We had an excellent turn out for the 2015 Annual Membership Meeting, which was held at Evangelo’s on Tuesday, May 12.
John Duffy thanked the members for participating in this year’s Annual Meeting and for being members of the Credit Union. He then discussed the Financial Reality Foundation and that it has been well received within the schools and how important it is to credit unions to assist with financial literacy.
John then went on to discuss the Annual Report and the article about the ABC’s of Credit Union Uniqueness. He mentioned that it is important for everyone to understand that credit unions are member owned, not for profit institutions and that we pool our assets to provide loans to our members and that is what makes us unique compared to other financial institutions.
Supervisory Committee’s Report
Supervisory Committee Chairman, Matt Reisterer, gave a brief overview of the role of the Supervisory Committee. The committee provides oversight of credit union operations as a safeguard for Credit Union assets and arranges for independent audits.
Matt announced that Supervisory Committee Member Katie Fosselman is stepping down and the committee has received a nominee, Crystal Stanley for her replacement.
Matt then discussed what steps are taken to safeguard the Credit Union’s assets. He stated that each year the committee engages an external audit firm to complete the financial audit. The committee also meets regularly with the credit union’s internal auditor. In addition, the credit union is examined annually by the National Credit Union Administration. Matt reported that the credit union is active in following up with all audit and examination findings.
Al began his report by expressing his gratitude toward the volunteers, both current and past, who make up the MVFCU Board of Directors and committees. He also thanked the dedicated employees some that have worked for the Credit Union for over 40 years and specifically mentioned the Management Team for all the work they have done to expand the membership in Valley, Anchorage and Hawaii.
Al then went on to discuss adjustments that may occur due to the changes in the price of oil, and stated that the past merger with Kunia has made the Credit Union uniquely diversified to manage these changes.
Al brought the meeting to the Financial Reality Foundation and introduced Karina Wentworth the Executive Director. He talked about how the Credit Union has been able to collaborate and partner with eight other credit unions in Alaska and four in Hawaii to help increase financial literacy through the Financial Reality Fairs.
One of the biggest advances that the credit union has undertaken this year is the new MVFCU Mobile App. With this change the Credit Union has made the privacy and security of the member’s information a priority and will continue to do so.
In conclusion, Al reviewed the credit union’s mission and core values. We believe in building a solid foundation as we grow and develop, always striving for relationships based on trust and respect. We look for caring, knowledgeable, and competent people to serve our members. We practice and embrace our founding cooperative principles, encouraging creative thinking and innovation with a singular focus on member needs.
Incumbents, John Duffy and David Combs were reelected to the Board of Directors for three year terms.•
We have been working diligently on an exciting update to our online accout access solution. Coming soon, MVFCUonline will become MV ONLINE that will sport a new look and feel. It will also be loaded with new features.•» top «
By Al Strawn
Try to imagine being a mother of seven children ranging in age from newborn to eighteen years. Your husband just announced he is leaving and wants a divorce. You have been a stay at home mom all your adult life. You don’t even have a driver’s license! This is a true story of a family back in the late 1950s in Salem, Oregon. Needless to say, they experienced some tough times.
The oldest son enlisted in the Army and began sending home a small allotment check each month. Grandparents lived on a nearby farm, so there was always food and plenty of work to be done. Everyone young and old was expected to pitch in. There were many long and hot summer days working in the fields and orchards. Back then, family and hard work were the primary safety net.
Even with the whole family working together, there were many times when there just was not enough money to pay all the bills. In near desperation, this young mother would borrow from finance companies. Unlike today, most credit unions back then were restricted and could not serve the general community. The interest rates and fees charged by the finance companies would quickly make it almost impossible for a person of limited means to dig out from an avalanche of debt. The stress and the shame of being unable to make ends meet many times ended in despair.
What does this have to do with your credit union? The reality is that a growing number of people in our community are facing many of these same struggles. Today, credit cards, student loans and payday lenders are just a few examples of how easy it is to fall into the debt trap.
From the beginning, credit unions were designed to be different. As member-owned financial cooperatives, credit unions are motivated by a mission of service rather than profit. Credit unions provide affordable access to credit for provident and productive purposes. When members fall on hard times, the best credit unions come alongside them with compassion and a helping hand.
Our credit union can’t replace your need for family, and there is no lasting substitute for the need of each of us to work in whatever capacity we are able. What our credit union can do, however, is be your trusted financial partner. At Matanuska Valley Federal Credit Union, “people helping people” is more than our motto. It is our mission and our passion to serve you. We encourage you to take full advantage of your membership, and ask for your help in telling others about the credit union difference. •» top «
The steady stock market recovery has continued since the financial crisis of 2008, and this past year saw equities set more new records. Many people saw attractive investment gains as a result. But when it comes to the stock market, it’s wise to remember that what goes up can just as easily come down. How comfortable would you be if there was a major drop in the stock market? Does just the thought get your heart racing? Now might be the time to talk strategy.
Find your comfort zone.
There are new annuity* products that allow you to choose your own comfort zone. You set a limit on downside risk and still participate in the market’s upside potential. And there are other options available that could provide a guaranteed income for life*. I would like to meet with you to review your current portfolio and discuss these new opportunities. Isn’t it time to talk strategy and determine the best course for your retirement savings? These new products could do your financial plans some good.
Please give me a call at 907-745-9182 to schedule an appointment or contact me by email at email@example.com. I look forward to meeting with you soon.
* All guarantees are based on the claims-paying ability of the issuer.
Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with a financial institution to make securities available to members. Not NCUA/NCUSIF.FDIC insured, May lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America.
MGA-1208004.1-0515-0617 •» top «
The 30th Annual AVIS Sale
On Saturday, September 12, 2015, we will be celebrating our 30th Annual Avis Sale!
Be sure to watch our Facebook page and our website, www.mvfcu.coop, for more details! We look forward to seeing you there! » top « •