A MESSAGE FROM OUR PRESIDENT AND CEO
I am proud to bring you the 2023 Capital Credit Union Annual Report and want to begin by thanking you, our members. Your trust and confidence in us drive us forward each day, and we are deeply grateful for the opportunity to serve you.
As we reflect on the past year, I am thrilled to share that Capital Credit Union’s total assets have grown to $755 million, and deposits have increased to $635 million. Our net income stands strong at $8.3 million, resulting in an overall net worth ratio of 12.79%. This positions us as exceptionally well-capitalized, ensuring we have the resources we need to continue to serve each of you.
In 2023, Capital Credit Union celebrated the completion of remodels at our 13th Avenue Branch in Fargo and Main Office in Bismarck. We also marked a strong first year for our insurance agency, Capital Insurance Services, and welcomed CFS Financial Advisor Keenan J. Retterath to our team. Whether it’s protecting your assets or growing your wealth, we are dedicated to delivering personalized guidance and expertise every step of the way.
Looking ahead, I am excited to share news of our upcoming merger with Flasher Community Credit Union, set to take place on April 1, 2024. This strategic partnership not only expands our family but also underscores the importance of growth through mergers, allowing us to better serve our members and communities. I am also pleased to announce that we will be implementing a new core system on June 1, 2024. This upgrade will pave the way for greater efficiencies and continued growth.
In conclusion, I am truly excited about the journey ahead and the countless opportunities that await us. Together, we will continue to uphold our mission, strengthen our communities, and empower you, our members, to achieve your financial goals. Thank you for your support; we look forward to continuing to serve you in 2024 and beyond.
Sincerely,
Jon Griffin President/CEO
Jon Griffin has been with Capital Credit Union for 13 years; he has been president and CEO since May 2023.
BOARD OF DIRECTORS
As a credit union, our board members are volunteers, not paid stockholders. This unique philosophy is what sets us apart from other financial institutions.
Our Values
Our
Mission
To be the trusted financial resource that puts members first.
Our
Vision
To be the best choice for financial services in our markets.
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Vision Integrity Caring Knowledge
From top left: Faye Miller, Chairman; Michael Gunsch, Vice Chairman; Shawn Deisz, Secretary; Kevin Schoenborn, Treasurer; Jay Buringrud, Lance Gaebe, Marnie Walth
Summary of 2023 Annual Meeting Minutes
The 87th Annual Meeting of Capital Credit Union was held via Zoom in Bismarck, North Dakota, on March 15, 2023.
Chairman Faye Miller called the meeting to order at 11:30 a.m. Secretary Shawn Deisz declared a quorum with 109 members present. Chairman Miller declared the minutes from the 86th Annual Meeting held on March 16, 2022, approved as displayed.
President Vance Reinbold gave a report on the state of the credit union.
Chairman Miller recognized Shawn Deisz, Marnie Walth and Ken Geiger for their years of service and dedication to the Board. Jay Buringrud, Nominating Committee Chair, reported on the election process. A single slate of candidates was announced with the Annual Meeting notice. Shawn Deisz and Marnie Walth were re-elected to serve three-year terms on the Board of Directors.
Chairman Miller gave a history on the Howard J. Snortland Scholarship and read a brief bio of the scholarship recipients.
Chairman Miller adjourned the 87th Annual Meeting at 11:52 a.m.
2023 ANNUAL REPORT
CAPITAL CREDIT UNION & SUBSIDIARY
Consolidated Balance Sheet as of December 31, 2023
of
ended
31, 2023
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Assets Loans, net of allowance for credit losses and deferred fees $ 571,194,646 Loans held-for-sale 2,163,519 Cash and cash equivalents 34,027,089 Investments 99,087,201 Other assets 49,309,404 Total Assets $ 755,781,859 Liabilities & Members’ Equity Liabilities Deposits $ 635,497,572 Payables and accrued liabilities 28,694,372 Total Liabilities 664,191,944 Members’ Equity 91,589,915 Total Liabilities & Members’ Equity $ 755,781,859
Statement
Operations for the year
December
Interest Income $ 30,617,242 Dividends and Interest Expense (6,761,312 Net Interest Income 23,855,930 Provision for Credit Losses (1,527,918 Net Interest Income After Provision for Credit Losses 22,328,012 Non-Interest Income 10,603,014 Net Interest and Non-Interest Income 32,931,026 Non-Interest Expense (24,634,475 Net Income $ 8,296,551 ) ) )
Consolidated
CONSUMER
Real help from real people.
