Summer Loan Special March 18, 2022 through September 30, 2022

Credit Union declares 1st quarter dividends

The Shelter Credit Union board of directors announced March 17, 2022 that the Credit Union will pay dividends of .05% APR on share (savings) accounts, and 0.01% APR on checking accounts with an average balance over $500,  in the 1st quarter of 2022 (January, February and March, 2022).

REVISED NOTICE OF ANNUAL MEETING

The 65th Annual Meeting of the Shelter Insurance Federal Credit Union will be held virtually via Microsoft teams or by call in* at 7:00 p.m., Monday, February 7, 2022.

The order of business will be as follows:

  1. Determination of a quorum
  2. Minutes of the last annual meeting
  3. Report of the Board of Directors
  4. Report of the Treasurer
  5. Report of the Credit Committee
  6. Report of the Supervisory Committee
  7. President’s Report and remarks
  8. Unfinished business
  9. New business
  10. Elections
  11. Adjournment

Minutes from the last annual meeting will be available on the SIFCU website (www.shelterfcu.com) and will also be available from the credit union.

All members of the Credit Union are invited, and we look forward to good attendance and participation in the annual meeting.  We will do a random drawing for prizes after the meeting is adjourned and winners will be contacted at a later time.

 

Al Finley, Secretary-Board of Directors

 

*The link will be listed on Spotlight, ABC, and Contact.  If you don’t have access to any of those please contact the credit union ahead of time so we can provide the link or phone number. Contact the credit union at 573-214-4207 or email jswank@sheltercreditunion.com or cebrown@sheltercreditunion.com to get the link or phone number.

2022 Annual Meeting Notice

2021 Annual Meeting Minutes

In wake of the pandemic, for the first time in the Credit Union’s history, the meeting was held virtually through Microsoft Teams.  President Jacki Swank opened the meeting by introducing herself and welcoming members and guests to the 64th annual meeting.  She also discussed with the attendees the protocol to be followed to participate in the virtual meeting.

Next, she introduced the Board of Directors.  She acknowledged the broad experience and expertise of the Board members and expressed her appreciation for them volunteering their time and knowledge.

Ms. Swank went on to discuss the roles of each of the key committees and introduced the committee members to the attendees.  She expressed her appreciation for their service and contribution to the Credit Union.

The Asset Liability Management Committee chaired by Darren Moore meets monthly and has the important function of measuring and managing the various risks of the Credit Union including recommending changes to loan rates, dividend payments and investment policies.   Special recognition and thanks was extended to Shelter retiree Gary Ford for his contribution to this committee and the advisory services he provides.

The Supervisory Committee provides oversight and guidance for internal operation and Daniel Jaegers is the Chairperson.  The Committee monitors and audits various areas for compliance throughout the year.

Finally, the Credit Committee chaired by Naomi McGee is a very active committee that meets every Tuesday and Thursday to review loan applications.

Ms. Swank expressed her pride and appreciation of the credit union staff and introduced each one to the attendees.  She also thanked Chris Guiling and Brad Johnson for their technical assistance with this virtual meeting.

At that time, the meeting was turned over to Board Chairperson, Brian Trenhaile.

 

The 64th annual meeting of the Shelter Insurance Federal Credit Union was called to order at 7:06 pm on February 9, 2021 by Board Chairperson, Brian Trenhaile.

Mr. Trenhaile acknowledged and thanked the Credit Union staff for their dedication and efforts this past year while recognizing that 2020 was a challenging year.   He then declared a quorum was present.

 

The first order of business was approval of the 2020 annual meeting minutes.  Stacye Smith moved for approval and Jon Imhoff seconded.  The minutes were approved by a voice vote of the attending members.

 

Treasurer Jon imhoff gave The Treasurer’s Report for 2020.   Highlights included:

  • Assets increased $4.8 million to over $37 million
  • Net worth increased by $125,530
  • In 2020, the decline in interest rates resulted in lower than expected certificate of deposit revenue and thus lower net income after dividends and interest paid to members. Even so, the retained earnings increased by $91,871.
  • Expenses were higher in 2020 with the significant factor being a voluntary increase in the provision for loan losses.
  • Imhoff discussed the 2021 budget and the fact that a $31,542 loss is expected after paying dividends and interest to members. He went on to comment that the loss is a reflection of the continued low interest rate environment and that the Credit Union remains financially strong.

 

On a motion from Jeanne Collins, a second from Sheila Joyce and an affirmative voice vote from the attendees, the Treasurer’s report were approved.  A copy can be found in the Original Minutes Book.

