CHROME FCU 53rd Annual Membership Meeting

Thursday, May 23, 2024

Board of Directors

Bob Greek: Chair

Broc Sleek: Vice Chair

Mary Ellen West: Secretary

Robert Flanyak: Treasurer

Ted Stubenbordt: Director

Tim Blake: Director

Greg Madej: Director

Supervisory Committee

Greg Madej: Chair

Kelsey Beal: Committee Chair

Eric J. Perrell: Committee Chair

Terri Peterson: Committee Chair

Jack Thomas: Committee Chair

Annual Membership Meeting Minutes

52nd Annual Membership Meeting Minutes

Thursday, May 25, 2023

The 52nd Annual Membership Meeting of CHROME Federal Credit Union was held on Thursday, May 25, 2023 at 5:33 pm, at the Racetrack Road Branch.

The following directors were present/absent (*indicates absence): Ted Stubenbordt, Robert Flanyak, Tim Blake, Broc Sleek, Mary Ellen West, Chuck Rogers and Robert Greek. The following supervisory committee members were present/absent (*indicates absent): Greg Madej*, Mary Ellen West, Eric Perrell, Kelsey Beal and Wendy Kingsland*.

Twenty-nine members of CHROME Federal Credit Union were present.

Chair Greek asked if there was a quorum present. The Secretary declared a quorum of directors and members present. The Chair asked for a motion to dispense with the reading of last year’s minutes. Upon motion made by Ms. Barnabi and seconded by Mr. Naser, the motion carried was approved.

The 52nd Annual Meeting was called to order by Chair Greek. He thanked everyone for coming and recognized Board members past and present. Mr. Greek proceeded to review the Chair Report. He highlighted CHROME’s many advantages of Credit Union membership over Banks. In closing, Mr. Greek mentioned CHROME is always looking for members interested in volunteering.

Chair Greek turned the meeting over to Mr. Flanyak who reviewed the President’s and Treasurer’s Report. Mr. Flanyak reviewed and highlighted how CHROME is measured. Mr. Flanyak noted loan balances grew by over 15% which is on par with our peers. Additionally, loan delinquencies remained substantially lower than our peers. Mr. Flanyak highlighted CHROME’s award from the Observer-Reporter as “Best Overall Business”, CHROME’s Bauer Financial rating of 5 Stars, and being awarded the Dora Maxwell Social Responsibility and Community Service Award from the regional trade association, CrossState Credit Union Association. In closing, Mr. Flanyak explained our successes would not have been possible without the guidance of our dedicated volunteer Board of Directors and Supervisory Committee members, employees and our loyalty and support from our 14,600 member-owners.

CHROME Federal Credit Union Washington Branch, located at 45 Griffith Ave, Washington, PA 15301

CHROME Federal Credit Union, Wexford Branch, located at 2601 Wexford Bayne Rd, Sewickley, PA 15143.

Following Mr. Flanyak’s report, the Chair turned the meeting over to Ms. West who is standing in for Mr. Madej, Chair of the Supervisory Committee. Ms. West asked if there were any questions on the Supervisory Committee’s Report. There were no questions on the Supervisory Committee’s report.

Mr. Naser, Nomination Committee Chair, then gave the 2023 Election Results.

In accordance with CHROME Federal Credit Union by-laws, Mr. Jim Naser, Mr. Broc Sleek and Mr. Ted Stubenbordt were appointed to the Nomination Committee by the Chair of the Board of Directors, Mr. Greek.

Mr. Naser noted there were no petitions filed. The following candidates were elected to the Board of Directors of CHROME Federal Credit Union:

• Robert Flanyak, Term of 3 years

• Mary Ellen West, Term of 3 years

• Tim Blake, Term of 3 years

Chair Greek asked for a motion to approve the unanimous ballot for the nominees of Robert Flanyak, Mary Ellen West, and Tim Blake for a three year term each on the Board of Directors. A motion was made by Ms. Morrissey and seconded by Mr. Kirk. The motion carried.

Chair Greek entertained any questions from the floor. There were no questions from the audience. Chair Greek noted there is no old or new business.

Chair Greek asked for a motion to adjourn the 52nd Annual Meeting. A motion was made to adjourn by Ms. Wilson, seconded by Mr. Flanyak. The motion carried. The meeting was adjourned at 5:48 pm.

CHROME’s Leadership Team accepting the first place Dora Maxwell Social Responsibility Service Award from CrossState Credit Union Association representing Pennsylvania and New Jersey in the $50-$250 million asset size category.

