EMPOWERING YOU TO DO MORE. By doing whatâ€™s right every day. 201 8 AN N UAL R EPORT
Federally Insured by NCUA.
OUR STORY BEGINS WITH YOU. No matter where you are. No matter how you connect with us. As your not-for-profit financial cooperative, you come first. Why? Because City & County is your Credit Union.
$264 SAVED IN YEARLY FEES BY CCCU HOUSEHOLDS VS THE NATIONAL AVERAGE
$116,235 TOTAL CASHBACK REWARDS EARNED BY CCCU PLATINUM REWARDS CARDHOLDERS
Raddon Financial Group. See Mastercard Credit Card Terms & Conditions for complete details.
$126,268 TOTAL CASHBACK REWARDS EARNED BY CCCU DEBIT CARDHOLDERS
3,480 STUDENT & COMMUNITY MEMBERS ATTENDED A FINANCIAL EDUCATION CLASS TAUGHT BY CCCU
REPORT OF THE
BOARD CHAIR & PRESIDENT City & County Credit Union was founded by people who believed in providing affordable financial solutions. More than 90 years later, we do something few still do, deeply care about the people who make up our membership. We take an interest in your financial success. We want to know your name and share genuine solutions to help you reach your financial goals. We have compassion when you are facing challenges. And we are determined to make sure you feel what any member of a credit union should feel: that we are YOUR credit union. By listening to you, we continue to evolve the Credit Union experience, which is evident by the impressive accomplishments in 2018 that are highlighted within this report and below. • Even stronger member loyalty with assets reaching a new high of $548 million and over 2,000 new members. • Opened the doors to a new and improved Eagan location with a revolutionary member-focused retail design. • Introduced a Lockable Home Equity Line of Credit (HELOC). This unique new product begins as a variable rate line of credit, but has the ability to split-off into as many as 3 fixed-rate loans. You get the convenience of a HELOC, with the security of a fixed rate.
$548 TOTAL ASSETS IN MILLIONS
• Partnered with Excess Share Insurance Corporation (ESI), a licensed property and casualty insurance company, to provide an additional $250,000 of savings coverage to qualifying accounts – in addition to the NCUA coverage of $250,000. This supplemental share insurance is provided at no additional cost to our members. As a result of the combination of these coverages, savings deposits in City & County Credit Union are now covered up to $500,000 as of January 1, 2019. • Announced the collaborative merger with Mill City Credit Union and are currently working towards combining our long-standing successful credit unions into one organization – City & County Credit Union. As a result, you will have access to an even wider array of fee-free ATMs, continued accessibility to Credit Union Shared Branching with over 5,000 locations nationwide and enhancements to online service including Live Chat expected Spring 2019. By June 1, 2019 all members of City & County will have access to new branch locations in Brooklyn Park and Minnetonka. Although all City & County locations will remain branded City & County Credit Union; to best represent the truly collaborative nature of this merger, all Mill City branches became Mill City a Division of City & County Credit Union on January 1, 2019. Adopting this co-brand for the Mill City locations unifies us and demonstrates that we are stronger together.
Moving forward, our focus remains on you. We’re member owned. We’re local. We return our profits to the benefit of our members. And even during a time of great change, know that we are doing everything in our power to deliver the credit union experience that you want, and more importantly, deserve.
2,350 NEW MEMBERS JOINED CCCU IN 2018
SUPERVISORY COMMITTEE MEMBERS
REPORT OF THE
SUPERVISORY COMMITTEE At City & County Credit Union, we are dedicated to having authentic and transparent relationships with our member-owners. We believe in putting people before profit and continually strive to build
Marion Holly CHAIR
Tom Gergen Christine Meyer Joe Piepgras Karen Saltis
BOARD OF DIRECTORS Lou Bruno CHAIR
connections that honor our top priority â€“ ensuring your trust and
commitment to your not-for-profit financial cooperative.
Nicole Bates Shannon Cunningham Rebekah Ferguson Lisa Hayes Axel Henry Heidi Holste Chad Kerlin Hans Molenaar Heidi Wolf
Acting as your representative, the Supervisory Committee works to ensure that City & County Credit Union is both fiscally responsible and operating to the benefit of all our members. The Committee is also responsible for ensuring policies and procedures exist to protect City & County Credit Union resources. To help conduct a thorough examination of the Credit Unionâ€™s financial condition, we retained CliftonLarsonAllen LLP to audit the December 31, 2018 financial statements. The Supervisory Committee is pleased to report that City & County Credit Union continues to be a strong, financially sound cooperative. As always, with the cooperative mindset at the forefront, we will continue to pursue practices that deliver relationship-focused member service, exceptional value and the innovative spirit you have come to expect from your financial cooperative.
