December 31, 2021
Thank you to all of our members who attended our 2021 Annual Membership Meeting and a big congratulations to our many cash prize winners! This year, just like in 2020, our meeting was held virtually. Thanks to great teamwork, it went off without a hitch. At this year’s meeting, we heard from our Board Chair Frank Worden, President and CEO William Paulen, and Executive Vice President and CFO Dan LeFree.
Perseverance and Strength were constant themes as Community 1st Credit Union continued to adapt and grow through another year filled with as many opportunities as there were unprecedented obstacles.
“Financially, we fared much better in 2020 than many other credit unions and banks, and ended the year with a healthy positive net income,” said Paulen. “Navigating the challenges of daily operations in the midst of a new virus outbreak and pandemic quickly took priority over our existing plans, and we adapted.”
“The credit union continues to promote our residential energy loan offerings, and this has resulted in a significant increase to our loans overall,” said LeFree. “As an added measure, the credit union set aside a special allowance to its loan loss reserve to provide for anticipated losses due to COVID-19.” There were several contested Board positions up for election this year including positions 8, 7, 10 and 11. Members voted in by acclamation: Parent (Position #8),
Bates (Position #7), Chavez (Position #10) and Walker (Position #11).
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