Agenda
March 20, 2023 | 5:30 PM
Farmers Union Conference Center | Jamestown
Call to Order
Invocation
Report of Registration
Minutes of Previous Meetings
Financial Report
Report of the President
Old Business
New Business
Report of Nominating Committee
Adjourned
Drawing of Prizes
Meal Served
The Annual Meeting is governed by Robert’s Rules of Order.
March 15, 2022
The 83rd Annual Meeting of First Community Credit Union was held on Tuesday, March 15, 2022 at the Farmers Union Conference Center.
Chair Owen Olson called the meeting to order at 5:30 p.m. Rebecca Pergotski gave the invocation.
Chair Olson introduced the head table and the Audit Committee. Steve Schmitz, CEO, reported who serves on the First Community Scholarships LLC Board.
The report of registration showed 87 members and five guests, constituting a quorum. A motion carried to approve minutes of the June 15, 2021 Annual Meeting as printed in the brochure.
Chair Olson provided the report of the Board of Directors.
Sean Rinkenberger, CFO, reviewed the Statement of Financial Condition as of December 31, 2021. A motion carried to approve the financial report as presented.
Steve Schmitz provided the report of the President. He reported FCCU has had continued growth and throughout much uncertainty, our Credit Union remains financially strong. Assets have grown to be $1.06 billion at the end of the year, exceeding the $1 billion dollar mark for the first time in our history last March. He addressed the near completion of the Mandan branch and the remodel of our Devils Lake branch. We merged with Elm River Credit Union with branches in both Page and Kindred.
Chair Olson called for Old Business. There was none.
Chair Olson called for New Business. There was none.
A motion carried to approve the actions of management and the Board of Directors for the past year.
Sandy Franke, Chair of the Nominating Committee, introduced the other Committee members (Sue Corwin and Jason McKenney) and the three candidates running for the Board of Directors: Owen Olson (incumbent) and Mark Watne (incumbent) and Douglas Kalianoff. Chair Olson declared the vacancies be filled by acclamation. Dayne Headland has retired from FCCU’s Board of Directors after nearly 30 years of service and impact on our credit union.
A motion carried to adjourn.
Our 2022 was another busy year for FCCU. We started off with the lingering effects of Covid, primarily dealing with historic inflation which hasn’t been seen since the 1970s. High inflation is a difficult environment for a credit union to work through as it creates a lot of unknowns. But despite all of this, we moved forward and completed several large projects that we’re proud of in 2022.
Firstly, we opened a new a branch facility in Mandan, ND. This was the culmination of a project that started initial planning way back in 2017. Everything came together perfectly and we have an amazing building representing both FCCU and the community of Mandan.
We also completed a major remodel and upgrade of our Devils Lake facility. It was a great building, but hadn’t been updated since the 1990’s. This project turned out really well and basically we have a new building which is an important investment and asset in the Devils Lake community. Another large project in 2022 was our merger with Elm River Credit Union. This added branches in both Page and Kindred. It also added more than 1,000 members from these communities and five great staff to our FCCU team.
Finally, and most importantly, we had another strong year financially with solid income, and growing over 100 million in loans and nearly 90 million in total assets. Looking ahead into 2023, we know growth will be a continued focus. If we aren’t growing, we will not be able to continue meeting the needs of our members into
the future, so we have to keep moving FCCU forward. A couple highlights we expect to see in 2023 include the complete the renovation of our Bismarck North branch in the first quarter. Additionally, we plan to break ground for a new branch facility in Moorhead, MN this spring.
Perhaps the biggest project in 2023 will be the introduction of our digital journey to the membership. We have allowed online access to FCCU accounts for more than 20 years, but the digital transformation will take that to a whole new level. As we move forward, members will be able to do everything from your phone or home computer, whether that is applying for a loan and getting instant approval, opening a new account, or signing documents and almost anything else you might have to come to a branch for right now.
As our credit union grows, all of us involved have to grow as well. We cannot afford to maintain status quo; we cannot afford to rest on past successes; we need to constantly look for ways to improve ourselves and the credit union, doing things better each year – and that’s a difficult ask. But our employees and the Board have consistently stepped up, year after year, and words cannot express how appreciative I am of their efforts.
And to our members – YOU are the credit union and I want to thank you for your continued trust and dedication to FCCU.
Steve Schmitz, President & CEO First Community Credit Union
FCCU and Elm River Credit Union, a strong, wellcapitalized, agriculture-based credit union finalized our merger mid-year. Through this merger, FCCU gained an additional two branches in Page and Kindred and over 1,000 members, along with five employees to the FCCU team. Both FCCU and Elm River’s community values, culture and business approach aligned well, resulting in a positive merger.
