Mark your calendars for Wednesday, April 19, 2023, at 5 p.m. at the Houston Branch
If you are a member of a credit union, each year you receive an invitation to attend the Annual Meeting, but have you ever attended? Maybe it’s the name that makes it sound boring but when you understand why it’s so special, you’ll realize that you play an important role.
What is the Annual Meeting?
When you opened your account at Members Trust, you became an owner. Your initial share deposit represents a share of ownership much like a share of a corporation or stock purchase. At the annual meeting, the members/owners participate in the election of a volunteer Board of Directors. You also get to hear about the accomplishments from last year and the upcoming plans for the year.
The credit union’s Annual Meeting is just one of the things that make credit unions so different from banks.
Why Should I Attend?
With the recent headlines about some bank failures, you might be concerned about the safety of your credit union. First of all, you can feel confident that your credit union and your accounts here at Members Trust are safe and secure; however, the annual meeting provides a wonderful forum for members to obtain specific financial information about their credit union’s performance from the prior year. You can also learn more about the strategy and efforts that will be followed for the current year.
It’s your opportunity to be involved in making your credit union better!
What Does the Board of Directors Do?
Directors have a primary responsibility to act in the best interests of the credit union. Directors fulfill this responsibility through two primary functions: decision-making and oversight.
- Board decision-making generally involves establishing credit union policy, setting strategic goals, and taking key corporate actions such as hiring senior management executives, establishing a budget, and delegating authority to management.
- The Board’s oversight functions involve monitoring the credit union’s business and affairs including financial performance, management performance, corporate and risk management policies, and compliance with legal obligations and credit union policy.
All board members are actual members of Members Trust! You can meet and interact directly with the credit union’s Board of Directors, CEO, and Management Team at the Annual meeting. You also have the opportunity to hang out with the staff that you see in the branches and talk with them on the phone every day! And you can meet with other credit union members. This is a fundamental difference between a credit union and a bank, it’s what makes us a family!
Any member with an interest in serving on the Board of Directors is encouraged to contact the credit union to obtain more information about the various duties and responsibilities of the position as well as the requirements that exist for becoming a candidate.
What’s in the Annual Report?
The annual meeting is also the first time that the annual report of the credit union is made available to the public. It’s distributed to all attendees of the annual meeting and made available through other means throughout the year. The report typically outlines specifics about the total deposits, loans, assets, and operating costs from the prior year as well as an overall financial review.
Get More Involved
Knowing that you are an owner, whether you have an interest in running for the Board of Directors or not, your involvement is important. Unlike business that’s conducted at a bank, many newer (and often long-time) members are surprised to learn that, when they are part of a credit union, their voice is heard and their opinions count!
All members are invited and encouraged to attend the annual meeting, since the information that’s shared impacts the dividends that are paid, the rates that are received, the products that solve life needs, the fees that are sometimes applicable, and the reasons that those fees exist, not to mention the investments in technology, branches, ATMs and more.
As a not-for-profit company that is cooperatively owned by our members, the entire credit union benefits when its members engage and participate in their ownership.
We encourage you to attend the meeting for your Credit Union on Wednesday, April 19, 2023, at 5 p.m. @ the Houston Branch.