Greetings and Happy Monday!
While we here in the Dakotas have been moving around freely and experiencing limited in-person gatherings for several months already, many parts of the country are just now beginning to open up. Not that we have taken this for granted, but in comparison to other parts of the country, we have had a lot more freedom for some time. I was reminded of that this weekend as I attended my first music concert in over a year and a half. Wow, actual live music performed by a real band that had to postpone their appearance twice last year! Not sure who was more appreciative, the audience or the band as they hadn’t performed in person anywhere for more than a year. Everyone was grateful and the show was terrific!
Speaking of freedoms, many of you will be taking time off this week as we prepare to celebrate Independence Day on July 4th. While freedom isn’t free, we certainly are blessed by freedom to breathe clean sweet Dakota air and enjoy our extraordinary scenery and nature. And we are blessed to enjoy the freedom to live, prosper and lead a healthy life. Happy 4th of July to you all – may you enjoy the freedom to gather and celebrate with friends and loved ones this weekend.
Registration Open for Dakota CEO Town Hall with Jim Nussle!
As I announced last week, DakCU has secured a very special visit from Jim Nussle, President/CEO, Credit Union National Association (CUNA) on Wednesday, August 25th in Bismarck. Jim will be joining us to host an in-person credit union CEO Town Hall and leadership forum for our Dakota credit union CEOs and leaders!
The event will be held at the National Energy Center of Excellence (NECE) on the Bismarck State College campus. There is NO COST for the Nussle event but we do need to know how many guests to expect, so kindly register here. Other fun activities we have added for this gathering include an Evening Social at the Paddle Trap with a scenic overview of the Missouri River, and an optional Lewis & Clark Riverboat ride.
This senior level, C-suite event is being held in conjunction with our DakCU Professionals Forum that same day and our Dakota Credit Union Foundation Golf Scramble at Apple Creek Country Club on August 26th. We have secured a block of rooms at the Hampton Inn & Suites near the BSC Campus for the 24th and 25th. Call 701.751.5656 and ask for the “Dakota Credit Union Association block” to reserve your room at the special rate of just $115. I’m certainly looking forward to seeing many of you in Bismarck!
No Surprise: First Quarter Reports Indicate High Income Levels for Credit Unions.
Here we are wrapping up another month and the second quarter already, so it’s on to the third quarter and several pending issues on the horizon that may impact credit unions, our members, and our communities. As the government assistance continues to be disbursed, net ratio concerns, low interest rates, rising inflation, vacant job openings, prospective loss of income on credit card interchange, and continued capital challenges are hovering ahead. All this while credit unions across the country experienced double-digit asset and share-and-deposit growth over the year ending in the first quarter of 2021, according to the latest quarterly report issued by the NCUA on Friday.
The report also stated that overall, 77 percent of federally insured credit unions had positive net income in the first quarter compared with 80 percent in 2020. At least 60 percent of credit unions in every state had positive net income in the first quarter of 2021. Here in the Dakotas, 92 percent of South Dakota credit unions reported a net income, and 88 percent of North Dakota’s credit unions reported a net income, ranking the states at 7th and 13th respectively at the end of the first quarter.
Congratulations North Star CCU!
We learned late last week that North Star Community CU (Maddock, ND) was one of the five selected winners for the BND “Thank Your Bank or Credit Union” contest that was held in May. They will be receiving $5,000 from BND to use toward an education related effort in their community. We will be covering how the credit union intends to put that prize money to work in a Memo story very soon. Congratulations to Bob Herrington and staff – great work!
Kudos to Lakota FCU
Last week, South Dakota’s Public Broadcast Radio featured Shayna Ferguson, Manager of Lakota Federal Credit Union (Kyle, SD) in their interview about home ownership rates among Native Americans. Shayna explained that their credit union started issuing mortgage loans on the Pine Ridge Reservation last year, which is making a positive impact in their community. You can listen to the recorded version here.
Shout Out to Southeast 605 Chapter!
Congratulations to Southeast 605 Chapter in Sioux Falls for hosting another hugely successful charity golf event in Sioux Falls last week! More than 80 credit union friends and supporters participated, raising more than $10,000 which the chapter will use to support local charities, with Feeding South Dakota as the main benefactor. Great effort and well done!
ND DFI Moves to BND Building
Lise Kruse, Commissioner of the ND Department of Financial Institutions (DFI) has shared with us that their office has officially completed their move to the Bank of North Dakota (BND) building. Their new address is 1200 Memorial Highway, Bismarck, ND 58504. The move was first announced at the “Day with the Commissioner” virtual meeting back in May.
Last week we held an informational Zoom meeting about the #ILOVEMYCREDITUNION social media blitz coming on July 30. We were very excited to have 35 credit union professionals on the call to learn more about this nationwide effort to increase awareness of credit unions by getting a trending hashtag on as many social media platforms as possible. If you haven’t signed up for this truly easy and FREE collaborative effort, I encourage you to do so here – and be sure to take advantage of the many turn-key resources available. The project is being led by the Illinois Credit Union League, but feel free to contact Shawn Brummer, Communications & Social Media Specialist if you have any questions.
Have a great week and Independence Day holiday!
Dakota Credit Union Association
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