Planning and Customer Finance Corporation as Manager, Customer Financing. She rejoined Pratt & Whitney in 2000 as an attorney working in the Contracts Management organization. Ms. Banbury joined the Credit Union in 1979 and was elected to the Board of Directors in 1984. She was Chairwoman of the Board and the Executive Committee from 2001 through 2003. She has served as a member of the Board Betterment, Investment Advisory, Marketing, Loan Advisory, Personnel and Technology committees. She was recently appointed to the NAFCU Legislative Committee. A graduate of the University of Colorado, Ms. Banbury also has an MBA in Finance and a law degree from the University of Connecticut.


Angela Bull was an employee of United Technologies Corporation from 1989 to 2008, most recently at United Technologies Fire & Security as Regional CIO. In January 2008, she joined Terex Corporation, based in Westport, Connecticut, and is currently employed there as Director, Aftermarket Planning and Strategy. She is a graduate of the College of Charleston, South Carolina, where she was awarded a Bachelor of Science degree in Mathematics in 1984. She attended Rensselaer Polytechnic Institute in Troy, New York, where she was awarded a Master of Science degree in Computer Science in 1994. She was elected to the Board of Directors in 2002. She is currently Chairwoman of the Marketing Committee and a member of the Technology Committee.
 

Michael W. Hawman has been an employee of United Technologies Corporation since 1984. Mr. Hawman is currently employed by Carrier as Director of Information Technology. He holds a Bachelor of Science degree in Mechanical Engineering from Penn State University, a Master of Science degree in Engineering Mechanics from Penn State, and a Master of Science in Management from the Sloan School of Business at the Massachusetts Institute of Technology. He was elected to the Board of Directors in 2002. He is a member of the Technology Committee.





Kenneth D. Stevenson, Jr., has been an employee of United Technologies Corporation since 1980, with a brief break in service during 1986 and 1987. Mr. Stevenson is currently employed by Pratt & Whitney in the capacity of Manager, Financial Systems. Mr. Stevenson joined the Credit Union Supervisory Committee in 1993 and served as the Chairman of the Supervisory Committee in 1995 and 1996. He is currently Chairman of the Technology Committee and a member of the Executive and Personnel committees at American Eagle Federal Credit Union. He is a graduate of Western New England College in Springfield, MA, where he was awarded a Bachelor of Science degree in business administration.
 

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