Strength, Longevity, Endurance

Transcription

1 2017 Annual Report Strength, Longevity, Endurance

2 Celebrating 80 years of service! 80 th Annual Meeting Tuesday, April 17, :00 p.m. Pledge of Allegiance. MEETING AGENDA 1. Call to Order. 2. Determine Quorum and Majority Requirements. 3. Introduction of Directors and Senior Management. 4. Approve Minutes of the 79 th Annual Meeting. 5. Report of the Chair of the Board. 6. Report of the Supervisory Committee. 7. Report of the Credit Committee. 8. Report of the Membership Committee. 9. Report of the Interim President. 10. Report of Bylaw Amendments. 11. Report of the Nominating Committee. 12. Report of the Proxy Votes. 13. Elect Directors. 14. New Business. 15. Member Inquiries/Suggestions. 16. Adjournment.* *Door prizes will be drawn immediately following the meeting. Employees and Directors will not be eligible.

3 GREAT LAKES CREDIT UNION 79 th ANNUAL MEETING April 18, The 79 th Annual Meeting of the Members was held at Great Lakes Credit Union, North Chicago on Tuesday, April 18, Fifty nine (59) members were in attendance The meeting was was called to to order by by James Fabrie, Chair, at at 5:00 5:00 p.m. p.m. 3. Shirley Solberg, Secretary, declared that a quorum was present and that 67,069 of 83,895 or 79.9% of the outstanding members were represented either in person or by proxy. The Chair declared that it was a legal meeting. 4. Motion was made and seconded to dispense with the reading of the minutes of the previous Annual Meeting. Carried. 5. Jim Fabrie presented his Report as the Chair. 6. The following reports were presented: A. Supervisory Committee Report James March B. Credit Committee Report Pat Price C. Membership Committee Report Lee Piekarz D. President/CEO Report Vikki Kaiser Motion was made and seconded to accept all reports as printed and discussed. Carried. 7. The Chair reported amendments made to the Bylaws during A motion was made and seconded to dispense with the reading of the Bylaw amendments and to approve the Bylaw amendments made in Carried. 8. Shirley Solberg, Nominating Committee Chair, presented a slate of nominees for Directors for three-year terms. The nominees were Kevin Leman, Stephen Park and Lee Piekarz. 9. Shirley Solberg, Secretary, reported that 67,069 proxies would be voted for each nominee that was presented by the Nominating Committee. 10. Motion was made and seconded to instruct the Secretary to cast a unanimous ballot for the slate of nominees. Carried. 11. James Fabrie asked if there was any new business or comments from the floor. Attachment A motion was seconded and carried to adjourn the meeting at 5:36 p.m. 13. A drawing was held for meeting attendees. There was $600 in cash prizes awarded to members two $100, four $50, ten $20, and a special $250 drawing for Vikki Kaiser s 25 th anniversary.

4 Attachment 1 Question: Answer: A member requested clarification of the Bylaw amendment approved during 2016 that removed numerous Select Employee Groups (SEGs) from GLCU s membership. Chairman Fabrie explained that the SEGs were removed due to the dissolution, merger or inactivity of the organizations, and clarified that the individual employees of those SEGs will continue to be members of GLCU.

5 Chair s Report to the Membership: In honor of GLCU s 80th Anniversary, I would like to read an Order of Proclamation sent to GLCU by the Illinois Department of Financial and Professional Regulation: WHEREAS, The Great Lakes Credit Union, Charter #0494, was founded March 2, THEREFORE, On March 2, 2018, the Eightieth Anniversary of its founding will be celebrated. The credit union was established for the purposes of encouraging thrift among its members, creating a source of credit at a reasonable rate of interest, and providing an opportunity for its members to use and control their own money in order to improve their economic and social conditions. The celebration of this anniversary would not have been possible without the dedicated service of the Directors, Officers, Committee Members and Staff. I, FRANCISCO MENCHACA as DIRECTOR OF THE DIVISION OF FINANCIAL INSTITUTIONS and on behalf of GOVERNOR BRUCE RAUNER and the STATE OF ILLINOIS, do hereby congratulate the Great Lakes Credit Union on its Eightieth Anniversary and grant this Certificate in recognition of the 80 years of dedicated service to its members. A little history & perspective 80 years ago, GLCU was organized by William E. Elliott, the President of Local 167, National Federation of Federal Employees, with an uncomplicated concept: to create a financial institution which put the best interests of the members first, allowing civil servants to borrow money at reasonable rates, and have a safe place to save for the future. When GLCU was established, there was no financial institution in the local area, and in those early days, civil servants were paid in cash. GLCU s Treasurer set up a desk at the end of the government disbursing officer s pay line to collect deposits and loan payments from members. The day s receipts were then placed in that tin Cash Box, and at the end of the first year, GLCU had a whopping $2,677 in assets. GLCU ended 2017 with nearly $797 million in assets. GLCU ended its first year with 127 members in 2017, GLCU ended the year with over 86,000 members. We ve come a long way! But our commitment has not changed. As GLCU moves forward into 2018, and our next 80 years, we continue to be focused on providing innovative, convenient and affordable products and services to our members, all while being committed to giving back to the communities we serve. We sincerely thank you for your continued loyal support of GLCU. James A. Fabrie Board Chair

