Credit union’s new software, upgrades reviewed at meeting

    Holyoke (Colorado) Community Federal Credit Union and Imperial Credit Union reviewed the successes of the past year and looked ahead to a promising future at its annual meeting April 19.
    The credit union opted to host the meeting virtually via Zoom.
    Chairperson Corey Zeiler said the credit union asset size has grown steadily since 2016 and has achieved steady growth in undivided earnings.
    “Our credit union performed very well in 2020, showing a modest profit,” he said. “The outlook for 2021, while stable from a financial standpoint, will see some pretty important changes for not only the brick-and-mortar view of the credit union but also the core components of our credit union.”
    COVID-19 provided a unique set of challenges to the credit union. President Randy Hale said a primary focus in 2020 was keeping employees safe during uncertain times while making sure the membership still had the ability to conduct unrestricted daily transactions.
    Due to the pandemic, the government lowered the national interest rates in March 2020 to stimulate the economy and offset the shutdowns.
    “This has affected our deposit rates as well as loan rates. I am happy to say that during 2020 our credit union has growth in all areas,” said Hale, adding that there was growth in membership numbers, the loan portfolio, member deposits and retained earnings.
    Another side effect of the pandemic has been an increase in cyber crime, including forged bills/checks and telephone scams.
    “Credit union employees help keep you and your money safe, one transaction at a time,” said Hale.
    He announced that the credit union will soon be switching to a new system for handling transactions. June 30 will be the last day of operation as a FISERV CUSA software credit union.
    “When we begin the third quarter of 2021, we will be a CMC Flex credit union,” he said.
    Perks of the new system, which are no cost to members, include a revised platform for online banking, a more useful mobile app, integrated bill pay with a single sign-on from a phone or computer, digital signatures, online loan application processing and the ability to open accounts online.
    “This new platform will mean more than ever our credit union can help you from wherever you are. While we encourage face-to-face and in-person interaction, COVID-19 taught us that we need to be there for you, the member, in any situation that may present itself,” said Hale.
    Additional changes in 2021 include a complete remodel of the Holyoke branch, which started last month. It will correct problems that were of concern and give a new modern look to the facility at the same time. The interior design will allow for all employees to have line-of-sight access to the lobby at all times and ensure a healthy working environment for years to come, said Hale.
    Imperial is also seeing some upgrades, including a new look and sign for the front of the building.
    In his financial report, Hale said the loan officers were busy again in 2020. Holyoke and Imperial totaled 322 loans for $6,658,630.97.
    As of Dec. 31, 2020, loans to members totaled $28,247,677.34, representing an increase of $665,676.13 for the year. Total loans written off were $2,766.85 while recoveries were $4,576.02.
    Hale said that the credit union has been profitable over the last several years, but its asset growth has outpaced its income growth.
    “I would like to see our credit union continue to grow by adding new members, younger members that will help ensure the future health of our credit union, while maintaining and caring for our current members,” he said.
Board members reelected
    Incumbents Joshua Martin and Jessica French ran unopposed and were reelected for three-year terms to the board of directors.
    Others on the board are Corey Zeiler, John Sandquist, Brenda Krueger, Lisa Schilke and Jan Graham.
    Christine Hadeen submitted a report for the volunteer supervisory committee, which also includes Fletcher Hinck, Janel Wailes and Randy Hayes. They worked with Petersen and Associates of Papillion to ensure the credit union was safe and compliant. She said it was a trying year for the committee due to COVID-19 restrictions and guidelines.
    A special part of the meeting was recognition of 50-year members.