Cooperative Center Federal Credit Union

Annual Report 2018

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SEVENTY-SEVENTH ANNUAL MEETING Ed Roberts Campus, Atrium Thursday, May 9, 2019 6:00 p.m. – 8:00 p.m. Dinner served at 6:00 p.m. AGENDA: I. Call to Order at 6:30 II. Roll Call III. Annual Meeting Minutes IV. Annual Meeting Reports Board Chairman Treasurer Supervisory Committee Nominating Committee V. Teller of Elections VI. Q&A with Your Board of Directors VII. Adjourn Raffle and Informal Open Meet and Greet Joint Board Chair and CEO Annual Report to Members This past year has been extraordinarily busy at Cooperative Center Federal Credit Union. We are grateful to our staff and to our all-volunteer Board of Directors, Supervisory Committee, and other committees for their dedication and service to our members. Here are a few updates on our key accomplishments and developments of the last year: Real Estate Development We are in contract to sell our property at 2001 Ashby Ave in Berkeley to a local nonprofit affordable housing developer named Resources for Community Development (RCD). RCD intends to construct about 80 units of affordable housing at the site, as well as ground-level space for one or more local nonprofits. For those of you who are unfamiliar with the credit union's real estate development plans, in 2017 the board decided to pursue selling the real estate. The credit union's property located near Ashby BART station has not been optimally used, considering its desirable location. We made the decision to sell the property with two key factors in mind: one is that our credit union could use the proceeds from the sale to improve services to members, pay off debt incurred during the financial crisis, and strengthen the capital position, while finding a relatively low-cost location for our branch and back-office operations. The other factor is our surrounding community's great need for more affordable housing, especially near public transit routes. The board felt that it would be a win-win for the credit union and for the East Bay community to sell our real estate to an affordable housing developer. The credit union will continue to maintain a presence in Berkeley, and we are examining the feasibility of placing a shared-branch kiosk or ATM in the new development. Our main branch location, however, will move to another location within the next one to two years. Our board decided to proceed with partnering with RCD after considering several RFP responses from local developers because RCD has a strong track record of developing high- quality affordable housing in Berkeley. Further, RCD was willing to work with our credit union and the surrounding neighborhood to incorporate feedback on the site development. Additionally, RCD is a nonprofit organization whose sole mission is to provide affordable housing to keep individuals and families in their communities, which reassures us that providing good quality and truly affordable housing will remain the primary goal of this housing development. Together with RCD, we have held one preliminary community forum to discuss the development, where we received an overall very positive response, including valuable feedback from community leaders in South Berkeley. We intend to host more events to gather community input on the plans. Meanwhile, RCD is working on lining up the necessary financing for the purchase and development of the site, conducting due diligence, and continuing its work on the plans. Technology Upgrades As many of our members are aware, the credit union underwent a major technological overhaul last fall. We thank our members for their patience as we completed a full core processing conversion to make it more secure, compatible with mobile banking, and ready to enable more advanced technologies and services such as Remote Deposit Capture. While the conversion process caused some inconveniences to members and required a great deal of staff time and attention, we are pleased that we've made significant progress and that the vast majority of the work is complete. We are so grateful to our staff for going the extra mile to work with members to help everyone adjust to the new system. Consider Cooperative Center for Loans and Refer Us to Your Family Members We'd like to make sure members know about all of our loan products, our highly competitive rates and our individualized approach to underwriting. We hope all members will consider Cooperative Center their primary financial institution for borrowing money. Along with the standard home, auto and consumer loans, we also offer Home Equity Lines of Credit, Green Home Improvement Loans for energy-efficient upgrades and Limited Equity Cooperative Housing Share Loans. As a Community Development Credit Union (CDCU), we have worked to develop loan offerings to eliminate the use of predatory lending "stores" in our communities. We offer affordable PayDay Loan replacement products, PayDay PayOff consolidation products and easy-to-use Overdraft Lines of Credit. Under this same umbrella, we provide First Time Buyer Auto Loans and Limited Credit Auto Loans. As members borrow more money from our credit union, it increases our ability to provide greater returns to the membership in improved technology, expansion of CDCU services, and better rates on savings. We hope that we will be first in mind whenever you have borrowing needs. On behalf of the Board of Directors and the entire credit union team, we appreciate the opportunity to serve you and thank you for your continued membership in Cooperative Center FCU. At Your Service, Shyaam Shabaka Chair, Board of Directors Fadhila Holman CEO

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