CHAIR REPORT

On behalf of the Board of Directors, I would like to thank you for joining us in this celebration of our 53rd year here at CHROME Federal Credit Union. Since 1971, the Credit Union has offered its members financial stability through conservative policies and practices. Since our founding, our mission has been to protect our members by offering low-cost loan services and competitive savings rates. While the Credit Union industry is not immune to the current economic circumstances, credit unions are part of the solution, not part of the problem. Credit Unions continue to rank best among financial services. According to American Consumer Satisfaction Index (ACSI), a growing number of consumers are finding that the best way to avoid bank fees may be to avoid banks altogether. Credit union membership continues to grow and members are more satisfied. The structure of credit unions means they can charge lower and fewer fees, yet still manage to provide superior service in nearly every area.

There are many advantages to your membership in CHROME. It is no secret that we want to be your primary financial institution. We all know it’s important to not put all your eggs in one basket; however, we would like to have the majority. That means we would like your savings and checking accounts; we appreciate your loan business, and we want to help with your investment needs. The more business you do with us, the more you benefit from the relationship that we build together. A long-term partnership allows us to better anticipate your needs

so we can recommend the appropriate products and services, such as our home banking system. Through diligent, prudent decision-making over the years, CHROME has maintained financial strength and strong capital that far exceed the “well-capitalized” distinction of our regulators.

Financial education remains a top priority, empowering you with the knowledge and skills necessary to make well–informed financial decisions. We offer in-person and one-on-one financial counseling sessions to assist our Members in reviewing budget scenarios, address financial challenges and create solutions that bolster your financial wellbeing. It is evident that our continued success is in direct relationship to our members’ participation in our common purpose of providing competitive products and services that, in turn, enhance our members’ personal financial well-being.

As a member-owned financial service cooperative, CHROME is always looking for interested members who would like to participate in leading our organization for the benefit of all members. If you would like to volunteer for any position, please send a letter of interest stating any credit union-related experience, your credit union philosophy, and why you are interested in serving.

Respectfully Submitted,

Robert Greek

Robert Greek

President/Treasurer’s Report

Led by an experienced Leadership Team, CHROME navigated the volatile interest rate environment in 2023, balancing our members' needs with those of our cooperative. This resulted in positive results in the critical financial metrics of Capital and Earnings, while Loans increased by 4.8%. Displaying financial strength and resiliency in an economy that left many members confused and lost, our team remained a trusted source of guidance for the membership.

For example, our lending efforts saved members, on average, $93 per month when refinancing their high-rate auto loans, which is over $1,100 annually. They also helped members roll their consumer loans into home equity loan programs, saving them on average $516 per month or $6,200 per year.

Our solid financial results allowed us to invest strategically in technology and our team to continue improving our members' experience and the impact we can make on our communities.

Those investments resulted in:

• Being named the Best Philanthropic Business 2023 by the readers of the Observer-Reporter

• Placing 2nd Place nationally in the Credit Union National Association Dora Maxwell Corporate Social Responsibility and Community Service Award.

• Our employees logged 1,371 volunteer hours serving nonprofit organizations in our community.

• BauerFinancial, the nation’s leading independent bank and credit union rating firm, once again awarded CHROME their highest rating of 5 Stars for financial strength.

• Upgrading our debit card program to include contactless card features and a more robust fraud detection service.

• Launching the Budgeting Insights Tool conveniently located in your online and mobile banking application. This free tool is another effort in our mission to provide Financial Wellness for All.

• The new Refer A Friend program offers members and their referrals $50 reward cards.

• 73 five-star Google Reviews from our members.

Our members say it best:

“I walked out in a far better financial situation and got some sweet CHROME swag, too!! CHROME really does care about its members.”

“We became members when CHROME was called Washington Steel Federal Credit Union in 1992. They are the area’s best Credit Union to work with. Wonderful, kind, caring people who actually care about your needs as a member and work with you to give you their best.”

“CHROME is full of people who care and worry about what’s going on in your life. They listen to everything you have to say, and you come out with more than what you went in with. Boy, did I feel real warm and fuzzy. I’ve never been treated like that at a bank.”

Looking to the future, we will continue to focus on our Strategic Pillars of Employee Engagement, Member Experience, Membership Growth, and Continued Financial Strength. Our achievements would not have been possible without the guidance of our dedicated volunteer Board of Directors and Supervisory committee members, our committed team members, and the loyalty of our 14,000 plus member-owners. We are grateful for all of them.

