On Friday, January 29th, 2021, Members Credit Union (MCU) virtually held its annual shareholder's meeting. The meeting began by re-electing Bob Donley, Cindy Stiff, and Durham C. White Jr. to serve three-year terms on the credit union's Board of Directors. A new member, Delphine Dennis, was also elected to the board. President and CEO, Bob Donley, presented the results of 2020 and the plans for 2021; Mr. Donley reported that in March, MCU made the difficult decision, due to the pandemic, to operate by drive-through and appointment only. During this time, MCU encouraged members to take advantage of digital options, such as DocuSign, to complete loan procedures remotely and use MEMCU Online and the MEMCU Mobile application for simple daily transactions. Members Credit Union followed the Center for Disease Control (CDC) guidelines and maintained safety measures to continue operating as normally as possible. Protective shields were installed in every branch location, as well as social distance markers on the floors. Hand sanitizer and face masks were made readily available to anyone in need. By providing these protective measures, MCU was able to open all of our branches by the end of April.
In the first quarter, a new Home Improvement Loan was introduced that allowed members to borrow up to $25,000 for a term of 180 months. In the winter season, a Holiday Helper Loan with a fixed rate and a 12-month term was offered to MCU membership. "Our deposits grew by an astounding 23% in 2020, and we experienced a 10% growth in loans. We are proud of what we have accomplished this year – keeping our branch lobbies open to our membership, helping our members who experienced distress due to COVID-19 manage their financial affairs, and maintaining a sense of normalcy for both members and employees alike by continuing to operate despite the many obstacles that we encountered throughout the year," stated Donley.
In the second quarter of 2021, MCU plans to offer a new and improved online application and loan origination platform to allow members to obtain applicable loan offers at the click of a button from their home computers or smartphone. Also, in 2021 there will be improvements to our Debit and Credit Cards. In June, members will receive new cards with new features that include the option to pick and choose their own Personal Identification Number (PIN).
In closing, the Chairman of the Board, Bill Tittsworth, expressed gratitude on behalf of the Board of Directors to Members Credit Union's staff for their incredible dedication to our members throughout 2020. The next annual shareholders meeting is scheduled for January 28th, 2022.
Read the full report here.