1st Quarter 2015 Message

April 1, 2015
Dear Member:

The 82nd Annual Meeting of your Utilities Credit Union was held on Thursday, February 26 at Xcel Energy’s Sky Park location.  Members in attendance were welcomed; we were glad to see a number of retirees.  Our staff, directors, examining committee and credit committee members were introduced and thanked for their service.

John Roffler, Nominating Committee Chairman, read four names into nominations to fill the current four available openings; Paul Seipel (incumbent), Jesse Anderson (incumbent), Lori Drilling and Bob Stabe.  All four were elected by unanimous voice vote.  Welcome to our two newest directors and congratulations to all.  Also, we want to take this opportunity to thank our outgoing directors, Mary Heimstead and Lloyd Dallmann, for their service to the Board.

We ended the year with total assets just shy of $8.5 million and membership at 1092.  One of our key financial ratios, Net Worth to Total Assets was 10.59%, a little over 2 points higher than our target of 8.50%.  President-Treasurer Dave Amans walked everyone through our balance sheet and our income and expense statements.  Dave explained that even with higher than average credit losses, we were able to replenish our loan loss reserves.  The Department of Financial Institutions completed an examination for the period ending September 30, 2014.  Dave reported that our examination went very well and your Utilities Credit Union was found to be sound and in good financial condition.  During the exit interview, the examiners were very complimentary about the cooperation of the staff during the exam, and they made a point to say how thorough the records were.

We hired Ryan Amans as Loan Officer/Teller to fill the position vacated by Laurie Lindsay.  Ryan is a recent Stout graduate in Business Administration with an emphasis on Mathematics and Computer Science.  Ryan is working on a temporary basis until he finds a full-time position that matches his field of study.  In case you were wondering; yes, Ryan is related to Dave (son).  Please welcome him when you stop in.

Remember to check our lending rates on the flip side of this statement stuffer and/or at our web site at myucu.org.  Spring is a great time to buy that car, truck, camper, boat or recreational vehicle you have been dreaming about and we have some of the best rates.  Ask about our home equity line of credit that is perfect for so many household needs.  Stop in or call us today at 715/737-2467.

Sincerely,

Scott J. Seaholm
UCU Board Chairman

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