New Board of Directors Announced
FCCU held our 82nd Annual Meeting on Tuesday, June 15th. The meeting was rescheduled from March, due to COVID-19 precautions. Speeches were given by our President/CEO, Steve Schmitz, Board President Owen Olson and CFO, Sean Rinkenberger. Over 80 people were in attendance.
In his speech, FCCU President/CEO, Steve Schmitz talked about the impact that COVID had on our credit union. A few notable stats from his speech were:
- 5 year CD's were paying 3% and in a weeks time dropped to less than 1%
- FCCU had a 21% increase in deposits from March 2020 to March 2021. Typically we would expect it to take three of four years for us to grow this much.
- FCCU more than doubled our home loan production
- While more than 20% of all credit unions lost money in 2020, FCCU was able to end the year with a rock solid 1% return on assets
Schmitz also noted that for the first time in history, FCCU exceeded $1 billion dollars in total assets as of March 31st. "When you think back to our beginnings of $250 in 1939, this is remarkable and a major historical milestone for our credit union. An accomplishment that has been 82 years in the making and one we can all be proud of," he says.
There were two positions up for re-elections for FCCU's board of directors with three individuals in the running including incumbents Bonnie Nelson and Sharman Zachrison, and member Douglas Kalianoff. The vote concluded with Bonnie Nelson and Sharman Zachrison being re-elected.
Attendees of the meeting received the 2020 Annual Report, which highlights activities, management, and financials of the last year for the Credit Union. Click here to view the 2020 Annual Report.
"2020 tested the safety and soundness of this Credit Union, and because of all the hard work and dedication in the past years, FCCU came through COVID as a stronger, healthier credit union than when the year began," said Schmitz.