1st Quarter 2020 Message

April 1, 2020
Dear Members:
I hope this letter finds you and your loved ones healthy and well.  It is safe to say these past several weeks have been among some of the most tumultuous and emotional that any of us can remember in our lifetimes. The impact of the coronavirus pandemic has been felt by individuals and families, companies and communities across the country and the world.
The response to this crisis has been extraordinary, especially the social distancing required from society. As such, our host company Xcel Energy has essentially closed its doors and requires any and all employees that can work from home to do so. Our UCU office is not exempt from this mandate. Our staff; Heidi, Carol, Ryan and Jill all have duties that they are performing from their homes in an effort to keep the credit union running as close to normal as possible. We are still communicating with members by phone at (715) 737-2467, U.S. mail, email and the website at myucu.org. We continue to receive and process payroll deductions, take loan applications and process loans, receive and disburse member share funds and do all the regulatory compliance accounting required of us. You will notice some temporary work-arounds, for example, this letter posted on the website rather than included in the quarterly statement as is normal.
While much remains uncertain right now, one thing is for sure: this crisis will pass. Our nation and communities will recover and UCU will return to Sky Park to service you. When that happens we want you to take pride knowing the actions we took on behalf of our members that we serve and our employees contributed to a stronger Utilities Credit Union,
On the news front, the 87th Annual Membership Meeting was held at Sky Park on Thursday, February 20th, 2020. At the meeting, I provided a high level year in review summary, President/Treasurer Schultz provided a more detailed look at the financial statements and Chairwoman Carol Lueke gave the Credit Committee report. There were four Director positions up for election this year. Incumbent Directors Tom Bachmeier, Kelsey Rydzik, Theresa Theisen and myself were on the ballot for re-elections.  All were elected by a unanimous vote from the members.  Members enjoyed sub sandwiches and other refreshments while door prizes were drawn. The Board of Directors and Staff thank all the members who were able to join us. Immediately following the Annual Meeting, the new Board met to hold officer elections and complete other related business. As a result, I was re-e-elected as Chairman, Tom Bachmeier as Vice Chairman, Becky McIlhargey and Heidi Schultz were re-elected Secretary and President/Treasurer, respectively.
Your Board of Directors is still planning to hold its annual planning session on Wednesday, April 22nd, albeit teleconferencing from various locations. In addition to a lengthy discussion about the current national situation, we’ll discuss how to better serve the membership and how to bring new products and services to you. Surely to be a good topic will be the overall financial markets, as all of us with 401(k)s can attest to the volatility of such. Also, the Prime rate was reduced by 0.50% A.P.R last quarter which will help members with or wanting to get HELOC and Kwik Cash loans.
Until we can meet in person again, stay safe and be well.
Sincerely,
John R. Ness,
Chairman, Board of Directors

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