Dear Members,
As Chairman of the East River Federal Credit Union Board of Directors, I speak on behalf of the entire Board when I say that the health and well-being of our membership and our employees is of the utmost importance to us. We have continuously monitored COVID-19 infections in our field of membership area and have taken the State of South Dakota's Health Department and the CDC's recommendations regarding the pandemic into consideration when discussing this year's Annual Meeting of the membership. After serious consideration, the Board of Directors has decided to cancel the July 2020 Annual Meeting and instead hold it in conjunction with the July 2021 meeting.
The Board did not come to this decision easily as the very heart of Credit Unions is based in the member owners' ability to elect representation onto the Board. Due to the pandemic and a national emergency proclamation, the NCUA has allowed federal credit unions the ability to postpone annual meetings with two-thirds vote by the Board of Directors.
During the June meeting, the Board of Directors unanimously approved to delay the 2020 annual meeting until 2021. The Credit Union President and Board of Directors will provide the membership with an annual financial report via email and the website in July 2020. The Board of Directors has also approved the extension of two directors' terms that would have been up in July 2020. These seats will be voted on and filled at the annual meeting in 2021, along with the two director seats that will open in 2021.
We appreciate the understanding that our membership has shown the Board and the Credit Union during this uncertain time. We will continue to ensure that members are informed and given the opportunity to provide feedback.
Thank you for your continued confidence and support,
Stacy Krusemark
Chairman, East River Federal Credit Union Board of Directors
ERFCU Board of Directors
Dustin Zubke, Vice Chairman
Jeff Nelson, 2nd Vice Chairman
Brenda Colombe, Treasurer
Randy Hoffman, Secretary