Cudahy-based Prime Financial Credit Union announced that members elected a new, seven-member board of directors at its annual meeting, marking the credit union’s first election since 2008.
Additionally, Prime Financial announced a net income of $474,563 for 2010, the first time the institution reported a net income since 2007.
Credit union president and chief executive officer Christine Moczynski said the new board and net income are signs the credit union continues to recover since resuming independent operations from the state in May 2010.
“We have worked hard – in partnership with our members, board and employees – to improve Prime Financial’s overall position and performance, and we’ve accomplished quite a bit in a very short period of time,” Moczynski said. “To record our first net income in three years and have a member-elected Board in place are significant milestones. We are confident that Prime Financial can build on these successes as we continue to move forward.”
The new seven member board includes: HB Staffileno (chairman); Christine Timm (vice chairman); Eric Moore (secretary); Raplph Devito; Dennis DeGrave; Randy Perry; and Sean Slowey.
The new board replaces a seven-person board appointed by the Wisconsin Department of Financial Institutions when it returned control of Prime Financial to its members after 15 months in conservatorship.
“Prime Financial has made significant progress, and we are pleased to continue this positive trend under the direction of our new board and outstanding team,” Moczynski said. “It has been an honor for Prime Financial Credit Union to serve our devoted members and carry on our tradition of ‘people helping people’ for 88 years. We look forward to the future.”
