A MESSAGE FROM OUR PRESIDENT AND CEO
I am honored to present you the 2024 Capital Credit Union Annual Report. I want to begin by expressing my gratitude to you, our members. Your trust and confidence in us inspire us each day, and we truly appreciate 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 $815 million, and deposits have increased to $694 million. Our net income stands strong at $6 million, resulting in an overall net worth ratio of over 12%. This positions us as well-capitalized, ensuring we have the resources we need to continue to serve each of you.
2024 has been a milestone year for Capital Credit Union, marked by significant accomplishments which strengthen our foundation and enhance the services we provide. One of the most notable achievements was our successful merger with Flasher Community Credit Union. This merger represents a shared commitment to growth and financial strength, allowing us to expand our reach while maintaining the same member-first approach that defines who we are. Another major milestone was the completion of our core system conversion – a transformational step forward in modernizing our technology and improving the member experience. I want to extend my deepest gratitude to you, our members, for your patience and understanding throughout the transition.
Looking ahead, I am excited to announce our purchase of a new branch in Fargo, located at 3137 32nd Ave. S. The branch, which will be called Fargo Central, is set to open in late 2025 or early 2026. I am also pleased to announce we will soon be upgrading our mobile app. This upgrade aligns with our commitment to upgrading our technology to ensure you have access to the tools and resources you need to navigate your financial journey with confidence.
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 2025 and beyond.
Sincerely,
Jon Griffin President/CEO
Jon Griffin has been with Capital Credit Union for 14 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.
To be the trusted financial resource that puts members first. Our Mission
To be the best choice for financial services in our markets. Our Vision
From top left: Faye Miller, Chairman; Michael Gunsch, Vice Chairman; Shawn Deisz, Secretary; Kevin Schoenborn, Treasurer; Jay Buringrud, Lance Gaebe, Marnie Walth
Summary of 2024 Annual Meeting Minutes
The 88th Annual Meeting of Capital Credit Union was held via Zoom in Bismarck, North Dakota on March 13, 2024. Chairman Faye Miller called the meeting to order at 11:31 a.m. Secretary Shawn Deisz declared a quorum with 124 members present.
Chairman Miller declared the minutes from the 87th Annual Meeting held on March 15, 2023 and Special Membership Meeting held on February 15, 2024, approved as displayed. President Jon Griffin gave a report on the state of the credit union.
Jay Buringrud, nominating committee chairman, recognized Michael Gunsch, Faye Miller and Kevin Schoenborn 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. Michael Gunsch, Faye Miller and Kevin Schoenborn were reelected 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 88th Annual Meeting at 11:47 a.m.
CAPITAL CREDIT UNION & SUBSIDIARY
Consolidated Balance Sheet as of December 31, 2024
Consolidated Statement of Operations for the year ended December 31, 2024
54,373,332
$ 815,292,299
(2,085,194
$ 6,070,190 ) ) )
CONSUMER
Real help from real people.
The friendly members of Capital Credit Union’s Consumer Lending Team assist members with loan applications, deposit account information, online tools and all the other products and services that Capital Credit Union offers.
$71,763,798
Gross Consumer Loans in 2024
1,713
New Checking Accounts in 2024
1,108
New and Used Vehicle Loans in 2024
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.
$147,728,241
Total Gross Loans in 2024
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 2024 238
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 Financial Advisor Keenan J. Retterath with Osaic Institutions on our team.
Keenan can help you build a personalized financial plan by reviewing priorities such as retirement plan options, insurance, business retirement plans, retirement income strategies, tax efficient investments*, saving for college and more.
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.
Kate Lorenz Agent
Madison Becker Agent
Mike Persons Managing Agent
Justin Wanzek 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, Hazen, New Salem and Flasher, 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.
96
Employee Volunteers in 2024
1,000+
Hours Spent Volunteering in 2024
116
Events Across Our Member Communities in 2024
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.
Organizations Supported Through Donations in 2024
2024 HIGHLIGHTS
In 2024, 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 32,000 members grow
Collectively spent more than 1,000 hours giving back to the communities we love through volunteerism
Awarded $1,500 Howard J. Snortland Scholarships to ten students, and $1,000 Capital Credit Union AVID Scholar Awards to two students
Completed a successful merger with Flasher Community Credit Union in Flasher, ND
Surpassed $815 million in total assets
Invested more than $116,000 into our member communities through donations and sponsorships
Implemented a new core system which provides improved member experience and continued growth
Expanded our branch footprint in Fargo with the purchase of a new branch on 32nd Ave. S.
Named Best Credit Union in the Bismarck Tribune’s Annual Best of the Best
Named Favorite Mortgage Brokerage/Lender 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 a Diamond Award from the Credit Union National Association, two awards from the Marketing Association of Credit Unions and one award from the Dakota Credit Union Association
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.
Bismarck and Mandan Locations
Main Office
204 W. Thayer Ave.
North Branch (Family Fare) 3101 N. 11th St.
Northwest Branch 1550 Burnt Boat Dr.
Sunrise Branch (Family Fare) 3103 Yorktown Dr.
South Branch (Family Fare) 835 S. Washington St.
Mandan