And this is only the beginning of providing even more to each and every member. The Pace of Change will accelerate in the next 45 years as new technologies radically change the way we deliver products and services. The Internet will bring sweeping changes that will affect every aspect of our business. With your help and support, we will embrace this new era to bring to you a level of value and convenience hardly imagined today. Pacific Xpress, a fully interactive Internet Home Banking system is a first step towards exciting new ways for members to access their Credit Union accounts.
Technology is one way to improve service to our members.
But we are also committed to providing value through the prudent management of our resources. In 1999, our assets and member equity grew to new record highs while operating expense and loan losses combined, fell to a 6-year low. As a result, we are returning more to the membership than ever before. Credit unions are based on the cooperative idea that more can be accomplished by working together than by working individually. It is what sets us apart.