Board of Directors Meeting - June 17, 2008

The UFirst Board of Directors met for their monthly board meeting at the operations center on Rugar St. on Tuesday, June 17th. We conducted the regular board business of the month. This included reviewing the credit union financials, a discussion of the current interest rates, updates and reaffirmations of the policy manual as well as scheduling our semi-annual planning meeting which will be held on June 27th and 28th.

Board meetings often include CEO Linda Bourgeois updating the board on reactions and feedback she or credit union employees have received from members during the month. This meeting was no different. Linda told us about a recent incident at UFirst. Member Leo Wells stopped at the credit union after he had purchased a car and negotiated a loan at a used car dealership in Vermont. Leo has been a UFirst member for over 6 years. He needed UFirst's routing number in order to arrange an automatic withdrawal to make his payments. Marketing Director Jody Carpenter saw Leo waiting and asked if she could help him. They began to chat about his new purchase. He had the loan file with him and she asked if he would like her to review it. She was shocked to discover that his interest rate was 15.9%.  Jody knew Leo could get a much lower loan rate through UFirst and asked him if he would like to speak with a loan officer. She escorted him to the office of Loan Officer Lois Nichols. Lois reviewed Leo's loan documents carefully. She discovered that we could cut his interest rate by more than half. Lois also noticed that the dearlership had charged him $800 for the Gap Premium Insurance (loan repayment insurance). The cost of this insurance at UFirst is $85. Leo's trip to UFirst had indeed been fortuitous. Leo left UFirst grateful for Jody's quick action and Lois's thoroughness and expertise. Thanks to Leo Wells for allowing us to share his story with others through the Boardcast. This story is a perfect example of the ways in which UFirst staff puts our motto "Helping You Get There" into practice on a daily basis. 

Members are encouraged to post comments to the Boardcast. This is your chance to have a dialog with the UFirst Board of Directors about your credit union.

Members who would like to propose items to be placed on the meeting agenda are welcome to contact Linda Bourgeois, a member of the Board of Directors or email the Boardcast at ufirstbod@gmail.com.