MINUTES OF THE 94th Annual Membership Meeting

APRIL 28TH, 2022

LOU BRUNO, BOARD CHAIR CALLED THE MEETING TO ORDER AT 3:00 P.M.

• Proof of Notice of this Annual Meeting was presented by Mr. Pierce, and incorporated into these minutes.

• A quorum was declared present in accordance with Article XII, Section 3, of the bylaws.

• Lou Bruno, Chair of the Board of Directors, presented the Report of the Directors.

• Patrick J. Pierce, President, presented the Report of the President.

• Thomas Coulter, Executive Vice President Operations, presented the Report of the Credit Manager.

• Joe Piepgras, Supervisory Committee Chair, presented the Report of the Supervisory Committee.

Mr. Pierce stated that we had many members submit questions online when registering for the meeting. All members have been contacted directly as we are not taking questions live during this virtual meeting. We did chose the following questions that to answer live now:

1. WHEN WILL THE LAKE ELMO BRANCH LOBBY RE‐OPEN?

Mr. Pierce stated that the credit union like many other businesses is experiencing staffing shortages which has impacted our current staff and locations. We are actively recruiting, hiring, and training new staff. In addition to the Lake Elmo lobby remaining closed we are planning for lobby and hours of operation changes at some of our other locations as well. We appreciate the memberships patience as we navigate through this.

2. WHAT HAVE YOU BUDGETED FOR CHARGE‐OFFS AND DELINQUENCY?

Mr. Pierce stated the credit union ended 2021 with negative Charge offs for the year, something I have never seen before. Delinquency and Charge offs are at record lows so far this year. The credit union remains financially stable.

3. WHEN ARE DEPOSIT RATES GOING TO INCREASE?

Mr. Pierce stated that we will see rates increase in the following week for both Savings and Checking accounts.