STATEMENTS STATEMENTS OF FINANCIAL CONDITION
$30,552,218 29,065,000 134,633,920 12,641,358 308,327,153 186,000 1,736,032 18,949,811 4,615,447 7,744,346
$25,601,844 26,485,000 149,263,991 11,258,988 276,455,797 790,335 1,606,031 17,173,327 4,358,680 7,373,120
$476,291,889 10,400,000 8,192,638 494,884,527
$460,219,353 9,135,413 469,354,766
Members’ Equity Regular reserves Undivided earnings Accumulated other comprehensive loss Total Members’ Equity
12,510,397 45,266,265 (4,209,904) 53,566,758
12,510,397 42,065,017 (3,563,067) 51,012,347
Total Liabilities and Members’ Equity
DECEMBER 31, 2018 AND 2017 Assets Cash and cash equivalents Deposits in other financial institutions Securities - available for sale Other Investments Loans, net Loans held for sale Accrued interest receivable Premises and equipment, net NCUSIF deposit Other assets Total Assets Liabilities & Members’ Equity Liabilities Members’ share and savings accounts Borrowed Funds Accrued expenses and other liabilities Total Liabilities
TOTAL MEMBERS EQUITY
STATEMENTS OF INCOME
$13,845,141 3,546,850 17,391,991
$12,635,571 2,831,195 15,466,766
Net interest income
Provision for Loan Losses
Non-Interest Income Service charges and fees Other noninterest income Gain on sale of investments, net Gain on sale of assets, net Total non-interest income
2,198,055 4,988,330 55,700 (16,171) 7,225,914
2,173,102 3,928,646 167,749 61,554 6,331,051
Non-Interest Expense General and administrative: Employee compensation and benefits Office occupancy and operations Other operating expenses Total non-interest expense
8,282,771 5,377,045 5,355,781 19,015,597
7,986,158 5,151,465 4,401,374 17,538,997
DECEMBER 31, 2018 AND 2017 Interest Income Loans receivable Securities and interest bearing deposits Total interest income Interest Expense
Net interest income after provision for loan losses
2018 IMPACT REPORT 3,179
Students completed Financial Education curriculum taught by CCCU
Community members attended a financial education workshop hosted by CCCU
Pounds of food was collected to help fight hunger in our community
Was given to Gillette Childrenâ€™s Hospital to help children with disabilities & complex conditions
Was donated to Special Olympics MN & 9 team members took the plunge
Volunteer hours were given by CCCU employees to a host of organizations
EXECUTIVE MANAGEMENT TEAM
PURPOSE OVER PROFITS
Patrick Pierce PRESIDENT/CEO
SENIOR VICE PRESIDENT OF EAST OPERATIONS
At City & County Credit Union, we’re a different way to bank – and proud of it. We run our business differently than our big bank counterparts and couldn’t be more proud to be a not-for-profit financial cooperative.
SENIOR VICE PRESIDENT OF INFORMATION TECHNOLOGY
SENIOR VICE PRESIDENT OF WEST OPERATIONS
Danielle Arthur Our goals and decision making put purpose over profit and most
VICE PRESIDENT OF COMPLIANCE & RISK MANAGEMENT
importantly - we’re still driven by the ‘People Helping People’
philosophy that first opened our doors in 1928.
VICE PRESIDENT OF ELECTRONIC SERVICES
What does a different way to bank look like?
It’s spending time building relationships with our neighbors by
volunteering at a local pet rescue. It’s inspiring our community to reach their biggest and smallest financial goals by hosting a free Budgeting Workshop at the library. It’s sponsoring events like
VICE PRESIDENT OF HUMAN RESOURCES
VICE PRESIDENT OF FINANCE
VICE PRESIDENT OF MEMBER EXPERIENCE EAST
Snow Park at the Fair to provide free, family events in our community.
Above all – it’s empowering the community that has given us the
opportunity to serve and giveback for the past 91 years.
VICE PRESIDENT OF INFORMATION TECHNOLOGY
VICE PRESIDENT OF MEMBER EXPERIENCE WEST
Shirley Neukom VICE PRESIDENT OF SPECIAL PROJECTS
Megan Primeau VICE PRESIDENT OF MARKETING
SERVICES SAVINGS & CHECKING Savings Checking Money Market Certificates IRAs
Business Accounts Youth Accounts Financial Planning Health Savings Accounts
LOANS Cabin Loans Credit Cards Private Student Loans
Auto & Recreational First Mortgages Home Equity Loans & Lines of Credit
CONVENIENT ACCESS Online Banking ATLIS by Phone Bill Pay eStatements Mobile Banking
ATM/Debit Cards Direct Deposit Mobile Deposit Send Money
Equal Housing Lender and Deposits Federally Insured by NCUA.
C O N TAC T I N F O R M AT I O N PHONE
144 11th Street East St. Paul, MN 55101
1001 Red Fox Road Shoreview, MN 55126
1661 Cope Avenue East Maplewood, MN 55109
4008 Radio Drive Woodbury, MN 55129
CO-OP SHARED BRANCHING
1523 Central Parkway Eagan, MN 55121
LAKE ELMO 8500 Hudson Blvd N. Lake Elmo, MN 55042
Access to over 5,000 locations nationwide co-opsharedbranch.org
City & County Credit Union's 2018 Annual Report