A new branch has been highly anticipated in Mandan for some time now. In late June, we gathered with the local chamber and members to celebrate the ribbon cutting and grand opening of this new Mandan building. This new facility is just over 20,000 total square feet, three stories high, constructed of structural steel and sits on 1.58 acres. With a maximum occupancy of 330 people, this building features an open atrium lobby, multiple conference rooms, safe deposit box room, 14 offices, a large breakroom with a full kitchen and walk out open patio, three driveup lanes and a drive-up ATM. This new Mandan branch also has tenants and a 1,336 square foot community room, open for the public and features a beautiful Mandan and FCCU history wall. This new location expands First Community Credit Union across the Missouri River for the first time and has provided exciting opportunities for FCCU in the strong Mandan community.
Our Devils Lake grand opening was held in October. This remodel was completed of both the interior and exterior of the branch. A full demolition of the previous drive-up canopy and lanes took place to allow for wider lanes and a new canopy to complement the existing structure. The ATM machine has now been integrated into the drive-up lanes, along with a few other exterior improvements. Additionally, the interior was totally remodeled, with a new layout, flooring and more. The remodel includes the safe deposit vault moved, three new offices added, an entire new walk-up teller line and remodel of the drive-up teller line, to better use the space in the branch.
In a time when most banks or financials will fee someone for having a checking account, we wanted to highlight that we rewarded our members by paying back $2 Million in rewards to our Kasasa checking account members in 2021. This multi-faceted campaign not only highlighted our awardwinning checking account, but featured our very own FCCU staff. With the theme of “Celebrating $2 Million in Kasasa Rewards”, each staff member had their own way of celebrating. We then pushed this campaign on billboards, TV ads, social media, direct mail and more.
To help protect and educate our members, in 2022 we created a special fraud campaign. With fraud on the rise across the United States, we felt it was necessary to educate our members and make sure they are protected. The campaign included blog articles, quick tips for avoiding scams, fraud podcasts, links to scam awareness resources and more. Additionally videos were created to show members how to use FCCU cards app to prevent fraud.
By the Numbers
Our community first laid its foundation in Jamestown, ND in 1939 with only 45 members. Over 80 years later, we now have branches across ND & MN, serving over 46,000 members.
$600,000 MORE THAN
through donations and sponsorships
$60,000 in college scholarships
1,500 volunteer HOURS OVER Quarterly
Charities
Every quarter, staff selects a local charity and donates funds, items and time.
FCCU is proud to not just do business in our communities, but also support them by giving back. We donate money, sponsor various events and organizations, volunteer our time, attend events and the list goes on and on.
Our quarterly charity is a unique way we support important causes in the region. Since 2014, FCCU employees have chosen an organization each quarter to support by raising money and awareness. The funds are raised through Friday jeans money and other specific activities that relate to the cause. Here’s a look back on the positive impact in 2022.
Cancer is a cause that affects nearly everyone, in some way. FCCU was proud raise $4,500 for this worthy cause. The Bismarck Cancer Center, Altru Cancer Center in Grand Forks and the Jamestown Regional Medical Center’s Cancer Center all received $1,500 for their gas programs which assists cancer patients with transportation, nutritional supplements, housing accommodations and more.
Q3
FCCU was able to raise $5,000 for our third quarter charity, Children’s Miracle Network Hospitals (CMN). The CMN hospital serving us and our members is Sanford Children’s Hospital in Fargo, providing the most advanced and specialized pediatric care for children in the state of North Dakota and northwest Minnesota. The donation will stay local with 100% going to fund critical treatments and healthcare services, pediatric medical equipment and charitable care.
Q4
With the help of our communities and members, FCCU was able to raise more than $6,000 to support local domestic violence safe shelters. One organization from each region was selected to receive $1,000 of the funds raised: Grand Forks- CVIC, FargoChurches United, Jamestown- Safe Shelter, South Region- Someplace Safe, Bismarck/ Mandan- Abused Adult Resource Center and Lake Region- Safe Alternatives for Abused Families (SAAF).
In 2022, FCCU was recognized by the Dakota Credit Union Association (DakCU) with several awards. Recognized for our community involvement, FCCU was presented the Dora Maxwell award. FCCU received this award for our charity support towards suicide prevention, raising more than $3,000 and awareness for the organization. In addition, FCCU received the 2022 Desjardins Financial Education for our podcast, “Let’s CU Succeed”. FCCU started the podcast in early 2021 and has since published more than 32 episodes ranging from tips on buying your first home to budgeting, student loans, fraud protection, and more.
