2017 Annual Report
Total Page:16
File Type:pdf, Size:1020Kb
2017 ANNUAL REPORT WE ARE INVESTEX! Texas Strong! 2018 AGENDA VERIFICATION OF QUORUM Catherine Paraschos, Chairperson VISION STATEMENT InvesTex Credit Union will develop lasting relationships that promote CHAIRPERSON’S REPORT our members’ quality of life and financial well-being. Catherine Paraschos, Chairperson MISSION STATEMENT PRESIDENT’S REPORT InvesTex Credit Union is dedicated to the highest quality service for Keith Kearney its members, while maintaining a solid financial foundation. Our core values reflect the strong character of our members and our growing APPROVAL OF MINUTES relationship with them. OF 2017 MEETING Catherine Paraschos, Chairperson OPERATIONAL CHANGES • InvesTex Credit Union maintained full access to electronic/remote REPORT OF THE services during Hurricane Harvey and all branches were open TREASURER and available within two days of the Hurricane. The credit union Allan Griffin, Jr. immediately implemented measures to assist members suffering the aftermath of the hurricane, including flexible loan underwriting UNFINISHED BUSINESS and special rates/terms and flexible/free Loan Skip Payment Catherine Paraschos, opportunities. Chairperson • Credit Union reached $200 million in assets the Fall of 2017. NEW BUSINESS, OTHER • Rolled out eStatements within Mobile Banking and “Touch ID” THAN ELECTIONS Mobile Banking App integration as well as Card Valet for Catherine Paraschos, Debit Cards. Chairperson • Implemented iPay integration which gave members additional Bill Pay functionality via Mobile Banking. ELECTION OF DIRECTORS • PSCU selected as the new Credit Card Vendor, conversion will Phyllis Kennedy occur late-summer, early-fall of 2018. This change brings greater features and benefits and allows enhanced credit card security. ADJOURNMENT • The credit union successfully implemented Electronic Lien Catherine Paraschos, and Titling. Chairperson • The credit union continues to evaluate and update facility access and security controls, and fraud prevention controls to ensure the DRAWING FOR DOOR integrity, security, and privacy of member information. PRIZES Jana (Anders) Gonzales 1952 1973 1976 1985 Aldine Teachers Credit Union Membership expanded to include Main Office built by Drive-thru lanes added was established by W.W. Thorne, North Harris County Junior College, Aldine High School students to the Main Office Superintendent of Aldine ISD Humble ISD & Spring ISD BOARD OF DIRECTORS TERESA DOSSMAN (Position 6) TERM EXPIRATION DATES Director AS OF 12/31/2017 April 2019 JIM WOODWARD CATHERINE PARASCHOS (Position 4) (Position 2) Director Chairperson April 2019 April 2018 DR. BOB WILLIAMS (Position 3) Vice Chair & Building Committee Chair MANAGEMENT April 2018 KEITH KEARNEY DOROTHEA PICKENS CEO/President (Position 5) Secretary & Supervisory Committee Chair DEBRA WEIR April 2019 Executive Vice President ALLAN GRIFFIN JR. JANA (ANDERS) GONZALES (Position 9) Vice President Business & Treasurer & Compensation Community Development/Marketing Committee Chair GARY HUGO April 2020 Vice President Branch Administration DAN CALVERT MARTHA MIRELES (Position 1) Vice President Lending Director April 2018 KELLY PAYNE Vice President Human Resources STEPHEN HAVEMANN (Position 7) GAIL RUSSELL Technology Committee Chair Vice President Operations April 2020 JOHN TOMSON PHYLLIS KENNEDY Vice President Information Technology (Position 8) ALCO & Nominating Committee Chair April 2020 2000 2002 2004 2005 Remote services such as FREE Membership reaches 13,000 Name changed to InvesTex Credit Membership expanded to include online banking, bill pay, and call Union to reflect the growing field the geographical area of Lone Star center services were introduced of membership. College System. 2017 Annual Meeting Minutes April 19, 2017 Directors present were Catherine Paraschos, Dorothea Pickens, funded more loans than the other branches during their first Teresa Dossman, Elliott Lansford, Allan Griffin, Dr. Bob Williams, six months after opening; Phyllis Kennedy and Stephen Havemann. Committee Members • The total remodel of the Aldine Branch. The original location of B. Jack Wilson and Dan Calvert attended as did the credit union the credit union was totally transformed in 2016. That branch is management team, various employees and members of the credit now more in line aesthetically with the other five; union. Mr. Bill Lakin, with the Klein Education Foundation, was a special guest. While acknowledging the accomplishments, Mr. Kearney informed the members in attendance that regulatory changes remain Jana Gonzales, VP of Business and Community Development, a challenge to the credit union industry. Mr. Kearney noted welcomed members in attendance and introduced the Board of cyber-security is a constant