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ALLCO Credit Union was happy to entertain approximately 130 members and their guests at our 73rd Annual Meeting held on April 25, 2007. Members and their guests arrived at the Bavarian Inn around 6:00 p.m. for some food, drink and an opportunity to meet and socialize with other members, ALLCO’s Board of Directors and staff.
The Annual Meeting was called to order at 7:00 p.m. by Eric Hofhine, Chairman of the Board, who then introduced each Board member. Mr. Hofhine also introduced ALLCO’s new interim President, Chris Dawe and Chief Operating Officer, Ken Mastenbrook. As many of you may remember, Mr. Mastenbrook recently joined the ALLCO staff after serving as the Chairman of the Board for many years.
Mr. Mastenbrook presented the December 2006 financial statements and answered several questions on items in the financial reports. He stated that the Credit Union income continued strong and that the Credit Union experienced very rapid asset growth in 2006. Mr. Mastenbrook explained the Board of Directors made a conscious decision to slow the Credit Union’s rate of growth in order to maintain a strong and viable Credit Union.
The meeting was then turned over to Ed Miller, Chairman of Nominations who placed the names of current Board members Eric Hofhine and Al Alteri into consideration for election to the two available Board positions. As there were no other nominations or nominations from the floor, Mr. Miller asked the members to re-elect Mr. Hofhine and Mr. Alteri by a voice vote. Both were reelected unanimously. Congratulations to Al and Eric who continue to serve on a voluntary basis and who add continuity and stability to our Board of Directors.
Interim President Chris Dawe then addressed the 73rd Annual Meeting. She stated that she has been involved with Credit Unions for a long time, working her way up through the ranks. Ms. Dawes has worked with many different Credit Unions and Boards of Directors and she believes that ALLCO’s Board is unparallel in its talent, ability and dedication to the credit union.
She also touched on the current ‘hot” topic – sub-prime lending. Ms. Dawes assured the gathering that ALLCO Credit Union is no longer involved in any sub-prime lending but the Credit Union is still able to offer all of our services to our members.
There was no new or old business to discuss so Chairman Hofhine adjourned the meeting at 7:35.m.
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