2021 Annual Report to Membership
2021 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
Dave Christiansen – Chair
Chuck Zigmund – Committeeman
Vince Beck – Committeeman
Annual Meeting Minutes
April 22, 2021
The 87th Annual Meeting of the Spokane City Credit Union was held virtually via Zoom on April 22, 2021 at Spokane City Credit Union, Spokane, WA. The meeting was called to order by Board Chair Gene Jakubczak at 5:20 P.M.
A quorum was ascertained by an apparent attendance of 32 members.
Gene J. thanked and expressed on behalf of the SCCU members our gratitude to Kathy Meagley for 42 years of service at the credit union.
Minutes of the April 2, 2020 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 the various technology enhancements that are underway and the upcoming SCCU event in Riverfront Park this summer.
Election: There were two Board positions and one Supervisory Committee position open. Nominating Committee Chair Corin Morse provided a written report on the election and results.
The following were duly elected:
Board Position #1 - Harry McLean Jr.
Board Position #2 - Gene Jakubczak
Supervisory Committee Position #1 - Chuck Zigmund
The attendees affirmed the election results.
Board Chair Jakubczak thanked the members in attendance for their support of SCCU. He thanked and expressed on behalf of the SCCU members our gratitude to Kathy Meagley for 42 years of service at the credit union.
Meeting adjourned at 5:35 P.M.
Corin Morse, Secretary and Gene Jakubczak Board Chair
Chairman’s Report 2021
Established in 1934, the Spokane City Credit Union (SCCU) continues to provide trusted financial services for you and your family.
SCCU was challenged again 2021 by the pandemic. While we were able to re-open the lobby to foot traffic, we had to make a variety of changes in how we conducted business. These changes were necessary to protect both the members and the staff.
Financially, 2021 was 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.
People Helping People is the credit union way, and we take it to heart at SCCU. Donations made by SCCU, and the membership increased 20% over 2020. It’s heart-warming to see how in times of stress, people come together and lend a hand. If it’s important to you, it’s important to SCCU. In the last two years $39,624 has been invested into the community by SCCU and its members. As SCCU grows and prospers, our commitment to investing in Spokane grows as well.
At the end of 2021, Kathy Meagley retired after 43 years of service to the members.
She did so much for so many over the years, we cannot thank her enough. Best
wishes to you and your family in the years ahead.
With all that is going on in the world today, we have not forgotten that our greatest asset continues to be you, our members. It is 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.
Supervisory Committee 2021 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.
Dave Christiansen, Chair
Vince Beck, Member
Chuck Zigmund, Member
Treasurer’s Report 2021
2021 was another year marked by unprecedented economic distortions. We started the year with a rebounding economy which was impacted by the various Covid virus surges. Throughout the year we continued on our path of building up reserves while investing in products/services that benefit the members.
As we look back on 2021, we can say our financial performance was strong: we posted a net income of $502,279 which is an all-time high. Assets broke the $60 million dollar mark, and we ended the year at $60,290,084. In addition, member deposits increased $6,732,624 for the year. Our loan-to-share ratio is a healthy 82% and the delinquency rate is very low. At the close of 2021, SCCU is profitable, well capitalized and investing in the future.
Your board and SCCU staff are continually finding ways to decrease expenses and increase profitability. This directly results in better service, lower loan rates and good dividend rates on member shares in the long run. Since we are not-for-profit and member-owned, this strong performance results in offering increased value to our members. Thank you for your support as we look forward to another strong year in 2022.
Ian White, Board Treasurer
as of December 31, 2021
|Total Assets:||$ 60,296.515|
|Total Liabilities:||$ 55,181,023|
|Total Capital:||$ 5,115,492|
|Capital to Assets Ratio:||8.48%|
|(A Well Capitalized Credit Union is defined as having a ratio of 7.0%)|
|Allowance for Future Loan Losses:||$ 546,894|
|Dividends Paid:||$ 141,252|
|NET INCOME||$ 502,279|
President's Report 2021
2021 was another year of “turning on a dime” for your credit union. We changed a lot over the course of the year. 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.
At the start of 2021, our outlook was one of cautious optimism. Investments in technology for the membership was our focus in 2021. We made many upgrades and rolled out a new Online Banking platform in September. Fusion Digital Banking is easy to navigate and gives you the power to do “Couch Banking” anytime. It’s a great system, and I urge you to use it. You will love it.
Our financial results for 2021 were good. Loan demand was strong throughout the year. Deposit growth continued and our operating expenses were kept in check. We were able to pay competitive dividends, invest in technology and build capital.
Even with all the technology that is available, it is the staff of SCCU that makes this place special. The staff did another amazing job to make sure their members were taken care of. A big THANK YOU goes out to all of them.
A special thanks goes to Kathy Meagley who retired at year end after 43 years of service to the membership. She was a “Key to Our Success”. We will miss her in the office. 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 is a business model that has worked at SCCU since 1934.
Gene Fitzpatrick, President
Nominating Committee Report
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:
David Eash - Incumbent
Jerry Niepomnik - Incumbent
The Candidates for the Supervisory Committee is as follows:
Dave Christiansen – 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 retain their position for another term.
The results of the nomination/election process are as follows:
Elected to the Board of Directors: David Eash and Jerry Niepomnik
Elected to the Supervisory Committee – Dave Christiansen
Harry McLean Jr.
2021 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
Catherine Dietz – Administrative Assistant