Director's Report
On behalf of the Board of Directors and Supervisory Committee, we welcome you to the 68th Annual Meeting. The Board of Directors is pleased to report that 2021 was another successful year for OTIS Federal Credit Union and our membership.
We rang in 2021 with an eighteen-year-old tradition: by sharing the profits of the Credit Union with you, our members, in the form of our Bonus Dividend and Interest Refund. Still the only Credit Union in the state to have adopted this practice, we are proud to report that we were able to return $347,795.58, or 5% of interest paid and dividends earned, to our borrowers and savers for the year 2020. At OTIS, you’re never just a customer—as a shareholder, we believe that you should rightfully share in the organization’s success. You’re an owner here, and we treat you like one. In choosing OTIS as your trusted financial partner, you invest in not only your own future, but that of your neighbors and the wider community. We wouldn’t be where we are today without the trust and loyalty of our members who choose to invest in our organization, year in and year out.
While 2021 was a successful year for us, it was not without its challenges. COVID, at its height, was certainly one of note. The pandemic required all of us, at an individual level and at an organizational level, to adapt and overcome novel and difficult circumstances to best serve our members. In every challenge, however, there lies opportunity—to reflect, to reimagine, to redefine, and to ultimately adapt and evolve.
With that, it is fair to say that the theme of 2021 was evolution. Our Credit Union has a rich history, one of which we are very proud. But as everything around us evolves, so, too, must OTIS. As with all we do, the changes and improvements we made over the last year were done with our members’ best interests in mind. We exist to serve: We work hard every day to provide the best possible experience for you, no matter where you are or how you prefer to bank with us.
On December 31, 2020, we signed an agreement with CO-OP that precipitated a cards conversion, bringing our Visa credit and debit cards under one proverbial roof. In doing so, we feel that we have created efficiencies that benefit our members and are now able to provide you with more advantages and conveniences: Apple, Samsung, and Google Pays; contactless payments; advanced fraud detection and prevention capabilities; and an expanded Rewards program, which now includes our Visa debit cards. We know that adjusting to changes—even positive ones—can be difficult, and our roll-out was admittedly not without its snags and kinks. We want to thank you for your patience and understanding, and for your trust in us during this process. We are proud to be able to offer you all the technological advancements and amenities that our larger card competitors do, while still providing you with the value and service you can expect from your Credit Union.
In 2021, we also embarked upon a brand identity refresh and a redesign of our website. Our new look honors our history while repositioning us for future growth, and our website will provide an improved and more intuitive user experience for our members. With so much banking taking place online now, making sure that we provide the highest caliber of service—both offline and online—is top priority for us. We hope that you will enjoy all that our new digital branch has to offer, and we encourage you to take advantage of the many services and resources that can be found there.
Finally, as we look to the future, we are excited to introduce new organizational leadership. In December of 2021, our President/CEO departed and was replaced by former President/CEO Roland Poirier for the interim. Our Credit Union is fundamentally resilient and strong, and this opportunity to reflect and rechart our future only positions us for greater successes and growth as we continue to adapt, evolve, and ultimately, thrive.
In closing, we thank you for choosing OTIS to be your trusted financial partner, and for your continued loyalty, patronage, and support. We look forward to serving you and to growing together for many more years to come.
Respectfully submitted,
Duane Lake Chairman, Board of Directors
Supervisory Committee Report
On the basis of our NCUA Examination and our CPA Opinion Audit, we are pleased to report that the financial records are properly maintained and fairly represented in all materials in respect to the financial condition of OTIS Federal Credit Union. In addition to the Examination and Opinion Audit, the Supervisory Committee members performed surprise monthly cash counts, reviewed closed accounts, and reviewed loan documents this past year. All these steps are taken to ensure that proper controls and procedures are in place.
Respectfully submitted,
Nancy Blodgett Chairwoman, Supervisory Committee