 

Next, Committee Chair Naomi McGee described the Credit Committee duties and gave the 2020 Report. Ms. McGee noted that the pandemic was the driving factor in a decrease in loan volume for 2020.  In total for the year, there was $4.55 million in approved loan volume.

 

Committee Chair Dan Jaegers then described the role of the Supervisory Committee.  He presented the Supervisory Committee Report and summarized the internal control review procedures performed by that group.  Overall, the Committee found the Credit Union to be in compliance for various regulations.   In the 4th quarter of 2020, the Committee performed a search for a new CPA firm to perform the Credit Union’s annual audit.  The firm of J. Tenbrink and Associates was chosen and is currently performing the 2020 audit.

 

At that time, President Trenhaile opened the floor was opened for questions or comments regarding the committee reports.  On a motion made by Doug McClure and a second from Stacye Smith, the committee reports were approved by a voice vote of the members present.

 

Board President Trenhaile then turned the meeting over to Jacki Swank for the President’s Report.

 

President’s Report

 

Ms. Swank opened the President’s Report by echoing the fact that 2020 presented challenges across many aspects of our lives.  She went on to mention her pride of the Credit Union team, its board & committees and Shelter Insurance for providing the Credit Union with the resources and information to remain open during this pandemic.  She described how processes were shifted quickly and hopefully much of that was seamless to our members    She also highlighted the following accomplishments in 2020:

  • In 2020, we were able to successfully practice our disaster recovery and able to have some of our team working remotely from home and they continue to do so. Our team was able to keep the credit union open and serving our members in as safe of a manner as possible.
  • Investment income was down in 2020 but we continue to have a strong financial position. At the same time, we continue to offer competitive loan rates.
  • In late 2019, we began offering the ability to sign loan documents electronically in a secure environment. This pro-active change helped us tremendously in 2020.
  • One new addition for online banking is the ability to view check images for checking accounts. Looking to the future, we hope to soon offer mobile banking, a new face to our website, and remote deposit capture.

 

President Swank closed by thanking the membership for their support and stated that she looks forward to a successful and safe 2021.  She then turned the meeting back over to Brian Trenhaile.

 

Old Business

 

The floor opened for discussion of old business and there was none.

 

New Business

 

Chairperson Trenhaile presented the 2021 Budget and opened the floor for comments.  On a motion from Chuck Collins that was seconded by Jessie Ray, the 2020 budget was approved by a voice vote from the members attending.

 

The Election of Directors was conducted next.  Ballots were distributed to all attendees to vote to fill four (4) Board of Directors positions becoming available.   The listed nominees were Jon Imhoff, Todd Sanders, Darren Moore, and Lisa Brock.  After the floor opened for discussion, Connie Gray voiced a motion that the four listed nominees be accepted by acclamation.  Dena Kartheiser seconded the motion, and the nominees were approved by a voice vote from the attending members.

 

In her final comments, President Swank thanked everyone for their attending and discussed the handling of door prizes.

 

Brian Trenhaile then entertained a motion that the meeting be adjourned.  Jon Imhoff made the first motion and Connie Gray seconded it.  After an affirmative vote by the attending members, the meeting adjourned at approximately 7:30 pm.

2021 Annual Meeting Minutes

Credit Union declares 4th quarter dividends

The Shelter Credit Union board of directors announced December 15, 2021 that the Credit Union will pay dividends of .05% APR on share (savings) accounts, and 0.01% APR on checking accounts with an average balance over $500,  in the 4th quarter of 2021 (October, November and December, 2021).

Credit Union declares 3rd quarter dividends

The Shelter Credit Union board of directors announced September 15, 2021 that the Credit Union will pay dividends of .05% APR on share (savings) accounts, and 0.01% APR on checking accounts with an average balance over $500,  in the 3rd quarter of 2021 (July, August and September, 2021).

Credit Union declares 2nd quarter dividends

The Shelter Credit Union board of directors announced June 16, 2021 that the Credit Union will pay dividends of .10% APR on share (savings) accounts, and 0.05% APR on checking accounts with an average balance over $500,  in the 2nd quarter of 2021 (April, May and June, 2021).

Credit Union declares 1st quarter dividends

The Shelter Credit Union board of directors announced March 17, 2021 that the Credit Union will pay dividends of .10% APR on share (savings) accounts, and 0.05% APR on checking accounts over $500,  in the 1st quarter of 2021 (January, February and March, 2021).

Notice of Annual Meeting

The 64th Annual Meeting of the Shelter Insurance Federal Credit Union will be held virtually via Microsoft teams or by call in* at 7:00 p.m., Monday, February 8, 2021.