6 Great Lakes Credit Union 2017 Bylaw Amendments ARTICLE III MEMBERSHIP Section 1. The following Select Employee Group was added to GLCU s Bylaws: E.J. Basler Co.

7 2018 DIRECTOR NOMINEES James Fabrie, MBA Director, IT Infrastructure and Operations, CF Industries. Joined GLCU in Director since Chairman of the Board; Executive Committee Member; Credit Committee Member; Trustee of Retirement Plan. Currently serving a three-year term expiring April James March Director of Corporate Services, IRI Group. Bachelor of Science, Western Illinois University. Joined GLCU in Director since Executive Committee Member; Supervisory Committee Chair. Currently serving a three-year term expiring April Cathy Corbi Ret. Human Resource Director, Ray Graham Association. Bachelor of Science, Human Resources, Northern Illinois University. Joined GLCU in 2018.

8 GREAT LAKES CREDIT UNION BALANCE SHEETS December 31, 2017 and 2016 ASSETS Cash and due from financial institutions Interest bearing deposits in other financial institutions Total cash and cash equivalents Interest bearing time deposits in other financial institutions Securities available-for-sale Federal Home Loan Bank stock Loans held for sale Loans to members, net of allowance of $6,717,723 and $6,408,786 as of December 31, 2017 and 2016, respectively Accrued interest receivable Premises and equipment, net Land held for sale Share insurance deposit Servicing rights Real estate owned Corporate owned life insurance Intangible assets Other assets LIABILITIES AND MEMBERS' EQUITY Members' shares Borrowings Accrued interest payable and other liabilities Total liabilities Members' equity: Undivided earnings Accumulated other comprehensive (loss) income Total members' equity 2017 $ 39,522,612 1,200,979 40,723,591 10,411,000 90,380,242 2,863, , ,558,335 2,239,862 26,960, ,823 6,356, , ,111 11,447,983 1,178,667 10,626,465 $ $ 651,417,429 63,636,068 9,024, ,077,867 73,238,115 (591,505) 72,646,610 $ 796,724, $ 25,370,369 4,095,830 29,466,199 13,962,555 74,276,752 3,510, , ,876,871 2,089,159 27,999, ,823 6,113, , ,354 8,186,311 1,510,095 8,817,907 $ $ 643,429,858 43,927,910 9,025, ,382,876 71,052,769 (119,107) 70,933,662 $ 767,316,538 See accompanying notes to financial statements. 3.

9 GREAT LAKES CREDIT UNION STATEMENTS OF INCOME Years Ended December 31, 2017 and 2016 Interest and dividend income Loans $ Securities Other financial institutions Total interest income ,080,190 1,353, ,881 28,040, $ 24,453,144 1,091, ,569 26,032,517 Interest expense: Members' shares Borrowed funds Total interest expense Net interest income Provision for loan losses Net interest income after provision for loan losses Non-interest income: Service fees Credit card and ATM card income Gain on the sale of loans Gain on the sale of securities Gain on sale of Visa stock Other Total non-interest income Non-interest expense: Salaries and employee benefits Occupancy and operations Loan collection and real estate owned Credit card and ATM card Depreciation Advertising Professional and outside services Other Total non-interest expense Net income $ 2,764,210 1,095,454 3,859,664 24,180,390 5,165,572 19,014,818 5,334,094 3,797,576 1,732,538 1,977 1,178,155 1,943,090 13,987,430 17,133,632 8,078, ,309 1,635,769 2,328, , , ,755 30,816, ,675, ,551 3,164,445 22,868,072 3,418,306 19,449,766 4,871,093 3,719,167 2,235, ,798 1,264,125 12,509,970 16,478,062 8,110, ,598 1,463,084 2,235, , , ,419 30,282,151 $ j 6ZZ 585 See accompanying notes to financial statements. 4.

10 Community Involvement 2017 On behalf of the Board of Directors and the GLCU team, we thank you for a fantastic year!