4th Quarter 2018 Message

January 1, 2019
Dear Members:
On behalf of the Utilities Credit Union staff and Board of Directors, I hope your Christmas was joyful and your New Year is filled with happiness and prosperity.
2018 was a successful year for your UCU, and you.  With the general economic conditions improving, twice this year the Board of Directors declared share savings dividend increases greater than projected in the previous quarter, the most recent at the December Board meeting. The credit union membership stands at 975 members of which 217 use our loan products.  Members have placed almost $6 million of their money in share accounts that have provided funding for over $2 million in new loans to members in 2018.  The $2.5 million the credit union has invested in financial instruments with other institutions has yielded an average of 2.04% APY, a significant increase over last year.
Other items worth mentioning that happened in 2018 include President/Treasurer David Amans’ resignation due to his retirement from Xcel Energy and relocation and the subsequent promotion of Heidi Schultz, Operations Manager to President/Treasurer. The Board thanks David for more than three decades of service to UCU and has great confidence in Heidi. Last quarter, Staff and the Personnel Committee conducted a search for a Loan Officer/Teller and found a very qualified candidate. An offer was tendered and accepted. Our new employee will begin mid-January.
Earlier in the year, we made the decision to transfer complete control of our credit card program to the administrator financial institution due to increased risks which we felt we could not control with our limited resources. That transfer process went seamlessly and is complete. On a similar note, one of the first items Staff will address in 2019 is an upgrade to our existing computer system. While this will be a major effort and cost for the credit union, we have expected and planned for this expense.
Finally, the Board of Directors has set the date and time of the 86th Annual Membership Meeting for Thursday, February 28, 2019, at 5:00 pm in the Bays at the Xcel Energy Sky Park facility.  At the meeting we will present a recap of 2018 and hold elections for Board of Director positions.  Door prizes and refreshments will be provided.
I hope to see you there.
Sincerely,
John R. Ness,
Chairman, Board of Directors

 

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