Mission and Purpose
The credit union's objective is to provide its members with share accounts and loan services at a fair and favorable rate in a friendly, courteous atmosphere.
History
On October 8, 1945, Fr. Francis Druehe, OFM, Pastor of St, Mary's Catholic Church, Metamora, IL, started the Credit Union to help members of the parish borrow money at low interest rates. Seven members signed the original Charter and by-laws. During the first financial reporting period, 35 individuals became members of the Credit Union. The share balance at the end of the first reporting period was $961.00.
Today
The credit union is chartered and regulated by the Illinois Department of Financial Institutions.
The National Credit Union Administration (NCUA), a United States Government Agency, insures deposits at the credit union to $250,000.
SUMMARY OF 2014 OPERATIONS
The Credit Union experienced the following changes/events/actions this past year:
* A joint examination was conducted by State of Illinois Division of Finanancial Institutions and the National Credit Union Administration. PMCU was advised to take corrective action which would increase the Credit Union"s net worth by limiting asset growth and increasing it's net worth.
* PMCU Developed and implemented a three year strategic plan and bussiness plan which established goals for net worth and asset size. PMCU was able to achieve the strategic goals it set for itself fpr the first year of the plan.
* This was the first year since 2009 that PMCU did not incur a Corporate Credit Union Stabilization Fund assessment as mandated by the NCUA. The NCUA does not expect to charge any more assessments in the future based upon their projections. The purpose of the Stabilization Fund was to repay the Treasury over multiple years for borrowings by the NCUA to stabilize the corporate credit union system. PMCU incurred $72,078 in Corporate Credit Union Stabilization Fund assessments since it was implemented in 2009.
* John Meister and Marlene Robertson resigned as Directors during the course of the year and were replaced by Glori Daniel and Sarah Grebner.
* The Board continued to explore options to improve profitability and to remain competitive as a small independent credit union in Central Illinois.
The Credit/Loan Committee approved 73 new loans this past year. Loans for the year amounted to $709,446 and principal payments received during the year amounted to $711,934. The member's loan balances of $1,306,740 include Visa credit card loans in the amount of $4,8925. During the year, loans in the amount of $2,550were charged off and $4,825 in recoveries was made from loans previously charged off. We ended the year with 148 loans outstanding and 73 credit card accounts on file.
The Board approved and paid, based on the recommendation of the Investment Committee, dividends in the amount of $3,582. The Board structured and set the five tiered dividend rates to increase the net worth ratio of the Credit Union and to appropriately price its products to increase profitabilty and to reflect the local market conditions.
The Board approved and paid, based on the recommendation of the Investment Committee, dividends in the amount of $3,582. The Board structured and set the five tiered dividend rates to increase the net worth ratio of the Credit Union and to appropriately price its products to increase profitability and to reflect the local market conditions.
The Membership Committee continues to look for opportunities and methods for expansion of our current membership. Our membership for the year 2014 consisted of 520 members, which resulted in a net decrease of 42 members from the prior year.
Dennis Koch
Chairman of the Board
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