Be Bold. Be Different. Think Pink.
2022 ANNUAL REPORT
Celebrating 95 Years
Insured by NCUA.
RICH HISTORY FOR A THRIVING FUTURE
In 1928 City & County Credit Union opened its doors for the first time with a simple mission – provide affordable financial services for City of Saint Paul and Ramsey County employees. Through changes in technology, the economy and member needs – we’re proud that above all else, that simple mission is what continues to drive our everyday decisions.
By honoring our rich history, but also embracing change, your credit union continues to evolve for innovation, for growth and to be a forward thinking organization that will always challenge the status quo of banking to bring you affordable financial solutions to empower you to do more with your money.
2015
Built a new branch location in Shoreview that set the foundation for a modernized branch design that was soon replicated in Woodbury & Eagan.
1928
City & County Credit Union was approved by the Commissioner of Banks of the State of Minnesota to open for business.
1998
The State of Minnesota accepted our official name change from City & County Employees Credit Union to City & County Credit Union.
2002
City & County Credit Union was approved to expand membership eligibility to a community charter to include Ramsey, Washington & Northern Dakota County.
2011
Launched the Mobile Banking App to give members access to their money from the palm of their hand.
2019
Collaboratively merged with Mill City Credit Union expanding service –including branch locations - across the west and east metro.
1968
The Downtown Saint Paul location was built as a standalone branch to best serve members.
2005
Opened a new branch location in Lake Elmo & Eagan to better serve members following our expansion to a community charter.
2023
City & County Credit Union celebrates 95 years of empowering members to do more with their money by doing what’s right every day.
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IT’S NOT WHO, BUT WHY.
Report of the Board Chair & President
$158,277
$158,277 –Total Cash Back Rewards Earned by CCCU Platinum Rewards Cardholders
After 95 years of serving members, our history isn’t what defines City & County Credit Union. Instead, it’s what continues to propel us forward. It’s what we use to set bigger & bolder goals that our credit union founders would have never imagined were possible. It’s also how we measure success to ensure that we are serving the member of both today and tomorrow.
Although our history is not the who of City & County Credit Union, it’s more than that. It’s our why. It’s the heart and soul of what we represent and what keeps us aligned with our founding principles.
In 1909 the credit union movement began with a simple idea – that people could achieve a better standard of living for themselves and their community by pooling resources. In 1928, City & County Credit Union brought that simple idea to the City of Saint Paul and Ramsey County employees.
Many years later, we’re now over 62,000 members strong, have branches in 13 different communities and can serve members in 13 different counties. But – our story doesn’t stop here. It’s only just the beginning.
In 2022, your credit union continued to propel forward by staying true to our why. We launched improvements & advancements to best serve you, our member-owner, including:
Your Voice. Your Credit Union.
To listen to the diverse voices and opinions of members, City & County launched a new Voice of the Member Survey program. The new survey program replaces postcards with an email delivery system that reached 6,973 members in 2022.
$1.20
$1.20 –Total Assets in Billions
$391,293
$391,293 –Total Cash Back Rewards Earned by CCCU Debit Cardholders
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Lou Bruno, Board Chair & Patrick Pierce, CEO/President
A Quicker & Safer Way to Pay
To make card payments seamless & safer to use, Contactless Cards were launched for both debit and credit cards. Now when shopping for everyday expenses, you can tap to pay and be on your way in a matter of seconds.
Modernized Mobile App
Life is busy – and we get it. To make managing money easier on the go, a mobile banking app update was launched including a simplified menu, enhanced account transfer dashboard and easier to navigate features.
Enhanced Digital Banking Security
To prevent and protect members from an online cyber-attack, Multi-Factor Authentication was integrated into the online banking login experience.
Video Drive-Up Experience
When you visit the drive-up at our Lake Elmo, Maplewood or Saint Paul branch, you’re now greeted with a video screen to personally connect with the team member assisting you with your transaction.
Embracing What Makes Us Different
At City & County Credit Union, we believe in cultivating an inclusive culture. We embrace and celebrate what makes our employees different. To provide team members with the opportunity for self-identity in the workplace, pronouns were added as an optional addition to email signatures.
