2nd Quarter 2021 Message

July 1, 2021

Dear Members:
Lately, it has been nice to see people living ‘back to normal’ life styles. Restaurants, public venues and workplaces are seeing a return of customers and workers. It’s been a rough 18 months but hopefully you and your families are enjoying getting out again.
While the Sky Park facility is still not nearly as staffed as pre-covid levels, we continue to serve members with deposits, withdrawals, loans and lines of credit. However, for the 2nd quarter of this year, the credit union is still experiencing the challenges of generating income from loans with very low interest rates as well as much reduced returns on the credit union’s investments. At our most recent Board of Directors meeting, we reduced the dividend level from what had been proposed in the previous quarter. Additionally, the prospective dividend we expect to pay for the 3rd quarter has been reduced.
I have been letting you know in the last few quarterly letters that the Board of Directors has been investigating ways to continue to serve the membership and ways to add new products and services that will add value to your membership. The recommendation that was presented to the full Board was approved by the Directors but still needs approval from various regulatory agencies. We have prepared and submitted the required documentation and are awaiting the regulatory agency decisions. Once approved, a communication detailing the plan will be sent to all members for your review.  The ultimate decision to move forward will be by the vote of our membership. It’s your credit union – it will be your decision on matters impacting the future of Utilities Credit Union. Again, you can anticipate additional information from us in the near future.
Sincerely,
John R. Ness
Chairman, Board of Directors

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