New! Digital Banking Sign In

Get Our Mobile App
Article | March

2021 Annual Meeting Recap and Minutes

March 30, 2021

2021 Annual Meeting Minutes

The Eighty-Second Annual Meeting of Members of Wings Credit Union was conducted as a virtual webinar and called to order at 4:01 p.m. Central Daylight Time by Board Chair Mark Photiades. Chair Photiades welcomed the members participating and thanked them for attending this year’s meeting and confirmed that the Secretary had provided an Affidavit certifying that Proof of Notice of Meeting was provided in accordance with the Credit Union’s Bylaws. He then noted that a quorum was present for the meeting and stated that the meeting would follow the order set out in the Agenda for the Eighty-Second Annual Meeting.

Chair Photiades then sought any changes or alterations to the Minutes of the Eight-First Annual Meeting, which had been distributed to the attendees once their membership was confirmed via email. There being no changes or alterations offered, he declared those Minutes to be approved by acclamation.

Chair Photiades took a moment to recognize Wings’ Board and Committee members for their service to the Credit Union. In doing so, in addition to himself, he mentioned the Wings Credit Union 2020-2021 Board of Directors: Jo Ann Harris (Vice Chair), Julie Rath (Secretary/Treasurer), Frank Weidner (President & CEO), Gregory Miller, Cheryl Minks and Geoff Heck; Committee members: Elizabeth Caven, Ben Humphrey, Jane Pennington and David Olson, who would be retiring after this meeting after serving as a Volunteer for this Credit Union for nearly 20 years and serving as Board Chair from 2008 to 2010, taking a moment to honor and thank Mr. Olson for his many years of service and dedication. Chair Photiades also took a moment to recognize and thank some former directors who were joining the virtual meeting such as former Chairs Doug Swenson and Dale Kariya, in addition to former director Lance Miller.

Report of the Board

Chair Photiades recapped the various challenges of 2020, including branch closures and other obstacles, adding that despite those things, Wings increased its capital reserves by $80 million last year and is now as strong financially as it has ever been. He added that Wings is extremely well-positioned and prepared for whatever the future has in store. He stated that over the past year, the Board, management team and many Credit Union employees have been developing plans to executive the organization’s 2025 Vision, which is to deliver unparalleled total value to the communities it serves through price, experience and people who care. He commented that Wings provides this to the membership through pricing in that Wings members saved $36 million over its competitors in 2020 through better rates, while also continuing to enhance its processes to create a faster, better and easier day-to-day financial experience. In order to continue to provide this type of value for the Wings membership, he stated that Wings needs to constantly grow the cooperative and continue to add new members. He mentioned that some members join after hearing about the offerings from friends, while the most growth in membership is seen through acquisitions, such as the upcoming merger with Brainerd Savings & Loan that was announced earlier in the year. He remarked that acquisition will expand Wings’ footprint into central Minnesota, providing the members who live there – or go north on vacation – an additional service option in the area, adding that the deal is subject to regulatory approval and expected to close this summer. Wings is excited to welcome Brainerd Savings & Loan employees and members to the Wings family; by expanding the reach of Wings’ value and service it is helping to ensure that the entire membership will continue to benefit, which is the benefit of the cooperative model – the more people who engage with Wings’ services, the better the value it can provide for the entire membership. He announced that the Wings model also works because of the amazing effort from Wings employees, where this past year, the team was tested in ways that it never could have imagined, but remained resilient through it all, quickly adapting to the constraints of the coronavirus. He congratulated them for finding new, creative approaches to the problems they faced, with members’ financial needs coming first and foremost. He then moved on to announce that multiple publications named Wings of the nation’s best credit unions during 2020, with perhaps its biggest accomplishment being named a Top Workplace by the Minneapolis Star Tribune for the eighth consecutive year and the honor of being part of that list. He concluded by thanking the members for their continued support of the Credit Union, adding that 2020 was an eventful year, but that the Board and employees at Wings are ready to take advantage of the tremendous opportunities ahead of them. With that, he turned the floor over to Frank Weidner, President & CEO of Wings.