Regardless the year or how long we’ve been in business – City & County Credit Union remains committed to being a better way to bank. We promise to think bold. To think out of the box. And to think pink to empower every member to achieve the life they envision for themselves.
$468
$468 –Saved in Yearly Fees by CCCU Households vs the National Average
149
149 –Total Team Members
3,181
3,181 –New Members Joined CCCU in 2022
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Lou Bruno, Chair Patrick J. Pierce, President/CEO
Torchlight Vulcan Victory Parade
Supervisory Report
TRUST GUIDED BY TRANSPARENCY
Supervisory Committee Members
At City & County Credit Union we believe in transparency. From straightforward rates to where we invest in the community, we’re an open book. This philosophy guides our everyday business practices and ensures that we are continuing to build connections that deepen trust and loyalty in us – your not-for-profit cooperative.
Acting as your representative, the Supervisory Committee puts transparency to action. The Committee ensures City & County Credit Union is both fiscally responsible and operating to the benefit of all our members. The Committee is also responsible for certifying that policies and procedures exist to protect our resources.
To help conduct a thorough examination of the Credit Union’s financial condition, we retained CliftonLarsonAllen LLP to audit the December 31, 2022 financial statements. The Supervisory Committee is pleased to report that City & County Credit Union continues to be a strong, financially sound cooperative.
As we embrace our ninety-fifth year of being open for business, know that transparency will remain a guiding force for your credit union in the future. Our policies and procedures will continue to reflect it and most importantly – it will inspire new & innovative ways to stay connected with you, our member-owner.
Board of Directors
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Joe Piepgras CHAIR
Tom Gergen
Christine Meyer
Lou Bruno CHAIR
Joe Mathews VICE CHAIR
Nicole Bates
Shannon Cunningham
Axel Henry Chad Kerlin
Hans Molenaar
Heidi Wolf
Annual Free Member Shred Event
Statements of Financial Condition
DECEMBER 31, 2022 AND 2021
Statements of Income
2022 2021
2022 2021 11 10 DECEMBER 31, 2022 AND 2021 Interest Income Loans receivable $24,485,357 $23,499,862 Securities and interest bearing deposits 8,058,784 4,640,712 Total interest income 32,544,141 28,140,574 Interest Expense Members Share and Savings Accounts 3,122,169 2,729,428 Borrowed Funds 588,641Total Interest Expense 3,710,810 2,729,428 Net interest income 28,833,331 25,411,146 Provision for Loan Losses 495,815 (1,723,912) Net interest income after provision for loan losses 28,337,516 27,135,058 Non-Interest Income Service charges and fees 2,768,831 2,610,077 Other noninterest income 3,729,802 8,043,169 Corporate capital credit union distribution 680,553 2,319,447 Gain on sale of investments, net (10,710) 73,063 Total non-interest income 7,168,476 13,045,756 Non-Interest Expense General and administrative: Employee compensation and benefits 13,697,772 14,191,860 Office occupancy and operations 7,059,274 7,627,070 Other operating expenses 9,350,335 9,172,240 Loss on Sale of Assets, Net 40,513 10,635 Total non-interest expense 30,147,894 31,001,805 Net Income $5,358,098 $9,179,009
Assets Cash and cash equivalents $83,565,445 $132,864,231 Deposits in other financial institutions 1,741,000 7,855,000 Securities - available for sale 356,805,708 379,681,122 Other Investments 28,847,410 27,112,295 Loans, net 666,908,029 552,098,977 Loans held for sale - 1,142,000 Accrued interest receivable 3,013,631 2,217,786 Premises and equipment, net 19,670,624 20,052,474 NCUSIF deposit 10,051,357 9,430,122 Other assets 36,970,597 36,613,966 Total Assets $1,207,573,801 $1,169,067,973 Liabilities & Members’ Equity Liabilities Members’ share and savings accounts $1,069,550,738 $1,044,623,103 Borrowed Funds 54,010,000Accrued expenses and other liabilities 11,717,084 10,282,179 Total Liabilities 1,135,277,822 1,054,905,282 Members’ Equity Regular reserves - 12,510,397 Undivided earnings 129,283,232 111,414,737 Accumulated other comprehensive gain/(loss) (56,987,253) (9,762,443) Total Members’ Equity 72,295,979 114,162,691 Total Liabilities and Members’ Equity $1,207,573,801 $1,169,067,973 Financial
2020 2021 2022 Total Members Equity MILLION MILLION MILLION 2020 2021 2022 Net Loans MILLION MILLION MILLION 2020 2021 2022 Total Assets BILLION $1.06 $1.16 $1.20 $114 $114 $72 $548 $552 $666 BILLION BILLION
Report
All Employee Volunteer Day –Impact Day 2022
STANDING BY YOUR SIDE SINCE 1928
Among the many differences that set City & County Credit Union apart from big banks, there is one that stands out among the rest – it’s that City & County Credit Union is local and proud of it. You won’t find us on the big screen at a national event or on a billboard in a community that we don’t call home.
