Highlights of Arsenal’s 70th Annual Membership Meeting
Arsenal’s three top leaders provided a look back at the credit union’s accomplishments in 2017 during the annual membership meeting held on April 26 at the main office in Arnold. The accomplishments included:
Some of the major growth measures presented at Arsenal’s credit union annual meeting included:
- Record loan volume – $69.27 million, including $6.9 million generated from a new loan preapproval program;
- Strong earnings – a result of increased income from greater loan volume, combined with significantly lower loan losses;
- Increased net worth – 9.59% capital at year-end, and in March 2018 a five-star rating – the highest possible – from Bauer Financial, a nationally recognized statistical rating organization;
- Large number of new members – 3,135; and
- All-time high for member satisfaction (89.87% “excellent” service ratings).
Credit Union Annual Meeting CEO Report
“From a financial standpoint, the credit union had a great year,” said Arsenal President/CEO Linda Allen. “We have a first-class staff that continues to be focused on providing excellent service, and we are very proud of the service levels that we have been able to maintain as reflected by our ongoing member satisfaction surveys. Our great member service and high member satisfaction has helped to foster our continued growth year-over-year.”
Only seven credit unions in St. Louis are larger in asset size than Arsenal, and out of 114 credit unions in Missouri, Arsenal ranks as the 11th largest. “We’re not focused, however, on becoming the biggest,” Allen noted. “We only want to be the best.”
Credit Union Annual Meeting Board Chair Report
Providing more convenience for members and saving them money was covered by Board Chairman Randy Pratt during his presentation. Examples that he provided included revising the credit union’s skip-a-pay loan program, adding a car research and buying tool called GrooveCar on the credit union’s website, giving members the ability to set up debit and credit card alerts and controls, adopting a new eSignature platform to improve the loan closing and funding experience for members, refinancing bad auto loans that members got elsewhere that saved them $266,773.66, providing $21,810 in cash rewards to members who switched to Sprint’s cell phone plan or transferred into the credit union program if they were already a Sprint customer, providing a variety of online cash-management services for small business members, enabling members to turn credit card rewards points into cash, and lowering the amount of money that a person needs to open a savings account and maintain membership from $25 to $5.
Pratt also noted that for the ninth year in a row, Arsenal was recognized as one of the best credit unions in St. Louis by Small Business Monthly, a local magazine.
Credit Union Annual Meeting Supervisory Committee Report
Supervisory Committee Chairman Bob Killion discussed the many roles that the three-member panel has, including engaging an independent, certified public accounting firm to examine the financial affairs of the credit union each year. The committee receives an expression of an opinion about whether the credit union’s financial statements are fairly represented, in all material aspects, in conformity with all U.S. generally accepted accounting principles. A thorough audit of the credit union’s books – the receipts, disbursements, income, assets and liabilities – was conducted by Stephen Lang & Associates, LLC, for the fiscal year ending September 30, 2017.
“The firm found everything was in order,” Killion said. “With complete confidence, the supervisory committee can say that Arsenal continues to maintain a high level of safety and soundness.”
For a look at the credit union’s consolidated financial statements from 2017 vs. 2016, click here. For more details on last year’s accomplishments, check out our video presentation: