2024 Annual Report to Membership
Board of Directors
Gene Jakubczak – Chair
David Eash – Vice Chair
Corin Morse – Secretary
Francis Adewale – Treasurer
Harry McLean Jr. – Director
Brandon Rapez-Betty – Director
Raylene Gennett – Director
Supervisory Committee
Dave Christiansen – Chair
Chuck Zigmund – Committeeman
Vince Beck – Committeeman
Annual Meeting Minutes
May 2, 2024
The 90th Annual Meeting of the Spokane City Credit Union was held at Hamilton Studio in Spokane, WA. The meeting was called to order by Vice-Board Chair David Eash at 6:08 P.M.
A quorum was ascertained by an apparent attendance of 100 members.
David thanked the staff, directors, and SC members for their service to the credit union.
David thanked Hamilton Studio for making the space available to SCCU.
Minutes of the June 8, 2023, 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 and are published on the SCCU website.
Old Business: None
New Business: Deanna spoke to the attendees about the ATM relocation project timeline, expected start, and excitement about the project. Poster boards showing the design of the new ATM being moved into the vestibule throughout the venue for members to review. There were no questions about the upcoming project. Deanna spoke to the attendees about the Credit Union being in a strong position and asked if there were any questions. There were none.
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 – Gene Jakubczak
Board Position – Harry McLean, Jr
Supervisory Committee Position – Chuck Zigmund
David asked for a motion to approve to accept the Nominating Committee Report. There was a Motion, Second and Carry to accept the Nomination Committee Report.
The attendees affirmed the election results.
There were no additional questions.
The meeting was adjourned at 6:30 P.M.
Respectfully submitted,
Corin Morse, Secretary and David Eash, Vice-Board Chair
Chairman’s Report 2024
As we reflect on 2024, our $62 million credit union has continued to thrive, thanks to the unwavering support of our members. Our growth is a testament to your trust and confidence in us.
This year, we enhanced our digital services, ensuring that members can easily access their accounts from anywhere. This move aligns with our mission to combine the personalized service of a community-based credit union with the convenience of modern technology.
We are proud to report that our financial stability remains strong. We have maintained a healthy balance sheet and continue to invest in initiatives that benefit our members, including lower loan rates and increased savings yields.
Guided by the "People Helping People" philosophy, our credit union continues to prioritize the needs of our members and community. This philosophy shapes everything we do, from offering personalized financial solutions to giving back through local initiatives. We are more than just a financial institution; we are a trusted partner committed to supporting the well-being of our members and neighbors.
Additionally, we are honored to have been recognized by Newsweek as one of America's Best Regional Credit Unions for 2025. This accolade reflects our commitment to excellence and the members' positive experiences.
Looking ahead, we remain dedicated to growth, innovation, and strengthening the relationships that make our credit union special. Thank you for your continued support. We look forward to another year of serving you, our members.
Sincerely,
Gene Jakubczak
SCCU Board Chair
Supervisory Committee 2024 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 adequate 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 Moss-Adams, the accounting firm, to examine the credit union’s 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 the best practices.
The committee meets regularly with management and directors to ensure that audit and regulatory requirements are incorporated into SCCU programs. Our reports are provided to the Board of Directors and the Department of Financial Institutions, which is responsible for the credit union.
Spokane City Credit Union operates safely and soundly, and its financial records are in good order.
The Supervisory Committee is proud to serve the Credit Union members and work with the best staff in the business.
Respectfully Submitted,
Dave Christiansen, Chair
Vince Beck, Member
Chuck Zigmund, Member
Treasurer’s Report 2024
In 2024, the economic story was all about inflation and interest rates. Rates went from 0% to .25% on 1/1/2022 to 4.75% to 5.00% at the start of 2024, where they have held steady since then. SCCU continues to evaluate where we can benefit them in this rate environment.
