Results of 52nd Annual Meeting
Lanco FCU’s Annual Meeting was held on Thursday, March 9, 2017 at Penn Cinema in Lititz. There were 183 members and guests in attendance to enjoy the business meeting, prize drawings, and a movie.
Three seats on the Board of Directors were up for election and filled by incumbents: James Brubaker, Phyllis Peters, and Dr. Freeman Chakara.
Pictured above: (left) Layla Walton, winner of the Lego Movie prize, with family and Stacey Hankey, CEO, and (right) Debra Keller, winner of the dinner & movie prize, with Stacey Hankey, CEO.
Message to our Shareholders
It’s always interesting to reflect upon each year and see how much Lanco FCU continues to grow and change. Even just looking back to 2012, the year I became CEO, it’s pretty amazing to see how different, and yet the same, the credit union is now compared to then.
For nearly a decade, Lanco FCU’s asset size was increasing, but our membership size was decreasing. While it was nice to see our members accumulating wealth, we knew this meant we weren’t reaching the members of the community that credit unions were designed to serve—those with modest to moderate means. Recognizing this, we started to make significant changes in order to best serve the membership. Lanco FCU executed a complete overhaul of our brand, checking accounts, and convenience services, and we relocated two of our branches.
As those changes have set in, we’ve seen members respond in a very positive way. We have experienced a second consecutive year of membership growth, with members much more engaged with the credit union. While keeping rates competitive and services free, we are now giving back to our members like never before. In fact, I’m proud to say that we paid our members $147,994 in Kasasa rewards in 2016—that’s an average of $71.46 per member with a Kasasa checking account.
Lanco FCU’s mission is to help our members achieve their life goals by promoting financial health and providing affordable access to credit. I believe that we are more successful than ever in fulfilling this mission. Lanco FCU funded over $26 million in loans throughout 2016, with over $7.7 million of this total being lent to small businesses in Lancaster County. With current loan balances at an average interest rate of 6.15%, our membership has access to the financing that they need at a rate that’s fair and saves them money.
To all of our members, I thank you for your loyalty and support of your credit union. We work hard every day to help our members realize their goals. It is my honor to serve you, and I look forward to Lanco FCU’s continued growth and success in the coming year.
Stacey M. Hankey,