Poughkeepsie, NY – April 10, 2008
Hudson Valley Federal Credit Union is in strong financial shape with its strategic growth plans well underway. That was the message more than 600 members heard last night from T.S. Jones, Chairman of the credit union’s Board of Directors, during the financial institution’s 45th Annual Meeting.
Mr. Jones told members that 2007 ended with assets reaching nearly $2.3 billion, up almost nine percent from the prior year, and the highest level ever for the credit union. Other 2007 highlights were:
- Membership increased by more than 13,000;
- Savings grew 9.1 percent;
- Outstanding loans rose by 3.6 percent; and
- Service and satisfaction ratings were 96.4 percent.
Safe And Sound
While discussing the credit union’s accomplishments in 2007, Mr. Jones looked forward and brought up the credit union’s expansion plans for 2008. He said that branches are to be opened in the Town of Ulster, New York, and Beacon, New York, later this year.
Mr. Jones also noted that the credit union has avoided the subprime mortgage market that has gotten so many financial institutions and lenders into trouble. The credit union’s focus on providing mortgages and other loans only to people who have the capacity to pay back the loan has helped the credit union remain in a strong financial position and continue to be successful.
The Annual Meeting was held at the Grandview in Poughkeepsie.
Besides credit union business, Dave Price, CBS weather anchor and feature reporter, was on hand to address members. Mr. Price is a Poughkeepsie native.
Mr. Price picked up on the Annual Meeting theme of Plan, Prepare and Prosper and discussed how communities that plan and prepare for the weather ultimately prosper. He noted the differences in the ways New Orleans handled hurricane Katrina and San Diego approached the fires that surrounded its city in 2007. New Orleans was poorly prepared for the hurricane and is still feeling the after-affects. San Diego took a dramatically different approach and was well prepared for the fires. The city continues to hum along as one of America’s nicest places to live.
Henry J. Rodgers, Larry J. Prescott, Noreen E. Hennessy and Lynn R. Fielitz were elected to the Board of Directors. This is Mr. Fielitz’ first term on the Board. He holds a PhD. He has taught and coached at the United State Military Academy since 1995. He is currently the Chief of Instruction. He has owned and operated several small businesses in addition to teaching and coaching at the collegiate level throughout the midwest, south and east. He has served in various capacities in national educational organizations and has published and presented numerous papers/articles at the national and international level.
Following the meeting, the Board of Directors took action on the reorganization of the Board. Officers for 2008-2009 are: Chairman, Mr. Jones; First Vice Chairman, Joseph E. Eppich; Second Vice Chairman, Takao Inouye; Treasurer David S. Bagley; Assistant Treasurer, Mr. Rodgers; and Secretary, Mr. Prescott.
Besides Ms. Hennessy and Mr. Fielitz, Werner H. Lackner also is a board member.
Prize Drawings During the Annual Meeting, the credit union randomly selected 10 members to receive a variety of gifts. Gifts given out were:
- $245 gift cards;
- A Hudson Valley Renegade skybox;
- A studio portrait donated by On Location Photography;
- An overnight donated by the Mohonk Mountain House in New Paltz; and
- A grand prize of $545.