2025 Annual Report

2025 ANNUAL REPORT

GOING THE SECOND MILE

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TRAILHEAD

What makes VolCorp a Second Mile institution?

FORUM25

Charting a Course for Success!

SERVICES

Member Services and Strategic Partnerships

LEADERSHIP

Corporate Reports and VolCorp Leadership

TRAIL

WHAT MAKES VOLCORP A S

We hope you’ve already seen firsthand that “se we serve. It’s our commitment to go beyond th the kind of partnership that makes a mea

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VOLUNTEER CORPORATE

LHEAD

SECOND MILE INSTITUTION?

econd mile” is more than a philosophy—it’s how he expected, exceed the ordinary, and provide aningful difference to your credit union.

2025 ANNUAL REPORT

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FORU

CHARTING A COURS FORUM25 launched Monday evenin

provided a endees with a conferen and memorable experiences. Th the 16th Annual CU4

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UM25

SE FOR SUCCESS!

ng at the Welcome Reception and nce filled with dynamic speakers he journey came to a close with 4Kids Golf Classic.

2025 ANNUAL REPORT

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SERV

LIQUIDITY, INVESTMENT

VolCorp specializes in dynamic p investment products, and in

ACH Services Investment and Brokerage Services SimpliCD and SimpliCD Issuance vPortfolio Online Trading Portfolio Analytics & Bond Accounting Safekeeping ALM Services and Investment Training

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Scan for deta Products an

VICES

T, AND PAYMENT NEEDS

payment solutions, tailor-made ncomparable member care.

ails about our nd Services

Item Processing Services Cash Vault and Coin/Currency Services EFT Consulting Services Instant Payments - FedNow and RTP Loans, Liquidity Services, & Line of Credit Domestic and International Wire Transfers

2025 ANNUAL REPORT

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SERV

STRATEGIC PA

VolCorp offers a growing collec made possible through carefull all tailored to address your cr ACUSi – Indirect lending

Elan – Credit Card Program

Allpoint – Surcharge-free ATM network

InvestiFi – Digital investing

Card@Once – Instant Issue cards

MiniBranch – All-in-one dig

CU Business Group – Business Lending

PULSE Network – Point-of

Dolphin Debit – Turnkey ATM outsourcing

Sage Direct – Printed and e

Scan for deta Strategic

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VICES

ARTNERSHIPS

ction of products and services ly selected business partners; redit union’s growing needs.

ms

Sallie Mae Student Loan Program

g and crypto trading for members

TransFund – Debit & Credit Processing

gital connection

Veep – Allows early access to earned wages

f-Sale Network

VolCorp Design – creative design services

e-Statements

ails about our c Partners

2025 ANNUAL REPORT

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LEADE

Corporate Reports, Se Board of Directors, and S

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ERSHIP

enior Leadership Team, Supervisory Commi ee

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Looking back, it is great to see how 2025 evolved and how VolCorp made progress on

CHAIRMAN & PRESIDENT’S REPORT

a number of strategic fronts. More importantly, it is great see how the progress does, and will, tie into progress for our credit unions through the services and efficiencies we are able to provide them as many of the projects, either completed or begun, in 2025 tie directly into our revamped mission – “building strong relationships through tailored solutions to propel credit unions toward success.”

2025 was the first of a threeyear plan geared toward investing in VolCorp’s future, and the futures of our credit unions, now. The seeds planted in the past year will make way for many of the exciting things to come over the years ahead.

As we look to this year of laying foundation in order to build upon it moving forward, we

JOHN JACOWAY

touched on a lot of areas to

Board Chairman

build that inner strength from the way we communicate to you, the way we protect

2025 was the first o geared toward investin and the futures of ou

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your data (and ours), the further development of payments strategies we can help you implement, the way we store and use data, and the partnerships we developed on your behalf. By strengthening our foundation and market position in many ways, we look to prioritize relevance – yours and ours – over the very long-term and to do so by ensuring our messaging, our value proposition, our product offerings, and our safety and soundness. A er all, if we are not safe and sound for you in ALL economic environments, even in the unforeseen black swan type of events, then do we really offer a long-term value proposition?

No. So, we strive to sustain what you need from us in any environment and continue to build the house in a way such that that never changes – just as we have since 1981. continued...

