Chairman Report – Q1 2018
Thaine Robinson, Chair, Board of Directors
The Board of Directors is happy to report Beehive is strong, stable and economically sufficient. Beehive has been rated in the top 2% of all credit unions for strength and stability. This fact alone should give us all peace of mind on how our member-owned financial institution is positioned to support our monetary needs. We would like to thank Shane for his leadership and his Executive Team in looking out for our best interests.
The number one core competency of our credit union is the outstanding customer service we receive when we interact with the Beehive staff. They treat us all as if we own the Credit Union, because we do. For this undertaking, the Board would like to thank all of our employees and encourage them to continue with this amazing member service.
I have been impressed with a key fundamental when the Board of Directors makes decisions for the Credit Union. This fundamental is a question repeated in every meeting: “How will this decision affect the member?” Be assured, we will always represent you in this capacity.
Last November the Board met with the Executive Team in outlining a strategic plan for the Credit Union. It also represents a future direction for us to pursue. From the results of this meeting, the Executive Team then created a business plan for 2018 to align themselves with the strategy. For the remainder of this report, I would like to outline the four major aspects of the 2018 business plan for Beehive.
First: Continue to look at ways to increase Credit Union assets and member base. We are looking for a future growth site for a new branch. Be certain, we will weigh all options and possibilities in making this decision. We will then decide to either continue with this plan or hold back. We will grow, but unlike the banks and other credit unions, we will not put the burden of growth on our members.
Second: Protect your financial information and data. We need to stay vigilant in our technology requirements. We are always looking to improve our technology resources, by updating the computer software and hardware the Credit Union utilizes making sure we can best serve the members with this resource. We will also continue to re-evaluate our cyber-security preparedness. Proactively monitoring computer threats will be instrumental in defending ourselves against a cyber-attack. Beehive is currently in pursuit of hiring a Chief Technology Officer (CTO) to help guide and lead in these endeavors.
Third: Some of our members may need help eliminating credit card debt. We will create and implement a credit card balance promotion to help our members get out of credit card debt faster and cheaper than the standard credit card interest rates. Additionally, all Beehive members have access to the Dave Ramsey Financial Peace University program.
Fourth: Beehive is aligned with several professional credit union associations. These associations serve to help us as members and our employees become more successful. One of our main associations is with the Idaho Credit Union League (ICUL) and is being absorbed by the larger Northwest Credit Union Association (NWCUA) in Washington and Oregon. In Idaho, we have been able to associate with other credit unions similar in size and interests. The NWCUA has credit unions as large as other banks, but may offer less relevance for us. It also comes with a higher cost and lack of voice in making decisions. We are currently exploring our options and will be vigilant in our decision for any association we may affiliate with.