96th Annual Virtual Meeting Materials

IT ’ S N OT J U ST A CO LO R .

IT ’ S A WAY O F DO I N G B U S I N E S S .

Think Pink.

2023 ANNUAL REPORT

Banking Built for You While others follow rigid norms & rules – City & County Credit Union breaks the traditional mold, tailoring financial solutions to fit your unique needs and aspirations.

We Call This Thinking Pink.

Think pink is a philosophy of authenticity, empathy and our commitment to empowering you to do more with your money to help you unlock your full financial potential.

In 2023, we put this philosophy to action. We ditched the one size fits all approach & celebrated the unique financial journey of each & every one of you – our member-owners.

So let’s think pink, together. Let’s continue to be loud when others are silent, let’s be bold when others blend in and let’s be the not-for-profit financial institution that is relentless in creating a brighter future.

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T

Think Pink.

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REPORT OF THE BOARD CHAIR & PRESIDENT

Why blend in, when you can stand out?

“ Although the process of the loan was important, what made a great difference was the empathy, kindness, authentic care, and understanding of the emotional situation. It is humanity that makes a tremendous difference when we are most vulnerable.”

Think pink isn’t just a catch phrase. It’s a way of life and it’s a way of doing business. In 2023, City & County Credit Union looked deep into our roots

Adrian G.

MEMBER SINCE 2006

to identify the differences that set us apart and is often only visible by our actions, but hard to put into words.

And like all of our efforts – we knew exactly where to begin. With you, our

“ City & County has been a trusted financial for me

member-owner. We asked – how has City & County Credit Union empowered

for over the last 15 years. The support, services

you to do more? These answers pointed us in the right direction.

and encouragement on how to best manage

Think Pink.

Think Pink.

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my finances as well as how to prepare and think about my future has allowed me to make financial decisions that are not only beneficial for my future, but to also enjoy my life comfortably.”

Kristin M.

MEMBER SINCE 2000

“ City & County Credit Union has been my financial anchor, transforming my life in ways I never imagined. With their personalized financial guidance, I was able to consolidate my debts into a manageable repayment plan. The credit union not only provided lower interest rates but also offered financial literacy resources that empowered me to make smarter money decisions.”

Maxwell H.

MEMBER SINCE 2005

$165,229

Total Cash Back Rewards Earned by CCCU Platinum Rewards Cardholders

$1.23

Total Assets in Billions

$196,724

Total Cash Back Rewards Earned by CCCU Debit Cardholders

These stories represent who we are, what we are & why we exist. It’s why we continue to break banking stereotypes and rewrite the rules. It’s why instead of

$468

choosing a traditional color, we are proud to light up our branches pink to stand out instead of blending in.

Saved in Yearly Fees

by CCCU Households vs the National Average

So although it might sound simple, Think Pink is City & County Credit Union. It means we’re authentic, passionate, purpose driven and most importantly – empowered by the goals & financial dreams of our member-owners.

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So here’s to thinking pink in 2024 & in every year after.

Total Team Members

We are proud to pave the way with you by our side and know that without you – there would be no City & County Credit Union.

3,473 Lou Bruno, Chair

New Members Joined CCCU in 2023

Patrick J. Pierce, President/CEO

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2023 Innovations & Accomplishments We’ve Made it Official In June, we united all City & County community branches under the City & County Credit Union name and brand. Brooklyn Park & Minnetonka received a complete and refreshed brand update bringing pink to all 8 community locations.

Financial Education App To empower parents to teach their children about smart money habits, City & County Credit Union partnered with My First Nest Egg – a chore allowance & education app.

To date, over 250 youth members are actively learning positive money habits with our free, sponsored app!

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Enhanced & Refreshed Website CCCU.COM received a redesign to simplify the online experience. Our new website features a simplified menu, faster site load speed times, an interactive event calendar and a new darker pink for color accessibility.