JEFF MERRY President and Chief Executive Officer

of a three-year plan ng in VolCorp’s future, ur credit unions, now.

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Chairman & President’s Report Continued...

Extending our story beyond just VolCorp, our wholly owned CUSO, Symphony LLC., also had an incredible 2025. Symphony launched two new services during the year, launched a new website, and significantly increased engagements as a byproduct, primarily, of

Symphony was a response directly to you telling us what you needed from a new CUSO... strong references from credit unions and other respected leaders in the industry.

Symphony also continued to build its brand across the industry and across the country as it has now served credit unions of all asset levels and levels of sophistication in 13 states despite being a relatively new entity to the movement. The response to those who have go en acquainted with Symphony has been remarkable due in large part to the fact Symphony was a response directly to you telling us what you needed from a new CUSO and us responding to that feedback accordingly. The future for Symphony is bright.

VolCorp was built on a legacy of outstanding service. We never let that detail get lost in all the noise of innovation, competition, strategic initiatives, or hopeless appreciation for where we come from and where we are going. We also know continuing that legacy of outstanding service is paramount to our ability to help

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propel you toward success and, more importantly, doing our part to help you propel your members to success in their financial lives.

We don’t forget the ‘why’ and we never will.

It defines us as a corporate and it ties nicely into the values that guide us in all we do – partnership, commitment, stability, and honor.

We value the partnership with our credit unions more than you know. We are committed to your success the way a strategic partner should be. We provide the stability you need to be able to count on in turbulent times and smooth ones. And, without a doubt, we operate honorably in all we do; a er all, we are doing everything we do for you. Stay tuned to see how we build upon what was laid in 2025 with exciting announcements to come.

We don’t forget the ‘why’ and we never will.

It defines us as a corporate and it ties nicely into the values that guide us in all we do – partnership, commitment, stability, and honor.

We are forever grateful for your continued trust and support. And, we are honored to come to work every day focused on you, your members, and building a stronger future together.

2025 ANNUAL REPORT

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Throughout 2025, the financial services landscape continued to change, underscoring the importance of adaptability, discipline, and strategic clarity.

TREASURER’S REPORT

Amid ongoing innovation and change within VolCorp, we remained focused on an overarching objective: ensuring we are well-positioned to serve our members and support the long-term relevancy of credit unions—no ma er what comes next.

Our approach emphasizes alignment between operations, capabilities, and balance sheet strength. While the ways we support member credit unions continue to advance, our commitment to sound financial management remains constant.

Liquidity management remains a cornerstone of our financial strength, and evolving payment trends only reinforce its importance. VolCorp’s balance sheet reflects this priority, with a strong concentration in cash and high-credit-quality assets. In addition, all investments remained fully compliant with regulatory and policy requirements throughout 2025.

At year-end:

RON SMITH Treasurer

Ÿ Cash and cash equivalents represented 51 percent of total assets

Ÿ Cash, cash equivalents, and marketable securities comprised 98 percent of total assets

Ÿ Variable-rate instruments represented 95 percent of the securities portfolio, limiting its net unrealized loss to less than 1 percent of the portfolio’s book value despite declining shortterm rates in 2025

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Ÿ Over 99 percent of investment holdings were issued or guaranteed by U.S. government agencies

Ÿ The Tier 1 risk-based capital ratio was 107.87 percent, well above the regulatory “well capitalized” threshold of 6.00 percent Financial performance remained strong in 2025. Tier 1 capital increased by more than $9 million to $188.8 million. While providing competitive deposit rates and upholding asset quality standards, net interest income reached $25.8 million. Non-interest income contributed $8.0 million. A er carefully managed operating expenses of $20.8 million and nonoperating income of $500 thousand, net income for the year totaled $13.6 million.

Capital metrics

Liquidity management remains a healthy, with a cornerstone of our financial strength, Tier 1 leverage ratio of 11.42 and evolving payment trends only percent, well above the 5.00 reinforce its importance. percent “well capitalized” regulatory also remain

threshold. Retained earnings finished at 7.49 percent, |reinforcing our commitment to longterm financial strength.

VolCorp’s Asset-Liability Commi ee (ALCO) continues to actively oversee asset-liability management, interest rate risk, liquidity, investments, and credit risk, ensuring VolCorp maintains the balance between stability, member support, and growth.