The order of business will be as follows:

  1. Determination of a quorum
  2. Minutes of the last annual meeting
  3. Report of the Board of Directors
  4. Report of the Treasurer
  5. Report of the Credit Committee
  6. Report of the Supervisory Committee
  7. President’s Report and remarks
  8. Unfinished business
  9. New business
  10. Elections
  11. Adjournment

Minutes from the last annual meeting will be available on the SIFCU website (www.shelterfcu.com) and will also be available from the credit union.

All members of the Credit Union are invited, and we look forward to good attendance and participation in the annual meeting.  We will do a random drawing for prizes after the meeting is adjourned and winners will be contacted at a later time.

Al Finley, Secretary-Board of Directors

*The link will be listed on Spotlight, ABC, and Contact.  If you don’t have access to any of those please contact the credit union ahead of time so we can provide the link or phone number. Contact the credit union at 573-214-4207 or email jswank@sheltercreditunion.com or cebrown@sheltercreditunion.com to get the link or phone number.

2021 Annual Meeting Notice

2020 Annual Meeting Minutes

President Jacki Swank opened the meeting by introducing herself and welcoming members and guests to the 63rd annual meeting.  She proceeded by introducing the Board of Directors to the attendees.  She acknowledged the broad experience and expertise of the Board members and expressed her appreciation for them volunteering their time and knowledge.

Ms. Swank went on to discuss the roles of each of the key committees and introduced the committee members to the attendees.  She expressed her appreciation for their service and contribution to the Credit Union.

The Asset Liability Committee chaired by Darren Moore meets monthly and has the important function of measuring and managing the various risks of the Credit Union including recommending changes to loan rates, dividend payments and investment policies.   Special recognition and thanks were extended to Gary Ford for his contribution to this committee and the advisory services he provides.

The Supervisory Committee provides oversight and guidance for internal operation and Daniel Jaegers is the Chairperson.  The Committee monitors and audits various areas for compliance throughout the year.

Finally, the Credit Committee chaired by Todd Sanders is a very active committee that meets every Tuesday and Thursday to review loan applications.  President Swank thanked Todd for his service as he is stepping off the Committee.  Matt Meyer will fill the empty position moving forward.

Ms. Swank expressed her pride and appreciation of the credit union staff and introduced each one to the attendees.  Jacki also thanked Patty Colvin-Monnig of Facilities and Bill Going’s Cafeteria staff for their contribution to the annual meeting.

A special welcome was extended to all retirees including charter member Terry Pauley and his wife Erma, and former President Linnie Kalif who attended.  Ms. Swank then took the opportunity to recognize the support she receives from family.  Her husband Craig, and their sons Alex and JJ all attended.

At that time, the meeting was turned over to Board Chairperson, Doug McClure.

The 63nd annual meeting of the Shelter Insurance Federal Credit Union was called to order at 7:05 pm on February 10, 2020 by Board Chairperson, Doug McClure.

Mr. McClure acknowledged and thanked the credit union staff for their dedication and efforts this past year.   He then declared a quorum was present.

The first order of business was approval of the 2019 annual meeting minutes.  Todd Sanders moved for approval and Erma Polly seconded.  The minutes were approved by a voice vote of the attending members.

Brian Trenhaile gave The Treasurer’s Report for 2019.  Mr.Trenhaile discussed the financial highlights for the year and pointed to the fact that the credit union is financially strong.    On a motion from Terry Pauley, a second from Jessica Ray and an affirmative voice vote from the attendees, the Treasurer’s report were approved.  A copy can be found in the Original Minutes Book.

Next, the two oversight committee reports were presented.   Committee Chair Todd Sanders presented the Credit Committee Report and gave observations regarding loan volume in 2019.   Committee Chair Dan Jaegers presented the Supervisory Committee Report and summarized the internal control review procedures performed by that group.  On a motion made by Todd Sanders and a second from Wade Forsythe, the committee reports were approved by a voice vote of the members that were present.

Board President McClure then turned the meeting over to Jacki Swank for the President’s Report.

President’s Report

Ms. Swank discussed highlights from the year including the following items:

  • 2019 was another good year for the credit union. We continue to have a strong financial position and are able to pay a competitive dividend rate along with offering competitive loan rates.
  • In 2019, the Credit Union updated the Membernet online banking system by giving it a cleaner, updated look. We also anticipate having check images available soon.
  • The Credit Union now offers the ability to sign loan documents electronically in a more secure environment.
  • Debit card balances became live in November 2019.
  • Swank discussed the fact mobile banking, remote deposit capture, and a new face to our website are a few of the items that are on the 2020 horizon.

