Members CU held its annual meeting on January 31st at the central office in Winston-Salem. During the meeting, Durham White, Cindy Stiff and Bob Donley were elected to serve three-year terms on the credit union’s Board of Directors. President and CEO, Bob Donley, presented the results of 2017 and the plans of 2018, reporting that the credit union raised nearly $24,000 for charitable causes through member and employee fundraisers. He also highlighted the successful launch of the online application service in July that added 500 new members in 2017, and noted the credit union’s decision to join the CO-OP shared branch network giving members access to over 5,000 branch locations nationwide. Donley pointed out that MCU’s earnings for the year were $2,057,815 and stated that the credit union ended 2017 with a total capital ratio of 11.60%.“These numbers are a strong testament to last year’s success and set the foundation for our plans,” said Donley.
The plans for 2018 are already underway. The credit union plans to launch a new website in the second quarter and is working on a project to convert their digital banking service to a new platform for a better user experience with more functionality. The new digital banking platform is projected to launch in early 2019. In addition to online improvements, the credit union will offer an instant issue debit card to new members and existing members who need to order a new debit card due to loss or theft. The temporary card can be used instantly until the permanent debit card arrives and will cut down on wait times for account access to a maximum of two days. According to Donley, “members who come to the main office will walk out with their temporary card that can be used to make purchases anywhere that Visa is accepted.”
The instant issue debit card is slated to be released this year. The next annual shareholders meeting is tentatively scheduled for January 31st, 2019.