History
Our Mission Statement
Our Credit Union exists as a cooperative, nonprofit association for the purpose of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest, and providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition. This Credit Union, guided by its duly elected officers, recognizes its responsibility to the Credit Union movement as well as to its community.
You Are a Name, Not a Number
1932
Members Choice Credit Union was born in 1932 as Armco Employees Credit Union when Armco Steel employees got together to build a better financial life for employees and the community. Working on the principle of "people helping people," these pioneers paved the way so that future generations would know the credit union difference. The credit union began to grow in members, starting with just a few services - loans and savings. New products and services were added over the years to serve those members' needs. By the early 1990s, our credit union began offering our services to other employee groups in the area.
1993
In 1993, we changed our name to Members Choice Credit Union to correctly reflect that our members indeed are the reason we are here. Our logo still reflects the trusted Armco triangle to represent our respect for Armco and those who vision to build a financial cooperative in our Eastern Kentucky town.
2010
In 2010, Members Choice Credit Union was granted a community charter, which gives us the ability to offer membership to anyone who lives, works, worships, or attends school in the FIVCO area. Our goal was to partner in the community and help our area.
Follow Us
Our Core Values
Change Lives:
We have a chance to make a difference for so many—our members, our teammates, neighbors, and ourselves—we must seize it every day!
Integrity:
We're honest, transparent, and committed to doing what's best for our members and MCCU. We openly collaborate to pursue the truth and always do what we say we will do.
Quality:
We provide outstanding products and services that deliver premium value to our members. We continuously improve our processes, acknowledge our responsibilities, and are committed to providing the highest degree of excellence in everything we do.
Teamwork:
We work together to encourage a sense of belonging and accountability to help MCCU win. We always put our members first in everything we do. The most significant advantage of teamwork is that it achieves what individuals can't.
Fairness:
We strive to create an environment that is free from discrimination or dishonesty so that the process of decision-making is fair. We treat everyone equally and apply this rule to others and ourselves as well.
Credit Union Information
What is a Credit Union?
A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution that exists to benefit them, not to profit.
Who Owns a Credit Union?
Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn't operate in that manner. Instead, each credit union member owns one "share" of the organization. The user of credit union services is also an owner and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
Who Can Join a Credit Union?
A credit union exists to serve a specific group of people, such as employees or members of a professional or religious group. This is called a "field of membership." The field of membership may include where they live, where they work, or their membership in a social or economic group.
Financials
Annual Meeting Minutes
March 13, 2023
Chairman Neikirk ordered the 91st annual meeting at 6:00 PM. After the pledge to the flag, Courtney Cox gave the invocation.
Chairman Neikirk introduced the Board of Directors, Don Yates, the Parliamentarian from the law firm of Gray, Woods, and Cooper, and KYCUL President Debbie Painter.
Chairman Neikirk announced the retirement of KYCUL President Debbie Painter.
Debbie Painter announced her retirement and then thanked Members Choice for their support.
There was an election for two open positions. John Townsend and Donna Hewlett are both incumbents. All were present. Both parties were re-elected to serve a three-year term due to no new nominations during the nomination period.
Chairman Neikirk thanked all MCCU volunteers for their service to the credit union.
The minutes from last year's Annual Meeting were approved with a motion and second from the floor.
Next was the committee reports. Chairman Neikirk gave his report. A video was then displayed on all screens featuring community efforts by Members Choice in 2022.
Chairman Neikirk then announced the retirement of Cheryl Deborde, former president, while a tribute video was displayed on all screens.
Ken Smith gave the Secretary/Treasurer report. A balance sheet was displayed on the screens for all to see.
Donna Hewlett reported that we received 60 applications for scholarships and announced the winners of the previous year. Donna reported the names of the Scholarship Committee.
Bryan Smith gave the Supervisory Committee Report, which was displayed on the screens. All audits on interim and year-end certified audits found everything in order.
Rod Hieneman reported that Government Affairs is still working to ensure members and credit unions are being heard by the state and federal governments.
David Deborde, President, gave the President’s Report. He spoke of what he will change as the new President, community efforts over 2022, and various upcoming projects and changes.
David gave recognition to several staff members for their Service Awards for years of service.
There was no Old Business.
New Business – there was no new business.
There were 353 registered in person and 48 online during the live broadcast
The meeting was adjourned at 7:10 pm.
Respectively submitted by,
Ken Smith