February 11, 2009
Dear Member,
I am pleased to write to you about three improvements in our operations:
- Patronage dividends this year will total $2,790,000. As usual, they will be paid on or about March 25th. New this year, those payments will be made electronically for customers who have signed up for electronic funds transfer as of December 31, 2008. No more waiting for that check to clear through your bank. This affects almost half of Yankee’s membership. If you have not yet signed up for electronic funds transfer, you may wish to consider this option. It is free, easy and convenient. Please contact your local branch to enroll.
- Starting this year, the voter checklist at Annual Meeting in April will consist of voting members as of the last day of February. In other words, the last day of February is the “date of record” for the purpose of voting at Annual Meeting. If you pay out your loan after the end of February, you will still be able to vote at Annual Meeting this year. New voting members after the end of February will not be able to vote at Annual Meeting this year. This change will allow us to do a better job maintaining the voter checklist.
- The last change relates to nominations for director from the floor. Previously nominations from the floor were allowed only at the first meeting in each region. Starting this year, nominations from the floor will be allowed only at the first meeting, without regard to region. The old method allowed for the possibility that a nomination from the floor might not occur until the last meeting. In that event, members who attended the first three meetings would not have known about the nomination from the floor, and the nominee would not have been able to seek the votes of members from his/her region who attended a meeting outside their region. This year the first meeting takes place in St. Albans on April 6th. Any nominations from the floor would have to be made at that meeting.
Sincerely,
George S. Putnam
President and CEO
