Table of Contents
Directors | Management | Agenda | 85th Annual Membership Meeting Minutes | Treasurer’s Report | Statements of Financial Condition | Statements of Income | Statements of Members’ Equity | Election Rules
Directors
Luther Hight, Chairman (2027)
Curtis Reeves, Vice-Chairman (2026)
Roman Almaguer, Secretary/Treasurer (2027)
Sabra Morlan (2025)
Manuel Esquivel III (2026)
Samuel Shores (2025)
Mark Kulwicki (2027)
Management
Wanda Muessel, Chief Executive Officer
Paul Besse, Chief Financial Officer
Blake Kemmis, Chief Information Officer
Adriana Crisp, Chief Operations Officer
Eric Flores, Consumer Loan Manager
Debra Garza, Mortgage Loan Manager
Belinda Reeves, Violet Branch Manager
Vanessa Vera, Collections Manager
Laura Chairez, Harlingen Branch Manager
Kimberly Villafuerte, Accounting Manager
Agenda
- Welcome – Luther Hight, Chairman
- Invocation
- Determination of a Quorum
- Introduction of Directors
- Minutes of the Previous Meeting
- Election of Directors: Rules and Nominations
- Reports:
- Treasurer – Roman Almaguer
- Chairman – Luther Hight
- CEO – Wanda Muessel
- Unfinished Business
- New Business
- Election of Directors: Results
- Adjournment
Minutes
85th Annual Membership Meeting
February 27, 2024
The 85th Annual Membership Meeting of Members First Credit Union was held on Tuesday, February 27, 2024, at the main office located at 5444 S. Staples, Corpus Christi, Texas.
Chairman of the Board Sam Shores welcomed members and brought the meeting to order at 6:00 p.m.
47 verified members registered for the meeting. The Chairman certified that a quorum was present and declared it a legal meeting.
The Chairman introduced the Board of Directors: Sam Shores (Chairman), Mark Kulwicki, (Vice-Chairman), Roman Almaguer (Secretary/Treasurer), Manuel Esquivel III, Sabra Morlan, Luther Hight and Curtis Reeves.
The Chairman stated the board met for 12 regular monthly meetings in 2023 and 2 special meetings.
Secretary/Treasurer Roman Almaguer noted a copy of the minutes of the 84th Annual Meeting was provided in the Annual Report and asked for a motion to dispense with the reading and accept them as written.
MOTION by Greg Fair, second by Manuel De Los Santos to accept the minutes as written. MOTION CARRIED.
Report of Treasurer
Roman Almaguer reported that the credit union was successful financially in 2023. We funded over $24M in loans, growing over 4.9%. Capital increased to 21.27% with income of $2,640,305. Deposits declined with increased competition for liquidity, but assets increased to end the year at $175,245,592. An audit was completed by Harold Antao and Company, LLC, which showed no areas of concern. Members continued to increase their use of many services including check cards, credit cards, CU Online and the mobile app. Mr. Almaguer thanked the board and staff for their contributions to the credit union’s success and the members for choosing Members First.
MOTION by Blake Kemmis, second by Rachael Storr, approving the Treasurer’s Report as written. MOTION CARRIED.
Report of Chairman of the Board
Sam Shores stated that the board serves because they believe in the credit union system of people helping people. The credit union has grown to 12,543 members and over $175 Million in assets and we hope to continue growing. He stated that 2023 was another year with high profitability which added to our already strong capital ensuring that members’ funds are protected. Mr. Shores further commented that the credit union is positioned to be able to spend needed funds to expand services, stay ahead of technological advances and provide convenience. He thanked the Board for volunteering, the members for their support and the staff for helping to provide a great alternative for our community.
Report of the CEO
Wanda Muessel commented that the credit union is strong because of its partnership with our members. Despite the challenges of 2023, she stated that the credit union ended with a net worth of over 21% and at the same time loans increased 4.9% to over $85 million. The credit union also made contributions to many local organizations, teams, and clubs. She promised a measured and methodical approach to any upcoming changes and to keep the members at the heart of every decision. In the next year she indicated a commitment to improving service, products, security, and value for our members. She concluded by thanking the board and employees for their dedication and the members for their membership.
Unfinished Business
None
New Business
None
Nominating Committee
The Board appointed Manuel Esquivel III, Sabra Morlan and Curtis Reeves to the nominating committee in September of 2023. The committee was charged with nominating three or more candidates for three 3-year terms expiring in 2024 (according to Credit Union guidelines, each member must be willing to serve, have an appropriate credit history, donate time and effort for the Credit Union’s future, and be a member in good standing).
The Nominating committee reported they received three applicants that were approved for the three open positions on the Board. The nominees were:
Roman Almaguer (3-year term)
Mark Kulwicki (3-year term)
Luther Hight (3-year term)
MOTION by Greg Fair, second by Reynaldo Ambriz to elect the nominees by acclamation. MOTION CARRIED.
Conclusion and Adjournment
Chairman Sam Shores concluded the business of the meeting.
MOTION by Debra Garza, second by Severa Stapurewicz to adjourn the meeting. MOTION CARRIED.
The meeting was adjourned at 6:14 p.m.
Treasurer’s Report
Members First Credit Union was successful in meeting many our financial objectives for 2024. Member deposits increased this year and deposits now total $139,080,269. Total assets increased to end the year at $180,767,268. Loans advanced during the year totaled $19,826,045. As a result, loans decreased 2.9% for the year ending at $83,088,046. Though increasing our loan portfolio is always one of our main goals, high interest rates and economic uncertainty created a challenging environment for loan growth.
Members First continued to add capital in 2024 with net income for the year of $2,366,750. Our position continues to be positive with a capital to asset ratio of 22.12%. Though loan losses increased from the previous year, income benefited from favorable loan and investment rates and a low net operating expense ratio of 1.52% which is well below our peer ratio of 2.51%.
This past year, a Supervisory Committee Audit was held by Harold Antao and Company LLC to ensure our accounting practices and records are in order. Their report showed no concerns or exceptions.
2024 saw a further increase in usage of the many service options offered. These services include check cards (10,415), credit cards (2,436), and mobile app (5,875).
I would like to express my gratitude to the board and staff for their contributions to the credit union’s success in 2024. We are also deeply thankful to our members for their loyalty and dedication and for choosing Members First as their credit union.
Respectfully submitted,
Roman Almaguer Jr.
Secretary/Treasurer
Statements of Financial Condition
Statements of Income
Statements of Members’ Equity
Election Rules
(included with the October 2024 statements)
Members interested in running for a position on the Board of Directors must submit a completed “Director Application and Agreement to Serve” form. A credit history of the applicant and current standing with the credit union will also be reviewed as part of the approval process. All interested parties that receive approval by the Nominating Committee based on these criteria will be included as candidates for upcoming vacancies on the Board of Directors.
Any applicant that the Nominating Committee does not approve will be referred for review by the Board of Directors. These members may be selected if approved by the Board. Any applicant not selected will receive a written explanation describing the reason for disapproval. This information will also be communicated to the Credit Union Department. Interested parties must submit their application no later than December 15, 2024. No nominations will be accepted after this deadline and no nominations may be placed from the floor at the Annual Meeting.
These rules were established so that all candidates or potential Directors would be in good standing with the Credit Union, would be insurable for bonding purposes, and would receive approval from the Credit Union Department.
