RFCU holds annual meeting Monday at KC Hall
RFCU was founded as a credit union cooperative in 1970 and has grown to serve over 8400 member accounts as of Dec. 31, 2010. Fred Marshall, RFCU board chair called the business meeting to order and thanked all in attendance for their long term and continued support of their credit union.
After opening prayer delivered by Rev. Willie Phillips, Boyd Taylor read the minutes of the 2010 annual meeting. Fred Marshall covered key statistical areas as of Dec. 31, 2010, which included: asset size, $61,804,559; total capital, $8,252,568; total loans, $19,864,335 and total investments, $34,894,000.
RFCU services 8,480 member accounts, 3,054 member checking accounts, 3,557 member debit cards and 2,662 member home banking accounts. Marchall noted that RFCU ended 2010 with extremely strong capital of $ 8,252,568 yet had absorbed $484,000 in extraordinary expense in 2010.
The expense reduced net income for the year but was RFCU’s part of the overall industry’s responsibilities to maintain a very strong deposit insurance program and to offset losses incurred in the Corporate Credit Union system. These losses in the Corporate system were a direct result of the financial crisis the country addressed over the last 2 years.
Although RFCU, as the vast majority of the over 7400 credit unions throughout the United States, had nothing to do with the financial crisis, RFCU shared the burden with all Credit Unions in the United States. The financial industry appears to be strengthening with 2011 looking to be a better year for the industry, Montgomery said.
Milton Holmes, Henry James Bradford and Boyd Taylor were re- elected by the membership to new three year terms. Board officers for 2011 include: Fred Marshall, chair; Birdie Kristoff, vice-chair and Jim Richter, secretary treasurer. Supervisory committee chair reported excellent results to the membership concerning the 2010 audit, the 2010 Federal Exam and a 2010 Automated Clearing House audit completed as of Dec. 31
Montgomery thanked the membership for their friendships and support for the 20 years he’s been with RFCU. He also thanked the board, nominating commiteee and supervisory committee for their diligence and hard work.
He recognized vice president Kathy Quinney and executive vice president Catherine Praesel for their 25 years with RFCU.
He noted that RFCU has 15 staff members with 10 years or more of service and combined with all other staff members, he is proud of the RFCU staff working hard to treat RFCU members with dignity and respect while offering quality service.