A year in review
Our Mission
Improving the Quality of Financial Lives
Our Vision
Be number one in the hearts and minds of Greater Cincinnatians through our Mission to Improve the Quality of Financial Lives for members, team members, and our community .
Core Values
Honesty: Do the right thing
Accountability: Own it
Teamwork: Be there for others
Solutions-Focus: Find a way forward
Supervisory Committee
Frank Dossman, Chairperson
Mark Schlueter, and Perry Engstrom
Nominating Committee
Gayle Nyswonger, Chairperson
Scholarship Committee
Cheryl Hill, Chairperson
Jerry Cabe, Richard Ille, and Kelly Blount
Annual Meeting Committee
Jill Lingo, Angela Bachmann, and Kelly Blount
CPA Firm FORVIS, LLP
Mary Cay Vessells
For over 70 years, generations of Greater Cincinnati families have trusted General Electric Credit Union (GECU) as their financial partner . We have consistently delivered on this partnership and our mission of Improving the Quality of Financial Lives by always looking ahead and investing in the future This forward-thinking approach has enabled us to grow as a financial institution and meet the evolving needs of our members .
Our commitment to investment is reflected in our impressive growth from last year:
• We reached a total membership of over 290,000, representing a 4% year-over-year growth
• The total number of Simply Free Checking accounts increased by 20%, with balances growing by 37% in 2024 .
• Simply Free Business Checking accounts grew by 17% in 2024
• Thrive Money Market accounts increased by 27% .
• Mortgages grew by 15%, with balances increasing by 19% from 2023 to 2024
• HELOCs grew by 15%, with balances increasing by 36% from 2023 to 2024 .
While we experienced significant growth in several areas throughout 2024, we also faced the challenges of our economic environment . Rising interest rates and inflation have made it more difficult for many to meet financial commitments, leading to increased financial pressure . Despite these challenges, we have adapted and worked diligently behind the scenes to ensure we are well-prepared for the future
Our teams are dedicated to investing in our members and their future . Among many of our other initiatives for the year, we continue focusing on sound financial management and strategic forecasting to navigate any future challenges effectively . Additionally, we are implementing several initiatives aimed at enhancing service for our members and streamlining processes for our team members .
Throughout our 70-year history, we have consistently supported our members through economic ups and downs . Our strength as a financial institution lies in our ability to look ahead and plan for tomorrow Fueled by the momentum from last year and our great achievements, we will continue to grow and build a strong and prosperous future – for you and for generations of GECU members to come
Frank Dossman
The primary responsibility of the Supervisory Committee, working with both internal and external auditors, is to protect the welfare of the Credit Union’s members, officials, and team members Safety of funds, protection of members’ balances, and the determination of accuracy in maintenance of accounts and records are under our authority . Your role is to report any transaction you consider unusual or not in agreement with your records to this committee Working together, we will ensure the continued protection of funds for General Electric Credit Union (GECU) .
In 2024, the financial records of your Credit Union were audited on a continual basis, and we found them to accurately represent the true financial condition of the Credit Union . Additionally, we conducted account verification audits by asking members to confirm the accuracy of the Credit Union’s records against their own .
Under the direction of the Supervisory Committee, the certified public accounting firm of FORVIS, LLP was retained to perform a comprehensive year-end audit of the Credit Union’s financial statements . The 2024 FORVIS, LLP audit resulted in a “Clean” opinion issued on the consolidated financial statements for the year ending December 31, 2024 An approved portion of the financial results for 2024 is included in this report and a full copy of the audited financial statements is available by following the provided URL found in the footnote .
Based on the results of these audits, I am pleased to report your Credit Union continues to uphold its high standards so you can trust GECU remains financially sound .
GECU team members rooting for their hometown baseball team at the Cincinnati Reds Opening Day Parade
Richard Ille
I am pleased to report that General Electric Credit Union (GECU) remains a sound and secure financial institution . As we celebrated our 70th Anniversary in 2024, the Credit Union grew and evolved in exciting ways, maintaining our status as one of the largest locally-based financial institutions in the Greater Cincinnati area . Our commitment to serving our members is reflected in our growth and success, with our fundamental business operations remaining solid and strong
Like many financial institutions across the country, we have had to adjust to the demands of ongoing economic challenges, including delinquencies and charge-offs . While our rates for these factors are comparable to, or lower than, those of similar financial institutions, they remain challenges we must face head-on . To absorb losses from members experiencing financial hardships, we set aside funds in an allowance for loan loss account . Maintaining our standards of accurate forecasting and prudent
financial management, we allocated more funds to this allowance last year . This proactive approach positioned us excellently for the future, ensuring we remain resilient in the face of uncertainties
Even as we worked through these challenges, I am pleased to report that GECU is as strong as ever, with superior capital levels and robust growth in core deposit accounts and member growth Additionally, in the midst of a challenging market, we continued offering competitive deposit and loan rates to our members . Our strong financial foundation, built over 70 years of dedicated service, allows us to support our members through difficult times while maintaining the long-standing tradition of stability and security that truly defines GECU
In 2025, I look forward to continuing my role and representing the Credit Union as a member of the Board of Directors, serving as the Treasurer, and investing in the future of GECU .
Gayle Nyswonger
General Electric Credit Union’s Board of Directors is comprised of volunteers elected by the membership . It is due to the dedication and volunteerism our board demonstrates that our Credit Union excels The Nominating Committee, comprised of Board members whose term is not up for election, is responsible for reviewing and selecting candidates for the open Board positions It is their responsibility to nominate at least one member for each vacancy on the Board .
