Oklahoma Community Credit Union announced net income of more than $2 million as they released their 2022 Annual Report as part of the credit union’s Annual Meeting held Thursday, March 23rd at the Stillwater Public Library.
Oklahoma Community also reported total assets of $217 million at year-end and dividends to members totaling $621,188.
“This was our third straight year of net income exceeding $2 million showing the growth and strength of our credit union,” said Lyle Eastman, Oklahoma Community Board Chair. “We have been using those funds to improve services to our members, like the construction of the new West Stillwater Branch and now updates we are making to our main office.”
The remodel of the credit union’s main office at 311 E. McElroy in Stillwater is expected to be completed early in 2024. The drive-thru is being moved to the east side of the building to allow for more efficient drive-thru and lobby teller services, and additional office space will be added to the south side of the building for future growth, additional training space, and a dedicated contact center for phone and online services.
Daniel Thrasher, President and Chief Executive Officer of Oklahoma Community, also gave an update to the to the membership about deposit insurance, noting that the recent bank failures are very different from a strong community banking environment in Stillwater and north central Oklahoma. As of the Annual Meeting less than 2% of deposits held at Oklahoma Community were over the insurance level offered by the National Credit Union Administration and Excess Share Insurance. The National Association of Federal Credit Unions reported recently that the national average of uninsured funds was 10% for credit unions and 50% for commercial banks.
“In 2022, we also added a benefit called Excess Share Insurance at no additional cost to our membership,” Thrasher added. “This service essentially doubles deposit insurance for our membership, giving them additional peace of mind that their funds are safe when they are deposited at Oklahoma Community.”
A single board seat was open and Renee Smith was the only Member that came forward to seek the seat. The nominating committee presented her at the 2023 Annual Meeting and she was re-elected, by general consent, to a three-year term on the Board of Directors for Oklahoma Community Credit Union. The seven board members all serve the credit union voluntarily and are not compensated for their time.