Annual Meeting

Peninsula Community Federal Credit Union
2023 Annual Meeting
5:30 p.m. Thursday, April 13, 2023
Shelton, Washington

1. Call to Order and Chair Comments
John Bolender, Board Chair

2. Annual Report
Jim Morrell, President/CEO

3. Supervisory Committee Report
Lisa Perry, Supervisory Committee Chair

4. Election
Steve Wright, Vice-Chair & Nominating Committee Chair

5. Special Recognition for Outgoing Board Member Lisa Frazier
John Bolender, Board Chair

6. Door Prizes
Sue Barnard, Board Secretary

7. Adjourn
John Bolender, Board Chair

PENINSULA COMMUNITY FEDERAL CREDIT UNION
Annual Meeting Minutes

April 14, 2022

The Annual Meeting for 2022 was held on Thursday, April 14, 2022 via Zoom conference call. The 86th Annual Meeting was called to order by Chair, John Bolender at 5:03 p.m. who welcomed those present.  Jim Morrell, CEO, ascertained that there was a quorum of members present.

For everyone present to review, the 2021 Annual Report and Minutes from the 2020 Annual Meeting were available on the PCFCU website and posted to the Zoom chat. A motion was made by Kathy Haigh and seconded by Lisa Frazier to approve the 2020 Annual Meeting minutes.

Jim shared a summary of the annual reports for 2021. He first thanked the entire team at Peninsula Credit Union who has continued to work hard to help our members navigate their finances through the continuing pandemic. Jim proceeds to thank the tenured retired employees and welcomed the newly assembled leadership team of Peninsula Credit Union.

The credit union has continued to perform well financially. By the end of the fiscal year, the credit union had achieved 449% of the budgeted net income for the year. The year began with the credit union with a second round of Payroll Protection Program (PPP) lending to over 130 small businesses from Jefferson, Kitsap, and Mason County. The Board of Directors have supported many different digital banking opportunities for our members such as mobile deposit capture, Zelle person-to-person payments, Credit Sense – a program to assist members in monitoring their credit score, and Trends – a tool to allow you to aggregate your finances and establish a budget. Jim continues to explain Peninsula Credit Union’s community serves. The partnership with the Shelton Family YMCA now includes our community financial educator assisting people with their financial journeys. Also, financial reality fairs are conducted each year at Shelton and North Mason High Schools.

Jim continued by notating the 2021 Annual Report pertaining to the Supervisory Committee that John Lester, Chair of the Supervisory Committee. This report includes information about the internal auditor making sure that all appropriate controls are in place to ensure transactions are authorized, assets are safeguarded and proper records are maintained. Both the NCUA and Moss Adams conducted audits and concluded the Credit Union is well-managed and financially sound.

Steve Wright, Vice Chair of the Board, thanked Jim for his report and proceeded with the election of two Board positions. Having not received any petitions or new nominations from the floor, it was declared that the nominations are to be adopted.

Elected were:

Position #2      Susan Barnard Three Year Term

Position #3      Lane Johnson  Three Year Term

In conclusion of the Annual Meeting, John reiterated a special thank you to John Lester for serving for several years as a member of the Supervisory Committee and his dedication to Peninsula Credit Union. He also showed his appreciation for the long term employees who retired last year.

With there being no further business, the meeting was adjourned at 5:14 pm.