Credit Union members meet for 57th annual meeting

The 57th annual meeting of the Shelter Insurance Federal Credit Union was called to order on the evening of February 17, in the Home Office Cafeteria.

Above: Britt Clements, Credit Union President, welcomed all members and guests to the Annual Meeting of the Credit Union. He introduced the board and committee members and thanked them for their hard work.

Jim Tuley, chairperson of the Credit Union Board of Directors, presided over the meeting. The following reports were presented:

Darren Moore, secretary, presented the minutes of the 2013 annual meeting.

Wade Forsythe, treasurer, presented the treasurer's report.

Jack Jones, of the Credit Committee, presented the Credit Committee's report for 2013.

James Heavin, chairperson of the Supervisory Committee, presented the Supervisory Committee report.

Above: Jim Tuley, chair, declared a quorum and thanked Britt (center) and the Credit Union staff for all they do. From left are board members Darren Moore and Wade Forsythe.

The President's Report

Britt told the gathering that, overall, 2013 was another good year for the Shelter Credit Union. Even though our net income for 2013 was less than 2012, we did manage to make a small profit in a very tough economic climate. The decrease was primarily due to the lower returns on investments.

Britt stated that the good news is that he is seeing interest rates on CDs starting to increase, which will result in more income in 2014 and 2015.

The longer term investments totaled $5.9 million as of the end of the year and we have enjoyed the additional interest income generated by these investments. Income from long term investments continues to be an important source of income. While long term bonds represent only about 30% of our total investments, they generated approximately 56% of our investment income.

Loans volume increased 20% from 2012.

Britt stated that we had an excellent year in the area of Loan Losses and that we continue to keep strong amounts in our reserve for future losses that further strengthens our financial position. The loan portfolio continues to remain very good.

A major accomplishment in 2013 was receiving the highest rating of Camel 1 from the NCUA audit, which indicates your Credit Union is well managed and is in excellent financial shape.

Looking ahead, the biggest issues on the horizon are the rate of return on our investment portfolio and loan volume. The longer term investments have helped and their return should remain steady. There are indications that interest rates will start to increase in 2014. To help with investment income, we will continue with our current strategy to maximize returns.

Britt also announced that the credit union has teamed up with Boone County National Bank in order to allow credit union members to have access to BCNB’s network of ATMs at no charge to members.

In other meeting business, Credit Union board members Wade Forsythe, Doug McClure, Al Finley and Stacye Smith were returned to terms on the Board of Directors with a voice vote of the membership in attendance.

2014 Officers

Following the adjournment of the business meeting, board members reconvened to elect officers for the coming year with the following officers being named:

Jim Tuley — Chairperson

Darren Moore — Vice-Chairperson

Ryan Tate — Secretary

Wade Forsythe — Treasurer

Above: Attendees included two past presidents: Linnie Kalif (left in above-left photo), and Fred Pistel (right photo).

Above: Britt welcomed all Shelter retirees in attendance, and gave special recognition
to Terry Pauley and his wife Erma, Terry is a Charter Credit Union member
and has attended all but one of the Credit Union's 57 annual meetings.

Following the business meeting, attendees were rewarded with attendance prizes. Young members had their choice of gifts displayed on the prize table, while lucky adult members were able to choose a gift certificate for a local business. Young Gunnar Oxford (below), grandson of Britt Clements, drew winning tickets from the basket.

The featured give-away of the evening was a new Ipad mini. Britt presented the top door prize to member Brad Schulte (below).

Some members attended just to be cute for the camera and try to get their picture on Spotlight!

  • Shelter Insurance Federal Credit Union Anti-Phishing Policy, click here
  • If Your Children are not Members of the Credit Union, click here
  • To Give a Lifetime Gift of Love, click here
  • For Debt Consolidation, click here

Shelter Insurance Federal Credit Union Anti-Phishing Policy

WHAT IS PHISHING? In simple terms, phishing is online identity theft. Commonly, phishers send e-mail messages that appear to come from a trusted source, like a credit union, a bank, or a credit card company, and try to trick people into divulging their passwords, account numbers, or other confidential information. People fall prey to the schemes because they believe they are interacting with a company that they trust.

THE SHELTER INSURANCE FEDERAL CREDIT UNION has adopted the following e-mail policy to combat such schemes. Our e-mail transactions:
  • will never ask members for account numbers or social security numbers
  • will never include members account numbers unless authorized by member
  • will never ask members to verify information via e-mail unless contact initiated by member
  • will never include links to other sites
  • will never include a form, or post a form which asks members to verify any information

It is the intent of the Shelter Insurance Federal Credit Union Board of Directors to have this policy distributed to the membership on a regular basis.

Are Your Children Members of the Credit Union?

Family membership in the Credit Union can be perpetual. That's right, if your children are members, then your grandchildren, great grandchildren and all future descendants can become members as long as the chain isn't broken.

If your children (living at home) are not yet members, consider opening a membership. Throughout their lifetime they will have many opportunities to take advantage of the many services we have to offer.

Debt Consolidation Can Be Helpful!

The Credit Union may be able to help you eliminate your high interest credit card debt.

To learn more, please contact any member of the Credit Union Staff.

Give a Lifetime Gift of Love,
a Lifetime Memberhip in the Credit Union

Yes, once your children are a member of the Credit Union, they have lifetime memberships as long as they wish no matter where they live or work.

We also make saving easy through payroll deduction.

We also encourage you to check out our links for kids.

*Shelter Insurance Federal Credit Union is not responsible for the privacy, security, or information practices of non-Shelter sites linked to our web site - including the accuracy, reliability, or suitability of their information. We urge you to review the privacy policies of each of the linked web sites you visit before providing them with any personal information.

Click here for Homepage