FRMCU Blog

The Annual Meeting of the Fall River Municipal Credit Union was held at its Main Office Located at 333 Milliken Boulevard, Fall River, MA on Saturday, May 1, 2021.  All Reports and information presented reflected the fiscal year 2020.   

Chairman of the Board Carl Garcia, Jr. and President and CEO Matthew G. Schondek addressed the members in attendance of the challenges 2020 has brought to the Credit Union.  Schondek noted that 2020 marked the 90^th Anniversary of the formulation of Fall River Municipal Credit Union.  Though the credit union had planned events to celebrate its 90^th Anniversary, most were cancelled due to the COVID pandemic.  The Credit Union still made the best of the situation by remotely offer anniversary specials and favorable rates to all members throughout the year. 

Chairman Garcia noted the untimely passing of Director Edward Walsh, a long-time member of the board of the credit union.  He noted that it was a great loss to the Credit Union, and he is missed very much.  Lastly, Chairman Garcia commented on the recent changes in Management and his excitement to see what the future holds for the Credit Union.   

During the meeting President and CEO Schondek and various committee chairpersons presented the Credit Union’s financial status and reports of the Audit and Credit Committees.  He noted the Credit Union experienced a 24% increase in share growth and expressed the hope for a continued upward trend.  The membership also approved of a proposed by-law change to expand the field of membership to add Dukes county in Massachusetts and the counties of Providence and Kent in Rhode Island. 

Chairman Garcia and President and CEO Schondek thanked all staff and members of the board for their perseverance during the pandemic and dedication to serving the members of Fall River Municipal Credit Union.   

The Annual Meeting also included the election of directors. Elected to three-year terms as Director were Carl Garcia, James Machado, and Michael Shea.  Elected to a two-year term as Director was Santi DiRuzza.

In addition to the Annual Meeting, the Credit Union also awarded Scholarships, including one in memory of the late Director Edward Walsh, to seven area recipients.  Fall River Municipal Credit Union Scholarships are awarded to qualifying members currently enrolled in or who have been accepted to an undergraduate program of study at an accredited college or university.  All recipients received a $1,000 scholarship.  This year’s scholarship recipients include Sophie McDonnell of Fall River, Caroline Moran of Tiverton, Emily Rose of Berkley, Ashton Rutkowski of Somerset, Ally Toupin, Isabella Desmarias, and Benjamin Resende all of Fall River.

“The Board of Directors, Management and Staff wish all of the 2021 Scholarship recipients’ success in their future endeavors.” said FRMCU President and CEO, Matthew G. Schondek.

Fall River Municipal Credit Union is federally insured by the National Credit Union Administration, member of the Massachusetts Credit Union Share Insurance Corporation, and is an Equal Housing Lender.

Elected Directors: