1st Quarter 2021 Message

March 31, 2021

Dear Members:
Fortunately, it seems we’ve rounded the crest of this monumental Covid-19 catastrophe, at least as far as we can believe at this point in time. Many business sectors are moving towards a “back to normal” mode of conducting their operations. Xcel Energy’s Sky Park and other outlying facilities are not yet at this point. However, the credit union has been and will remain staffed throughout the pandemic. We will continue to offer membership services such as payroll deductions, savings accounts, collateral loans, kwik-cash lines and home equity lines of credit. The membership can reach our staff via telephone, email or scheduled visits.
I mentioned in my last quarterly letter that the Board of Directors was investigating different ways to continue to serve the membership and to possibly add new products and services that bring additional value to your membership. A new committee was formed, comprised of Directors, committee members, retirees and an outside consultant to identify options and to perform a comprehensive due diligence study. That effort occurred throughout the 1st quarter of 2021. A final recommendation will be presented to the full Board for voting in April.  Once decided, a notice will be sent to all members for their input.
This effort to look at product and service enhancements was spawned by the fact that Utilities Credit Union is experiencing many of the same challenges that have caused many other small credit unions to either partner with other institutions or cease to exist. Some of these factors include increased regulatory requirements that are burdensome on small staffs, the high cost of technology to meet member expectations, and an environment of decreasing loan rates which leads to decreasing net income from which we pay dividends to members with share savings. I am proud that unlike some credit unions, the cost of loan defaults is not in any way an issue for us. We the members take care of our responsibilities and pay our debts; and for that we Thank You!
Finally, the Board of Directors has not definitively set the date and time of the 88th Annual Membership Meeting which is usually held the last Thursday in February at the Xcel Energy Sky Park facility.  We will communicate that information when we know more details.
Sincerely,
John R. Ness
Chairman, Board of Directors

Comments are closed.