Annual Meeting Notes 2018

UTILITIES CREDIT UNION

Annual Meeting

 February 22, 2018

CALL TO ORDER

The 85th Annual Meeting of the Utilities Credit Union was held on Thursday, February 22, 2018 in Bays 2 and 3 of the Xcel Energy Sky Park Building, 1414 West Hamilton Avenue, Eau Claire, WI 54701.

 

 

Minutes

 

 

Chairman Ness called the meeting to order at 5:03 P.M. There were 31 members in good standing present, constituting as a quorum.

 

Chairman Ness introduced the members of the Board of Directors and Committee members. UCU Staff introductions were deferred to President/Treasurer Amans report.

 

The minutes of the 2017 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 two (2) incumbent nominees on the ballot.  They were Lori Drilling and Paul Seipel.  There were two (2) new nominees on the ballot.  They were Kallie Robb and Karl Hoesly.  Nominating Committee chairman John Roffler read biographies of each of the candidates.  Chairman Ness called three times for additional nominations from the floor.  Hearing none, a motion was made, seconded and passed to close the nomination.

 

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 Ness congratulated the incumbent and new Directors.

 

The meeting was turned over to Vice Chairman Jesse Anderson who called upon Chairman Ness to present the Chairman’s report (copy attached).

 

Chairman Ness acknowledged the support of the sponsor company and the many departments that assist in the credit union, and Mark Stoering, Present and CEO of NSPW. Additionally, thanks were offered to the Facilities, I/T, Telecom, Printing, Mail Services and Reception staffs for their continued support of the Credit Union.

 

Chairman Ness thanked Dorothy Lehmann for her support on the credit committee and wished her well in retirement. Chairman Ness also thanked Vice Chairman Anderson and Director Stabe for their commitment to the Utilities Credit Union as they decided not to run for reelection for the Board of Directors.

 

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.
    • He presented a 2017 overview of key financial activities and indicators, to include;
      • A relatively quiet year with respect to legislative and operational impacts;
      • Loan volume decreased in 2017 with respect to 2016;
      • Investment climate is improving, illustrating the point by discussing some of the asset liability management metrics the Board looks at each month;
      • Previewed the annual Planning Session scheduled for April and the strategy direction developed at the meeting;
      • Current membership is 995 members, with 183 borrowers;
      • Members placed $6.3 million in share accounts;
      • $4 million of loans were made to members;
      • $3.3 million invested in other financial institutions;
        • 1.3% yielded on investments, which is an increase over 2016.
      • The UCU currently holds $7.25 million in assets;
      • 1/3 of 1% were write offs from delinquent loans.
    • He gave an overview of the Credit Card Program and discussed the evolution of the program to possibly include program rewards.
    • He described the Chippewa Valley Credit Union League and UCU’s participation.
    • He gave an overview of the Board of Directors, how they are elected and their duties.
    • Provided a summary of the various duties and responsibilities.
    • Discussed notable events and key updates occurring in 2017.

 

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

 

Chairman Ness introduced David Amans, President-Treasurer to present a summary of the financial condition of the UCU (copy attached). President-Treasurer Amans’ report included:

    • Introductions of the Credit Union Staff;
    • Appreciation to Pres. CEO Mark Stoering, Xcel Energy, Volunteers and members along with outgoing directors Anderson and Stabe;
    • Notable information pertaining to the Balance Sheet, Income Statement, the Credit Card and HELOC Programs.

 

In closing, President-Treasurer 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 2017 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 President-Treasurer 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 5:43 P.M.

 

 

 

Respectfullysubmitted,

 

Board Secretary – Rebecca R. McIlhargey

 

 

Board Chairman – John R. Ness

 

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These minutes have not been officially approved by the membership.

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