First Federal Credit Union conducts 97th Annual Meeting
Iowa’s second-oldest credit union looks to the future
First Federal Credit Union officials and members celebrated the legacy of the institution during its 97th Annual Meeting held recently. Along with the reporting of 2022 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. We continue to focus on what we can do to help our members achieve financial success.”
Chief Financial Officer Justin Salow detailed the financial results from the past year:
- Total assets exceeded $200 million
- First Federal’s net worth exceeds 8.2% of assets
- The net worth position is recognized as “Well-Capitalized”, the highest level designated by its regulators
President & CEO Tom Chalstrom reviewed 2022 and noted the Credit Union reached all-time highs for assets, loans originated, deposits collected and number of members in its 97year history. He noted that successes in 2022 included expansion of the charter into Benton County with the acquisition of the Urbana bank branch, only the second time a credit union has purchased a bank branch in Iowa. Chalstrom remarked, “Each of these successes 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 97 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 Mike Pickering, Tony Kendall and Judy Vondracek. 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 – Doug Netolicky, Secretary – Mary Lawrence, Supervisory Committee Chair – Linda Edwards. Other board members include Tony Kendall, Jim Maher, Greg Schluter, James Schluter, and Judy Vondracek.