As a not-for-profit, financial cooperative, CitizensFirst is governed by a Board of Directors who are elected from the general membership. Unlike a bank’s Board of Directors whose members are paid and report to its shareholders, CitizensFirst's Board members serve voluntarily and have a fiduciary responsibility to the entire CFCU membership since all our members are owners.
The CitizensFirst Board of Directors is comprised of nine members and has the ultimate decision making authority and responsibility for directing and controlling the affairs of the credit union. Board members are responsible for attending monthly board meetings, the annual general meeting and any special membership meetings or planning sessions that may arise. Some of the duties and responsibilities of CitizensFirst Board Members include:
- Read and evaluate monthly financial reports.
- Ensure the credit union complies with all applicable legislation.
- Approve credit union policy, financial statements, the annual budget and the business plan.
- Authorize the appropriate investment of credit union funds.
- Approve any external borrowings of the credit union.
- Ensure the safe preservation of the credit union’s financial books and records.
- Assess the adequacy of insurance of credit union assets.
- Propose amendments to the credit union bylaws, subject to approval by the regulatory authority.
Our Board members take their responsibilities seriously, representing members' best interests in every decision they make. With this commitment to our financial cooperative, CitizensFirst's Board members have led us through over 70 years of prudent financial decision-making, helping us to become one of the strongest financial institutions in the area.
Qualifications
Each year, CitizensFirst organizes a nominating committee in October to review Board vacancies and to provide a process for nominations. In general, because Board Members are responsible for assisting with the fiduciary responsibilities of the cooperative, candidates must have the ability to understand financial institution concepts and should be able to demonstrate their understanding of good business practices. Candidates should be honest, unselfish and act for the good of CitizensFirst’s members. They should be interested in the success and growth of CitizensFirst, and sufficiently able to give their own time and talents to their investment in board membership. If you are interested in board membership, watch for announcements in October about the Board nominating process. For additional information, contact Denise Wildish, Executive Assistant, CitizensFirst.
In addition to applying for this voluntary position, you must:
- Be 18 years of age or older
- Be a member for at least 90 days
- Be a member in good standing
- Be financially solvent and bondable
- Possess high ethical and moral standards
- Understand local and national regulatory issues
- Not have any conflicts of interest with the Credit Union
- Comprehend the economic and financial environments at the national, state and local levels and their effects on the Credit Union’s operations
- Have the desire, ability and time to serve at monthly Board meetings, committee meetings, planning meetings, self-study educational programs, special meetings and educational conferences
- Submit a resume to the nominating commitee