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Serving Spokane, One Member at a Time

2020 Annual Report to Membership

Board of Directors

Gene Jakubczak – Chair
David Eash – Vice Chair
Corin Morse – Secretary
Ian White – Treasurer
Harry McLean Jr. – Director
Jerry Niepomnik – Director
Francis Adewale – Director
Jared Baldwin – Associate Director


Supervisory Committee

Dave Christiansen – Chair
Chuck Zigmund – Committeeman
Vince Beck – Committeeman


Annual Meeting Minutes

April 2, 2020

The 86th Annual Meeting of the Spokane City Credit Union was held on April 2, 2020 at Spokane City Credit Union, Spokane, WA. The meeting was called to order by Board Chair Gene Jakubczak at 5:09 P.M. A quorum was ascertained by an apparent attendance of 23 members. Minutes of the April 25, 2019 Annual Meeting were approved as distributed.

There was a Motion, Second, and Carry to accept written annual reports from the Board Chair, Supervisory Committee, Treasurer, and President. The reports were distributed in booklet form.

Old Business: None

New Business: Gene F briefed the attendees on what SCCU response to the Corona Virus (aka Covid19) outbreak.

Gene J thanked Dale Arnold who is retiring from the board. Dale served in a variety of roles over many years.

Election: There were three Board positions and one Supervisory Committee position open. Nominating Committee Chair Harry McLean Jr. provided a written report on the election and results.

The following were duly elected:

Board Position #5 Corin Morse
Board Position #6 Ian White
Board Position #7 Tim O’Brien

Supervisory Committee Position #3 Vince Beck

The attendees affirmed the election results.

Board Chair Jakubczak thanked the members in attendance for their support of SCCU.

Meeting adjourned at 5:19 P.M.

Respectfully submitted,

Corin Morse, Secretary and Gene Jakubczak Board Chair


Chairman’s Report 2020

Established in 1934, the Spokane City Credit Union (SCCU) continues to provide trusted financial services for you and your family.

2020 was a challenging year for SCCU. The pandemic forced us to make a variety of changes in how we conducted business. These changes were necessary to protect both the member and the staff.

Financially, we had a good year. We continue to grow at a steady pace and our bottom line looks great. The financial health and stability of SCCU is solid.

Last year was the first year of the SCCU “Giving Loan” program. When you get a loan at SCCU, the credit union makes a donation of $50 to the charity or non-profit of your choice. If it’s important to you, it’s important to SCCU.

With all the pain and suffering the virus has caused, this program coupled with funds from SCCU resulted in $17,940 going to assist our friends and neighbors in 2020. As we grow, more is automatically allocated to help. People Helping People is credit union way and we take it to heart at SCCU.

With all that is going on in the world today, we haven’t forgotten that our greatest asset continues to be you, our members. It’s the members that make the Spokane City Credit Union great! We look forward to serving you in the years to come. Feel free to contact me or any member of the management team with your comments or recommendations.


Gene Jakubczak


Supervisory Committee 2020 Annual Report To The Membership

The Supervisory Committee is required to ensure that:

• Management’s financial reporting objectives have been met.
• Management practices and procedures safeguard members’ assets.

To meet these two general requirements, the Supervisory Committee is responsible for determining whether the Credit Union Management has established and maintained effective internal controls to achieve the Credit Union’s financial reporting objectives. The Supervisory committee makes these determinations primarily through conducting audits and verifications.

The Supervisory Committee engaged the accounting firm of Moss-Adams to examine the credit unions financial records and the required BSA Audit. In addition, the committee hires specialists to assist us in auditing Information Technology and Specialty Loan Programs to ensure they are safe and sound and that we use best practices.

The committee meets with management and the directors on a regular basis to make sure audit and regulatory requirements are incorporated in SCCU programs. Our reports are provided to the Board or Directors and the Department of Financial Institutions which are responsible for the credit union.

Spokane City Credit Union is operating in a safe and sound manner and its financial records are in good order.

