ANNUAL MEETING OAK FARMS EMPLOYEES CREDIT UNION Leeland St. Houston, TX Phone: / Fax:

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1 ANNUAL MEETING OAK FARMS EMPLOYEES CREDIT UNION 3430 Leeland St. Houston, TX Phone: / Fax: YEAR ENDING DECEMBER 2015

2 AGENDA Call Meeting to Order Ascertain a Quorum Reading of Previous Annual Meeting Minutes OR Motion to Dismiss Reading of Minutes REPORTS: Board of Directors Treasurer Anita Hogue Credit Committee Octavio Peña Supervisory Committee Jennifer Bostic Question and Answer Period Old Business New Business ELECTION OF DIRECTORS Report of the Nominating Committee Election Motion to Adjourn the Meeting Lunch and Drawing of Door Prizes

3 BOARD OF DIRECTORS, Chairman Robert Thomas, Vice-Chairman Anita Hogue, President and Treasurer Yolanda Hubbard, Secretary Saul Alarcon Gary Campbell Peggy Hannsz Paul Heidbreder Octavio Peña CREDIT COMMITTEE Octavio Peña, Chairman Anita Hogue Saul Alarcon SUPERVISORY COMMITTEE Jennifer Bostic, Chairman Terry Ritch Kimberly Mishoe NOMINATING COMMITTEE Roland Escobar, Chairman Alton Farmer Sophie Salinas

4 REPORT OF THE BOARD OF DIRECTORS To the Members of Oak Farms Employees Credit Union: On behalf of the Board of Directors and Credit Union staff, I d like to welcome you to the 2016 Annual Meeting of Oak Farms Employees Credit Union was another successful year for the credit union. While many other credit unions are still struggling in this difficult economy, Oak Farms Employees Credit Union enjoyed a profitable year and experienced an overall growth of 4% in total assets. This wouldn t be possible without your support and commitment in honoring your financial obligations to the credit union. The credit union continues to be a stable institution and is able to offer above market interest rates on savings deposits and certificates of deposits. The Board of Directors was able to hold the dividend rate at.25% APY for the year As board members, we are continually looking for additional avenues to enhance the services we provide to our members. We appreciate your continued involvement in the credit union and look forward to fulfilling your financial needs in the future. Chairman, Board of Directors

5 REPORT OF THE TREASURER To the Members of Oak Farms Employees Credit Union: MEMBERS SHARES 2,878,821 2,977,367 INCOME 295, ,913 EXPENSES 266, ,226 NET PROFIT 29,356 43,687 We will continue to be responsive to our members financial needs. We appreciate your support and look forward to serving you. Anita Hogue President and Treasurer

6 REPORT OF THE CREDIT COMMITTEE To the Members of Oak Farms Employees Credit Union: The Credit Committee met regularly throughout the year to ensure the credit union is operating within their established lending policies. During 2015, 352 new loans were made for a total of $2,105,430. The Credit Committee is dedicated to ensuring the credit union remains a safe and secure institution for the benefit of our membership. The committee will continue to meet regularly during 2016 to review loan applications and monitor lending. Thank you, members, for utilizing the credit union for your financial needs. The credit union will continuously offer loans at competitive rates to assist members. Continue to check with us before purchasing your next vehicle and when any other monetary needs arise. Octavio Peña Chairman, Credit Committee

7 REPORT OF THE SUPERVISORY COMMITTEE To the Members of Oak Farms Employees Credit Union: The Supervisory Committee verified accounts and all other pertinent records for Oak Farms Employees Credit Union for a period beginning January 1, 2015 and ending December 31, Everything was found to be in good order. Lema and Associates conducted the Annual Audit for Oak Farms Employees Credit Union for the 12 month period ending December 31, The overall records and operations of the credit union were found in very good condition. The records of the audit and verifications were in compliance with the National Credit Union Administration Rules and Regulations and the US Treasury Department. Members of the Supervisory Committee attended Board of Directors meetings, reviewed board decisions, and monitored strategic business goals and the progress towards those goals. Management practices which safeguard the Credit Union assets were also reviewed. The Supervisory Committee will continue monitoring steps taken to implement and ensure compliance with the Nation Credit Union Administration as well as the operations of our Credit Union. Jennifer Bostic Chairman, Supervisory Committee

8 REPORT OF THE NOMINATING COMMITTEE The following members are being nominated by the Nominating Committee to serve a 2 year term as Directors for Oak Farms Employees Credit Union s Board of Directors from March 2016 to the end of the Annual Meeting in 2018: Gary Campbell Paul Heidbreder Terry Ritch Nominations from the floor will be accepted during the Annual Meeting prior to the election of the new Directors. Members whose term will expire in 2016 are: Anita Hogue, Robert Thomas, Octavio Peña, Saul Alarcon, and Peggy Hannsz. Roland Escobar Chairman, Nominating Committee