The friendly members of Capital Credit Union’s Financial Services Team assist members with loan applications, deposit account information, online tools and all the other products and services that Capital Credit Union offers.
$78,756,455
Total Gross Loans in 2023
972
New Checking Accounts in 2023
1,404
New and Used Vehicle Loans in 2023
2023 ANNUAL REPORT
BUSINESS
With the right financing, your future looks bright.
Capital Credit Union’s Business Department helps keep companies on the road to success in a highly competitive business world, offering loans to expand facilities, buy new machinery, purchase real estate, add inventory and more.
$76,000,000
Total Gross Loans in 2023
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MORTGAGE
Loans that help buy houses. And help shape lives.
Our Mortgage Department offers a wide range of mortgages designed to fit all lifestyles and budgets. Mortgage loan officers take the time to learn about each personal situation and guide members to the loan that helps them comfortably achieve their homeownership dreams.
Families reached their homeownership dreams in 2023 244
8
INVESTMENTS
Planning for your future is easier than you think.
Investment climates and individual financial needs can change, so we encourage our members to periodically revisit their financial goals with an investment professional. That’s why we’re glad to have Keenan J. Retterath on our team. Keenan is registered through broker dealer and Registered Investment Adviser CUSO Financial Services, LP (CFS).
Keenan can help you build a personalized financial plan by reviewing priorities such as retirement plan rollovers, insurance, business retirement plans, retirement income strategies, tax efficient investments*, saving for college and more.
2023 ANNUAL REPORT
*For specific tax advice please consult a tax professional. Non-deposit investment products and services are offered through CUSO Financial Services, LP (“CUSO Financial”) (“CFS”) a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CUSO Financial: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CUSO Financial. The Credit Union has contracted with CUSO Financial for investment services. Atria Wealth Solutions, Inc. (“Atria”) is not a registered broker-dealer and/or Registered Investment Advisor. CUSO Financial is a subsidiary of Atria.
INSURANCE
Cover your assets, without spending an arm and a leg.
When it comes to insurance, most people know about the big three - auto, home and life. Living in North Dakota also requires specialized insurance options. Capital Insurance Services will help you find the right policies at affordable prices, so you get the peace of mind you deserve.
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Curt Hektner Agent
Jim Osmanski Agent
Justin Wanzek Agent
Kate Lorenz Agent
Mike Persons Agent
STEP FORWARD
Yes, we lend money. But we also lend a helping hand.
Capital Credit Union strives to be involved in and significantly contribute to our member communities of Bismarck, Mandan, Fargo, New Salem, Hazen and Beulah, ND. Our Step Forward Program helps facilitate employee involvement by rewarding employees for their efforts and participation at designated community events. The program allows employees at each branch the opportunity to take part in events that are beneficial to them and impact their area’s own members.
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Employee Volunteers in 2023 Hours Spent Volunteering in 2023 Events Across 6 Communities in 2023 80 984 90
DONATIONS
We are proud to support charitable organizations in the communities where our members work and live. We strive to have our donations support organizations that closely represent our membership and brand promise to focus on financial literacy and education.
99
Organizations Supported Through Donations in 2023
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2023 HIGHLIGHTS
In 2023, we remained dedicated to putting our members first. We were a trusted partner, dedicated leader, supportive resource, passionate mentor and a difference maker.
Helped more than 31,000 members grow
Our staff includes eight Certified Credit Union Financial Counselors who provide members assistance with debt management, credit score enhancement and budgeting
Enhanced our Classic Checking Account by increasing the interest rate and removing service charges
Began implementation of a new core system which will provide greater efficiencies and continued growth
Awarded $1,500 Howard J. Snortland Scholarships to ten students, and $1,000 Capital Credit Union AVID Scholar Awards to two students
Entered into a management agreement with Flasher Community Credit Union in Flasher, ND
Celebrated a successful first year of our insurance agency, Capital Insurance Services
Completed remodels at our 13th Ave Branch in Fargo and Main Office in Bismarck
Named Best Credit Union in the Bismarck Tribune’s Annual Best of the Best
Named a Favorite Financial/Investment Agency in the Bismarck Tribune’s Annual Best of the Best
Received the Dakota Credit Union Association’s Social Impact Award for our Step Forward Volunteer Program and the Desjardins Youth Financial Education Award for our partnership with the Girl Scouts Dakota Horizons Cookie University Program
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Capital Credit Union is proud to be a trusted financial resource for our members. We are guided by our values of vision, integrity, caring, knowledge and driven to help each and every member achieve their goals no matter how big or small.
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