Annual Meetings
Thank you for joining our 91st Annual Meeting!
About Our Annual Meeting
TAPCO’s Annual Meeting is a yearly gathering where we connect with our members to share highlights from the past year, review our financial health, elect volunteer board and committee members, and discuss what’s ahead. It’s an opportunity to celebrate our progress, recognize community impact, and reaffirm our commitment to serving Pierce County.
We held our 91st Annual Meeting on Thursday, March 27, 2025, at our Main Branch and via live stream. The image below reflects TAPCO’s continued financial health, with reserves, excluding allowance for credit loss (ACL), totaling over $58 million, and a Net Worth Ratio of 8.84%, exceeding the threshold for a well-capitalized institution.
At this year’s meeting, we reflected on 90 years of commitment to the people of Pierce County, reaffirming our mission to bring humanity to financial services. In 2024, TAPCO provided more than $121,000 in community support and conducted over 60 financial education sessions that reached over 600 individuals. Topics included budgeting, credit management, and homeownership, all aimed at empowering members of our community to make informed financial decisions.
Our impact extended through collaborations with schools, nonprofits, and fellow credit unions, including a joint celebration of International Credit Union Day with hands-on service projects across the South Sound. We also deepened partnerships with groups that serve the public, including first responders, healthcare professionals, government employees, and local nonprofits.
In honor of former TAPCO Board Members Jeanne Werner-Spaulding and Richard J. Williams, our scholarship program awarded nine students with $2,500 scholarships, totaling $22,500. An additional $2,500 scholarship was granted to Tacoma Community College to distribute on TAPCO’s behalf. Recipients were recognized at the meeting alongside their families and peers.
CEO Justin Martin highlighted TAPCO’s progress in 2024 and shared plans for the future. Major achievements included the launch of an upgraded digital banking platform and enhanced card program, both shaped by member feedback. He also spoke about TAPCO’s expanding community impact, including new financial literacy partnerships, environmental sustainability initiatives, and pilot programs addressing housing affordability and small business development.
Looking ahead, Justin shared details about the upcoming opening of our new Frederickson branch in 2025. The branch will include a community meeting space available free of charge to the public, along with an in-branch Cutters Point coffee shop. Additional plans include the rollout of cash back and reward checking accounts and a continued focus on delivering value to members, employees, and the broader community.
In 2024, TAPCO received several honors, including being named Best Credit Union in Pierce County by The News Tribune, appearing on Newsweek’s Best Credit Unions list, and being recognized as Best Credit Union South Sound by South Sound Business. These awards reflect the strength of our team and the continued support of our members.
Board Election Results
Three positions were open on the Board of Directors. Rob Masko, Clara Nelson, and Alex Wilsie were elected and confirmed for three-year terms.
Two Supervisory Committee positions were also filled. Brent Bomkamp and Julie Williams were elected and confirmed for three-year terms.
We held our 89th annual meeting on Thursday, March 28, 2024, at our Main Branch and virtually on Zoom. The graphic below is a statement of our overall financial health. TAPCO remains financially strong, with reserves totaling over $58 million.
At our recent Annual Meeting, we explored the numerous ways in which TAPCO contributes to the community of Pierce County. Our initiatives, encompassing partnerships, donations, and sponsorships, have resulted in an impressive contribution exceeding $98,000. TAPCO proudly stands as a beacon of leadership in Tacoma and Pierce County, ensuring our presence resonates wherever our members are located.
The meeting was also an occasion to pay tribute to two revered former TAPCO Board Members, Jeanne Wener-Spaulding and Richard J. Williams. In their honor, our scholarship program bestowed $2,500 scholarships upon nine deserving individuals, aiding them in their pursuit of degrees or vocational certifications. The recipients, together with their families, were recognized at the meeting, where they received certificates amid congratulatory applause.
Justin Martin, TAPCO's CEO, took the opportunity to reflect on the achievements of 2023 and to share insights into the future, emphasizing our ongoing commitment to Diversity, Equity, Inclusion, Belonging, and Accessibility (DEIBA), advancements in technology (highlighting new online and mobile banking services), and enhancing member value. This, according to Justin, is integral to making TAPCO the premier financial institution in Pierce County. He also shared the exciting news of TAPCO being honored with the Best in State Credit Union award by a leading national business publication, as well as receiving the Community Development Financial Institution (CDFI) designation from the US Department of the Treasury. This designation paves the way for TAPCO to secure grants that will further empower us to support our members and the community.
Looking ahead, TAPCO is set to expand in Pierce County with the scheduled opening of a new full-service branch in Frederickson in 2025, marking another milestone in our journey of growth and community service.
Board Election Results
There were three open Board of Directors positions and three incumbent applicants. The nominating committee confirmed all applicants. The nominated candidates included Gene Miller, Louis Cooper, Jr., and Lindsey Wade. As a result of the uncontested election, all candidates were declared elected by general consent.
There were two positions open on the Supervisory Committee and two incumbent candidates for the positions – John Sinclair and John O'Loughlin. Both Supervisory Committee applicants were confirmed by the Nominating Committee. As a result of the uncontested election, all candidates were declared elected by general consent.