PENINSULA COMMUNITY FEDERAL CREDIT UNION
Annual Meeting Minutes
April 15, 2021
The Annual Meeting for 2021 was held on Thursday, April 15, 2021 via Zoom conference call.
The 85th Annual Meeting was called to order by Chair, John Bolender at 5:02 p.m. who welcomed those present.
Jim Morrell welcomed everyone to the unique virtual annual meeting resulting from COVID-19.
Sue Barnard, Secretary ascertained that there was a quorum of members present.
For everyone present to review, the 2020 Annual Report and the Minutes from the 2020 Annual Meeting were available on the PCFCU website and posted to the Zoom chat. A motion was made and seconded to approve the 2020 Annual Meeting minutes.
Sue Barnard gave the Nominating Committee report stating that three members had been nominated to serve on the Board of Directors and there were no other nominations received or petitions challenging either of the nominated candidates. She then asked that a unanimous ballot be cast for those candidates for the Peninsula Community Federal Credit Union Board of Directors. A nomination to cast a unanimous ballot was made and seconded. All present were in favor of this motion.
Position #5 Kathy Haigh Three Year Term
Position #6 Kandace MacKaben Three Year Term
Position #7 Steve Wright Three Year Term
John referred to the President’s, Chairman’s and Supervisory Committee’s report in the Annual Report for 2020.
Jim Morrell, CEO noted that 2020 was a unique year with the pandemic that changed our lives. Jim noted that PCFCU strived to provide members the support necessary during the challenging year. Jim highlighted the year by referencing the 29 regulatory changes, $7 million in member loan modifications the launching of the Puget Sound Emergency small dollar loan program, the PayDay Alternative Loan Program and making $3.3 million in SBA Payroll Protection loans to 69 businesses. During all of this, Jim noted that we implemented the new online and mobile banking programs. Mention was made of considerable asset growth ending the year just shy of $250 million which was a 26% increase over the past year end. The increase was largely due to economic stimulus payments being reserved by members in their checking and savings accounts. As a result, Jim noted that our capital ratio slipped to 8.01%, that income was $1 million over budget and that the delinquency rates declining was indicative of members prudently managing their money. Jim thanked the entire team of staff for their flexibility, knowledge and service they provide for PCFCU members.
In closing, John Bolender thanked the entire staff and stated that he was impressed by their perseverance and ongoing focus upon serving the membership.
There being no further business, the meeting was adjourned at 5:12 p.m.