WE'RE IN THIS TOGETHER
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.
While much has changed in the last 66 years, the same philosophy that birthed our origin story still thrives today with our focus on promoting our members’ financial health.
When our membership is healthy, MCFCU is healthy, and we contribute to the health of the communities around us. Together, we’re making our communities better, all in the spirit of People Helping People.
As a financial cooperative, Midwest Community is based on the idea that the combination of great service and value will result in long-term relationships with members and the associated growth that comes from being a place people can trust. This has driven strong growth over the years, and last year was no exception. In 2019, we welcomed 170 new members to MCFCU, building on the principle that the more people we have working together, the stronger we are.
Throughout 2019, we put $1.26 million back in our members' pockets through our "Imagine a Different Possibility" campaign, along with more than $35,000 back into the communities where we live and work. Through financial health programs, staff-inspired giving via our Employee Engagement Committee and community donations & sponsorships, we're building financial stability for our members, while also strengthening the health of our communities.
"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, CEO
PRESIDENT & CHAIRMAN MESSAGE
Midwest Community Federal Credit Union experienced a lot of change in 2019. We had several employees, including members of our senior management team make the decision to either retire, step down to a less demanding role, or move on to take advantage of other opportunities. Those roles were filled with both internal and external candidates, all of whom have brought a new perspective to the team. We also added a few new positions, which resulted in multiple role changes throughout the credit union. Through all of this, the credit union kept moving forward, and did not miss a step, due to the great staff we have jumping in where needed and working together to make the transitions successful.
One of those changes included a search for a new CEO after long-time CEO Sonja Delaney made the decision to pursue another career opportunity. That search resulted in my promotion to the position of President & CEO. As I settle into my new role, I am excited about the opportunities ahead. I feel that my background in technology will be an asset as the credit union moves forward into an ever changing and advancing landscape. I look forward to what the future holds and the possibilities that await for providing our members with the services and tools they need to achieve their financial goals.
Two things that have not changed are our focus on the financial health of the members of our communities and our focus on the credit union philosophy of People Helping People. Last year our Imagine a Different Possibility campaign came to a close. Through the entire campaign, we were able to save our members $1.26 million through lower interest rates. We also made a positive impact on our community by giving over $35,000 in donations and community sponsorships, along with $7,000 in staff donations through our employee engagement committee and Giving Tuesday.
Two thousand nineteen was another year of solid performance and continued growth. Membership grew by 1.23%, assets grew by 8.99%, and loans grew by 7.1%. Through all this, we were able to maintain a net promoter score of 73.41%, which shows that the satisfaction level of our members is very high.
We are thankful for the loyalty and support of our members and look forward to the opportunity to continue to provide the services necessary for them to achieve their financial goals.
Josh Koenig, President/CEO
Robert Florence, Board Chairman
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, 2019.
Respectfully,
Foyle Solether, Randall Fruth, Nathan Wilondek
BALANCE SHEET
INCOME STATISTICS
MINUTES OF THE 64th ANNUAL MEMBERSHIP MEETING
FINANCES 101: EDUCATING THE NEXT GENERATION OF MEMBERS
We want to help teens get their start on a 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. We reached 200 students from 8 different schools at Northwest State Community College in 2019! Thanks again to NSCC for hosting and to our amazing staff & volunteers who made it all happen.
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.
IMAGINE A DIFFERENT POSSIBILITY
This life we live has many stages. Each unique. Each important.
Maybe you’ve just begun your journey, with high school graduation on the horizon where a mountain of opportunity awaits. Perhaps you’re starting a family, with newness everywhere – new experiences, new faces, new places. And maybe, you’ve been lucky enough to watch all that newness grow & mature into a life well-lived, your nest empty but your heart full.
Whatever stage of life you find yourself in, we have the products and people that can help you make the most of it.
This life we live is full of possibility. Imagine a different possibility at Midwest Community.