The Supervisory Committee is proud to serve the Credit Union members and work with the staff who are the best in the business.

Respectfully Submitted,

Dave Christiansen, Chair
Vince Beck, Member
Chuck Zigmund, Member


Treasurer’s Report 2020

2020 was a year marked by unprecedented economic distortions. We started the year with a strong national economy that turned into a severe recession and then a rapid rebound. Steps were taken to make sure our credit union remained strong and that we continue to invest in products/services that benefit the members.

As we look back on 2020, we can say our financial performance was strong: we posted a net income of $312,549 which is an all- time high. Assets broke the $50 million dollar mark and we ended the year at $52,979,723. In addition, member deposits increased 16.76% for the year. Our loan-to-share ratio is a healthy 86% and the delinquency rate is very low at 0.18%. At the close of 2020, SCCU is profitable, well capitalized and investing in the future.

Your board and SCCU staff are continually finding ways to decrease expenses and increase profitability. This directly results in better service, lower loan rates and good dividend rates on member shares in the long run. Since we are not-for-profit and member-owned, this strong performance results in offering increased value to our members. Thank you for your support as we look forward to another strong year in 2021.


Ian White, Board Treasurer



December 31, 2020

Loans $893,686.75
Student Loans -
Lines of Credit $145,096.85
Real Estate Loans $863,571.25
Loan Participations $27,299.69
Investment Income $12,127.18
Interest on Borrowed Money -
Dividend Expense - Shares $66,836.55
Dividend Expense - Certificates $76,331.53
Share Draft Charges $10,947.33
VISA Interchange $79,635.45
VISA Checkcard/ATM $174,091.99
Other Fees & Charges $211,203.05
Late Fees $22,570.97
Misc. Operating Income $136,313.64
TOTAL FEE INCOME $634,762.43
NCUSIF Stabilization Expense -


Employee Benefits & Taxes $174,524.32
= Total Employee Compensation $718,540.21
Travel & Conference $8,287.19
Association Dues $4,921.21
Office Occupancy $80,609.29
Office Operations $182,743.14
Education & Promotion $87,951.21
Loan Servicing $197,266.03
Professional & Outside Service $584,603.85
Supervision & Examination $7,903.13
Cash (over) & Short $294.82
Annual Meeting $129.34
NET INCOME $312,549.15



December 31, 2020

Loans $16,163,166.60
Visa Lines of Credit $1,823,465.52
Real Estate Loans $22,949,997.00
Share Secured $75,514.18
Loan Participations $75,514.18
Loans In Process of Liquidation $15,795.82
Allowance for Loan Loss (511,565.22)
TOTAL LOANS $41,006,706.55
Cash $6,902,304.51
Change Fund -Vault $580,773.95
Investments - WA Corporate $50,056.00
Investments - Certificates & Other $2,092,000.00
Investments - CUSO's $20,000.00
Prepaid Expenses $167,102.08
Land & Buildings (net) $1,415,140.67
Furniture & Equip (net) $231 ,980.28
NCUSIF Capitalization $407,554.55
Other Assets $2,151.00
Accrued Interest $103,954.07
TOTAL ASSETS $52,979,723.66
Regular Shares $27,141,033.73
Share Drafts $10,205,961.96
Preferred Share Invest $4,846,732.54
IRA Shares $924,443.53
IRA Certificates $728,744.29
Share Certificates $4,305,570.53
TOTAL SHARES $48,152,486.58
Accounts Payable $216,322.54
Notes Payable -
Dividends Payable $980.32
Clearing & Suspense Accts (3,279.37)
Regular Reserves $1,028,913.38
Undivided Earnings $3,271,751.06
Net Income $312,549.15
TOTAL EQUITY $4,613,213.59


President's Report 2020

What a year 2020 was for your credit union. As an organization we were tested and we had to “turn on a dime”. We changed a lot in the course of the year and we thank you the members for your patience and understanding as we picked our way through the virus minefield.

