Annual Meeting Review
ISABELLA COMMUNITY CREDIT UNION
66th ANNUAL MEETING
March 21, 2023
Chairman Bluemer called the meeting to order at 6:01 p.m.
I. Roll Call – There were 74 voting members in attendance. Chairman Bluemer declared a quorum and commenced with the meeting. Directors Present: Diane Benford, William Bluemer, Kevin Chamberlain, Robert Denslow, Jason Kenney, Mike Metro, Tina Powell, Amanda Schafer, Chad Schafer, and Associate Director Emma Latoski. Absent: None
II. Members reviewed the 2022 Annual Meeting Minutes, dated March 16, 2022. Richard Bowen moved to accept the 2022 Annual Meeting Minutes as presented. Diane Benford seconded. Motion carried unanimously.
III. Chairman Bluemer presented the Chairman’s Report and introduced the Board of Directors (Board), the Associate Members, and the Administrative Staff. Mr. Bluemer thanked everyone for joining virtually. He mentioned the retirement of himself and Board Member Diane Benford.
IV. Treasurer Tina Powell presented the Treasurer’s Report. Ms. Powell highlighted key items on the Balance Sheet and Income & Expense Report included in the Annual Report. Ms. Powell stated our total assets are at $184,759,950, up 0.16%. Net loans increased by 20.71% or $17,639,240 over last year. Deposits were only up 1.35% or $2,258,851. Interest income was up 17.44% or $816,958. Dividend/Interest Expense was up 57.90% due to ICCUs proactive rate increases. Non‐Interest Income decreased by $35,540, or 1.40% due to the absence of SBA PPP handling fees and reduction in the early payday fee from $25.00 to $15.00. Net Income decreased by 3.55% or $59,446, which was close to last year’s record earnings even without the special adjustment of $220,000 and the PPP handling income we saw in 2021. Net Worth was at 9.25%, ROA was at 0.87% and our Loan to Share Ratio was at 60.78%. Ms. Powell stated our audit for year ending 12/31/22 was just completed and our auditing firm, Doeren Mayhew CPAs and Advisors, is issuing a clean, unmodified opinion with no material weaknesses found. Chad Schafer moved to accept the Treasurer’s Report as presented. Robin Wybenga seconded. Motion carried unanimously.
V. President/CEO Jenny Hoyle presented the President’s Report. Ms. Hoyle stated that ICCU was named Michigan Credit Union League’s 2022 Mid‐Size Credit Union of the Year for outstanding financial and operational success in 2021, along with community engagements. She shared the video that was created by the Michigan Credit Union League. Ms. Hoyle touched on key accomplishments in 2022 including:
1. Exceeding $100 million in loans outstanding and realized loan growth of 20.71%.
2. New space for our downtown location at 410 W. Broadway set to open on April 10, 2023.
3. Two new positions – Member Experience Manager, Quana Hoffman, and Marketing Specialist, Lorrin Rupert.
4. MemberXP – Voice of the Member Program
5. Digital improvements including adding quick forms throughout the ICCUonline.com website.
6. Credit Card conversion from VISA to MasterCard with Life Perks Rewards.
7. One‐Click Lending.
8. Brand Guidelines.
9. Simply Focused.
Ms. Hoyle thanked Mortgage Loan Manager, Sherry Weber, for her service. Ms. Weber will be retiring in March 2023. She also thanked Mr. Bluemer and Ms. Benford for their years of service with the ICCU Board. Ms. Hoyle shared ICCUs Core Values = iCARE
i‐uphold integrity – Speak honestly and do the right thing, even when no one is watching.
C‐involve Community – Create a sense of belonging and inclusion while putting the needs of others before self.
A‐be Adaptive – Explore new concepts with an open mind and cheerfully embrace learning, sharing, and growing.
R‐show Respect – Build trust and affirm others by being present, expressing gratitude, avoiding gossip, and keeping
promises.
E‐achieve Excellence – Deliver an exceptional, quality experience focusing on accuracy, goal achievement, and
continuous improvement.
VI. Unfinished Business ‐ None
VII. New Business – None
VIII. Election Results – Secretary, Bob Denslow, reported that the board election was completed in advance of the annual meeting. Mr. Denslow the Nominating Committee submitted one candidate for each of the three available seats – incumbent Kevin Chamberlain, Emma Latoski, and Robin Wybenga. Nominations outside the committee process were open until February 3, 2023. Having received no additional nominations in that timeframe, CEO Jenny Hoyle certified that to the Board of Directors at its February 21, 2023 meeting. At that meeting the Board recorded a unanimous ballot for the three candidates and is announcing the re‐election of Director Keving Chamberlain, and election for the first time of current associate board member, Emma Latoski, and long‐time ICCU member, Robin Wybenga, to the ICCU Board ‐ each for a three‐year term.
IX. Door Prizes – Nicole Mozurkewich spun the wheel with a list of all attendee’s names to win $50 that will be deposited into the winners savings account on 03/22/23. The winners were
1. Jordan M.
2. Kent S.
3. Dan B.
4. Kim B.
5. Samantha H.
6. Kady S.
7. Kerry L.
8. Boomer W.
9. Susan R.
10. Lorrin R.
X. Adjournment –Mr. Bluemer thanked everyone for attending. Mike Metro moved to adjourn the 66th Annual Meeting of ICCU. Dale Gust seconded. Motion carried unanimously.
Business meeting adjourned at 6:37 p.m.
Respectfully Submitted,
Bill Bluemer, Chairman Bob Denslow, Secretary
Kerry Langlois, Recording Secretary