4th Quarter 2019 Message

January 1, 2020
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.
2019 was a successful year for your UCU, and you.  With the general economic conditions and financial indices setting all time records, the Board of Directors declared share savings dividend increases greater than those projected in the previous quarter four times in 2019.  At the December Board meeting, the Directors declared a one-time bonus dividend declaration. Due to a significant increase in annual income, members will receive a dividend of 15 extra basis points over and above those projected in the previous quarter. However, due in part to a reduction in the 2020 Prime Rate announced by the Federal Reserve Board, which has a direct negative impact on income we receive from both Kwik Cash loans and Home Equity Lines of Credit (HELOC), we will return to paying a dividend established by the Board that is determined by normal income metrics for the quarter.
Through November 2019 the credit union membership stands at 962 members of which 229 use loan products. Members have on deposit over $6 million in share accounts that has provided funding for almost $1.5 million in new loans to members in 2019. The $3.2 million the credit union has invested in financial instruments with other institutions has yielded an average of 2.27% annual percentage yield (APY), another significant increase over the previous year.
Other items worth mentioning from 2019 include Staff and the Personnel Committee conducting a search for a new Loan Officer/Teller and found a very qualified candidate, Jill Lamoureux. Please come in to see her for your financial needs. Also, Staff worked with our computer system vendor, AMI, to install and implement a new computer system.  Our existing system exceeded its useful life and was no longer supported. An official audit of the credit union’s books, policies and procedures was completed and once again UCU was found in excellent condition and in complete compliance with all regulatory rules.
Finally, the Board of Directors has set the date and time of the 87th Annual Membership Meeting for Thursday, February 20, 2020, at 5:00 pm in the Bays at the Xcel Energy Sky Park facility.  At the meeting we will present a recap of 2019 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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