Annual Meeting Cancellation Notice
Dear Valued Members,
In an effort to adhere to the recommendations of our government and to protect you, our valued Member, and our staff, the Board of Directors has made the difficult decision to cancel the March 19, 2020, Annual Membership Meeting.
As you know, this would have been the 85th Mobiloil Credit Union Annual Meeting. Since its inception, Mobiloil Credit Union has been there for its membership and it will continue to be there for you during and after this crisis.
Just because we cannot gather in our customary way at a membership meeting, we want to let you know that 2019 was a very good year for Mobiloil Credit Union. The full 2019 Annual Report can be found here, but we want to share with you the following accomplishments:
- Mobiloil Credit Union was awarded the 2019 Crystal Performance Award by Raddon Financial Group, Inc. This is a very high honor recognizing credit unions who achieve a top ten ranking based on the Raddon Performance Index, a balanced scorecard measurement of growth, income, efficiency and margin management. Each year more than 500 credit unions are evaluated for the Crystal Performance Award through Raddon’s Performance Analytics Program. The Credit Union is proud to receive this honor once again.
- The Credit Union ended the year with a total of $661 million loaned to members.
- The Credit Union ended the year with a record-high $863 million in assets and is the largest credit union in Southeast Texas.
- In 2019, the Credit Union successfully improved on its online and mobile channels, which are allowing it to continue to serve you during the crisis.
- A financial audit was performed by Wathen, DeShong, and Juncker, a local CPA firm, and covered the 12 months ending June 30, 2019. The audit was performed in accordance with generally accepted audit standards and included evaluation of the Credit Union’s financial statements. The auditors considered the financial statements acceptable and rendered an unqualified or “clean” audit opinion.
- The last regular NCUA Federal Examination was performed as of June 30, 2019, and that examination indicated sound financial condition and management.
In addition, this year there were three positions on the Mobiloil Credit Union Board of Directors that required re-elections by the membership. As prescribed by our Credit Union By-Laws, the Board Nominating Committee made one nomination per Board position. Notices were mailed to all members announcing the election and the annual meeting time and place. There were no nominations made by membership petition, therefore by acclamation, the three nominees stand re-elected to the Board of Directors for another three-year term.
Congratulations to: Tony Lucenti, Lito Morales and Floyd Price.
You are likely familiar with these individuals. These three directors have over 60 years of volunteer service on the Board of Directors and to the members of the Credit Union. Tony, Lito and Floyd, thank you for your service to our membership.
It has been and will always be the Credit Union’s vision to be the preferred financial partner by providing exceptional service and innovative solutions to your needs. We carry that out daily through our core value of people helping people.
On behalf of the Board of Directors, Management and the Credit Union’s more than 220 employees, please accept our sincere appreciation for your membership and the trust you place in us.
Board of Directors
Mobiloil Credit Union