Community Giveback Between spending time at the local food pantry to making fleece tie blankets for our partners at Gillette Children’s Hospital, City & County employees spent 1,536 hours giving back to our community.

Improved Credit Score Tool To give members access to resources to feel empowered about their credit score, SavvyMoney was launched within mobile & online banking.

With this new tool, you can access your credit score, full report, credit monitoring & education.

Simplified Online Account Opening Life moves you in multiple directions – which means members aren’t always near a branch. To enhance our online experience, City & County launched a new online account opening tool for both new members joining CCCU & for existing members wanting to open new accounts.

In 2023, 726 accounts were opened entirely online.

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SU PE RVISORY RE PORT

Building Trust with Transparency

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Supervisory Committee Members

Among the many differences that separates City & County Credit Union apart from our big bank counterparts, there is one that stands out among the rest. It’s that we are proudly owned by you - the people who have accounts with us. We treat every member as if their name is on the CEO’s door and ensure we are transparent in everything we do to increase your loyalty in your member-owned financial institution.

Joe Piepgras CHAIR

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

Tom Gergen

the benefit of all our members. The Committee is also responsible for certifying that policies

Christine Meyer

and procedures exist to protect our resources.

Board of Directors Lou Bruno CHAIR

Joe Mathews VICE CHAIR

Nicole Bates Shannon Cunningham Axel Henry Chad Kerlin

To help conduct a thorough examination of the Credit Union’s financial condition, we retained

Hans Molenaar

CliftonLarsonAllen LLP to audit the December 31, 2023 financial statements. The Supervisory

Heidi Wolf

Committee is pleased to report that City & County Credit Union continues to be a strong, financially sound cooperative.

Know that breaking down traditional molds of hidden fees, rates and financials is something City & County Credit Union has – and will always be – committed to. Increasing your loyalty and trust in your financial institution is always top of mind and will be a guiding force as we enter not just our ninety-sixth year of business, but every year after.

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Financial REPORT

Statements of Financial Condition DECEMBER 31, 2023 AND 2022 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 Goodwill Other assets Total Assets

2023

2022

$96,039,850 496,000 309,699,906 29,049,451 726,605,175 1,089,000 3,444,293 19,298,604 9,920,982 15,281,747 22,912,944

$83,565,445 1,741,000 356,805,708 28,847,410 666,908,029 3,013,631 19,670,624 10,051,357 15,281,747 21,688,850

$1,233,837,952

$1,207,573,801

$1,034,557,583 101,000,000 12,815,993 1,148,373,576

$1,069,550,738 54,010,000 11,717,084 1,135,277,822

135,519,693 (50,055,317) 85,464,376

129,283,232 (56,987,253) 72,295,979

$1,233,837,952

$1,207,573,801

Liabilities & Members’ Equity Liabilities Members’ share and savings accounts Borrowed Funds Accrued expenses and other liabilities Total Liabilities Members’ Equity Undivided earnings Accumulated other comprehensive gain/(loss) Total Members’ Equity Total Liabilities and Members’ Equity

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$1.16

$1.20

$1.23 BILLION

MILLION

MILLION

MILLION

$85

$552

$666

$726

2021

2022

2023

2021

2022

2023

2021

2022

2023

BILLION

BILLION

Total Assets

$114

$72

MILLION

Total Members Equity

MILLION

MILLION

Net Loans

Statements of Income DECEMBER 31, 2023 AND 2022 Interest Income Loans receivable Securities and interest bearing deposits Total interest income

2023

2022

$32,902,272 11,810,323 44,712,595

$24,485,357 8,058,784 32,544,141

Interest Expense Members Share and Savings Accounts Borrowed Funds Total Interest Expense

8,013,649 3,574,941 11,588,590

3,122,169 588,641 3,710,810

Net interest income

33,124,005

28,833,331

Provision for Credit Losses

1,341,373

495,815

31,782,632

28,337,516

Non-Interest Income Service charges and fees Other noninterest income Corporate capital credit union distribution Gain on Sale of Visa Stock Total non-interest income

