Summit members were invited to join our Annual Membership meeting on May 16, 2011. The more than 200 members in attendance enjoyed hors d’oeuvres, refreshments, won door prizes, and heard from CEO Kim Sponem and board members on the state of our credit union.
Both the Chairman’s and Treasurer’s reports reported Summit’s strong financial condition and performance in 2010. Summit experienced strong growth in loans, deposits, and membership. And in 2010, Summit helped hundreds of members refinance and purchase their homes, ending the year as Dane County’s top mortgage lender, funding more than $554 million in mortgage loans. And most importantly, members saved more than $1 million dollars by choosing Summit- through better interest rates and lower closing costs.
Summit CEO and President Kim Sponem addressed the membership. CEO Sponem highlighted excerpts from each of the winning scholarship essays. As scholarship winner Khloe Frank noted in her essay, all members share in the harvest of our cooperative. When members do business with Summit, they are not only saving money themselves; they are helping their fellow members and their community. Summit has thrived amidst unprecedented changes because our commitment to helping our members save money and prosper has remained our focus. Summit’s tradition of people helping people fuels our partnership.
Board Vice-Chair Dennis Sauey congratulated this year’s Board of Directors Scholarship winners. Out of 113 applications, 5 members were awarded $1,500 scholarships. Congratulations to Katie, Olivia, Josh, Khloe, and Benjamin!
The results of the board of directors’ election were announced by board member Dave Reszel, Chair of this year’s Nominating Committee. With 2,119 total ballots cast, Sue Racine, Dennis Sauey, and John Litscher were elected as directors of Summit Credit Union. Congratulations!
Vice Chair Dennis Sauey thanked outgoing Board members Jim Hoelzel, Fritz Schunke, and Doug Benzine for their many years of service to the credit union.
The meeting concluded with questions from members and door prizes. And following the meeting, members enjoyed dessert and heard from economist Lindsey Piegza on the state of our economy.
Thank you to everyone who attended this year’s meeting!
After the business portion of the annual meeting concluded, Economist
Lindsey Piegza, from FTN Financial and frequent guest on Bloomberg TV
and National Public Radio’s Marketplace, discussed the current state of
our economy.
Piegza noted the nation’s slow economic recovery, particularly in
jobs and housing. After three years of economic stimulus, fiscal
tightening is beginning. The ongoing debate in Washington is regarding
the best path to recovery. One of the largest threats to recovery and
consumer spending is rising gas prices. Gasoline accounts for 14% of
overall consumer spending, up from 7% one year ago. Piegza also noted
that in past recessions, consumer mortgage debt has been the catalyst
for recovery. That will not be the case this time, so our recovery will
be long. However there are signs of progress. Ms. Piegza also addressed
member questions.
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