Annual Meeting Minutes 2016

UTILITIES CREDIT UNION
ANNUAL MEMBERSHIP MEETING MINUTES

February 25, 2016

CALL TO ORDER
The 83rd Annual Meeting of the Utilities Credit Union was held February 25, 2016 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 5:04 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 2015 Annual Meeting were approved as presented.

The slate of nominees for three (3) Director Positions of three-year terms was presented.  They represent current term expirations.  There were three (3) incumbent nominees on the ballot.  They were David Amans, Rebecca McIlhargey and Scott Seaholm.    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 three candidates to fill the three vacant positions.  The motion was seconded and a unanimous vote by membership was received to pass the motion.  Chairman Seaholm congratulated the incumbent Directors.

The meeting was turned over to Secretary John Ness who called upon Chairman Seaholm to present the Chairman’s Report (copy attached).

Chairman Seaholm acknowledged the support of the sponsor company and the many departments that assist the credit union, and last but not least, Mark Stoering, President and 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 and Dell, 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;
• Acknowledgement of ‘Thank You’ notes received by Staff from members who they recently assisted with their credit union services;
• Provided a comparison listing of credit unions involved in the Chippewa Valley Credit Union League in the 2000 – 2012 timeframe and current membership to show how mergers and acquisitions have led to a dramatic reduction in the number of small credit unions in the region;
• The field of membership was expanded two years ago to include grandchildren/step-grandchildren of members;
• Chairman Seaholm presented a brief video highlighting how credit unions are actually cooperatives, in that they are owned and managed by the members;
• He presented a 2015 overview of key financial activities and indicators, to include:
○ A relatively quiet year with respect to legislative and operational impacts;
○ The Fed increased the discount rate by 25 basis points which will have an impact on lending and share savings rates in the future;
○ Loan volume decreased in 2015 with respect to 2014, suggesting UCU may be reaching a saturation point following four to five years of record loan growth.
○ Loan write-offs increased significantly in recent years, but hopefully, they may be leveling off;
○ Investment climate is improving, illustrating the point by discussing some of the asset liability management metrics the Board looks at each month;
○ Discussed key aspects of the asset liability management (ALM) report reviewed monthly;
○ Discussed policy changes and those to be considered in the future;
○ Previewed the Annual Planning Session scheduled for April and the strategy direction developed at the meeting;
○ Discussed financial ratios, i.e. Net Worth/Total Assets, Total Loans/Total Shares and Operating Expenses.
• He described the Chippewa Valley Credit Union League and UCU’s participation.

Secretary Ness called for any questions from the attendees.  After no questions were raised, control of the meeting was returned to Chairman Seaholm to continue with the agenda.

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, Credit Card and HELOC programs was presented.
In closing, Pres./Treas. Amans urged the membership to call or stop into the Credit Union if they have any questions or need assistance.
Carol Lueke, UCU Credit Committee Chairperson, introduced the members of the Committee and presented a summary of the 2015 Credit Report (copy attached).

Alan Gruba, Examining Committee Chairperson, thanked the members of the Committee and presented the Examining Committee report (copy attached).

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 5:52 P.M.
Respectfully submitted,

 

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Secretary

 

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Chairperson

These minutes have not been officially approved by the membership.

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