Annual Meeting Minutes

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.