Annual Report.indd - Liberty Online

Message from the Board Chair
Linda Brassette
Chairman of the Board
The year 2008 was one of growth and achievement for our credit union.
Early in the year, the Board of Directors and Management Team met to
review the Strategic Plan and continue the development of our governance
policies, thus mapping our 2008 course and direction. As the year
progressed, the economy declined monthly, which negatively impacted our
membership and placed new financial demands upon us. Gas prices, layoffs
and general economic downturns resulted in increased delinquency.
Additional funding was required for loan reserves based upon our projected
future loan losses. The direct impact of all these items was an increase in
expenses, which was unanticipated and unbudgeted.
Despite these negative impacts and the growth of a difficult economic
climate, we fulfilled our commitments to provide members with the best
possible products, services and interest rates for both loans and
deposits. Staying the course presented in our Strategic Plan, the
Management Team worked diligently to overcome the additional financial
impacts to our budget. Thus, at the October meeting of the Board of
Directors, the Board unanimously declared a Special Member Dividend of
$125,000 to be paid back to our membership.
Thanks to all the volunteers who gave so freely of their time and talents to serve Pelican State Credit Union. I appreciate the many hours
you selflessly gave and the incredible gift of knowledge you brought. I have enjoyed working with each of you this past year. It has been
my privilege to serve the membership of Pelican State Credit Union and I wish it continued success.
In Loving Memory of:
Gary S. Grand
1943 -2008
21 Years of Service
George E. Bostick
1941 -2008
30 Years of Service
WHEREAS, the Board of Directors of Pelican State Credit Union extends her or his personal appreciation for a
job well done and for the leadership that Gary S. Grand and George E. Bostick have exhibited throughout their
years of service to the Credit Union, and extends to their families, the condolences of a Board which will be
forever grateful and appreciative for leaders who contributed so much to the success of the Credit Union.
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