Annual Meeting Notes 2019

Annual Meeting

February 28, 2019
The 86th Annual Meeting of the Utilities Credit Union was held on Thursday, February 28, 2019 in Bays 2 and 3 of the Xcel Energy Sky Park Building, 1414 West Hamilton Avenue, Eau Claire, WI 54701.
Chairman Ness called the meeting to order at 5:07 P.M.  There were 29 members in good standing present, constituting a quorum.

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

The minutes of the 2018 Annual Meeting were approved as presented.

Elections for the Board of Directors were held.  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 Scott Seaholm, Rebecca McIlhargey and Heidi Schultz.  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 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 Ness congratulated the incumbents.

The meeting was turned over to Vice Chairman Lori Drilling who called upon Chairman Ness to present the Chairman’s report.

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 Roberta Kuhrasch for her support on the credit committee and wished her well in retirement.

Among the highlights of the Chairman’s report were:

2018 Updates
• Congratulated Dave Amans on his retirement after 30+ years with UCU & NSPW.
• Discussed transition of Heidi Schultz to President-Treasurer after 16 yrs with UCU.
• Mentioned Share insurance fund distribution (refund) received from NCUA.
• Discussed UCU’s systematic review of inactive accounts.
• Federal Reserve increases to prime lending rates and increases to our investment income have combined to allow UCU to increase member dividends.
• UCU had a near record loan production year with the staff processing over 2 million dollars in new loans.
2019 Preview
• Annual planning session set for March 30, 2019
• UCU is currently evaluating a new computer system with our vendor, AMI.
• UCU will continue to work on improving ALM (asset liability management)
• Will continue to monitor our dividend and loan rates in comparison to local competitors.
• Succession management will continue to be a focus.

Vice Chairman Drilling 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 Heidi Schultz, President-Treasurer to present a summary of the financial condition of the UCU (copy attached).  President-Treasurer Schultz’s report included:
• Introductions of the Credit Union Staff;
• Appreciation to Staff, Dave Amans, volunteers and members;
• Notable information pertaining to the Balance Sheet, Income Statement, Expense Statement, Loan Statistics and the HELOC program.

In closing, President-Treasurer Schultz 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 2018 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 Schultz 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 6:15 P.M.


Respectfully submitted,

Board Secretary – Rebecca R. McIlhargey
Board Chairman – John R. Ness

These minutes have not been officially approved by the membership.

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