Monday, June 14, 2010

CEFCU REPORTS RECORD ACHIEVEMENTS IN 2009

At CEFCU’s recent Annual Meeting, the Credit Union reported record achievements for 2009. At the end of the year, Assets were over $4.1 billion, which is an increase of 10% over 2008. Savings deposits increased over 10% from last year, and loans outstanding grew 7%.

At the Annual Meeting, Reed Stuedemann, 2009 Chairman of the Board of Directors, stated, “… the continued support of you, the member/owner, along with the commitment to providing quality member service from your volunteer Board and professional Staff, resulted in a year of incredible growth for your Credit Union.”

Erec D. Montgomery and Joseph R. Needham were named to the Board of Directors, and CEFCU members re-elected Thea M. Robinson, Mark A. Spenny, Reed A. Stuedemann, and Helen J. Young to the Board of Directors.

Credit Union Officers, Directors, Supervisory Committee members, and Associate Board members for 2010 will be: Robert M. Metzinger – Chairman, Bruce G. Dimler – Vice Chairman, Patricia J. Hampton – Vice Chairman, Thea M. Robinson – Vice Chairman, Mark A. Spenny – President/CEO and Treasurer, Reed A. Stuedemann – Secretary, James L. Gleich, Richard G. Hermann, David M. Koehler, Nancy M. Medendorp, Erec D. Montgomery, Joseph R. Needham, and Helen J. Young. Therese Peck serves as the Recording Secretary.
Credit Union officials reflected on highlights from 2009. In recognition of strong member confidence, combined with staff controlling expenses while making solid lending and investment decisions, in December, the Board of Directors authorized a $7 million Extraordinary Dividend. Over the past ten years, CEFCU has returned $40 million in Extraordinary Dividends to member/owners.

During the year, CEFCU introduced the new My Save Certificate and College Planning Tool. The My Save Certificate, which requires a $5 minimum deposit, allows for additional deposits throughout the year, while earning the regular 12-month Certificate rate. The new College Planning Tool, which helps parents and grandparents save for college costs, is a valuable, free benefit for members. After completing a 15-minute questionnaire the member receives a customized report which can help develop an educational savings plan.

Construction on the new Sheridan Village Member Center was completed in late March of 2010. The new Member Center includes five drive-up lanes, a new e-Services Area, and four Fast Track Teller machines available 24 hours a day.

Land has been purchased in Chillicothe for a new Member Center; and the first “green” or LEED - Certified CEFCU Member Center will be built in Springfield, opening in early 2011. This new Member Center will not only be energy efficient, but will use recycled and re-used materials, and utilize natural lighting.

With assets totaling nearly $4.4 billion, CEFCU serves 270,000 members through 19 Central Illinois Member Centers; Valley Credit Union, a division of CEFCU; the CEFCU Financial Center; the Money Center 24 ATM Network; CEFCU’s Web site, http://www.cefcu.com/; and cefcu.mobi.

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