Annual Meeting

Paradise Valley Federal Credit Union
March 20, 2018
61st Annual Meeting Minutes

Gerald (Bud) Schaffner, CEO of Paradise Valley FCU, welcomed everyone.

Marcella Hollie, Operations Manager, offered prayer.

Mike Shetler, Board Chair, called the meeting to order at 7:05 pm. Steve Worley, Board Secretary, ascertained that we have a quorum with a total of 39 members present.


President’s Report

Mike Shetler informed those present that while assets decreased from $84.5 Million to $78.5 Million, Paradise Valley Federal Credit Union’s capital ratio remains strong at 12.65%, a key indicator of financial strength.

Mike also added that the credit union continues to support our community with donations to worthy causes, like the San Diego Academy, Boys and Girls Club of National City, and National City Chamber, to name a few.  Members can reach out to Bud Schaffner if interested in suggesting other charities.

Mike mentioned that the credit union is working on providing additional products and services to meet the members’ financial needs.  He thanked everyone in attendance for their loyalty.


Secretary’s Report

Steve Worley referred to last year’s annual meeting minutes, which was distributed to everyone in attendance.   Steve recommended that we dispense with the reading of the minutes.

MSC (Sallie Palash/Harry Bennett/Unanimous) to dispense with the reading of last year’s annual meeting minutes and approve the minutes as presented.


Supervisory Committee Report

John Mendivil, Vice-Chair of the Board of Directors and the Board’s representative on the Supervisory Committee, reported that the Supervisory Committee continues to actively monitor board and management established practices and procedures to safeguard the members’ assets.  In 2017, the Supervisory Committee supervised an independent audit conducted by an outside firm, Collaborative Learning and Assurances Services Inc (CLASS).  The committee also worked with the National Credit Union Administration with regard to the credit union’s required regulatory audit.  John was pleased to report that the audits and records reflected a strong, well-run financial institution, and thanked the staff, board of directors, and volunteers for their participation in making our credit union a safe and sound financial institution.


Treasurer’s Report

Les Palinka, Treasurer of the Board of Directors, directed everyone’s attention to the financial statement, income statement, statistical information, and three-year summary presented in the 61st Annual Report.  He reiterated the Board Chair’s comment that while assets decreased, our capital ratio remains strong. He was pleased to announce that the credit union continues to focus on controlling operational expense.

Highlights of the 2017 Financial Statement ending 12/31/17:

  • Total Assets =  $78,479,412
  • Total Members =  4608
  • Total Loans Made this year = $6,656,476
  • Total Income = $2,622,120
  • Dividends Paid = $326,037
  • Net Income After Dividends = -$61,208


Lending Manager Report

Elizabeth Pairis, newly promoted Lending Manager, reported that in 2017, the Lending Department acted on over 450 loan applications, bringing our total loans to $32,296,943 as of 12/31/17.  Elly mentioned that in her new role as Lending Manager, she will be working closely with the management team to meet our members’ loan demands.  Specifically, she mentioned that we are designing loan promotions and customizing loan products aimed at meeting our diversified member base.  She encouraged everyone in attendance to stay tuned for more details, which will be shared in our quarterly newsletters, email blasts, and website.  She also invited everyone to like us on Facebook.



Gary Friestad, Compliance/Marketing Officer for Paradise Valley Federal Credit union, conducted the election with Les Palinka, who acted as the Parliamentarian.

Gary reconfirmed that we have a quorum.  Gary presented the Nominating Committee’s (Francine Richards, Bud Schaffner, and Gary Friestad) proposed slate of officer as follows.

  • John Mendivil to serve another 3-year term
  • Steve Worley to serve another 3-year term

Gary asked John Mendivil and Steve Worley to stand and be recognized their past service.

Gary asked all voting members to complete their ballots.

Kevin Carlson, CFO, for Paradise Valley Federal Credit Union, was asked to serve as the election teller.

Gary reported that a tally of 25 unanimous ballots showed in favor of the proposed slate of officers.

John Mendivil and Steve Worley were both willing to each accept another 3-year term.


Employee recognition

Mike Shetler introduced all the credit union employees as listed in the Annual Meeting report.

Bud thanked everyone for attending.

The 61st Annual Meeting was adjourned at 7:35 pm.

Refreshments followed.


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PV Federal Credit Union
2700 E. 4th Street
National City, CA 91950
Phone: (619) 475-4313, or toll free, (800) 253-6991
Fax: (619) 475-0998
E-mail: paradise@paradisevalleyfcu.com
Access 24: (619) 475.2009
Toll free 1 (866) 760.3777