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Annual Report 2021 Midwest Community Federal Credit Union

TO OUR MEMBERS

2021 was a year of great change for Midwest Community. For the first half of the year, we were consumed with finalizing the preparations for our core conversion. On June 28, we successfully went live on the new data processing system and digital banking system. There were some hiccups, but working together with our staff and members, we were able to resolve them. This was the culmination of a project that was started in 2018. The new system gives us the platform we need to be able to offer new products and services that are being requested and, in some cases expected, by our members. We know the conversion caused a disruption to all of you, and we greatly appreciate the patience and understanding you expressed as we worked through this change.

Also in the first half of the year, we completed a merger with General Portland Peninsular Employee Federal Credit Union which was based in Paulding. GPPE was a small credit union that wanted their members to have access to services that they weren't able to offer on their own. The merger was completed in March and we welcomed 87 new members to the Midwest Community family.

Throughout the year, we were still challenged by the ongoing global pandemic. We continued to adapt to new situations and restrictions to be able to provide the best possible service to our members. We continued to utilize electronic channels to meet the needs of members and began to find our "new normal." Although we have seen an increase in branch traffic since the beginning of the pandemic, many members have found the ongoing convenience of the digital banking channels, leading to increased usage.

Looking forward, we are pleased to announce a change that will benefit our membership in the Williams County area. In December we were able to acquire a new building that will allow us to offer a full service branch, complete with a drive thru and night deposit. We are working on the plans for the space now and hope to release a target opening date soon.

With all the challenges and changes we were presented in 2021, we still had a great year of growth. We increased our assets by 11.22% and had share growth of 12.37%. We were also able to increase our loan portfolio by 14.38%. One of the most important statistics is that we ended the year with a Net Promoter Score of 77.45%. 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

"Have never interacted with an unfriendly employee the whole time I have banked with MCFCU." —Stephanie G., MCFCU Member

BUILDING BRIGHTER TOMORROWS

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, 2021.

Respectfully,

Foyle Solether, Randall Fruth, Nathan Wilondek

BALANCE SHEET

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 offered two events in 2021, a virtual version in the Spring, and an in-person version in the Fall. In all, 670 students took part in the program.

Scenes from the 2019 Finances 101 event at Northwest State Community College

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.

This year, we earned a 76.17% 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 66th ANNUAL MEMBERSHIP MEETING

MEMBER TESTIMONIALS

"Friendly, knowledgeable tellers. Always a pleasant experience when I go in person, over the phone, and during a drive-through visit." —Gloria A., MCFCU Member
"Friendly customer service and easy and convenient services offered. From tellers to the loan department, always very helpful and courteous." —K.B., MCFCU Member
"The customer service is wonderful. They don't rush you out of the door and make sure to answer or help you in any way they can." —H.B., MCFCU Member