First Federal Credit Union conducts 93rd Annual Meeting as 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 93rd Annual Meeting held recently in Hiawatha. Along with the reporting of 2018 financial results, three volunteer members were elected to the Board of Directors.
Addressing the members in attendance, Board Vice Chairman Jim Maher 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 2019.”
Chief Financial Officer Justin Salow detailed the financial results from the past year:
- Total assets exceeded $155 million, an increase of over $19 million
- Total deposits grew more than $14 million
- First Federal’s net worth exceeds 9.3% of assets
- The net worth position is recognized as “Well-Capitalized”, the highest level designated by its regulators
President & CEO Tom Chalstrom reviewed 2018 and noted the Credit Union is the largest in terms of asset size in its 93 year history. He also discussed there will be significant investments being made in 2019 to enhance services to members, investing in employee education and engagement, transforming its branches and investing in the community through volunteerism and support. Chalstrom remarked, “Each of these investments will 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 93 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 Linda Edwards, Mary Lawrence, and Doug Netolicky. 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, Hiawatha and Spencer, 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.