The Annual Meeting of Leominster Credit Union was held on April 16, 2013 at the Credit Union’s Executive and Operations Building in Leominster.
The President’s report presented the financial highlights for 2012. Total assets ended 2012 at $608 million which was slightly below the $614 million level at the end of 2011. LCU maintained its position as the 13th largest credit union in Massachusetts. LCU’s loan portfolio remains strong increasing from $332 million in 2011 to $348 million in 2012. Deposits grew 2.75% from $462 million in 2011 to $475 million in 2012. With a capital/asset ratio of 9.79%, Leominster Credit Union is recognized as a Well Capitalized Financial Institution by its primary regulator, the Massachusetts Division of Banks. We remain a profitable institution with net income of $1.2 million for 2012.
Among the Financial Education and community support initiatives that LCU participated in 2012 was a day-long conference for college students, Finding Easy Street-A Life Skills Conference. The conference was organized and designed by LCU employees and held at Assumption College. The conference received favorable reviews and will be an ongoing initiative for other local colleges.
Following the Annual Meeting, the Board of Directors met and elected officers for 2012-2013.
Anthony A. Gasbarro was elected to the office of Chairman of the Board. He is a Leominster resident and has been on the Board since 2003. Gasbarro also serves on LCU’s Executive, Audit, Investment, Compensation and Advisory Board Committees. Gasbarro succeeds Amedeo E. Bilotta as Chairman of the Board.
Michael J. Sauvageau was elected Vice Chairman. He currently serves on the Executive, Audit and Investment Committees. He has served on Leominster Credit Union’s Board of Directors since 2007 and resides in Fitchburg.
Giulio G. Greco, who is a past Chairman of the Board, was elected Treasurer. He serves on the Executive, Audit and Advisory Board Committees. Greco is a lifelong resident of Leominster
Joyce A. LaFleur was elected Assistant Treasurer. LaFleur joined the Leominster Credit Union Board of Directors in 2007. LaFleur resides in Leominster and prior to her joining the Board of LCU, she was a member of LCU’s Advisory Board. LaFleur sits on the Executive, Credit, Compensation and Advisory Board Committees.
Nancy L. Graves was elected to the position of Clerk. Graves serves on the Executive, Credit, Compensation and Advisory Committees. She is a Leominster resident and has served on the LCU Board of Directors since 2004.
Joining the officers on the 2012-2013 Board of Directors are, Amedeo E. Bilotta of Lunenburg, Bruce J. Bolivar of Holden, Andrew D. Cousins of Sterling, Henry C. Kulik, Jr. of Westminster, Joseph V. Quintal of Clinton and Richard A. Sheppard of Sterling. The Board of Directors is responsible for setting LCU policies.