Liberty Bay Credit Union Hosts 106th Annual Meeting of Members

Liberty Bay Credit Union, a leading financial institution committed to serving its members, held its 106th Annual Meeting of Members on April 25, 2023. The event served as a platform to reflect on accomplishments of the past year and discuss strategic direction for the future.

Attended by members and credit union employees, the Annual meeting showcased Liberty Bay’s dedication to providing exceptional financial services and fostering a strong sense of community amongst its members. In addition to the election of directors, management presented 2022 financial results and operating outlook for 2023.

President and CEO John Parillo expressed his gratitude to the members for their trust and loyalty, underscoring the institution’s focus on member-centric values and competitive service offering. Mr. Parillo also emphasized the importance of continuous innovation and technology-driven solutions to meet the ever-changing needs of members.

“2022 was an excellent year at Liberty Bay, met with some milestones in earnings and total assets. We continue to improve our operations by eliminating waste and focusing on fundamentals, including asset and liability management and prudent capital allocation. Our focus on enterprise architecture, aligning our technology decisions with our business strategy and operations, is, in our opinion, necessary for us to be sustainable and competitive. It has begun to pay dividends in a short amount of time.”

Mr. Parillo expanded upon the immediate focus of the institution and how it will benefit its members. “We are committed to maintaining competitive deposit and loan rates, lower fees, and providing credit to our existing members, new members, and the underserved. We will continue to reinvest in our business, particularly in technology and digital services, to provide the experience consumers and businesses have come to expect from a modern financial services organization. We are very careful where we dedicate resources and how we allocate our members’ capital.”

The annual meeting concluded with an interactive Q&A session, providing attendees with the opportunity to engage directly with credit union leadership.