RFCU weathers tough year for financial firms
Board chairman Fred Marshall recapped 2009, a year that saw many financial institutions fail nation-wide, but said RFCU remains in strong condition.
“Our members showed conservatism in 2009 and I bet that continues in 2010,” Marshall said. “This mirrors what is happening nationally.”
He repor ted that R FCU’s assets grew to $59.8 million, while total capital decreased slightly to $87.3 million. Total loans showed a slight dip to $21.2 million, mostly from less vehicle loan volume.
Marshall said investments increased by $2 million to $31.2 million.
RFCU now has 8,636 member accounts with 6,457 checking accounts, 3,446 debit cards and 2,368 home banking accounts.
Marshall also gave a tribute to 21-year board member Nelson Mueller, who died this month.
L.C. Richards and Fred Marshall were elected to new terms on the board and RFCU President Ron Montgomery recognized Marshall for 30 years of service.
Current board members are R ichards, Marshall, Birdie Kristoff, Boyd Taylor, Milton Holmes, James Bradford and Jim Richter.
“RFCU remains very strongly capitalized and well able to handle any bumps in the road caused by the national and local economies,” Montgomery said.
He thanked the members, staff, board, nominating and supervisory committees.