TO OUR MEMBERS
2022 was a year of finding our new normal. The previous two years were full of changes including staffing, systems, and restrictions from the pandemic. Over the last year we have been able to focus on optimizing our systems to get the most out of them and growing the experience of our staff. The easing of health mandates and restrictions allowed us to attend more events and have a more visible presence in our communities.
This year we welcomed some additional managers to our team to fill in some gaps as the credit union continues to grow. In August we added Branch Managers to grow our presence in our branch communities and be a resource for them. Also in August, we added a Lending Manager to work with our VP of Lending to continue to manage and grow our loan portfolio. To help us develop deeper relationships within our communities and develop the products and services needed to continue to be a resource for our members, we added dedicated business development resources. In addition to changes in our management team, we created the Digital MSR department to better serve the growing number of members who primarily utilize our digital channels. This addition ensures that our members are getting the attention and service they need whether they choose to come into a branch, call, text, email, or fill out an online application.
Last year we announced that we acquired a new building in Bryan that would be the new location for our branch office. Construction was well under way and we will be opening a full-service location to our members in mid-March of 2023. We have served the Williams county market in a small retail space since 2015, but this new investment in the community will provide additional conveniences and services to those members. It is also much more visible and conveniently located just north of the square at 221 North Main Street.
2022 also brought record inflation numbers that led the Federal Reserve Board to implement historic level rate hikes to try to bring the numbers down to where they feel they should be. Our team has been able to manage our balance sheet through these changes and to maintain solid performance and stability. After experiencing tremendous asset growth in 2021, assets grew only slightly in 2022 at 0.54% and Shares grew by 2.28%. However, loan growth remained strong at a rate of 12.18%. Our Net Promotor Score, which is a measure of how likely a member is to recommend us to others, remained very strong at 75.2%. These numbers show the continued trust and loyalty that our members have in Midwest Community, and for that we are truly grateful.
Josh Koenig, President/CEO | Robert Florence, Board Chairman
"We've been with Midwest for a very long time and all associates are the best, we are treated like family." —Sandra N., MCFCU Member
MEETING MEMBERS' NEEDS, WHEREVER THEY ARE
Midwest Community was founded in 1954 by a small group of General Motors employees whose purpose was to help one another ensure their vital needs were met. They liked the idea of friends & coworkers pooling their resources into a cooperative, not-for-profit financial institution they would own and manage themselves.
That same philosophy still guides us today with our focus on promoting our members’ financial health. As a financial cooperative, we work to steward our members’ funds and provide access to relevant & helpful products, services and resources. Our members are more than numbers, and we encourage more people to join us so we can continue to grow our programs & resources to improve their financial well-being. When our membership is healthy, MCFCU is healthy, and we contribute to the health of the communities around us.
We appreciate your commitment to Midwest Community FCU, and we’ll remain dedicated to supporting the members and communities we serve. Together, we’re building brighter tomorrows, all in the spirit of People Helping People.
"At Midwest Community everything we do is born from our passionate belief in building financial wellness for people, families and our communities. We offer convenient, simple access and affordable products priced to save. Our financial services and expert guidance are the key to reaching your financial dreams."
-Josh Koenig, President & CEO
SUPERVISORY COMMITTEE REPORT
Quarterly, your Supervisory Committee schedules and reviews selected internal audit functions to be performed by Doeren Mayhew as prescribed by regulations of the National Credit Union Administration. The Committee also reviews designated Credit Union records throughout the year. The results of the quarterly internal audits are reported to the Credit Union Board of Directors at their regularly scheduled meetings.
In addition to its regular duties, the primary function of the Supervisory Committee is to have a comprehensive annual audit performed. This year, Doeren Mayhew conducted the annual audit, the same group that certifies the annual statement of Midwest Community Federal Credit Union.
In the opinion of your Supervisory Committee, the Balance Sheet and related Statement of Income and Expenses presents fairly and accurately the results of operations at Midwest Community Federal Credit Union for the year ending September 30, 2022.
Respectfully,
Foyle Solether, Nathan Wilondek, Susan Fruth, Eva English
BALANCE SHEET
*The undivided earnings decrease is due to an increase in our unrealized loss on investments. This is reflected in the Statement of Financial Condition, but not the Statement of Income, as no losses have been realized.
INCOME STATISTICS
FINANCES 101: EDUCATING THE NEXT GENERATION OF MEMBERS
We want to help teens get a solid start on their journey to financial independence. That's why we work with the Northwest Ohio Credit Union Outreach Alliance to put together Finances 101, an event designed to give high school students a dose of the "real world" before they actually get there. The Alliance held their annual Finances 101 event in March of 2022, at Bowling Green State University.
We’re all about financial empowerment—helping members develop financial strength to enable them to reach their goals, achieve their dreams and create a lifetime of financial security. We start early, with events like Finances 101 and an assortment of tools and resources to guide kids and teens towards building smart habits and learning financial responsibility.
IN SERVICE OF OUR MEMBERS
Just one question can reveal member loyalty and satisfaction: “How likely is it that you would recommend the credit union to a colleague, family member or friend?” Every year, we ask this question and our members’ responses provide us with our Net Promoter Score (NPS). Scores between 50% and 80% are considered best in class.
In 2022, we earned a 75.2% NPS from our members. We’re honored that so many of our members would recommend Midwest Community to others in their lives. Thank you!
MINUTES OF THE 67th ANNUAL MEMBERSHIP MEETING
MEMBER TESTIMONIALS
"The fees and charges are reasonable and I don't feel like I did with previous banks, that they are just out to make a quick buck off of me. MCFCU actually cares and wants to help me with my finances." —Christopher S., MCFCU Member
"The service is excellent and that is a lot of why I keep going back. It is a warm inviting experience." —Sherri B., MCFCU Member
"MCFCU has always been so friendly and helpful. I wouldn't think of using any other financial institution." —J.M., MCFCU Member