Instead, you’ll find us at the local high school sponsoring the athletic team or arts program. You’ll find us volunteering at the food shelf that helps fight hunger in our neighborhoods. You’ll find us teaching free financial education classes at the local YMCA or community center. Regardless where you spot our Impact Team, know that it will always be right where we belong – in our community.
Since 1928 the credit union People Helping People Philosophy has inspired your credit union to take action and be a catalyst for change. It’s what sets our belief in being the boots on the ground support our community needs. 2022 was no different.
On Indigenous Peoples’ Day, we continued our annual Impact Day event dedicated to giving back to our community. 75 employees volunteered making an impact for 13 local community organizations including Feline Rescue and Gifts for Seniors.
Most notably, City & County Credit Union spent countless hours in classrooms teaching hands on financial education curriculum to students of all ages. Our financial education team empowered 57% more students in 2022 focusing on topics such as budgeting, credit scores & how to get a loan.
Executive Management Team
As we look ahead to the next 95 years and beyond, know that we promise to always stand by your side. We’ll be there in unprecedented times, times to celebrate and times when you simply need a helping hand.
Patrick Pierce PRESIDENT/CEO Tom Coulter EXECUTIVE VICE PRESIDENT OF OPERATIONS Danielle Arthur SENIOR VICE PRESIDENT OF COMPLIANCE & RISK MANAGEMENT Marc Kilgore SENIOR VICE PRESIDENT OF PROJECT MANAGEMENT & IMPROVEMENT Eric Mellenthin SENIOR VICE PRESIDENT OF INFORMATION TECHNOLOGY Robin Downing VICE PRESIDENT OF HUMAN RESOURCES Steven Galarneau VICE PRESIDENT OF INVESTMENTS Bailey Germain VICE PRESIDENT OF MARKETING Mardell Lutgen VICE PRESIDENT OF MEMBER EXPERIENCE Missy Settem VICE PRESIDENT OF ACCOUNTING & FINANCE
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Community Report
Students completed Money in the Classroom lessons Community members attended a CCCU financial empowerment workshop Volunteer hours spent giving back to community partners Reusable grocery totes were handmade for the Hallie Q. Brown Community Center Food Pantry Community organizations supported with volunteers & donations Toys were donated to Toys for Tots in scholarships were awarded to help members cut the cost of college 185 885 149 $2,000+ $10,000
5,069 89 Pounds of food was donated to local pantries
2,784
2022 IMPACT REPORT
CCCU.COM 8 TWIN CITIES LOCATIONS Brooklyn Park | Eagan | Lake Elmo Maplewood | Minnetonka | Saint Paul Shoreview | Woodbury GENERAL MILLS EXCLUSIVE LOCATIONS GMI World Headquarters | JFB Tech Center Cedar Rapids | Hannibal | Murfreesboro Services Contact Information Savings Checking Money Market Certificates IRAs Business Accounts Youth Accounts Financial Planning Health Savings Accounts SAVINGS & CHECKING Equal Housing Opportunity. Insured by NCUA. Auto & Recreational First Mortgages Home Equity Loans & Lines of Credit Credit Cards Private Student Loans Personal Loans LOANS Online Banking ATLIS by Phone Bill Pay eStatements Mobile Banking ATM/Debit Cards Direct Deposit Mobile Deposit Send Money CONVENIENT ACCESS PHONE (651) 225-2700 TOLL FREE (800) 223-2801
1. 3:00 p.m. call to order by the Chair
2. Proof of Notice of Annual Meeting to be incorporated into the minutes
3. Roll call and declaration of a quorum
4. Report of the Directors by the Chair
Member
&
9. Report
the Nominating
10. Results of election of Directors and
11. Awarding of door
12. Adjournment AGENDA
27TH, 2023 PLEASE NOTE: Roberts Rules of Order Revised shall govern the meeting unless inconsistent with the articles and bylaws of the Credit Union