With a small staff, we could not have a virus outbreak in the office. We would not have been able to serve you if much of the staff was in quarantine. To continue with business as close to normal as possible, we set up remote worksites and had staff rotate in/out of the office. We also limited access to the lobby. We miss having you in the building. However, the health and well being of you and the staff is our priority. We will re-open the lobby when Phase 3 is in effect.

At the start of 2020 our outlook was one of cautious optimism. Investments in technology for the membership was our focus in 2020. The pandemic outbreak in the spring caused us to hit the breaks for a couple of months. We regrouped and then took off. Much was accomplished in spite of the virus.

Our financial results for 2020 were good. We continue to focus on adding “Convenience” for the membership. We rolled out our Contactless Credit Card and added a Web Payment feature to our website. As interest rates on Savings and other deposits dropped, we made cuts in operating expenses to limit the decline in dividends. Home loans are in demand and SCCU was able to meet the demand.

2021 will be another testing year. The economy is climbing back but many families have been hit hard. SCCU will continue to invest in the members by upgrading our operations and assisting in the community.

Even with all the technology that is available, it’s the staff of SCCU that makes this place special. In 2020, the staff pulled together and worked harder than ever to make sure their members were taken care of. A big THANK YOU goes out to all of them.

At our core is our charter as a “not-for-profit” financial cooperative. We exist to serve our member-owners. Unlike other financial institutions, we do not issue stock or pay dividends to outside stockholders. Instead, earnings are returned to our member-owners in the form of lower loan rates, higher interest on deposits and investments in technology to make your financial life easier. That’s the credit union difference.

It is your participation as a member-owner that makes us strong. When you fully participate in our services and programs you make SCCU even stronger. Membership eligibility extends to your family, friends and co-workers and makes SCCU grow. Members helping members, it’s a business model that has worked at SCCU since 1934.


Gene Fitzpatrick, President


Nominating Committee Report

March 31, 2021

The Nominating Committee for the Spokane City Credit Union (SCCU) submits the following report to the members of SCCU.

The Nominating Committee was given the task of providing qualified candidates for the elections of two Board positions and a Supervisory Committee position. All terms are for three years.

A Call for Nominations was posted for members to contact SCCU to express their interest to serve on the Board of Directors or Supervisory Committee.

The Nominating Committee submits that all the following named candidates listed have indicated in writing a willingness to serve in good faith. The Nominating Committee attests that each candidate is qualified to serve.

The Candidates for the Board are as follows:

Harry McLean Jr. – Incumbent
Gene Jakubczak – Incumbent

The Candidates for the Supervisory Committee is as follows:

Chuck Zigmund – Incumbent

Two positions were up for election for the Board of Directors and one position was up for election for the Supervisory Committee. These positions are for three-year terms.

As there were no other candidates for the positions, the current holders of these offices are re-elected.

The results of the nomination/election process are as follows:

• Elected to the Board of Directors: Harry McLean Jr. and Gene Jakubczak
• Elected to the Supervisory Committee: Chuck Zigmund

Respectfully submitted,

Corin Morse


Spokane City Credit Union Staff

Gene Fitzpatrick – President
Kathy Meagley – Operations Supervisor
Shannon Chapman – Member Service Specialist
Jon Belch – Member Service Representative
Cheryl Nevins – Member Service Representative
Krystyne Miller – Member Service Representative
Kathy Holmes – Loan Supervisor
Tim Lieske – Loan Officer
Jamie Forbes – Loan Officer
Helen Reynolds – Accounting Specialist


Important information!

We're moving the ATM into the vestibule!

ATM Relocation Project

Construction Starts June 3rd
Drive-thru will be open normal hours during construction.

Front doors will be accessible by appointment only during the construction period of Monday, June 3rd until the beginning of August 2024. Please call the Credit Union at 509-325-7228 or visit https://sccu.net/book-appointment to schedule an appointment.

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