Mountain Laurel Federal Credit Union celebrated its 52nd anniversary on Saturday | News

ELK COUNTY – The 52nd Annual Meeting of the Mountain Laurel Federal Credit Union (MLFCU) was held Saturday evening at the Johnsonburg Fire Station, beginning at 4 p.m. and continuing into the night.

Since its inception in 1970, the MLFCU, which began as St. Marys Credit Union, has proven to be a source of strength and stability for its members. Over those 52 years, the original location has branched out and now has offices in Elk, McKean, Cameron and Warren counties. As of December 31, 2021, the MLFCU had 19,784 members, with 1,192 new members in 2021.

The credit union has overseen asset growth of $9 million in 2021, with total year-end assets listed at $150,725,970, of which $130,669,448 are held in stocks, clubs, stock drafts , IRAs and stock certificates, with the remaining assets held in reserve. and retained earnings.

What began as a small group of members in St. Marys in the early 1970s has grown into an economic force in northwestern Pennsylvania. As of the end of 2021, MLFCU had outstanding loans totaling $71,346,950, of which 55% of the funds are loaned to members, with the remaining 45% invested. Of the credit union’s four financial performance ratios, equity equity was held at 13.5%, with the peer group of similar organizations at 10.34%. The return on assets ratio of 0.83% was very favorable compared to peer group organizations at 0.77. %. The delinquent loan ratio for MLFCU was a measly 0.24%, with peer organizations at 0.48% and an imputation ratio of 0.06%, with peer institution averages at 0.18 %.

Mountain Laurel has maintained its 5-star rating by Bauer Financial, the highest rating a financial institution can achieve. Leveraging its members while its members are doing business with them has proven to be a winning combination for MLFCU. As they work together toward common goals and interests, the credit union has earned Bauer Financial’s top ranking for 72 quarters.

With the upheaval in the economy due to the pandemic, which saw last year’s meeting held virtually for the first time, the Board will remain busy over the next year. The rates set by the Federal Reserve in February 2022 will prove to be a challenge in the coming year.

The annual dinner and party serves a dual purpose, with the required annual meeting of members taking place before the dinner and party. The members present, as well as the employees, received the financial reports for the previous year submitted by the board of directors and the administrative staff. Voting on nominees, policy changes (if needed), and the future direction of the Caisse Populaire are shared with members at the meeting, along with employee recognition for exemplary service and service anniversaries.

After the meeting was over, the staff at Chris’s Catering prepared a meal of baked chicken, roast beef, baked potatoes and a cupcake bar for dessert. Local band Trixx provided evening entertainment for the assembled members. Generous sponsors in communities served by MLFCU provided giveaways for door prizes and a Chinese auction. At the same time, the Caisse Populaire’s Scholarship Fund held a separate raffle to raise funds for its annual prizes, which are set at six $500 scholarships. Students can find more information on the Mountain Laurel Federal Credit Union website at mlfcu.net.