Annual Meeting Notes 2015

 

UTILITIES CREDIT UNION
ANNUAL MEMBERSHIP MEETING MINUTES

February 26, 2015

CALL TO ORDER
The 82nd Annual Meeting of the Utilities Credit Union was held February 26, 2015 in Bays 1 and 2 of the Xcel Energy Sky Park Building, 1414 West Hamilton Avenue, Eau Claire, WI, 54701.
Minutes

Chairman Seaholm called the meeting to order at 5:07 P.M.  There were 31 members in good standing present, constituting a quorum.

Chairman Seaholm introduced the members of the Board of Directors and Committee members.  UCU Staff introductions were deferred to Pres./Treas. Amans report.

The minutes of the 2014 Annual Meeting were approved as presented.

The slate of nominees for four (4) Director positions of three-year terms was presented.  They represent current term expirations and positions recently vacated by Mary Heimstead and Lloyd Dallmann who retired from the sponsoring company.  There were four (4) nominees on the ballot.  They were Jesse Anderson (I), Paul Seipel (I), Bob Stabe and Lori Drilling.    Nominating Committee chairman John Roffler read biographies of each of the candidates.  Chairman Seaholm called three times for additional nominations from the floor.  Hearing none, a motion was made, seconded and passed to close the nominations.

There was a motion made from the membership to hold an immediate vote for unanimous approval for the four candidates to fill the four vacant positions.  The motion was seconded and a unanimous vote by membership was received to pass the motion.  Chairman Seaholm congratulated the incumbent and new Directors.

The meeting was turned over to Vice-Chairperson Kirk Hendrickson who called upon Chairman Seaholm to present the Chairman’s Report (copy attached).

Chairman Seaholm acknowledged the support of the sponsor company, and in particular Mark Stoering, CEO of NSPW.  Mention was made of an up-coming meeting with Mr. Stoering and the Executive Committee to provide an update of Credit Union activities this past year and upcoming initiatives.  Additionally, thanks were offered to the Facilities, I/T, Telecom, Printing, Mail Services and Reception staffs for their continued support of the Credit Union.

Among the highlights of the Chairman’s report were:
• A brief history of UCU, noting it’s the 2nd oldest credit union in the Chippewa Valley, having been established in 1932:
• The field of membership was expanded two years ago to include grandchildren/step-grandchildren of members:
• Provided a summation of the recent, difficult period with investments in the market place which have held down income and dividends:
• 2014 saw the 3rd highest volume in loan activity in the Credit Union’s history:
• Asset level has decreased by design through Board strategies to dissuade members from making large deposits which have negative impacts to the ALM ratios:
• Briefly touched on the excellent results of the Dept. of Financial Institution’s recent examination of the Credit Union’s financial records, procedures and compliance responsibilities:
• Gave an overview of the asset impairment assessment by the NCUASIF and was able to presume it appears that it may be over:
• Discussed the importance of Net Worth/Asset and Operating Expense/Asset ratios and Investment ROR:
• Explained the duties and responsibilities of the Board of Directors:
• Listed the Committees and explained the duties of each:
• Informed the members of the Chippewa Valley Credit Union League membership decline due to mergers and UCU’s participation:
• Noted the upcoming annual Board of Director’s Strategic group session where best credit union practices and ways to improve services to members are discussed:
• Wrapped up with a two minute video that explained the differences between banks and credit Unions in a simplistic way.

Vice Chairperson Hendrickson called for any questions from the attendees.  After no questions were raised, control of the meeting was returned to Chairman Seaholm.

Chairman Seaholm introduced David Amans, President-Treasurer, to present a summary of the financial condition of UCU (copy attached).  President-Treasurer Amans report included:
Introductions of the Credit Union Staff; Appreciation to Pres. CEO Mark Stoering;
Notable information pertaining to the Balance Sheet, Income Statement, and the Credit Card and HELOC programs.

Carol Lueke, UCU Credit Committee Chairperson, introduced the members of the Committee and presented a summary of the 2014 Credit Report (copy attached).

John Roffler, Examining Committee member, substituting for Al Gruba, Examining Committee Chairperson, thanked the members of the Committee and presented the Examining Committee report (copy attached).  He also made reference to the recent increase of loan charge-offs and encouraged members experiencing difficulties to talk to the Credit Union staff as a first step in resolving the issue.

There were no communications that Pres./Treas. Amans needed to share with the membership.

There were neither unfinished nor new business items to address at this meeting.

Door prize drawings were held and the meal was served.

With no further business, the meeting was adjourned at 6:11 P.M.
Respectfully submitted,

 

____________________________________________
Secretary

 

____________________________________________
Chairperson

(These minutes have not been officially approved by the membership.)

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