As we look back on 2024, our financial performance was excellent: we posted a net income of $ 512,227, which is excellent. We increased our expenses, but for the benefit of our members (SCCU paid $ 50,759 more in interest dividends in 2024 than in 2023). Assets were stable, and we ended the year at $ 62,448,089. Member deposits decreased $ 2,856,231 from 2023 to 2024. Our loan-to-share ratio is a healthy 92%, and the delinquency rate is very low. At the close of 2024, SCCU is profitable, well capitalized, and ready to continue investing in our members’ future.
Your board and SCCU staff continually find ways to maximize value for our members 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 offers increased value to our members. Thank you for being supportive as we look forward to our 91st year in 2025!
Respectfully,
Francis Adewale, Board Treasurer
FINANCIAL SUMMARY
as of December 31, 2024
| Total Assets: | $ 62,448,089 |
| Total Liabilities: | $ 56,083,762 |
| Total Capital: | $ 6,364,327 |
| Capital to Assets Ratio: SCCU’s Capital Ratio increased 1.18% in 2024 (A well-capitalized Credit Union is defined as having a ratio of 7.0% or higher) |
10.19% |
| Loans: | $ 50,899,198 |
| Allowance for Future Loan Losses: | $ 427,719 |
| Shares: | $ 55,765,063 |
| Income: | $ 3,403,618 |
| Dividends Paid: | $ 573,280 |
| Expenses: | $ 2,318,111 |
| NET INCOME | $ 512,227 |
President & CEO's Report 2024
Reflecting on 2024, it has been a year of resilience and growth for our $62 million credit union. Despite economic challenges, our credit union has remained strong, focused on providing exceptional value to our members.
We are proud to offer competitive deposit rates, ensuring our members benefit from a favorable rate environment. Additionally, we have worked diligently to balance our financial stability while enhancing member services. Our commitment to the "People Helping People" philosophy has guided every decision, from improving digital access to offering competitive loan rates.
In 2024, our financial performance was excellent, with a net income of $512,227. While we experienced an increase in expenses, these were driven by investments in member dividends and benefits, reflecting our continued commitment to supporting our members. Our assets remained stable at $62.4 million, and our loan portfolio, though impacted by higher interest rates, continues to perform well with a healthy loan-to-share ratio of 92%.
We are also honored to have been recognized by Newsweek as one of America’s Best Regional Credit Unions for 2025. This prestigious recognition speaks to the strength of our team and the trust our members have placed in us.
In late 2024, we took a significant step in expanding our presence by purchasing the building next to our current location. This acquisition will provide additional space for growth, enhance our ability to serve members, and allow for future expansions in both services and operations.
As we look to 2025, we are excited to celebrate an incredible milestone—our 91st year of serving the community. This anniversary is a testament to the enduring strength of our credit union and the lasting relationships we’ve built with our members over nearly a century. We are excited to continue growing and evolving in the years to come.
Thank you for your continued trust and support as we move into another year of service and growth. Together, we will continue building a stronger financial future for all.
Sincerely,
Deanna Hanley, President & CEO
Nominating Committee Report
March 31, 2025
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 in January 2025 for members to contact SCCU to express their interest in serving 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
Raylene Gennett – 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 positions for another term.
The results of the nomination/election process are as follows:
Elected to the Board of Directors: David Eash & Raylene Gennett.
Elected to the Supervisory Committee: Dave Christiansen
Respectfully submitted,
Corin Morse
Spokane City Credit Union Staff
Deanna Hanley – President/CEO
Jamie Forbes – Loan Supervisor
Shannon Chapman – Teller Supervisor/BSA Officer
Helen Reynolds – Accounting Specialist
Tim Lieske- Loan Officer
Krystyne Miller – Loan & Digital Experience Officer
Brian Fletcher – Member Service Representative/Delinquency Officer
Jon Belch – Member Service Representative
Katie Jones – Member Service Representative
Courtney Carlquist – Member Service Representative (Feb 2025)
Catherine Dietz – Administrative Assistant
