Annual Reports
Each year, we invite our members and staff to gather and reflect on the previous year’s successes and events. We will review the financial state of the Credit Union, hear from our CEO, Chairman of the Board, Board of Directors, Supervisory Committee, and more. It gives you the chance to exercise your rights as a member-owner of the Credit Union by getting to know the Peninsula Credit Union team.
Peninsula Community Federal Credit Union 2026 Annual Meeting
5:45 p.m. Thursday, April 23, 2026
Belfair, Washington
I. Call to Order, Approval of Minutes, Quorum & Chair Comments
John Bolender, Board Chair
Kathy Haigh, Secretary
II. Supervisory Committee Report
Mendy Harlow, Supervisory Committee Chair
III. Hispanic Advisory Committee Report
Claudia Suastegui, Hispanic Advisory Committee Board Liaison
IV. Election
Kathy Haigh, Nominating Committee Chair
V. Annual Report
Jim Morrell, President/CEO
VI. The Next Act in Digital Banking
Kyle Lauderdale, Chief Experience Officer
Billy Thomas, Marketing Director
VII. Door Prizes
Jim Morrell, President/CEO
VIII. Adjourn
John Bolender, Board Chair
PENINSULA COMMUNITY FEDERAL CREDIT UNION
Annual Meeting Minutes
March 22, 2025
The Annual Meeting for 2025 was held on Saturday, March 22, 2025 in the Shelton Branch Lobby.
The 89th Annual Meeting was called to order by Chair, John Bolender at 9:42 a.m. who welcomed those present.
Sue Barnard, Board Secretary, ascertained that there was a quorum of members present.
For everyone present to review, the 2024 Annual Report and Minutes from the 2024 Annual Meeting were made available. A motion was made by Kathy Haigh and seconded by Lisa Perry to approve the 2024 Annual Meeting minutes.
John made his initial comments and recognized the history of the Credit Union and its start in 1935. John noted the Credit Union’s start as the Rayonier Pulp and Paper Mill Employees Federal Credit Union. John also commented on the next 90 years and how the Credit Union envisions a future characterized by highly personalized and digitally integrated financial services. He went on to share that we will maintain our unwavering commitment to community and financial well-being, serving an increasingly diverse and aging population. John shared that we will embrace adaptability, prioritize financial literacy, and seamlessly integrate technological advancements.
John introduced Mendy Harlow, Supervisory Committee Chair, to give the annual report for the Supervisory Committee. Mendy explained the function of the Supervisory Committee to ensure integrity, safe and sound operations, and to address any issues raised by members and staff. During 2024, the Supervisory Committee engaged the accounting firm of Moss Adams to conduct a full financial statement audit of financial condition as of March 31, 2024 and 2023. The auditor’s opinion concluded, the financial statements present fairly, in all material aspects, of the financial position of Peninsula Community Federal Credit Union for both 2024 and 2023. Additionally, the NCUA did not conduct a regulatory exam during 2024. However, a NCUA exam was scheduled for the first two weeks of 2025. There were no major issues discovered during this examination. Finally, Mendy shared that controls are in place to assure that the Credit Union conducts its operations in a safe and sound manner. She would like to assure the membership that PCFCU is managed well and financially sound.
John thanked Mendy for her report and introduced Kathy Haigh, Chair of the Nominating Committee. Kathy proceeded with the election of two Board positions as a result of two Board Members retiring (Sue Barnard and Lane Johnson). Having not received any petitions or new nominations from the floor, it was declared that the nominations are to be adopted.
Elected was:
Position #2 Claudia Suastegui Three Year Term
Position #3 Mendy Harlow Three Year Term
John recognized the two retiring Board Members, Lane and Sue.
John recognized and thanked Dr. Lane Johnson, MD for his volunteer service that began on the Supervisory Committee in April 2010. Lane was later elected to the Board of Directors in 2016.
John also recognized Sue Barnard for her volunteer service to the board that began in April 2007. More recently Sue has served as the Board Secretary.
John then read the Certificates of Appreciation for Lane and Sue. Combined with each certificate was a check for donations being made in their name to the Mason General Hospital Foundation and Community Lifeline, respectively.