3,020,258 4,388,562 374,453 2,657,412 10,440,685

2,768,831 3,729,802 680,553 000000007,179,186

Non-Interest Expense General and administrative: Employee compensation and benefits Office occupancy and operations Other operating expenses Loss on Sale of Investments, Net Loss on Sale of CUSO Investment Loss on Sale of Assets, Net Total non-interest expense

15,750,039 7,455,093 10,233,873 460,784 1,280,072 68,850 35,248,711

13,697,772 7,059,274 9,350,335 10,710 40,513 30,158,604

$6,974,606

$5,358,098

Net interest income after provision for credit losses

Net Income

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COMMUNIT Y REPORT

The Power of Pink Embracing pink is more than just embracing a color.

It’s embracing the strength of our communities & inspiring each other to create brighter futures. As individuals we shine bright, but together we have the power to ignite positive change!

In 2023, City & County Credit Union joined forces to impact 117 community organizations through donations & initiatives, volunteered 636 hours and served multiple communities at our 9th annual all employee volunteer day & awarded $10,000 in college scholarships to deserving students!

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Think Pink

Executive Management Team Patrick Pierce PRESIDENT/CEO

Tom Coulter EXECUTIVE VICE PRESIDENT OF OPERATIONS

Danielle Arthur SENIOR VICE PRESIDENT OF COMPLIANCE & RISK MANAGEMENT

Marc Kilgore

k.

SENIOR VICE PRESIDENT OF PROJECT MANAGEMENT

Staying true to our mission – empowering you to do more – we also

& IMPROVEMENT

invested back into our communities by empowering students of all ages

Eric Mellenthin

through financial education workshops and curriculum. We took our love

SENIOR VICE PRESIDENT OF

of education one step further by partnering with My First Nest Egg to bring

INFORMATION TECHNOLOGY

financial education to our youngest members through a free mobile app.

Robin Downing VICE PRESIDENT OF

And most importantly – to give back to those who have accounts with us,

HUMAN RESOURCES

we celebrated our first annual Member Appreciation Month with exclusive

Bailey Germain

promotions and giveaways. Putting the power of pink to work, we partnered

VICE PRESIDENT OF

with Love Your Melon during this month to fight pediatric brain cancer.

MARKETING

Members across all 13 branch locations showed up to ignite positive change

Mardell Lutgen

together and purchased hats. Together, we donated nearly $5,000 to the

VICE PRESIDENT OF

Pinky Swear Foundation and M Health Fairview.

MEMBER EXPERIENCE

Missy Settem

At City & County Credit Union, we’re not just a credit union - we’re a catalyst

VICE PRESIDENT OF

for change and your biggest advocate. And as a member, you get to be

ACCOUNTING & FINANCE

a part of something bigger. Through community involvement, financial empowerment & education opportunities - together, we have the power to create a brighter future. Thank you for being our partner in change year after year.

City & County is the Proud Credit Union of the Saint Paul Vulcans 13

2023 Impact Report

Food Drives

Financial Education We believe it’s never too early to start learning about money. In 2023, 1,796 students received in-person financial education lessons focused on topics ranging from budgeting, credit scores and how to get a loan. 1,700 students completed financial education digital curriculum sponsored by City & County.

Charitable Giving During Member Appreciation Month, 230 Love Your Melon hats

In partnership with our members during our annual Shred Day events, City & County proudly donated over 5,000 pounds of food to local pantries giving back to our communities we serve.

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were purchased by members and staff. All proceeds were donated to the Pinky Swear Foundation and M Health Fairview to fight pediatric cancer.

Scholarships Impact Day

To help members attending college, City & County awarded $10,000 in college scholarships to 10 deserving members. Members who received the award were

In 2023, City & County Credit

working towards a variety of

Union hosted its 9th annual

degrees including marketing,

all employee volunteer day.

medical & technology.

