Annual Meeting Notes 2017

 

UTILITIES CREDIT UNION

ANNUAL MEMBERSHIP MEETING MINUTES

February 23, 2017

CALL TO ORDER

The 84th Annual Meeting of the Utilities Credit Union was held on Thursday, February 23, 2017 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 2016 Annual Meeting were approved as presented.

 

Elections for the Board of Directors were held. The slate of nominees for four (4) Director positions of three-year terms was presented.  They represent current term expirations.  There were four (4) incumbent nominees on the ballot.  They were John Ness, Kelsey Hendrickson, Theresa Theisen and Tom Bachmeier.  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 Directors.

 

The meeting was turned over to Vice Chairman Jesse Anderson 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, 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.
  • Explained to the audience the credit union’s select employee group (SEG).
  • 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 2016 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 2016 with respect to 2015, suggesting UCU may be reaching a saturation point following four to five years of record loan growth.
  • Loan write-offs increased 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 March and the strategy direction developed at the meeting;
  • Discussed financial ratios, i.e. Net Worth/Total Assets, Total Loans/Total Shares and Operating Expenses.
  • Membership has decreased in 2016 due to retirees, an older membership whose heirs do not leave accounts open and an inactive account clean-up performed by staff.
  • He described the Chippewa Valley Credit Union League and UCU’s participation.
  • He gave an overview of the Board of Directors, how they’re elected and their duties.
  • Provided a summary of the various Committees and their duties and responsibilities.
  • Discussed notable events and key updates occurring in 2016.

 

Vice Chairman Anderson 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, and the Credit Card and HELOC programs.

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 2016 Credit Report (copy attached).

 

John Roffler, 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 was 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 6:14 P.M.

 

 

Respectfully submitted,

 

 

 

____________________________________________

Secretary

 

 

 

____________________________________________

Chairperson

These minutes have not been officially approved by the membership.

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