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LOCKPORT, N.Y. (April 8, 2005) - More than 300 members
were present on Sunday, Apr. 3, 2005 for the 2005 Cornerstone
Community Federal Credit Union (FCU) annual meeting, held at
the Cornell Cooperative Extension Building in Lockport, N.Y.
The annual meeting also served as the final voting date for
the election of three appointees to the Cornerstone Board of
Directors.
Chairman of the Board David Nemi presided over the meeting,
during which Cornerstone President and CEO Ann M. Brittin and
Treasurer James Szatkowski also provided their reports. Brittin
additionally reported on behalf of Supervisory Committee Chairperson
Lawrence Pease. Following the reports, results of the board
elections were announced, with David Nemi (447 votes), A. Angelo
DiMillo (454 votes) and Molly Cocco (407 votes) winning re-election.
Cornerstone President and CEO Brittin discussed the credit
union's innovative products and promotions in 2004, including
the launch of small business lending, indirect lending program,
and the expanded branch hours at the South Transit Road and
Stevens Street locations. "The success of these products
and promotions supported the credit union's core mission
of providing our members with more convenience and flexibility,"
she explained. Looking toward the present year, Brittin commented
on a number of initiatives the credit union is anticipating
to promote Cornerstone's growth.
Cornerstone Treasurer James Szatkowski's report focused
on the economic challenges the credit union has faced and that
despite difficult times, Cornerstone has remained monetarily
stable. He attributed Cornerstone's financial strength
to profitable loan promotions, the establishment of indirect
lending at auto dealerships, and management's careful
consideration of expenses and the restructuring of internal
processes. He concluded, "The recent and significant success
of the credit union's new programs and promotions indicates
we should be on much better financial footing in 2005."
Looking toward the present year, Chairman of the Board David
Nemi noted, "New products and services introduced in 2004
helped to get the credit union's profitability on a better
track, and will also help us to move in the right financial
direction for 2005."
Established in 1957 as Unit No. 1 Federal Credit Union, Cornerstone
Community FCU is a community-chartered, federally insured credit
union. Cornerstone has grown to become the largest credit union
in Western New York with more than 37 thousand members and assets
in excess of $200 million. Those who reside, work, volunteer,
attend school and worship within Niagara County are eligible
for membership under Cornerstone's charter. For additional
information call 716.434.2290 or visit www.cornerstonecommunityfcu.org.
Locations include 6485 S. Transit Rd. in Lockport, 55 Stevens
St. in Lockport, and 5 State St. in Middleport.
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