TOGETHER, WE'RE BETTER
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 67 years, the same philosophy that led to Midwest Community's origin 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.
As 2020 has shown us, life is not without its challenges. But with one another’s support, we’ll make it through adversity and challenging times. We appreciate your commitment to Midwest Community FCU, and we'll remain dedicated to supporting the members and communities we serve. Together, we’re making our communities better, all in the spirit of People Helping People.
"Friendly, courteous and very helpful! Doesn't matter what branch I walk into or drive thru, they treat me like family." —Kristine B., MCFCU Member
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 an institution people can trust. We continued to add to our membership base in 2020, building on the principle that the more people we have working together, the stronger we are. And while 2020 was a struggle in many ways, the trust our members put in us resulted in an 11.08% increase in Loans, 15.44% increase in Shares, and 14.54% (+$25.7M) growth in Assets over the previous year.
Through financial health programs, staff-inspired giving via our Employee Engagement Committee, and numerous community donations & sponsorships, we're also strengthening the health of our communities while building financial stability for our members.
"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
PRESIDENT & CHAIRMAN MESSAGE
2020 was a year for the record books. We started the year by preparing for one of the largest projects a credit union can take on, a core conversion. Our core system is the backbone of everything we do. The advances in technology made us realize that the system we currently had in place was not going to allow us to offer the best solutions available to serve our members. After a multi-year search, the decision was made to make the switch and we were ramping up our efforts to start the 18-month project.
As we got started on this undertaking, we were hit with a large curveball, a global pandemic. This brought on changes and requirements that no one ever expected. Suddenly we were discussing quarantines, lobby closures, social distancing, working from home, mandatory mask wearing, and barriers between our staff and members. The information available for making decisions was changing on a daily basis, but our staff adapted, and we worked through them so we could continue to provide the best possible service and member experience. We utilized the technology available to us to route calls to staff at different locations, and along with our digital channels, such as DocuSign, MC Online, and MC Mobile, we were able to bring our financial services to our members wherever they were.
While the pandemic is still ongoing, we continue to adapt and move forward. We are also still progressing through our core conversion and will have some great new capabilities coming in June of 2021. Throughout all this uncertainty, Midwest Community's focus remained on the financial health of the members of our communities and on the credit union philosophy of People Helping People. We were able to donate over $27,000 to organizations in our communities through community sponsorships and staff donations. We were also able to reach 384 students though the Finances 101 Program, even though it was moved to a virtual event.
Midwest Community also experienced tremendous growth in 2020. Assets grew by 14.54%, shares grew by 15.44%, and loans grew by 11.08%. Despite the many challenges we faced, Midwest Community maintained a "Best in Class" Net Promoter Score of 76.75%.
We know 2020 was difficult for everyone, and we are truly thankful for the loyalty, support, and patience our members showed as we adjusted to those challenges. We look forward to getting back to a more normal way of life and the continued opportunity to serve you by providing the services necessary for you to achieve your 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, 2020.
Respectfully,
Foyle Solether, Randall Fruth, Nathan Wilondek
BALANCE SHEET
INCOME STATISTICS
MINUTES OF THE 65th ANNUAL MEMBERSHIP MEETING
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. With the pandemic making it difficult to pull off a large event in person, we were able to offer a virtual event through BGSU's course management system, Canvas. We received overwhelming interest in the course and had to limit registrations due to the time commitment of building each course, collecting class rosters, and registering students & teachers. In all, 384 students took part in the virtual course.
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 76.75% NPS from our members. We’re honored that so many of our members would recommend Midwest Community to others in their lives. Thank you!
MEMBER TESTIMONIALS
"I've banked with Midwest Community FCU since I was 16 when my mother and I opened my first savings account. Every time I've been in a pickle your staff has done everything in their power to help me and on the rare occasion I have an issue, it's always been made top priority and fixed in a timely manner." —Brittany M., MCFCU Member
"Very friendly service and competent staff. They know how to help you get whatever you need done, done! And right the 1st time!" —Tamela T., MCFCU Member
"Midwest makes it very easy for me to do my banking both in person when I am in town, or on the go via the mobile app. The previous institution I banked with did not offer near the accessibility that Midwest does." —Nathaniel H., MCFCU Member