Merck Employees Federal Credit Union held its 88th Annual Meeting last night at the Ken Frazier Auditorium on Merck’s Rahway campus where financial wellness was the theme of the night.
The meeting opened with Merck EFCU Chairman Patrick Ruane thanking all of the members for their attendance and their “curiosity” in wanting to stay up to date on all that the credit union is doing. “You don’t see many bank customers wanting to participate like we have here tonight and that’s one of the special things about our credit union,” said Ruane.
Ruane introduced guest speaker Merck Chairman and CEO Rob Davis who highlighted the important role the credit union plays in financial wellness.
“April is Financial Literacy month. Financial wellness is something the company thinks a lot about. The credit union invests heavily in this and is focused on this and ensures we are doing what we need to do to educate people on what it means to think about your financial future because if you are not financially secure it’s hard to enjoy all that you are doing in your life.”
Davis also reflected on the credit union’s history and focus.
“The Merck credit union is special. It’s been in service for 88 years. It has really maintained its initial purpose to serve Merck employees and their families and to do it whether it’s helping finance a home, buying a car, putting your children through college…all of those life moments that a credit union is there for. It’s really such a benefit that we have this as a company. I know the value that this is for our employees,” said Davis, who thanked all of the credit union employees and volunteers who help make the credit union what it is. Davis also gave special recognition to the retirees.
“The fact that we have thousands of retirees that are still members and benefiting from the credit union says a lot about the service and what the credit union delivers. I couldn’t be more proud that we have that representation and we are able to give back to those of you who have given a lot to the company over the years,” said Davis.
In his chairman remarks, Ruane then told attendees that the credit union took a big step forward in 2023 by deciding to invest in the credit union’s IT systems. “It’s very important that we have effective systems. It was a tremendous effort by everyone at the credit union, and a lot of change for the members but we must have these updated systems to best serve you.”
Credit union CEO Paul Gentile was up next, and he updated attendees on the recent technology upgrades, the state of rates, and fraud prevention. Gentile thanked members for bearing with the credit union during the IT upgrade. “We know it was a bit disruptive, but it was in the best interest of the members and the credit union. We needed to invest in our future and our ability to serve members with safe and effective systems,” said Gentile.
He also commented on “stubborn” inflation and noted that the path to the Federal Reserve cutting rates has become increasingly more difficult in recent months given the high inflationary indicators and strong job market.
Next was a discussion around the credit union’s fraud prevention efforts. The credit union team was present and touted the credit union’s enterprise risk management motto of “Slow Down. Stop. Escalate.”
“Fraudsters try to cause panic and rush people into giving out personal information. We train our team to pause and escalate any transaction or interaction that seems off. We urge our members to do the same. People think financial fraud comes from hackers stealing data, where the most common sources are consumers giving out personal information to fraudsters due to social engineering. You shouldn’t be embarrassed if you fall victim to this. Instead take action to protect yourself,” said Gentile.
He also highlighted rising check fraud and noted that while the number of checks written has declined dramatically in recent years, the number of fraud incidents with checks has risen. “It’s too easy for fraudsters to steal checks and wash them and fraudulently deposit them. We urge member to use electronic payment methods like ACH (Automated Clearing House) to reduce using paper checks,” he said.
The credit union’s Treasurer, Linda George, highlighted the credit union’s 12.93% net worth at year-end 2023, making the credit union well-capitalized and able to serve members in any economic climate. Next up was Supervisory Chairman Cynthia Francisco who reported on the credit union’s diligence for being in compliance with all audit and regulatory standards.
MEFCU Board Member Jeff Hack delivered the Nominating Committee report which saw three incumbent directors—Ron Coleman, Patrick Ruane and Andrea Krysienski—re-elected for three-year terms.
The meeting moved to special presentations where CEO Gentile introduced the credit union’s six scholarship recipients. Please click here to read about this year’s recipients and their varied interests, career aspirations and goals as they move on to their next phase of education.
Finally, the meeting concluded with remarks from Patty Carter from Rahway Food For Friends, a food bank for those in need. Based in Rahway, it serves approximately 1,100 families with regular support and many more with needs-based food issues. “I appreciate the support of the credit union and all of you and we are finding new ways to meet the growing demand with your support,” said Carter.
Click to view the annual report and minutes from last year’s meeting.
