Members Credit Union (MCU) released the 2023 Annual Report in May 2024. Here is a recap of the annual shareholder’s meeting that was held on Friday, January 26th, 2024.
On Friday, January 26th, 2024, Members Credit Union (MCU) held its annual shareholder's meeting. The meeting was called to order, followed by a unanimous vote to re-elect Bob Donley, Cindy J. Stiff, Durham C. White Jr., and Delphine Dennis to serve a three-year term on the credit union's Board of Directors. President and CEO, Bob Donley, presented the results of 2023 and the plans for 2024; Mr. Donley reported the impact of actions taken during the COVID-19 pandemic continued to affect our economy negatively during 2023.
During 2023, to continue education for our employees, we launched our Learning Pathways training system which allows both employees and managers to select training modules to support the needs and requirements of their current position within the credit union. This system also allows employees to select different pathways that are of interest to them for futures careers at MCU. A new Morganton branch location was purchased to better serve our membership with a drive-thru, drive-up ATM, and a night deposit. After two years of muted spending and federal and state government pandemic assistance deposits, our members returned to spending. MCU experienced a net deposit decrease of approximately 8.00% in 2023, however, deposits are still up 32.7% over pre-pandemic levels; borrowing needs for our members resulted in a 4.80% loan growth in 2023.
Looking ahead to 2024, our Board approved adding Digital Card Issuance to our debit card program. This service will enable us to instantly deliver a usable, digital debit card to our members, allowing for virtually uninterrupted spending and usage of their debit card. In efforts to combat fraud and elder abuse, our frontline employees will undergo certification in the BankSafe training program to become AARP-certified in detecting and preventing financial exploitation. Additionally, we have initiated "Member Fraud Awareness" days in our branches to equip our members with information to help them avoid falling victim to the ever-growing realm of fraud, scams, and schemes in today's world, which seek to prey on our unsuspecting and trusting members.
In closing, President and CEO; Bob Donley expressed his gratitude to MCUs membership, employees, and the credit union's Board of Directors for their unwavering support and loyalty throughout a very challenging, rewarding, and sometimes difficult 2023. The next annual shareholder's meeting is scheduled for January 2025.