5. Report of the President/Treasurer 6. Report of the Credit Manager 7. Report of the Supervisory Committee 8.
questions
comments
of
Committee
Committee Members
prizes
OF THE 95th Annual Membership Meeting APRIL
MINUTES OF THE 94th Annual Membership Meeting
APRIL 28TH, 2022
LOU BRUNO, BOARD CHAIR CALLED THE MEETING TO ORDER AT 3:00 P.M.
• Proof of Notice of this Annual Meeting was presented by Mr. Pierce, and incorporated into these minutes.
• A quorum was declared present in accordance with Article XII, Section 3, of the bylaws.
• Lou Bruno, Chair of the Board of Directors, presented the Report of the Directors.
• Patrick J. Pierce, President, presented the Report of the President.
• Thomas Coulter, Executive Vice President Operations, presented the Report of the Credit Manager.
• Joe Piepgras, Supervisory Committee Chair, presented the Report of the Supervisory Committee.
Mr. Pierce stated that we had many members submit questions online when registering for the meeting. All members have been contacted directly as we are not taking questions live during this virtual meeting. We did chose the following questions that to answer live now:
1. WHEN WILL THE LAKE ELMO BRANCH LOBBY RE‐OPEN?
Mr. Pierce stated that the credit union like many other businesses is experiencing staffing shortages which has impacted our current staff and locations. We are actively recruiting, hiring, and training new staff. In addition to the Lake Elmo lobby remaining closed we are planning for lobby and hours of operation changes at some of our other locations as well. We appreciate the memberships patience as we navigate through this.
2. WHAT HAVE YOU BUDGETED FOR CHARGE‐OFFS AND DELINQUENCY?
Mr. Pierce stated the credit union ended 2021 with negative Charge offs for the year, something I have never seen before. Delinquency and Charge offs are at record lows so far this year. The credit union remains financially stable.
3. WHEN ARE DEPOSIT RATES GOING TO INCREASE?
Mr. Pierce stated that we will see rates increase in the following week for both Savings and Checking accounts.
-Over-
THE CHAIR PRESENTED THE REPORT OF THE NOMINATING COMMITTEE.
Nominated for Three Year Terms:
Axel Henry – three-year term (2022)
Axel has served on the Board of Directors since February 2014.
Chad Kerlin – three-year term (2022)
Chad has served on the Board of Directors and continued to do so following the merger in 2019.
Lisa Hayes – three-year term (2022)
Lisa has served on the Board of Directors since August 2016.
Shannon Cunningham – three-year term (2022)
Shannon has served on the Board of Directors since August 2012.
CANDIDATE NOMINATED FOR THE SUPERVISORY COMMITTEE IS:
Joe Piepgrass – three-year term (2022)
Joe has served on the Supervisory Committee since 2011 and continued to do so following the merger in 2019.
THE CHAIR THEN ANNOUNCED THE ELECTION RESULTS:
“The following individuals were elected to the Board of Directors for three year term: Axel Henry, Chad Kerlin, Lisa Hayes and Shannon Cunningham. Joe Piepgrass was elected to the Supervisory Committee for a three year term.”
The President announced we will have door prizes. When you registered for the meeting you were entered into the drawing. If you are a winner, you will receive an email shortly with your prize information.
The Chair adjourned the 94th City & County Credit Union Annual Meeting at 3:30 p.m.
Lou Bruno, Chair Patrick J. Pierce, Secretary
