EDWARDS 2020 ANNUAL REPORT

METAL PANELS BEING INSTALLED along underside of roof and eventually along the “wing” roofline. LOTS OF GLASS surrounds the second-floor conference room. Glass was used extensively throughout the inside to take advantage of all the natural light available. ALL EXTERIOR GLASS and exterior paneling completed (finally!). OUR ATM DRIVE through canopy will help keep members and the machines dry in inclement weather. FUN WITH CARPETING … just one of the fun things done to add a bit of whimsey. CHAIR REPORT The following information was presented by Ron Guyadeen: • Location of new building was presented • Contractor was directed to hire local sub-contractors and tradespeople • Palmdale location will be open on Saturdays • Upgrade of IT was presented • Loan department is providing superior service • “Green” loans were highlighted (solar panels, etc.) TREASURER'S REPORT The following information was presented by Don Sullivan: • EFCU grew during 2019 (details are in annual report) • Interest from loans, interest from investments, fees from member services, fees to banking system generated income for the credit union • $1.2m net income (increase in reserves from 7.6% in 2018 to 8.1% at close of 2019) • Industry target is 10% • Member loan growth in 2019, overall loan portfolio growth of 9.1% • EFCU is now a $200m credit union due to member deposit growth CEO REPORT The following information was presented by Roy MacKinnon: • EFCU is doing well despite pandemic issues • Membership base is a source of pride for the Board, staff, and management at EFCU • Coin machine and cash recyclers were installed • Groundbreaking for new location was held on 11/18/19; construction highlights were briefly outlined • Mid/late December is target for occupancy • Management and staff were thanked for their hard work and dedication • IT upgrade was highlighted NOMINAT ION COMMI TTEE CHAIR Kim Dunham presented Martin O’Brien election. Kim Dunham provided information regarding the process for election to the Board of Directors. RAFFLE Roy MacKinnon presented gift cards to attending members, which will be mailed out via FedEx and should arrive by Monday. ADJOURNMENT Hearing no further business, the annual meeting was adjourned at 5:17 PM.