81st Annual Meeting Recap
Due to COVID-19 and recommendations to discontinuing gatherings of 10 or more people, our 81st Annual Meetings in Fargo and Minot on March 17th and 19th were canceled. While members, staff and our Board of Directors were unable to gather to celebrate another year full of accomplishments, we wanted to share a short recap of what our Board Chair, DelRae Geinert, and President and CEO, Jeremiah Kossen, had planned to report at the meetings.
Board Chair Report
Much of Chairman Geinert’s report focused on major milestones which are listed below:
- #1 for Member Growth in North Dakota – while many of our credit union counterparts are seeing negative member growth, we increased by nearly 7% this past year.
- #1 for Loan Growth in North Dakota – With increased member deposits, we’re able to lend those out to other members and they’re taking advantage of the great rates that go along with that.
- #1 Mortgage Lender in Ward County – According to 2019 North Dakota Guaranty & Title reports.
In addition to those major milestones, we received a 96% member satisfaction rating from our members and had some impressive financial growth over the year:
- Loans increased by $31.3 Million.
- Deposits increased by $39.1 Million.
- Return on Average Assets is .56% which was slightly lower than 2018 due to significant investments in technology and locations to serve our members better.
- Total dividends and interest paid to members was $3,575,121 which increased 66% from 2018.
President and CEO Report
President and CEO Kossen’s report acknowledged the growth of the Credit Union by touching on the year’s initiatives and new services including:
- Expanded Instant Issue to all our full-service locations allowing us to print members a working debit card or HSA card in 15 minutes or less.
- Launched Apple, Google & Samsung Pay allowing members to pay with their phone at local retailers like Target, Marketplace and more.
- Launched docusign for consumer products which allows our consumer members to verify their identities and securely sign account and loan documents on their own computers instead of having to come in to the location.
- Opened two new locations in two years which include our Eagle Run office in West Fargo and more recently, our Dakota Square branch near the mall in Minot.
- Launched a Contact Center which has benefited our members as our contact center team handles all phone calls allowing member service staff in the branches to focus on providing services to members in front of them.
To learn more about the Credit Union’s accomplishments in 2019, click here to review a digital copy of our 2019 Impact Report.
For the past seven years, Town & Country has been donating the annual meeting ticket sales plus a matching contribution to local nonprofits selected by employees. While the meetings were canceled, donations were still provided to local nonprofits. The Fargo Annual Meeting donation of $500 was given to the El Zagal Shriners and the Minot Annual Meeting donation of $500 was given to the Magic City Discovery Center.
Board Election Results
In accordance with our bylaws, voting for our Board of Directors election was conducted online, by phone and mail prior to the annual meeting. The election was for one Fargo board seat, one Kenmare board set and one Minot board seat. The elections results, which are posted below, will also be shared with members in our April eNewsletter and Newsletter.
Incumbent Jim Anderson was the only candidate presented for the Kenmare board seat and will serve another three-year term representing Kenmare.
Brian Nelson was the only candidate running for the Fargo board seat and will serve a one-year term due to the Fargo seat being vacated early. To learn more about our new board member, Brian, click here.
Incumbent DelRae Geinert and Joseph Hurt ran for the Minot seat. DelRae earned the most votes and will serve another three-year term representing Minot.