Annual Report 2025 Table of Contents
Directors | Management | Agenda | 86th 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 (2028)
Manuel Esquivel III (2026)
Samuel Shores (2028)
Mark Kulwicki (2027)
Management
Wanda Muessel, Chief Executive Officer
Paul Besse, Executive Vice-President
Adriana Crisp, Chief Operations Officer
Blake Kemmis, Chief Information Officer
Belinda Reeves, Violet Branch Manager
Debra Garza, Mortgage Loan Manager
Eric Flores, Consumer Loan Manager
Kimberly Villafuerte, Accounting Manager
Laura Chairez, Harlingen Branch Manager
Vanessa Vera, Collections Manager
Agenda
- Welcome – Luther Hight, Chairman
- Invocation
- Determination of a Quorum
- Introduction of Directors
- Minutes of the Previous Meeting
- Reports:
- Chairman – Luther Hight
- CEO – Wanda Muessel
- Treasurer – Roman Almaguer
- Unfinished Business
- New Business (Other Than Elections)
- Election of Directors: Results
- Adjournment
Minutes
86th Annual Membership Meeting
February 25, 2025
The 86th Annual Membership Meeting of Members First Credit Union was held on Tuesday, February 25, 2025, at the main office located at 5444 S. Staples, Corpus Christi, Texas.
Chairman of the Board Luther Hight welcomed members and brought the meeting to order at 6:00 p.m.
38 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: Luther Hight (Chairman), Curtis Reeves, (Vice-Chairman), Roman Almaguer (Secretary/Treasurer), Manuel Esquivel III, Sabra Morlan, Samuel Shores and Mark Kulwicki.
The Chairman stated the board met for 12 regular monthly meetings in 2024 and 1 special meetings.
Secretary/Treasurer Roman Almaguer noted a copy of the minutes of the 85th 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 Belinda Reeves, second by Alexandria Trevino to accept the minutes as written. MOTION CARRIED.
Report of Treasurer
Roman Almaguer reported that the credit union met many of our financial objectives in 2024. Capital increased to 22.12% with income of $2,366,750. Deposits increased to $139,080,269, and assets increased to end the year at $180,767,268. The high interest rates and economic uncertainty resulted in a decrease in loans of 2.9%, though we funded almost $20M. 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, 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 Greg Fair, second by Blake Kemmis, approving the Treasurer’s Report as written. MOTION CARRIED.
Report of Chairman of the Board
Chairman Hight provided an overview of the credit union’s performance for 2024. The credit union experienced a successful year with assets growing by 3.1% to $180,767,268 and membership increasing by 1.2% to nearly 12,689 members. Despite rising costs, the credit union supported members with competitive loan rates and minimal fees, disbursing over $19 million in loans, including 336 auto loans and 426 personal loans while maintaining low default (0.42%) and delinquency (0.37%) rates, showcasing strong risk management.
The credit union remained committed to the community through investments in local programs and staff volunteerism. Looking ahead, Members First plans to enhance technology and security features to improve member services. Chairman Hight expressed gratitude for member support and aimed to continue providing high-quality financial services in 2025.
Report of the CEO
Wanda Muessel commented that the credit union faced both challenges and triumphs in 2024. She stated that among the current concerns were economic uncertainty, technological advancements, regulatory changes and member engagement. She pledged to address these concerns by diversifying the portfolio and managing risks, investing in technology and safeguarding data, providing training and resources to ensure regulatory compliance and enhancing personalized service and communications channels. She concluded by thanking the members, board and staff for their trust and unwavering support.
Unfinished Business
None
New Business
None
Nominating Committee
The Board appointed Manuel Esquivel III, Ray Almaguer and Curtis Reeves to the nominating committee in September of 2024. The committee was charged with nominating two or more candidates for two 3-year terms expiring in 2025 (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 two applicants that were approved for the two open positions on the Board. The nominees were:
Samuel Shores (3-year term)
Sabra Morlan (3-year term)
MOTION by Greg Fair, second by Gabriella Perez to elect the nominees by acclamation. MOTION CARRIED.
Conclusion and Adjournment
Chairman Luther Hight concluded the business of the meeting.
MOTION by Rachael Storr, second by Joel Garcia to adjourn the meeting. MOTION CARRIED.
The meeting was adjourned at 6:16 p.m.
Treasurer’s Report
Members First Credit Union achieved strong financial performance in 2025, successfully meeting many of our key objectives. Member deposits grew during the year, reaching $141,503,071, while total assets closed the year at $186,929,947.
Loans advanced during 2025 totaled $19,203,366; however, the overall loan portfolio declined by 2.0%, ending at $81,309,451. While expanding our loan portfolio remains a priority, elevated interest rates and economic uncertainty created a challenging environment for loan growth.
Despite these headwinds, Members First continued to strengthen its capital position. Net income for the year was $2,643,678, resulting in a robust capital-to-asset ratio of 22.81%. Although loan losses increased compared to the prior year, earnings were supported by favorable loan and investment yields and an exceptionally low net operating expense ratio of 1.57%, well below the peer average of 2.63%.
In 2025, our Supervisory Committee engaged Harold Antao and Company LLC to conduct an audit of our accounting practices and records. Their report confirmed that our operations are sound, with no concerns or exceptions noted.
Member engagement with our services remains strong, and we are pleased to report growth in key areas. Share draft accounts increased to 10,174, and mobile app usage saw further adoption, reaching 5,986 active users. Other services, including 10,283 check cards and 2,438 credit cards, maintained high levels of usage, underscoring the ongoing value these options provide to our members.
We extend our sincere gratitude to our board and staff for their dedication and contributions to this year’s success. Most importantly, we thank our members for their loyalty and trust in choosing Members First 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 2025 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, 2025. 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.
