1st Quarter 2019 Message

April 1, 2019

Dear Member:
Through the 1st quarter of 2019, we continue to see a robust economy and an environment of rising interest rates. Of course, with rising loan interest rates come increased dividend rates on our share saving accounts. In fact, for two quarters in a row, your Board of Directors has increased the declared dividend rates above the rates it had proposed the previous quarter.  The prospective dividend rates for 2nd quarter 2019 are also projected to be higher than previous quarters. Please refer to the back of this page for more information on our rates. We anticipate the rise in rates will level off as the Federal Reserve has recently indicated a postponement of its planned increase to rates that affect the Prime rate.
The 86th Annual Membership Meeting was held at Sky Park on Thursday, February 28th, 2019. At the meeting, I provided a high level summary of the year in review, President/Treasurer Heidi Schultz provided a more detailed look at the financial statements and Chairwoman Carol Lueke gave the Credit Committee report. There were three Director positions up for re-election this year, with incumbents Heidi Schultz, Scott Seaholm and Rebecca McIlhargey all running for re-election. A motion for a unanimous, single vote was made by a member and seconded. Following the vote, all were re-elected by a unanimous vote from the members. The Board specifically thanked David Amans for his valued 30 plus years of service to the credit union and wished him a very happy retirement.
Breaking from tradition of serving pizza after the meeting, we celebrated National Chili Day by enjoying some award-winning chili made by our own Carol Lueke. Door prizes were drawn.
After thanking the members for participating, the Board of Directors met in a Reorganization meeting to hold officer elections and to complete other related business. I was re-elected as Chairman, Lori Drilling as Vice Chairwoman, Rebecca McIlhargey as Secretary and Heidi Schultz as President/Treasurer.
The Board of Directors met for its annual planning session on the morning of Saturday, March 30th to discuss how to better serve the membership and develop strategies for the products and services we’ll offer in 2019. Major focuses include loan rate and share dividend rate strategies, implementing a new computer system, personnel committee initiatives and marketing to outlying service centers in Wisconsin.
I hope all enjoy the spring.
Sincerely,

John R. Ness
UCU Board Chairman

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