In an environment defined by change, one thing remains the same, VolCorp is well-positioned to support our members in 2026 and beyond.

2025 ANNUAL REPORT

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The Supervisory Commi ee is responsible for overseeing management practices and policies, safeguarding member assets, and ensuring the

SUPERVISORY COMMITTEE’S REPORT

integrity and reliability of VolCorp’s financial reporting. In fulfilling these responsibilities, the Commi ee oversees the external and internal audit functions; inspects, or causes to be inspected, the securities portfolio, cash, and related accounts; evaluates internal controls over financial reporting; and reports its findings to the Board of Directors.

Carr, Riggs & Ingram, LLC, an independent public accounting firm, was engaged to perform the annual audit of VolCorp.

The firm issued an unmodified opinion on the consolidated financial statements of Volunteer Corporate Credit Union as of December 31, 2025, and for the year then ended.

The Commi ee engaged Marla Mackie, CPA, to perform the internal audit function during

NICK ARVON

2025. The results of all internal audits, along

Committee Chair

with management responses, were reviewed by the Commi ee. The Commi ee also reviewed the results of an independent information

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technology audit performed during 2025. In addition, Information Security reports were provided to the Commi ee monthly by Cody Lee, Information Security Officer, and were evaluated as part of the Commi ee’s oversight responsibilities.

Based on the results of the internal audits, security reports, external audits and the joint examination by Tennessee Department of Financial Institutions and the National Credit Union Administration conducted during 2025, the Commi ee believes that it has properly represented the interests of the membership

NICK ARVON Committee Chair West Virginia Federal Credit Union BLAKE WOOD UPS Employees Credit Union

and its responsibilities to VolCorp.

2025 SUPERVISORY

COMMITTEE MEMBERS The Commi ee acknowledges and appreciates the support of the Board of Directors, manage-

PAM CASE Jack Daniel Employees Credit Union

ment, and staff, and commends their continued commitment to strong governance and service to member credit unions.

DAVID KING Heritage South Community Credit Union KAREN WOODALL Veritas Federal Credit Union

2025 ANNUAL REPORT

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JEFF MERRY President and Chief Executive Officer

PHILLIP COCHRAN Chief Investment Officer Series 7 & 63

TYLER MCNAIR Chief Risk Officer

2025 S

LEADE 19 VOLUNTEER CORPORATE

JEFF DATO EVP and Chief Operating Officer

JUSTIN HOLT Chief Financial Officer

CHRISTINA ADKISON Chief Experience Officer

SENIOR

ERSHIP 2025 ANNUAL REPORT

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NICK ARVON West Virginia Federal Credit Union

JOHN JA

Chair Southeast Finan

BEN JOHNSON US Community Credit Union

RON SMITH Treasurer Enbright Credit Union

*Former board mem of UT Federal Credit Un

2025 BO

TODD SWIMS Vice-Chairman Leaders Credit Union

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DIREC

BRIAN TROTTER EPB Employees Credit Union

ACOWAY

rman ncial Credit Union

mber Debbie Jones nion retired on 3/31/25.

JUDY HESTER Northern Kentucky Federal Credit Union

MIKE COOPER Secretary AllWealth Federal Credit Union

OARD OF

CTORS

ERIN WALTER Brown-Forman Employees Credit Union

2025 ANNUAL REPORT

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ADDRESS 2460 Atrium Way Nashville, TN 37214

ONLINE volcorp.org vportfolio.org symphonycuso.org volcorpdesign.org

NUMBERS (615) 232-7900 (800) 470-3444 Operations Fax: (615) 232-7979

EXTENSIONS 1 - Member Services/Operations/Item Processing/ACH 2 - Investment Sales 3 - Marketing and Business Development 4 - Administration and President’s Office 8 - Symphony CUSO 9 - Dial By Name Directory 0 - Operator

HOURS Monday, Tuesday, Wednesday and Friday: 7:30 a.m. to 4:30 p.m. (Central time).

Thursday: 8:30 a.m. to 4:30 p.m. (Central time).

Our Member Services Department closes at 4:15 p.m. (Central time) each day.

Office closings are coordinated with the Federal Reserve Bank holiday schedule.

Savings Federally Insured to at least $250,000.

NCUA, a U.S. Government Agency.