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Annual Meeting 2022

The 2022 Annual Meeting of Freedom Credit Union will be held on Saturday, June 11 at 9:00 am.
 

Annual Meeting Report 2022

 

Chairman's Report - Tom Crabb

After conducting our annual business meeting remotely for the last two years, we are glad to be meeting again in person. The Board of Directors is made up of five volunteers elected by credit union members. We meet each month to review the financial condition of the credit union and to consider ways to meet the needs of our members. I am pleased to report that the credit union is in solid financial shape, and am excited to share updates on two major projects we have been working on.

New branch: Our new branch in Springville is conveniently located on 400 South in Springville close to I-15 and will open in July.

Rewards checking: Late last year we introduced Kasasa® rewards checking. We feel this is a great product and encourage all our members to take advantage of the benefits.

Thank you for your continued support of your credit union!

 

Supervisory Committee Report - Rich Wager

The Supervisory Committee is appointed from credit union membership by the Board of Directors. This volunteer committee meets monthly to review internal controls and perform other internal audit functions. The Supervisory Committee is independent of credit union staff and reports directly to the Board of Directors.

Our annual Supervisory Committee examination was completed effective August 31, 2021 by Ferrin & Company CPA’s, LLC. The Credit Union was also examined by the Utah Department of Financial Institutions effective March 31, 2022. No significant deficiencies were noted.

Current Supervisory Committee Members are Rich Wager (Chairman), John Beesley, Jim Slider, and Brittanie Darrington.

 

President's Report - Ken Payne

Our credit union doesn’t have an official slogan or tagline, but my team has often heard me express a desire to make a positive difference in the lives of our members. That simple phrase captures the essence of everything we try to do. We have over 120 5-star reviews on Google, and truly work to provide outstanding service in every interaction with you, our members. I’m proud that we provided that level of service through the pandemic, especially as we tried to support members with whatever unique challenges they faced.

As we move past the pandemic and focus on growing the credit union, we are working hard to ensure all members of our team have the training and resources they need to provide a great experience, no matter how you interact with us. We are also investing in technology – both member-facing and behind the scenes – to provide the best experience possible.

I encourage you to review the attached summary of the credit union’s financial condition. If there is anything I or my team can do to serve you better, please let me know. I can be reached directly at 385-248-5681 or by email at ken.payne@freedomcu.com.

 

 

 December 2021December 2020December 2019December 2018
Total Assets$59,201,307$50,114,394$41,652,628$36,690,466
Loans Outstanding$43,121,929$35,147,412$31,286,199$31,394,160
Total Deposits$53,256,281$44,727,737$35,514,653$32,195,866
Delinquent Loans$54,465$24,455$97,417$67,644
Total Capital$5,635,460$5,098,560$4,785,638$4,344,884
Return on Assets0.98%0.68%1.13%1.44%
Chart showing Freedom CU Return on Assets from 1999-2020 Chart showing Freedom Credit Union Net Worth from 1999-2019 Chart showing Freedom Balance Sheet from 1999-2020

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