At our 71^st Annual Meeting in late April, members learned about the progress the credit union made over the past year.

Highlights of 2024

Key financials:

• $25.5 million issued in new loans, primarily in auto, home equity, and unsecured
• Loan grew by $5.2 million, a 6.36% increase
• Loan delinquency and charge-offs remained very low at 0.59% and 0.25%, respectively
• Deposits grew by $9.8 million, with CDs and the Prime Money Market Accounts the primary drivers
• Total assets grew from $146,684,463 to $157,156,821, demonstrating robust year-over-year growth
• Capital-to-asset ratio of 18.80%, well above the national average of 11.95%
• Return on Average Assets (ROAA) was 1.35%, more than double the national average of 0.61%

Accolades:

• Recognized as a finalist for Best Credit Union in St. Louis by St. Louis Magazine
• Ranked among the top 100 performing credit unions nationally by S&P Global Market Intelligence
• Received a 5-star “Superior” rating from BauerFinancial each quarter (and every quarter since December 1993 actually!)

Noteworthy:

• Launched a new kids savings club (Dollar Den) and a revamped teen program (Boost), offering superior rates (10.00% APY)
• Upgraded our online and mobile banking systems
• Added more favorable terms to our home equity loans
• Improved our Smart Saver Money Market Accounts, eliminating minimum balance requirements and withdrawal limits
• Introduced more consumer-friendly overdraft and NSF fee structures, helping members avoid unnecessary charges and manage their accounts more effectively
• Invested in furthering the development of our staff through additional training, certifications, and strategic planning
• Improved the security and professional appearance of our branches, including new outdoor signage, a new paved lot, fresh paint, enhanced safety protocols, and a more welcoming atmosphere
• Rolled out an indirect lending program, enabling members and others qualified for membership to get on-the-spot Century financing at many auto dealerships in the area
• Celebrated our 70th anniversary in a big way, giving back to our members with exciting offers and special events

Summary:

• We refined our products to provide more value to our members, focused on improving digital access, expanded lending opportunities, boosted member engagement, invested in employee and organizational development, performed community outreach, and maintained our strong financial position.