Board Report

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.