First Federal Credit Union Conducts 92nd Annual Meeting

Iowa’s second-oldest credit union looks to the future

Cedar Rapids, IA – First Federal Credit Union officials and members celebrated the legacy of the institution during its 92nd Annual Meeting held recently in Hiawatha.  Along with the reporting of 2017 financial results, three volunteer members were elected to the Board of Directors. 

Addressing the members in attendance, Board Chairman Mike Pickering highlighted the Board’s vision in shaping the direction of the credit union.   He stated, “The board has provided the framework for First Federal to meet the financial needs of our members while achieving financial success.  We are looking forward to an exciting, and even more successful 2018.”

Chief Financial Officer Justin Salow detailed the financial results from the past year:

  • Total assets in excess of $137 million
  • First Federal’s net worth exceeds 10.4% of assets
  • The net worth position is recognized as “Well-Capitalized”, the highest level designated by its regulators
  • Earnings for 2017 exceeded $1.4 million

President & CEO Tom Chalstrom reviewed 2017 and noted the opening of the Westdale office and merging with Eaton Employees Credit Union highlighted the year.  Chalstrom remarked, “Each of these offices expand the opportunities for current members and we remain committed to delivering value to our members by providing our products and services when, where and how are members need them. Many changes have happened in 92 years, but the one constant has been the enduring support of our Members.  We would not be here if you didn’t believe in us – in what we have done and what we are doing.”

The election of directors concluded the meeting with the election of three volunteer members to the Board of Directors.  Elected to the board were incumbents Jim Maher, Greg Schluter, and James Schluter.    These volunteers will serve all First Federal members and help set the vision and policies of the credit union.

Following the annual meeting, the board elected the following officers:  Chairman – Mike Pickering, Vice Chairman – Jim Maher, Secretary – Mary Lawrence, Supervisory Committee Chair – Linda Edwards.  Other board members include Tony Kendall, Doug Netolicky, Greg Schluter, James Schluter, and  Judy Vondracek.

About First Federal Credit Union

First Federal Credit Union is a nearly 10,000 member –strong community credit union with offices in Cedar Rapids and Hiawatha, IA.  Originally chartered in 1926, First Federal Credit Union is the second-oldest credit union in the state of Iowa.  First Federal provides membership to anyone who lives, works, or worships in Linn, Clay, Dickinson, and Buena Vista counties in Iowa. For more information call 319.362.3171 or visit www.firstfedcu.com.   First Federal Credit Union’s deposits are federally insured by the National Credit Union Association up to the full extent permitted by law.

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