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MyCom Newsletter – May 2016

By Pamela McCarty | On May 07, 2016

Annual Meeting

The Annual Meeting of MyCom Federal Credit Union was held March 11, 2016 at the Country Club of Pittsfield. Over 75 members attended the meeting. Copies of the Annual Report are available at the Credit Union Office.

The following Board members were re-elected for a three year term: Bonnie Galant, Carol Nichols and Alexander Williamson. Allison Bottume was elected to a two year term. Three slots were open for the Credit Committee. Incumbents Peggy Oakes, Ray Risley and Larry Marchisio were re-elected.

Board of Director’s Chairman Alexander Williamson welcomed everyone and thanked the Board, Committee members and staff for their hard work and dedication to the Credit Union movement.

Bonnie Galant, Supervisory Committee Chair gave a summary of the duties of the Supervisory Committee which included the verification of member accounts conducted every two years. She also reported the yearly Supervisory Audit and the NCUA Federal Exam “There were no significant issues and MyCom maintained its high rating.”

John O’Neil, Credit Committee Chair, read the Credit Committee report.

CEO Pam McCarty reviewed the financial report. She spoke about the continued challenge working in a low interest environment. She presented graphs showing a decrease in interest income over the last five year period of $122,400 and talked about the critical need for attracting more member loans.

She also talked about the favorable trends MyCom has shown. “We have grown 1.4 million in assets over the last five years, with Share Draft/Checking Accounts showing an increase of 130% since 2011.”

She was happy to report ending the year 2015 with a net income of $55,222 and a strong Capital (net worth) ratio of 12.39%.

“In conclusion, I have to thank our amazing staff and of course our Board and Committees who volunteer their time and expertise to make our Credit Union not just one of the best in Berkshire County, but ranked well above our piers nationally.”

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Main Office
MyCom Federal Credit Union
101 Fenn Street
Pittsfield, MA 01201
Phone: 413-442-6501
Fax: 413-442-9557
Toll Free: 1-866-297-9778
E-mail: info@mycomcu.org
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Pittsfield, MA 01201

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