Respectfully Submitted,

Robert Flanyak

Robert Flanyak

Place awards on behalf of CHROME for Best Credit Union and Best Philanthropic Business.

CHROME

Top: Robert Flanyak, Jim Naser, Susan Guffey, Anthony Zanolla, Cody Gordon, and Deanna Moyer volunteer at The Washington Salvation Army Produce Drive Thru. Bottom: Deanna Moyer, Michele Wilson, Robert Flanyak, Jasmine Hughes, Eric Robaugh, and Paige Livingston attend the Observer-Reporter’s Best of the Best Award Ceremony accepting two First

2024 Supervisory Committee Report

The Supervisory Committee is a committee that is appointed by the Board of Directors and consists of existing members of the credit union. This committee must have a minimum of three and no more than five members. Committee members for 2023 included Gregory P Madej, Chair, Kelsey Beal, Eric Perrell and recently appointed members Terri Peterson and Jack Thomas.

The primary function of the Supervisory Committee is to ensure that the Board of Directors and senior management are executing the policies of the credit union as governed by the National Credit Union Administration. The Supervisory Committee also monitors the general ledgers and the overall financials of the credit union ensuring limited risk in investments, lending and to ensure that the credit union remains profitable, liquid and well capitalized.

The Supervisory Committee retained S. R. Snodgrass, P. C., to perform the Annual Independent Audit of the financial statements of CHROME Federal Credit Union. Snodgrass issued the audit findings with a clean opinion and no issues noted.

Respectfully Submitted

Gregory P Madej

Gregory P Madej Chair, Supervisory Committee

2024 Nominating Committee Report

In accordance with CHROME Federal Credit Union by-laws, Jim Naser, Mary Ellen West, and Ted Stubenbordt were appointed to the Nomination Committee by Chair of the Board of Directors.

Since no petitions were filed, the Nomination Committee submits the following members to fill a position on the Board of Directors:

• Broc Sleek, Term of 3 years

• Gregory Madej, Term of 3 years

Respectfully Submitted, Nomination Committee

Financials

Total Loans

Cash and Investments

Fixed Assets

NCUA Share Ins Fund Deposit

All Other Assets

TOTAL ASSETS

Total Liabilities

Total Shares

Total Equity

Net Income

12/31/23 12/31/22

$148,112,797 $141,963,896

$32,465,506 $42,076,210

$6,965,757 $5,627,267

$1,555,162 $1,509,627

$3,565,751 $3,703,500

$192,664,973 $194,880,500

$11,606,861 $6,248,409

$154,170,327 $163,389,075

$24,439,966 $23,766,218

$2,447,819 $1,476,798

Key Metrics

TOTAL LIABILITIES & EQUITY $192,664,973 $194,880,500 12/31/23

Employees Dedicated to their Communities

Employees logged an average of 26 hours in 2023 of volunteer time.

69 donations were made at CHROME-hosted blood drives in partnership with the American Red Cross and Vitalant.

Over $40K in sponsorships & donations to local community organizations and nonprofits.

Seven school districts supported through sports, academics, and theater sponsorships, donations, financial literacy programs, and guest classroom speakers.

288,000 pounds of produce handed out with the assistance of CHROME employees to the community through the Salvation Army Monthly Produce Drive Thru.

Awards

CHROME won second place in the national Dora Maxwell Social Responsibility Award presented by the Credit Union National Association.

Named Best Philanthropic Business from Observer-Reporter’s Best of the Best Awards chosen by the readership.

Best Credit Union (First Place) in ObserverReporter’s Best of the Best Awards, and in both Trib Total Media’s Allegheny North and South West Best of the Best Community Choice Awards.

Trinity High School Accounting Students, Business Department Teachers, and the Principal, join CHROME for a day of learning.

CHROME Employees join the American Foundation for Suicide Prevention for their annual Out of the Darkness Walk in Downtown Washington.

Employee, Toni Hoover, volunteers at the Washington Salvation Army Best Foot Forward event, help size children for new school shoes.

Employee, Rhonda Bard, donates blood at the Chartiers-Houston High School & CHROME FCU community blood drive event.

Employees volunteer at CHROME FCU’s annual Community Shred-Day Event on April 22, 2023, Earth Day.

CHROME employees bundle up to volunteer during the holiday season for The Washington Salvation Army’s Red Kettle Campaign.

Our commitment every day is to serve our neighbors and help them save, borrow & simplify their banking.