In closing, President Swank stated that the credit union looks forward to another successful year in 2020.  She thanked the attendees for their membership and told them how the credit union valued each of them.  She took the moment to invite the attendees to stay after the meeting to have refreshments and a chance to win one of the many door prizes.

At that moment, President Swank turned the meeting back over to Doug McClure.

Old Business

Mr. McClure opened the floor for old business and there was none.

New Business

Chairperson McClure presented the 2020 Budget.  On a motion from Wade Forsythe and a second from Brian Trenhaile, the 2020 budget was approved by a voice vote from the members attending.

Ballots were distributed to all attendees to vote to fill three (4) Board of Directors positions becoming available.  The listed nominees were Stayce Smith, Al Finley, Doug McClure and Wade Forsythe.  The ballot also allowed for additional nominations and write-in candidates.   Member Todd Sanders moved the four listed nominees be accepted by acclamation and Erma Pauley seconded this.  Subsequently, the nominees were approved by a voice vote from the attending members.

Mr. McClure then entertained a motion that the meeting be adjourned.  Chuck Collins made the motion and Wade Forsythe seconded it.  After an affirmative vote by the attending members, the meeting adjourned at approximately 7:20 pm.   The Credit Union Staff then coordinated the distribution of door prizes.

2020 Annual Meeting Minutes

Credit Union declares 4th quarter dividends

The Shelter Credit Union board of directors announced December 16, 2020 that the Credit Union will pay dividends of .10% APR on share (savings) accounts, and 0.05% APR on checking accounts over $500,  in the 4th quarter of 2020 (October, November and December, 2020).

Credit Union declares 3rd quarter dividends

The Shelter Credit Union board of directors announced September 16 that the Credit Union will pay dividends of .15% APR on share (savings) accounts, and 0.10% APR on checking accounts over $500,  in the 3rd quarter of 2020 (July, August and September, 2020).

Credit Union declares 2nd quarter dividends

The Shelter Credit Union board of directors announced June 17 that the Credit Union will pay dividends of .50% APR on share (savings) accounts, and 0.10% APR on checking accounts over $500, in the 2nd quarter of 2020 (April, May and June, 2020).

Credit Union declares 1st quarter dividends

The Shelter Credit Union board of directors announced March 18 that the Credit Union will pay dividends of .65% APR on share (savings) accounts, and 0.10% APR on checking accounts over $500, in the 1st quarter of 2020 (January, February and March, 2020).Credit Union declares 4th quarter dividends

The Shelter Credit Union board of directors announced December 18th that the Credit Union will pay dividends of .85% APR on share (savings) accounts, and 0.10% APR on checking accounts over $500, in the 4th quarter of 2019 (October, November, and December, 2019).

Notice of Annual Meeting

The 63rd Annual Meeting of the Shelter Insurance Federal Credit Union will be held in the Cafeteria of the Shelter Insurance Companies Home Office, 1817 West Broadway, Columbia, Missouri, at 7:00 p.m., Monday, February 10, 2020.

The order of business will be as follows:

  • Determination of a quorum
  • Minutes of the last annual meeting
  • Report of the Board of Directors
  • Report of the Treasurer
  • Report of the Credit Committee
  • Report of the Supervisory Committee
  • President’s Report and remarks
  • Unfinished business
  • New business
  • Elections
  • Adjournment

Minutes from the last annual meeting will be available on the SIFCU website and will also be distributed at the annual meeting.We will continue the tradition of door prizes being given away during the meeting; and refreshments will be served after the meeting. All members of the Credit Union are invited, and we look forward to good attendance and participation in the annual meeting.

Credit Union declares 3rd quarter dividends

The Shelter Credit Union board of directors announced September 25 that the Credit Union will pay dividends of .85% APR on share (savings) accounts, and 0.10% APR on checking accounts over $500, in the 3rd quarter of 2019 (July, August and September, 2019).

Credit Union board approves dividend increase for share accounts

The Shelter Credit Union board of directors announced June 25 that the Credit Union will pay dividends of .85% APR on share (savings) accounts, and 0.10% APR on checking accounts over $500, in the 2nd quarter of 2019 (April, May and June, 2019).

Credit Union declares 1st quarter dividends

The Shelter Credit Union board of directors announced March 20 that the Credit Union will pay dividends of .75% APR  on share (savings) accounts, and 0.10% APR on checking accounts over $500, in the 1st quarter of 2019 (January, February, and March, 2019).