Members re-elected two incumbent members of the board of directors Tuesday at the annual membership meeting of 1st Cooperative Federal Credit Union, the first ever held by video conferencing (rather than in person) due to the coronavirus outbreak.
Tony Fogg, chief financial officer for Santee Electric Cooperative, and Lou Green, executive vice president at The Electric Cooperatives of S.C. Inc., will serve another three-year term on the board.
In other news, the credit union’s assets increased by $3 million in 2019 to a total of $18 million, according to a report given by board Chairman Keith Avery. (July 2020 numbers put total assets at more than $20,000,000, a new record.) More than $1 million in loans was added to the credit union’s balance sheet, totaling to $14 million.
Avery, who is also CEO of Newberry Electric Cooperative, reported that the credit union had the largest increase in members ever recorded in one year. More than 40% were family members of co-op employees and trustees.
“We appreciate you passing on your exceptional credit union experience to your family members,” Avery said.
Credit union membership is open to electric cooperative employees, trustees and their families, which includes spouses, parents, grandparents, children, grandchildren, siblings and in-laws. More information is available here.