In early fall, the Call for Candidate process began, in which we sought interested, qualified candidates within our membership for the three open positions on the Board As there is only one member for each position to be filled this year, through a process of acclamation, those nominated and elected are:
• Cheryl Hill
• Richard Ille
• Robert Peak
Remaining true to the credit union philosophy of “People Helping People,” the GECU Cares program celebrates another year of giving back to our communities . Our team members’ hard work and dedication are demonstrated by the fact that 42% of them volunteered or gave donations to enhance the lives of others
Over 165 hours were volunteered by 23 team members over the course of two days for the Banker Build event.
For GECU’s 70th Anniversary in June, we challenged our team members to give 170 hours of their time to nonprofits across the Tri-State. At the end of the month, our team exceeded our goal by completing 404 hours!
Over $4,570 worth of school supplies were donated by team members which filled 149 donated backpacks, helping children prepare for back to school.
During the past holiday season, our team members made the holidays special for 38 children by donating gifts worth approximately $5,700.
Combined between the Do-Good Program and the GECU Giveback Crew, 2,916 service hours by 214 team members were logged, impacting 48 varying community organizations.
Team members volunteered 2,148 hours of their own time outside of work hours with local nonprofits of their choosing.
Over 768 hours of service at 51 GECU sponsored volunteer events with local nonprofits.
Timothy D. Ballinger, President & CEO
I always look forward to this time because it offers a meaningful opportunity for us to reflect on the past year . 2024 was undoubtedly a year of significant achievements and milestones, with the celebration of our 70th anniversary, the opening of our first full-service branch on the West Side, and the introduction of several product and service enhancements . Like many financial institutions, we also faced certain hurdles due to the broader economic environment . While these issues were not unique to us, they did reinforce the strategic and financially prudent actions our teams have always taken, including setting aside additional resources to absorb potential losses
These experiences have underscored the importance of investing in our future for long-term success and sustainability, which led us to lay the groundwork for our NextGen initiative in 2024–a strategic direction dedicated to preparing for the next generation of our organization, members, and team members . As we continue through 2025, we are excited to fully bring this initiative to life, focusing on cultivating a forward-thinking environment that embraces change and innovation
A key tenet of our NextGen initiative is enhancing service for our members Over the past several months, we have unified our member-facing team into a coordinated unit–an optimization designed to help us better understand your needs, identify the products and services best suited for you, and build stronger relationships . Most importantly, this strategic move ensures that we deliver a seamless and consistent consultative experience–or as we like to call it, GECU Genuine Care–no matter how you choose to connect with us . Whether you contact us by phone, video, chat, or in a branch, you will receive the same award-winning service every time
Technology plays a crucial role in this transformation . We have integrated our member communications into one platform to help streamline interactions and provide more efficient and personalized service . We are leveraging this same technology with Violet, our first-ever virtual assistant, available 24/7 through Online Banking, our mobile app, and soon, Violet will be available on our website Violet can assist with questions about products, services, locations, as well as account-related inquiries such as
making payments or transferring money between accounts If she cannot answer a question during regular business hours, Violet will connect you with a local GECU team member who can assist you further .
We aren’t stopping there with Violet . We are currently in the process of improving our phone tree system to allow you to speak your request to her, bypassing prompts and connecting you more quickly . You can think of Violet as a new team member who continues to learn and grow, with our team monitoring her performance and expanding her knowledge to ensure she can assist you better each time And with Violet handling frequently asked questions and being able to connect you with a team member faster, our team members can spend more quality time with you .
Our investment in technology is not only transforming the member experience but also making things easier for our team members . By adopting the NextGen philosophy, our team is committed to finding efficiencies and streamlining processes wherever possible Advanced tools and platforms are continually being implemented to simplify tasks, remove
redundancies, and enhance productivity . The integration of technology ensures that our team can work more effectively and collaboratively, fostering a culture of innovation and continuous improvement We are actively encouraging all our teams to think outside the box with everything they do and to always be thinking “NextGen .”
In addition to Violet, our NextGen initiative extends to other product and service enhancements . Last year, our members collectively saved nearly $700,000 by utilizing our Round-Up checking account feature, with an additional $34,000 matched by GECU . We are enhancing Round-Up this year to make it an even more robust and valuable feature Additionally, our teams are finalizing our Instant Issue service, which will enable you to receive a GECU debit card upon opening your checking account or when you need a card reissued at any of our branch locations . These enhancements reflect our commitment to investing in our future and ensuring we provide the best possible service .
Staying true to the credit union philosophy of “People Helping People,” our NextGen
mindset also encompasses our giveback efforts . This year, we will continue focusing on the Cincinnati community through our GECU Cares initiative and Sponsorship Committee efforts, supporting local organizations and events that make a positive impact . I am pleased to share we are also working to enhance our Robert A . Cunningham Memorial Scholarship Program to provide even more opportunities for students in our communities . These efforts demonstrate our ongoing commitment to fostering growth and development within the communities we serve .
As we move through 2025, our GECU team members are ready to elevate the Credit Union to new heights The experiences of
last year–both achievements and challenges–have strengthened our resolve and capabilities, and we are eager to build on our momentum with improved products and services, ongoing community engagement, and more . By continuing our investment in the future through our NextGen initiative, we are committed to making your experience as a member exceptional . This dynamic and ever-evolving approach ensures that we are always adapting and growing to better serve you and your journey .
Your loyalty, trust, and dedication are essential to our success, and I am deeply grateful you have chosen us as your financial partner
Thank you for a memorable 2024 . We look forward to