IT’S NOT JUST A COLOR.
IT’S A WAY OF DOING BUSINESS.
Think Pink.
2023 ANNUAL REPORT
Banking Built for You Think
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.
Think Pink.
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 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 member-owner. We asked – how has City & County Credit Union empowered you to do more? These answers pointed us in the right direction.
MEMBER SINCE 2006
Think Pink. Think Pink. Think
“City & County has been a trusted financial for me for over the last 15 years. The support, services and encouragement on how to best manage 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.”
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.”
MEMBER SINCE 2005
REPORT OF THE BOARD CHAIR & PRESIDENT
Adrian G.
Kristin M.
Maxwell H.
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 choosing a traditional color, we are proud to light up our branches pink to stand out instead of blending in.
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.
So here’s to thinking pink in 2024 & in every year after. 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.
Lou Bruno, Chair Patrick J. Pierce, President/CEO
$1.23
$196,724
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Total Assets in Billions
Total Cash Back Rewards Earned by CCCU Debit Cardholders
Total Cash Back Rewards Earned by CCCU Platinum Rewards Cardholders
$165,229
Saved in Yearly Fees by CCCU Households vs the National Average 157 Total Team Members 3,473 New Members Joined CCCU in 2023
$468
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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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.
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.
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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Building Trust with Transparency
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Think Pink.
SUPERVISORY REPORT
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.
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, 2023 financial statements. The Supervisory 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.
Pink.
Joe Piepgras CHAIR
Tom Gergen
Christine Meyer
Supervisory Committee Members Board of Directors
Lou Bruno CHAIR
Joe Mathews VICE CHAIR
Nicole Bates
Shannon Cunningham
Axel Henry
Chad Kerlin
Hans Molenaar
Heidi Wolf
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Statements of Financial Condition
DECEMBER 31, 2023 AND 2022
2023 2022
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Assets Cash and cash equivalents $96,039,850 $83,565,445 Deposits in other financial institutions 496,000 1,741,000 Securities - available for sale 309,699,906 356,805,708 Other Investments 29,049,451 28,847,410 Loans, net 726,605,175 666,908,029 Loans held for sale 1,089,000Accrued interest receivable 3,444,293 3,013,631 Premises and equipment, net 19,298,604 19,670,624 NCUSIF deposit 9,920,982 10,051,357 Goodwill 15,281,747 15,281,747 Other assets 22,912,944 21,688,850 Total Assets $1,233,837,952 $1,207,573,801 Liabilities & Members’ Equity Liabilities Members’ share and savings accounts $1,034,557,583 $1,069,550,738 Borrowed Funds 101,000,000 54,010,000 Accrued expenses and other liabilities 12,815,993 11,717,084 Total Liabilities 1,148,373,576 1,135,277,822 Members’ Equity Undivided earnings 135,519,693 129,283,232 Accumulated other comprehensive gain/(loss) (50,055,317) (56,987,253) Total Members’ Equity 85,464,376 72,295,979 Total Liabilities and Members’ Equity $1,233,837,952 $1,207,573,801
Financial REPORT
11 DECEMBER 31, 2023 AND 2022 Interest Income Loans receivable $32,902,272 $24,485,357 Securities and interest bearing deposits 11,810,323 8,058,784 Total interest income 44,712,595 32,544,141 Interest Expense Members Share and Savings Accounts 8,013,649 3,122,169 Borrowed Funds 3,574,941 588,641 Total Interest Expense 11,588,590 3,710,810 Net interest income 33,124,005 28,833,331 Provision for Credit Losses 1,341,373 495,815 Net interest income after provision for credit losses 31,782,632 28,337,516 Non-Interest Income Service charges and fees 3,020,258 2,768,831 Other noninterest income 4,388,562 3,729,802 Corporate capital credit union distribution 374,453 680,553 Gain on Sale of Visa Stock 2,657,412 00000000Total non-interest income 10,440,685 7,179,186 Non-Interest Expense General and administrative: Employee compensation and benefits 15,750,039 13,697,772 Office occupancy and operations 7,455,093 7,059,274 Other operating expenses 10,233,873 9,350,335 Loss on Sale of Investments, Net 460,784 10,710 Loss on Sale of CUSO Investment 1,280,072Loss on Sale of Assets, Net 68,850 40,513 Total non-interest expense 35,248,711 30,158,604 Net Income $6,974,606 $5,358,098 2021 2022 2023 Total Members Equity MILLION MILLION MILLION $114 $72 $85 2021 2022 2023 Net Loans MILLION MILLION MILLION $552 $666 $726 2021 2022 2023 Total Assets BILLION $1.16 $1.20 $1.23 BILLION BILLION
Statements of Income
2023 2022
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!
The Power of Pink Think Pink.
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!
12 COMMUNITY REPORT
Staying true to our mission – empowering you to do more – we also invested back into our communities by empowering students of all ages through financial education workshops and curriculum. We took our love of education one step further by partnering with My First Nest Egg to bring financial education to our youngest members through a free mobile app.
And most importantly – to give back to those who have accounts with us, we celebrated our first annual Member Appreciation Month with exclusive promotions and giveaways. Putting the power of pink to work, we partnered with Love Your Melon during this month to fight pediatric brain cancer. Members across all 13 branch locations showed up to ignite positive change together and purchased hats. Together, we donated nearly $5,000 to the Pinky Swear Foundation and M Health Fairview.
At City & County Credit Union, we’re not just a credit union - we’re a catalyst for change and your biggest advocate. And as a member, you get to be 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.
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
SENIOR VICE PRESIDENT OF PROJECT MANAGEMENT & IMPROVEMENT
Eric Mellenthin
SENIOR VICE PRESIDENT OF INFORMATION TECHNOLOGY
Robin Downing
VICE PRESIDENT OF HUMAN RESOURCES
Bailey Germain
VICE PRESIDENT OF MARKETING
Mardell Lutgen
VICE PRESIDENT OF MEMBER EXPERIENCE
Missy Settem
VICE PRESIDENT OF ACCOUNTING & FINANCE
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Pink. City & County is the Proud Credit Union of the Saint Paul Vulcans
2023 Impact Report
Food Drives
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.
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 were purchased by members and staff. All proceeds were donated to the Pinky Swear Foundation and M Health Fairview to fight pediatric cancer.
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Scholarships
To help members attending college, City & County awarded $10,000 in college scholarships to 10 deserving members. Members who received the award were working towards a variety of degrees including marketing, medical & technology.
Impact
Day
In 2023, City & County Credit Union hosted its 9th annual all employee volunteer day. 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.
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 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 AGENDA OF THE 96th Annual Membership Meeting APRIL 25TH, 2024 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, ChairInsured by NCUA.
Patrick J. Pierce, Secretary