By Vernon Robison
Moapa Valley Progress
Submitted April 30, 2008
The Moapa Valley Federal Credit Union (MVFCU) held its annual general membership meeting at the Old Logandale School on Thursday, April 24. Credit union members were encouraged to attend the meeting, and learn about the state of affairs at the local institution.
MVFCU President/CEO Doug Schwartz mingled with the roughly 85 people in attendance at the meeting and was available to field questions from those in attendance.
“I thank each one of you for coming,” Schwartz said in his presentation. “In the past, we have seen pretty light attendance at meetings like this. Tonight the turnout gives me a lot of hope in this process.”
This year the meeting was especially momentous because the MVFCU is currently celebrating its 50th anniversary. A special slide show was displayed which showed highlights of the past 50 years of the institution as well as financial information about the past year. The slideshow was being projected on a large screen which had just been installed above the stage and donated to the OLSHACS organization by the Credit Union.
The MVFCU was established in August of 1958 by seven residents of the Moapa Valley. These included Harlan Lyon, Irvin Bryner, Masako Winsor, Patricia Harris, John Moser, Grant Bowler and Mads Jorgensen.
The MVFCU came from humble beginnings. Each of the seven founding board members pledged a $5 share to become charter shareholders. With that initial $35 the credit union opened for business. Masako Winsor served as the institution’s first Office Manager and Secretary. All of the MVFCU business was conducted in the typing classroom of the Moapa Valley School.
Schwartz paid tribute to the vision of the founding members in his presentation hailing their spirit of community service that is still at the heart of the MVFCU. “They just saw the importance of starting a financial institution in this community to serve the residents of this valley,” Schwartz said. “I wonder if they had any idea how big that it would become and how far reaching the credit union would be in terms of helping people reach their financial goals.”
The MVFCU reported a moderately slow year in 2007. Assets for 2007 ended up at just over $67 million, down about $2.5 million from the previous year. Loans to members, member deposits and overall membership in the institution all stayed essentially flat in 2007.
“We have not seen the growth in deposits and other areas,” Schwartz said. “But we have remained very strong, very solid and very safe. We take a lot of pride in that.”
Schwartz pointed out that 2007 was a difficult year for the financial industry in general, with institutions taking millions and even billions of dollars in mortgage losses. But that was not the case for the MVFCU. “It gives me pleasure to stand here and say that we took no losses in mortgage loans last year,” Schwartz said. “We haven’t foreclosed on a home in 14 years. That is a real tribute to you folks as members.”
Schwartz also gave recognition to the current Board of Directors for their work on behalf of the MVFCU. Board members include Terry Leavitt, Saun Bohn, Kim Leavitt, Wes Yamashita, Caroline Jensen, Bill Belcher and Lance Robertson. Schwartz also expressed appreciation for the MVFCU Supervisory Committee and to staff members who, he said, were all very devoted to putting the needs of the membership before all else.
Before the evening was over, a drawing was held to determine the winner of a new 32” Flat Screen HDTV set. The lucky winner was Gene Moses of Logandale.