Report of the President/CEO

Mr. Weidner began by stating that even having been in the credit union industry for more than 30 years, he had never experienced anything like this past year, saying that in its uniqueness, 2020 gave Wings an opportunity to really focus on the cooperative principles upon which it was founded, adding pride in being able to say that those principles have kept Wings strong in the face of adversity. He said that one of the core values at Wings is to operate with a servant’s heart, and now more than ever before, it relied on that to help guide the organization’s approach to the pandemic. He pointed out that Wings added new safety protocols in branches, increased its drive-thru offerings and enhanced its digital platforms by offering new features like video chat and digital mortgage closings. While businesses around Wings’ communities were closing, it was able to remain open as an essential business by maintaining a safe, healthy environment for members and employees. Additionally, he stated that Wings also waived nearly $400,000 in fees, paid out $1.2 million in debt protection claims and processed $100+ million in stimulus payments for more than 60,000 members. By the end of the year, the Credit Union had provided relief on 27,000 loans totaling over $700 million dollars amid the most turbulent year in memory. He continued that the pandemic didn’t just impact members, but also impacted our communities and thus the reason Wings donated more than $100,000 through the Wings Financial Foundation to several charitable organizations and food shelves, such as Urban Ventures, Sharing & Caring Hands, Toys for Tots and the Minnesota Zoo, among others. Wings also continued its financial education programs, connecting with more than 8,000 students, including over 3,700 through virtual classes and webinars. He added that through it all, the Credit Union flourished and finished the year with more than $6.7 billion in assets and over 300,000 members, a testament to its increasing brand awareness, growing branch network and the countless referrals received from satisfied members.

He went on to say that many people join Wings to take advantage of the tremendous loan rates, and last year, $1.9 billion in loans were funded, including a record-breaking $1.2 billion in mortgages. Other members join Wings to take advantage of its market-leading rates on deposits, and the organization thrived there as well, eclipsing an unprecedented $1 billion in new deposits, while ensuring that rates were the best around and that commitment is validated by the rapid growth of High-Yield Savings and High-Yield Checking accounts. He added that thanks to these successes, there has been opportunity to invest in the future of Wings, recently breaking ground on a new branch location in Northfield and over the last year, enhancing the member experience by remodeling branches in Thief River Falls and Atlanta. Wings also continued its multi-year project to renovate the corporate headquarters, which will help continue to attract top talent to join the Wings team. He then presented a brief slideshow that touched upon some of the accomplishments from 2020 in service to Wings’ membership. He concluded by stating that all of this was possible because of the Wings’ cooperative model that relies upon savers and borrowers working together to enhance the experience for the entire membership, and thanks to the participation of members, an exceptional year was achieved. He thanked them for their membership and stated that the Credit Union looks forward to providing its members with outstanding value and service in the year ahead.

Report of the Supervisory Committee

Supervisory Committee Chair Minks gave the report of Wings Credit Union’s Supervisory committee, stating that the Supervisory Committee is responsible for identifying, measuring and monitoring the business risks undertaken by the Credit Union and ensuring the integrity of its financial reporting. The Committee also works to ensure compliance with state and federal regulations and to protect the interest of the membership by making sure that the operations of the Credit Union are in line with applicable regulations. She stated that the Committee meets quarterly to review the effectiveness of the Credit Union’s risk management processes and related internal controls, adding that the Committee also works with the National Credit Union Administration and the Minnesota Department of Commerce during annual examinations and hires and retains independent auditors for our annual external audit of Credit Union procedures and financial condition. She reported that in 2020, Wings was examined by both the NCUA and the Department of Commerce and was audited by the accounting firm of CliftonLarsonAllen in which the examinations and audit for the past year showed that the Credit Union remained in compliance with good financial practices and regulatory requirements.

Report of the Nominating Committee

Nominating Committee Chair Rath reported that this year's Nominating Committee consisted of Greg Miller, Cheryl Minks and herself as Chair. She stated that there were two board seats open for election 2021 and the Nominating Committee placed existing Board Members Mark Photiades and Jo Ann Harris into nomination for the seats. She reported that notice regarding the election and the procedure for seeking nomination by petition was sent out to all members in September and October and that no qualified nominations by petition were received. Therefore, accordingly, pursuant to the Credit Union’s bylaws, Mr. Photiades and Ms. Harris were declared elected for three-year terms and concluded with her congratulations to them. Chair Rath declared that this concluded the report of the Nominating Committee and the Reports of the Officers and Committees and turned the meeting back to Chair Photiades. Chair Photiades thanked everyone for their involvement in the Credit Union this past year, stating that their contributions have helped make Wings well-positioned for whatever the future has in store and thanked them for their virtual attendance of the Annual Meeting.


There being no further business, Chair Photiades thanked each person for virtually attending the Annual Meeting and declared the meeting adjourned at 4:18 p.m.

Tagged Under
Annual Meeting

Return to Newsroom

Similar News