Together, employees volunteered a total of 636 hours, impacted 12 organizations and served multiple communities.

Community Giveback In total, 117 community organizations and initiatives such as the Pinky Swear Foundation, CU4Kids and White Bear Lake Area Food Shelf were supported with nearly $100,000 in donations.

Services SAVINGS & CHECKING Savings Checking Money Market Certificates IRAs

Business Accounts Youth Accounts Financial Planning Health Savings Accounts

LOANS Auto & Recreational First Mortgages Home Equity Loans & Lines of Credit

Credit Cards Private Student Loans Personal Loans

CONVENIENT ACCESS Online Banking ATLIS by Phone Bill Pay eStatements Mobile Banking

ATM/Debit Cards Direct Deposit Mobile Deposit Send Money

Equal Housing Opportunity. Insured by NCUA.

Contact Information CCCU.COM PHONE

TOLL FREE

(651) 225-2700

(800) 223-2801

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

AGENDA OF THE

96th Annual Membership Meeting APRIL 25TH, 2024

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

5.

Report of the President/Treasurer

6.

Report

of the Credit Manager

7.

Report of the Supervisory Committee

8.

Member questions & comments

9.

Report of the Nominating Committee

10.

Results of election of Directors and Committee Members

11.

Awarding

of door prizes

12.

Adjournment

PLEASE NOTE:

Roberts Rules of Order Revised shall govern the meeting unless inconsistent with the articles and bylaws of the Credit Union

MINUTES OF THE

95th Annual Membership Meeting APRIL 27, 2023

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. WHAT ARE SOME NEW INVESTMENT OPTIONS OR BENEFITS FOR SENIOR MEMBERS? • Mr. Pierce stated that regardless of age, all City & County members have access to many exclusive benefits.

Just to name a few – • Work with Servion Financial Advisors to create an investment strategy that is focused solely on your goals & future.

• Find coverage that fits your needs at a discounted premium price through the TruStage Insurance Program.

This includes life, auto, home & more.

• Chose the make, model and features you want in a vehicle and CUAuto will do the rest helping you avoid the hassle of dealerships. They will even help you trade in your previous vehicle.

2. ARE THERE ANY PLANS TO HAVE MORE ATMS AVAILABLE FOR CASH DEPOSIT INTO ACCOUNTS? • Mr. Pierce stated that City & County Credit Union currently has deposit taking ATMs at our Brooklyn Park, Eagan, Shoreview and Woodbury branches and regular ATMs at the other branch locations. Instead of deposit taking ATMs, those locations have night deposit boxes.

• In addition, members currently have access to 100,000+ surcharge-free ATMs within these three networks – CO-OP, MoneyPass and AllPoint. Our ATM network does also include deposit-taking ATMs which can be found by searching our ATM locator at CCCU.COM.

-Over-

THE CHAIR PRESENTED THE REPORT OF THE NOMINATING COMMITTEE. Nominated for Three-Year Terms: Hans Molenaar – three-year term (2023) Hans has served on the Board of Directors since June 2003.

Heidi Wolf – three-year term (2023) Heidi has served on the Board of Directors since August 2017.

Nicole Bates – three-year term (2023) Nicole has served on the Board of Directors since June 2017.

CANDIDATE NOMINATED FOR THE SUPERVISORY COMMITTEE IS: Christine Meyer – three-year term (2023) Christine has served on the Supervisory Committee since April 2011.

THE CHAIR THEN ANNOUNCED THE ELECTION RESULTS: “The following individuals were elected to the Board of Directors for three-year term: Hans Molenaar, Heidi Wolf and Nicole Bates. Christine Meyer 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 95th City & County Credit Union Annual Meeting at 3:30 p.m.

Lou Bruno, Chair

Patrick J. Pierce, Secretary

Insured by NCUA.