At the 54th Annual Meeting of Royal Credit Union held Tuesday, April 24, at Royal’s Corporate Center, two board members were re-elected to three-year terms— Bill Blackburn and John Sackett.
- John Sackett, a Certified Credit Union Volunteer, has served on the board since 1984 in the positions of Chairman and, most recently, Treasurer. Sackett also serves on the Audit Committee, Political Action Committee, and is creating the Board Advisory Committee.
- Bill Blackburn has served on the board since 2005. Blackburn also serves on the Finance Committee and Credit Oversight Committee.
At the reorganization meeting, Doug Olson was elected Chairman; Stuart Schaefer was elected Vice Chairman; Tom Huffcutt was elected Treasurer; and Jennifer McDonough was elected Secretary. John Sackett, Nancy Beltz, and Bill Blackburn serve as Directors.
At the Annual Meeting, Chairman Olson thanked its Members for depositing an additional $164 million in 2017. Royal increased its deposit rates four times in 2017 because the credit union believes in doing the right thing for its Members. Chairman Olson also thanked Members for using the credit union’s personal, real estate, and business lending products. Royal experienced significant loan growth of over 12% in 2017.
Royal is a certified Community Development Financial Institution, which has allowed the credit union to receive grant funding to improve local economies and the lives of its Members. The grant money helps Royal assist the underserved in their communities by providing greater access to financial services and financial education. Royal is making a difference with financing assistance for low-income or credit-challenged Members to achieve their dreams of vehicle and homeownership. In 2017, Royal loaned out $51 million in consumer loans and nearly $12 million in home loans through its Community Development Financial Institution grant program.
Royal knows that in order to offer the most competitive rates and fees, it needs to focus on continuous improvement. As a result of that focus, Royal received two Credit Union Journal Best Practice Awards for
- Enhancements to its small business lending online application and changes to enhance the process for simplicity and speed
- Improving the mortgage loan process to make it easier for borrowers to buy a home—again simplifying and making it faster
