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About Us
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Utilities Credit Union will strive to be the lending and savings institution of choice for Xcel Energy and its subsidiary employees, retirees and their families. Utilities Credit Union will:
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Geographically, our service area spans from Hudson in the west, Ironwood Michigan to the north, Abbotsford to the east and Durand to the south. In addition, UCU's family of members are scattered throughout the USA. As the pool of potential new members expands with Xcel Energy's ever-expanding service area our geographic borders also continue to grow. | ||||||||||||||||||||||||||||||||||||||||||||
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Utilities Credit Union is the 2nd oldest Credit Union in the Chippewa Valley Charter of the Wisconsin Credit Union League. Other affiliations include:
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Joining UCU is easy! Simply open a share account!
Mail to: Utilities Credit Union, P.O. Box 8, Eau Claire, WI 54702 To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents. | ||||||||||||||||||||||||||||||||||||||||||||
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Dear Member, The Board of Directors and staff hosted the 76th annual members meeting on Thursday, February 26, 2009 at the Xcel Energy Skypark facility. Due to a severe winter storm that day, abbreviated recaps of the state of the credit union and financial reports were given, along with elections for four Director positions. Three incumbent Directors were re-elected, Paul Seipel, Dorothy Lehmann, and William (BJ) Rauckman. Karl Hoesly was elected as a new member to the Board. Congratulations all. Special recognition was made for Jeff Scholze, President and Treasurer, as it was not only his last annual meeting, but also his last day with the credit union. Jeff retired after 27 years of service to members, 18 of which as President and Treasurer. He was presented with various letters of appreciation and a traditional gold watch for a career well done. A reorganization meeting was held on Monday, March 2nd, where a number of administrative decisions were made, including voting on Board executive positions. As a result, Scott Seaholm and I will continue as Vice Chairman and Chairman, respectively. David Amans replaces Jeff Scholze as Treasurer and Greg Axness is our new Secretary. On Saturday, March 28th, the Board gathered at Skypark for an annual strategic planning meeting. We reviewed progress toward goals set at last year’s meeting and discussed and set goals for 2009. On March 27th, UCU received a letter from the State of Wisconsin, Department of Financial Institutions notifying us of a serious situation at the National Credit Union Administration (NCUA), the organization that overseas the National Credit Union Share Insurance Fund (NCUSIF) which provides up to $250,000 insurance on all deposits. Due to foreclosure claims across the country, and the national mortgage-backed securities mess, the insurance fund’s liquidity became impaired and needed shoring-up. Thus, all credit unions, UCU included, were required to write-down a percentage of the value of the required deposit maintained at the NCUA. As a result, UCU’s assets shrank by approximately $49,000. However, new accounting rules put in place for this situation allowed us to recognize quarterly income and distribute dividends to the membership prior to realizing the loss. Very important to know - as a member, you did not, and will not see your share balance negatively affected in any way as a result of this action. The loss will be accounted for in a reserve fund made up of undistributed income that can be replenished over time. The only noticeable effect may be in the form of future, slightly reduced dividends. In addition, the NCUA has indicated that it will be assessing credit unions a special charge in September to cover more of the same claims. The accounting will be similar; however, there is pending legislation that may allow us to spread it out over a number of years, thereby reducing the impact to our financial statements. I’ll report more on this issue as it develops. Enjoy spring! Sincerely, John R. Ness Chairman
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Utilities Credit Union Annual Meeting, 5:00 PM February 26, 2009 The 76th Annual Meeting of the Utilities Credit Union was held February 26, 2009 at the Chairman Ness called the meeting to order at 5:00 PM. There were 47 members present constituting a quorum. Chairman Ness introduced the members of the Board of Directors and UCU Staff. The minutes of the 2008 Annual Meeting were approved. John Roffler of the Nominating Committee presented the slate of nominees for four (4) Board of Director three-year terms. There were four nominees on the ballot. Chairman Ness called three times for additional nominations from the floor. Hearing none, nominations were closed. Chairman Ness then read the voice vote procedure to the membership. Since there were four nominees for four positions, a majority voice vote, versus paper ballots, is acceptable to ascertain the results of an election. The voice vote was unanimous for the four nominees. Elected to the Board for three-year terms were Paul Seipel, Karl Hoesly, Dorothy Lehmann and William (BJ) Rauckman. Vice Chairperson Scott Seaholm called for Chairman Ness to present the Chairman’s Report (copy attached). Due to inclement weather, rather than read the report in its entirety, Chairman Ness provided an abbreviated verbal overview of the report contents. In his overview Chairman Ness acknowledged the support of the sponsor company, reported on last year’s Board activities, noted UCU’s asset size, and summarized the collateral loan sale, investments, dividends, loans, and the Camel 1 rating received from the DFI resulting from the most recent 18 month audit exam. The Chairman also thanked outgoing director Ms. Lori Krings for her contributions to UCU during her board of director term. The Chairman also noted that this would be Jeff Scholze’s last Annual Meeting as President-Treasurer due to his upcoming retirement. Vice Chairperson Seaholm called for any questions from the attendees (there were none). Chairman Ness introduced Jeff Scholze, President-Treasurer, to present a summary of the financial condition of UCU (copy attached). Due to the inclement weather, the President Treasurer abbreviated his report, but did acknowledge and introduce the UCU Staff, and highlighted notable information pertaining to the Balance Sheet, Income Statement and the Credit Card and HELOC programs. At the conclusion of his report, Jeff introduced David Amans (UCU Staff) as the incoming President-Treasurer of UCU. Carol Lueke (UCU Staff), presented the 2008 Credit Report (copy attached). Carol acknowledged the Credit Committee members and also overviewed UCU’s collateral loan structure. Chris Stangl (Examining Committee member), presented the Examining Committee report (copy attached). Chairman Ness noted there were no communications or unfinished business to address at this meeting. For new business, Chairman Ness read a letter of recognition from NSP-W President and CEO, Mr. Michael Swenson, to Jeff Scholze in appreciation of Jeff’s many years of professional service to UCU. Chairman Ness also read a Certificate of Appreciation from the Chippewa Valley Chapter of Credit Unions recognizing Jeff’s years of service to the credit union movement. The Chairman then presented Jeff with a gold watch and thanked him for his service to the membership. Jeff spoke briefly about his years with the credit union and acknowledged UCU staff, both past and present, for their commitment and professionalism towards the membership. Door prize drawings were held and the meal was served. With no further business, the meeting was adjourned. Respectfully submitted, ____________________________________________ Secretary ____________________________________________ Chairperson (These minutes have not been officially approved by the membership.) | ||||||||||||||||||||||||||||||||||||||||||||
Established in 1932, Utilities Credit Union (UCU), a not-for-profit financial institution serves the employees, their spouses and children, and retirees of Xcel Energy. This makes UCU a select employee group (SEG) credit union, and classified as a closed, state chartered credit union. Current memberships, which exceeds 1,100 members, represent assets of over $7 million.
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