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2007 was a good year for Missouri CUs---Holub
JEFFERSON CITY, Mo. (4/8/08)--2007 was a good year for credit union membership, despite difficult economic times, noted Missouri Credit Union Association (MCUA) President/CEO Rosie Holub as she delivered the “State of the State” address at MCUA’s Annual Advocacy and 79th Annual Business Meeting April 1.
Steven Brooke (left), Tigers CU--on the University of Missouri Campus, Columbia-- discusses student-run credit unions with Missouri State Rep. Mike Frame (D-15) at the Missouri Credit Union Association’s (MCUA) Annual Advocacy and 79th Annual Business Meeting April 1.
Credit union assets in the state increased $379 million--or 4.6%--to $8.7 billion. Membership growth was higher than the national average and the strongest since 2003, with most growth occurring in the fourth quarter of 2007. Holub highlighted the role credit unions play in the current national economic crisis. “Credit unions were formed and filled a need during the Great Depression,” she said. “We are well-positioned now with strong capital positions to reach out to help members and our communities during these economically challenging times.” Also announced at the meeting were patronage rebates of $123,500 from the Credit Union Partnership (CUP), which is the for-profit services corporation of MCUA. The rebates were distributed April 2 to reward member credit unions for their use of core fee-supported services.
From left: Derek Gebelhardt and Diane Powell of Poplar Bluff, Mo., FCU, share information with State Rep. Gayle Kingery (R-154) at the Missouri Credit Union Association’s (MCUA) Annual Advocacy and 79th Annual Business Meeting. (Photos provided by the Missouri Credit Union Association)
The four core products that provide revenue for CUP are League Item Processing, credit union shared-branch network, credit and debit cards, and CUNA Mutual Group insurance. “Credit Unions Make the Difference” was the theme for the meeting, and state lawmakers learned how credit unions make the difference for Missouri consumers during the two-day event. More than 50 state legislators attended MCUA’s legislative dinner reception March 31. Credit union staff and volunteers were formally recognized on the House and Senate floors at the Missouri Capitol April 1. Attendees visited with lawmakers, delivering gifts and credit union difference message. The annual meeting also provided an opportunity to recognize credit unions statewide for extraordinary efforts at a reception. Two credit unions received the first “You Make the Difference” Advocacy Program Awards. Neighbor CU, St. Louis, achieved both the bronze and silver level recognition levels for its advocacy activities, while Community Financial CU, Springfield, achieved the bronze level. Also, Missouri credit unions unanimously approved a modification to their dues formula that reduces dues from $1.50 to $1.25 per $1,000 in assets. It takes effect in 2009 and will have the greatest impact on smaller credit unions, resulting in as much as 17% savings for some credit unions.


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