Additionally, FCCU received the Marketing and Communication Award for our outstanding efforts for its “Life is Better with Community” campaign to support membership engagement, growth and brand awareness.
The most prestigious of all the DakCU awards was given to Dayne Headland, former FCCU board member who was inducted into the Dakota Credit Union Association (DakCU) Hall of Fame. This honor is based on lifetime achievement within the credit union movement. Dayne retired in 2022 from the FCCU board of directors after nearly 30 years on the board, the longest standing board member at FCCU.
FCCU also was awarded by the Credit Union National Association (CUNA) a Marketing and Business Development Diamond Award. FCCU was awarded a national Diamond Award for the category of “Complete Campaign” for our “Life is Better with Community” campaign. Other recognition in 2022 includes being selected as one of the Top 50 Best Places to Work in the region by Prairie Business for the third year in a row, being named one
of the Top 10 Best Places to Work by the Young Professionals of Bismarck and being named the Best Credit Union in Fargo. Additionally, the USDA Rural Development recognized FCCU as a top rural housing lender in North Dakota. This was a huge honor for the FCCU home loans team.
The FCCU Volunteer of the Year for 2022 was Amanda Thrift, Jamestown Retail Manager. Amanda volunteered more than 170 hours in the Jamestown and surrounding communities in 2022. She actively participates in Kiwanis, Prairie Paws Rescue and Jamestown Tourism in addition to volunteering at FCCU events.
Steve Schmitz President & CEO
Darin Finck Chief Lending Officer
Sean Rinkenberger Chief Financial Officer
James Vollrath Chief Technology Officer
Stephanie Finck Chief Operations Officer
Craig Grundstrom Chief Development Officer
Mary Radenz VP of Mortgage Lending
Steve Davis Senior VP, Mortgage
Amie Aesoph Chief Human Resources Officer
Janna Bergstedt Chief Marketing Officer
Fred Wolff VP of Risk & Compliance
Catherine Powers VP Loan Operations
Todd Humphrey Regional Senior Credit Officer, VP
Zachary Dosch Bismarck Market President
Nick Schauer Jamestown/ Valley City Market President
Alysa Barth South Market President
Chris Howell Fargo Market President
Derek Holt Grand Forks Market President
Mike Heidt Regional Senior Credit Officer, VP
Heather Johnson Lake Region Market President
Jason Gruebele Regional Senior Credit Officer, VP
Sandy Franke, Chair
Scot Nething
Rodney Buck
Owen Olson, Chair
Sandy Franke, Vice Chair
Douglas Kalianoff
Bonnie Nelson, Secretary
Colin Wegenast
Mark Watne
Sharman Zachrison
Welcome to the 84th Annual Meeting of First Community Credit Union. The volunteers and employees of FCCU have worked hard to make our Credit Union a special place for our members to bring their financial needs and for our employees to work.
We are happy to report another financially successful year. The year ended with assets of $1,195,740,21. Net income for 2022 was $10.4 million and at year end we had 45,415 Members. Board Members, management, and our dedicated employees continually work on ways to improve service to our members and the communities we serve. We were busy again this year donating both our time and dollars to many community causes.
On January 1, 2022 FCCU merged with Elm River Credit Union giving us offices in Kindred and Page, ND and additional assets of $30 million and welcoming 1,000 members to the FCCU family. The total merger was completed on October 1.
In addition to our monthly meetings, the Board of Directors has several special meetings, an annual planning session, and several meetings at branch locations. Mark Watne and Owen Olson were re-elected to the Board at the March, 2021 Annual Meeting. Doug Kalianoff joined the Board as a new member. He was elected to the seat formerly held by Dayne Headland, who retired after serving FCCU for 30 years. Dayne was then elected to the Credit Union Hall of Fame. Congratulations to Dayne!
We continue to be very proud of our scholarship program. Last year we awarded $62,000 worth of scholarships which included 12 new multi-year scholarships as well as 20 single year scholarships, all in addition to previous year’s multi-year awards. We are happy to report that this is the highest number of scholarships we have ever awarded. Please encourage the young people you know to become FCCU Members and apply for scholarships when they are eligible.
Our new building/branch in Mandan opened on April 27 with the ribbon cutting on June 22. Both the Devils Lake and Bismarck North offices received extensive remodeling in 2022. We are happy to report that property has been purchased for a future branch in Moorhead, MN.
The Board of Directors would like to thank all of our dedicated employees for their excellent work and for making our members’ satisfaction their foremost goal; and a special thank you to our members for your continued support. We sincerely hope you will allow us to continue to serve your financial needs and that you will recommend us to your friends and family.
