Westport Federal Credit Union Holds 65th Annual Meeting
The 65th Annual Meeting of the Westport Federal Credit Union was called to order by Chairman Wallace Fletcher on March 26, 2017 at White’s of Westport at 12:31 p.m.. He welcomed 83 members in attendance.
Chairman Fletcher greeted the members. He reported on the last year’s challenges as well as future opportunities in an ever changing economic and regulatory environment as well as recognizing the passing of 45 year employee, Claire Duhon. Mr. Fletcher thanked our management, staff and membership for their continued support.
The membership report was given by Thelma Sullivan for year ending December 31, 2016. The credit union approved 372 applications for membership. The credit union now has 7053 members representing 9,598 accounts. The average share balance per member is $7,485.01.
Sandra Sheehan reporting for the credit committee reported that during 2016, the credit union processed 355 loan applications totaling $5,788,150. Of the total loans requested, 297 were approved (84% approval ratio) representing $4,556,243.58 applications were declined totaling $1,231,907.
James Coyne, Chairman of the Nominating Committee, hereby nominated the following members for re-election for a three year term as directors: William Baraby, James Driscoll and Avelino Mendes. There being no other nominations, a motion was made and seconded instructing the clerk to cast one ballot for the election of the above officers.
There being no further business to come before the meeting, it was adjourned at 12:53 PM for door prizes and refreshments.