threat as well. Directors and CEO. Mr. Kearney provided a recap of the incredible year the credit Ms. Gonzales led the attendees in the Pledge of Allegiance, the union had financially before ending his report by referencing Texas Pledge of Allegiance and the invocation, after which dinner InvesTex Credit Union’s vision and mission statements. was served. Ms. Paraschos presented the Annual Meeting Minutes from 2016 Ms. Gonzales announced the six scholarship winners; Javionte for review. Cleveland, Aldine ISD, MacArthur High School (Ellis & Clydine Kuehn Scholarship recipient); Logan Brabson, Humble ISD, Upon motion by B. Jack Wilson, seconded by Gloria Lansford, Atascocita High School; Hausson Mitchell, Houston ISD, Barbara it was unanimously voted to accept the minutes of the 2016 Jordan High School; Courtney Riel, Spring ISD, Wunsche High Annual Meeting as presented. School; Michelle Smith, Texas Virtual Academy and Ariah Watson, Ms. Paraschos called on Mr. Allan Griffin to present the Treasurer’s Humble ISD, Summer Creek High School. Each scholarship winner Report. was introduced to the members in attendance and presented their Mr. Griffin noted in 2016, the credit union reflected strong overall award by the Chairperson of the Board, Ms. Catherine Paraschos growth. Total loans to members were $102,925,913 and total and the President/CEO, Mr. Keith Kearney. assets grew to $186,184,357. In addition, the credit union’s capital For 2017, a “Special Recognition Scholarship” was awarded to position continued to be exceptionally strong at 10.12% as of Javionte Cleveland in addition to the $1000 annual scholarship December 31, 2016. He advised the members that the continuing he received earlier in the evening. This scholarship recognized the financial strength of the credit union is detailed in the Annual challenges he faced and had to overcome in order to concentrate Report and stands as presented. on his future. Mr. Cleveland was awarded a total of $5,000 for Upon motion by Allan Griffin, seconded by Phyllis Kennedy, it was which he will receive $1,000 for five (5) consecutive semesters. unanimously voted to accept the Treasurer’s report as presented. Mr. Kearney noted the Special Recognition Scholarship would not necessarily be awarded annually. Ms. Paraschos asked if there was any Unfinished Business. There was none. The annual meeting was officially called to order at 7:55 p.m. The Board Chairperson, Catherine Paraschos, ascertained that Ms. Paraschos asked if there was any New Business (other than a quorum was present as required. She recognized the Board Elections). of Directors, the credit union staff and the members. She noted There was none. the prior year had been both busy and productive for the credit Ms. Paraschos called on Ms. Dorothea Pickens to give the union while consistently striving to offer the best mix of products Nominating Committee report. and services for the members. Ms. Paraschos then called upon Mr. Keith Kearney, CEO, to present the President’s Report. Ms. Pickens first thanked the credit union management as well as her fellow Committee Members, Ms. Teresa Dossman and Mr. Kearney began by thanking the B oard for their support of the Mr. James Woodward for their contribution to the nomination credit union. The Board and Committee members volunteer their process. Ms. Pickens then introduced the nominees being time to serve and that level of commitment deserves recognition. presented for election: Mr. Stephen Havemann (Position #7), In addition, he introduced the management team, credit union Ms. Phyllis Kennedy (Position #8), and Mr. Allan Griffin (Position staff in attendance and special guest, Mr. Bill Lakin, with the Klein #9). Ms. Pickens explained that all nominees had met the Education Foundation. qualifications to be elected to the Board and confirmed there were Mr. Kearney noted the credit union had continued to grow and no nominations by petition as required by the election rules. expand in 2016. He provided a brief summary of accomplishments Therefore, upon motion by Dorothea Pickens, seconded by Gloria in 2016: Lansford, it was unanimously voted to accept the election of the • Committed partner in the academic community with 16 nominees as presented. schools in the credit union’s Adopt A School program; Ms. Paraschos called for the adjournment of the Annual Meeting • Completed the conversion of its core computer system at 8:27 p.m. which included conversions to such related services as online Upon motion by Teresa Dossman, seconded by B. Jack Wilson, banking, mobile banking, ARU and bill pay; the meeting was declared adjourned at 8:27 pm. • Broke ground in August 2015 for a new corporate office/branch on FM 1960 which was completed in May 2016. The FM 1960 branch has been the fastest growing of the six branches