John then read a special Board Emeritus Resolution for Sue Barnard. The Annual Meeting Resolution recognized Sue for her 18 years of service to the Board, service during a CEO leadership transition in 2012, and service as Board Secretary since 2018, and numerous contributions, insights, and vision. With the reading of the resolution, the Board recognized Sue as Director Emeritus of Peninsula Community Federal Credit Union.
John then introduced Jim Morrell, President and CEO, to share the Annual Report. Jim shared the milestone anniversaries from the past year. Jim highlighted the Credit Union theme of “Grounded in our Past. Growing a future together.” He acknowledged growth that the Credit Union has seen over the past ten years, such as a 22% increase in membership and an impressive 84% growth in deposits, thus nearly doubling the financial strength of the Credit Union. Additionally, Jim outlined the Credit Union’s dedication to member feedback. Our recent 2024 Member Survey revealed a 72.9% “happy fan” or promoters of the Credit Union utilizing the Net Promoter Score, which exceeds industry averages and reflects the exceptional service provided by the team. Based on this feedback, Jim shared that the Credit Union has made a strategic decision to upgrade the digital banking solutions and core database system, for implementation in July 2026. Jim is excited to enhance the member experience and position us for future growth.
Jim introduced Jennifer Duncan, Branch Manager of Shelton Branch, to welcome several distinguished members in attendance. In recognition of our almost 90th year, Jennifer introduced Larry Stevens, member since July 5, 1962. Larry shared his history with the community, his family and Peninsula Credit Union. He noted that the Credit Union was always easy to work with and he appreciated the service he received.
Jennifer introduced Sue Vanderwal, member since March 1, 1965. Sue shared while she has had many relationships with the local financial institutions, there is an enormous difference in the treatment from PCU. When she needed a car loan, she called one morning and walked out that afternoon with a check! She has always earned great Certificate rates. Furthermore, what she really appreciates is PCU’s active role in building the community. She sees PCU working toward building savings habits with the youth and the Save To Win program we have is an amazing start!
Jim thanked the recognized members. He then shared that over the past couple of years, there has been a concerted effort to learn how to create a sense of belonging for our Hispanic neighbors and friends. Jim introduced Darla Kolbas, Lending Director, to share a couple of Wow! Stories of how the Credit Union has served two of our Hispanic Members.
Darla shared a story about trust, where the Credit Union was able to help a member with an ITIN gain financial independence through the personalized guidance given. Additionally, the Credit Union was able to also help the members 13-year-old son, setting the foundation for his financial journey as well.
Darla also shared a story about a dream. Vanessa Hernandez, Hispanic Financial Outreach Coordinator, helped Jessica who was unexperienced with banking and how things worked at a Credit Union. Vanessa took the time to go over how all the services worked. With patience and care, Vanessa answered all the questions, opened Jessica’s first ever account, and assisted her in applying for a credit card. Jessica wants to own a home one day and knows she can achieve her dream using her ITIN.
Jim then asked if anyone from the audience would like to share about their experience with the Credit Union. Tony Kastella, member from Port Townsend shared that he has always appreciated the service and care from Polleen, Lori, and Kade at the Port Townsend Branch. He appreciates everything the Credit Union has provided for him.
Jim introduced Zoey Kolbas, daughter of Darla, to assist with the door prize drawings.
In conclusion of the Annual Meeting, John reiterated a thank you to the Credit Union leadership and their work over the past year to support members. John thanked everyone for their attendance.
With there being no further business, the meeting was adjourned at 10:26 a.m.
Annual Report
At Peninsula, our member-owners are our shareholders. We are committed to offering convenient access to financial information about their credit union.
Our Annual Reports give further insight into our financial condition, but also offer details about our community involvement, yearly business achievements and perspective into important issues affecting credit unions locally and nationally.
Volunteers of Peninsula Credit Union have the opportunity to strengthen the economic well-being of the communities we serve to benefit everyone, whether low to moderate income or wealthy, unbanked or underbanked. Through strong understanding of financial challenges and opportunities that exist within our community, volunteers offer strategic direction that ensures the credit union will remain independent, viable, and always ready to protect and serve the interests of our members and our community.
When volunteers commit to the credit union, they receive ongoing professional development making them effective leaders; strong networking opportunities to get to know others who share their values; contribute to greater opportunity and improved well-being of the place where they live and work.