2nd Quarter 2020 Message

July 1, 2020
Dear Members:

I hope this letter finds you and your loved ones healthy and well. We continue to feel the impact of the coronavirus pandemic and the everyday difficulties of social distancing requirements. Our host company, Xcel Energy, is keeping its doors closed and requires employees that can work from home to do so. Our UCU office remains closed to walk in traffic as well. Heidi, Carol, Ryan and Jill have duties that they are either performing in the office on a limited basis or from their homes. Additionally, we recently purchased a new laptop computer and printer that can be used as a remote workstation. As a result, the credit union is running as close to normal as possible. In fact, the Staff has not missed a beat in serving you, the members, whether it be processing loan applications, Home Equity lines of credit, Kwik Cash loans, setting up payroll deductions, etc… Despite some limitations, we are open for business.
Your Board of Directors held its annual planning session on Wednesday, April 22nd by teleconference. We had a lengthy discussion about the challenges the coronavirus pandemic has created and discussed how to continue to serve the membership and continue to bring our products and services to you. The overall financial markets were also discussed, specifically the Prime rate reduction and how it will affect our future loan income, as our HELOC and Kwik Cash loan rates and incomes are indexed to it. While we are able to pay the 2nd quarter share dividend at the level the Board of Directors prospectively set last quarter, we do not anticipate having the ability to continue paying at those levels. However, on the flip side, those low interest rates create a great time to use those Home Equity lines of credit for home improvements or to get a great rate on a collateral loan to upgrade your car or to get that new boat for summer.
Remember, we are available to members by phone at (715) 737-2467, U.S. mail, email myucu@myucu.org 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.
Until we can meet in person again, stay safe and be well.

 

Sincerely,
John R. Ness,
Chairman, Board of Directors

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