Institution has strengthened since resuming independent operations; reports first net income since 2007
Prime Financial Credit Union today announced that members elected a new, seven-member Board of Directors at its annual meeting on June 8, marking the credit union’s first election since 2008. Additionally, Prime Financial announced a net income of $474,563 for 2010, the first time the institution reported a net income since 2007. President and Chief Executive Officer Christine Moczynski said the new Board and net income are signs the credit union continues to recover since resuming independent operations from the state in May 2010.
“We have worked hard – in partnership with our members, Board and employees – to improve Prime Financial’s overall position and performance, and we’ve accomplished quite a bit in a very short period of time,” Moczynski said. “To record our first net income in three years and have a member-elected Board in place are significant milestones. We are confident that Prime Financial can build on these successes as we continue to move forward.”
The new seven member Board includes:
· HB Staffileno (Chairman): Staffileno, a healthcare management consultant, has been a member of Prime Financial Credit Union since 2004.
· CHRISTINE TIMM (Vice Chairman): Timm dedicated 44 years to Prime Financial before retiring from the credit union in December 2008. She is a longtime member.
· ERIC MOORE (Secretary): Moore has been a member of the Milwaukee Police Department since 1980 and a member of the credit union for more than 27 years.
· RALPH DEVITO (Treasurer): DeVito, a retired Milwaukee Public Schools principal, has been a member of Prime Financial since 1980.
· DENNIS DEGRAVE: DeGrave, a certified mortgage consultant, recently celebrated his 18th year as a member of the credit union.
· RANDY PERRY: Perry, a special investigator in the healthcare field, has been a member of Prime Financial since 1995.
· SEAN SLOWEY: Slowey has been a member of the Milwaukee Fire Department for more than 30 years and has been a member of the credit union since 1984.
The new Board replaces a seven-person Board appointed by the state Department of Financial Institutions when it returned control of Prime Financial to its members after 15 months in conservatorship. The June 8 Board election was unique, Moczynski said, because members voted for all seven positions. Elections will be held at subsequent annual meetings as staggered terms become vacant, she said.
“Prime Financial has made significant progress, and we are pleased to continue this positive trend under the direction of our new Board and outstanding team,” Moczynski said. “It has been an honor for Prime Financial Credit Union to serve our devoted members and carry on our tradition of ‘people helping people’ for 88 years. We look forward to the future.”
Prime Financial is a state-chartered, federally insured credit union established in 1923. It was the first credit union chartered in Wisconsin and today is a full-service, $135 million credit union with more than 27,000 members. All deposits are ensured to $250,000 by the National Credit Union Administration, an agency of the federal government.
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