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Annual Meeting

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2015 Annual Report

Note from the Commander
Data Bytes
Credit Committee Signing Off
Mission Control
Blast into Action
2016 and Beyond

Note from the Commander (President's Report)

Every year we are pleasantly assured that we’re helping our members appropriately, as you return year after year with increased usage of CUA services and branches, and you continue to invest your deposit dollars with CUA. Thank you for your trust and participation! As financial cooperatives do by nature, your deposits provide loans to those members in need and help us invest in new technology, delivery channels and services. The strength of our membership's participation allows us to continue with “top of the market” rates for both savers and borrowers. Here are some highlights from 2015 and don’t miss the exciting announcements in the 2016 and Beyond section.

  • Ranked 7th, nationally, for Return-to-the-Member in our asset size
  • Enhanced security chip-enabled debit and credit cards reissued to all CUA cardholders
  • Opened a full-service, high-technology branch in Derby, KS complete with smart ATM and technology wall
  • Serving our members and attracting new members, as demonstrated with our outstanding market share
    • 2nd place in the market for Auto Loans! CUA holds 10.25% of the used car loan market share in Wichita and 42% in Great Bend
    • 4th place in the market for Real Estate! CUA holds 4.29% of the market share
    • 7th place among all financial institutions in the Wichita-metro area
    • 58,484 members as of December 31, 2015
  • Associational membership through the American Consumer Council allows more members to experience the value of CUA
    • 86 members joined in 2015 through ACC

We're looking forward to exciting new projects to benefit our membership in 2016. Click here to take a look at what we’ll be delivering to you this year. 

Respectfully submitted by, Bob Thurman, CEO                                                            
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Data Bytes (Treasurer's Report)

Credit Union of America again delivered superb financial results in 2015, while benefiting members with enhancement of member benefits and services. Great every-day rates helped CUA earn strong growth in loans, deposits, and assets. Click here to view the Statement of Condition and Statement of Operations.

Member-Driven Financial Highlights for 2015:

  • Assets increased $58.4 million, climbing 9.8%
  • Deposits grew $40.3 million, up 8.2%
  • Loans increased $64.9 million, up 13.5%
  • Net income was $7.1 million
  • CUA paid a 0.26% higher average rate on member deposits than peer credit unions
  • Dividends paid to members totaled $4.1 million, up 10.0% from 2014

Strong Financial Ratings:

  • Net worth grew by $7.1 million to a total of $82.3 million --Net Worth Capital ratio = 12.56%
  • “Superior” rating from IDC Financial, based on financial and capital strength
  • 5-Star top rating from Bauer Financial

Financial Investments in Members:

  • New free-standing full-service branch in Derby
  • Full reissue of credit and debit cards to enhance member security

As a member-owned financial cooperative, CUA operates to return the benefits of sustained strong performance to our members. Callahan & Associates, an independent provider of information about credit union performance, evaluates the level of benefits returned to members. CUA earned the seventh highest RETURN TO MEMBERS of 231 credit unions nationwide with assets between $500 million and $1 billion. Our foundation as a member-owned organization continues to make CUA the best choice for today’s financial services.

Respectfully submitted by, David L. Blakemore, Treasurer                                                    
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Credit Committee Signing Off (Credit Committee Report)

For over forty years Monroe Nikkel, Sam Allen and Frank Crawford served as Credit Union of America’s Credit Committee. The Credit Committee held regular monthly meetings to complete their designated functions as outlined in Credit Union of America’s bylaws. Following the passing of Frank Crawford in 2015, the remaining Committee members determined it was an appropriate time to disband and cease as a volunteer committee. While credit unions are no longer required to have a Credit Committee, this does not discount their contributions. We were fortunate to have benefited from their knowledge, loyalty and commitment to the credit union movement and to Credit Union of America. To ensure that the functions previously handled by the Credit Committee are properly addressed, an internal Loan Quality Team was created. The Loan Quality Team is made up of the President/CEO, the COO, the VP Branch Operations (2), the Assistant VP Consumer Loans, and the Collections Manager. This team’s structure and functions were approved by Credit Union of America’s Board of Directors and Kansas Department of Credit Unions in June of 2015.  

Mission Control (Supervisory Committee Report)

Your volunteer Supervisory Committee performs both routine duties and offers leadership on unique projects to assist the Board of Directors in fulfilling their oversight responsibilities. The role of the Supervisory Committee is to ensure that the Internal Audit and Compliance Officer is carrying out the appropriate responsibilities to assess the overall financial, operational, and compliance activities of the credit union. 

2015

  • Supervises CUA’s Internal Audit and Compliance Officer
  • The Committee approves the annual Internal Audit Plan and hires the external audit firm
  • An external audit firm was hired to conduct an annual financial statement opinion audit of CUA
  • The Kansas Department of Credit Unions and the National Credit Union Administration performed a routine examination of CUA practices in 2015
  • All reviews and audits resulted in positive reports, providing members with both internal and external indicators that CUA continues to be a well-managed financial cooperative
Todd Wiedemann, Chairman of the Supervisory Committee, respectfully submits this report.          
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Blasting Into Action (CUA/Employees Giving Back)

At CUA, we’re all about family, and our communities are part of that family. “Welcome to friendly” definitely got CUA staff and friends out of the office throughout the year. And, CUA received first place in the State level program for Credit Unions contributing back to their community. On the National platform, we also received an Honorable Mention/2nd place award from the Credit Union National Association.
 

  • Our 80th anniversary gave reason to share $32,160 donated to local non-profits and $73,160 to Members & Non-members
  • Jesse Vliet, CUA member, receives his $50,000 dream truck- click here to watch the truck delivery!
  • Heart Walk  - 20 Employees walking for $$$ headed straight to the American Heart Association
  • 21 volunteer hours - packing 360 meals for children at the Kansas Food Bank
                   
  • Helping the Homeless- 706 items of clothing, outerwear, blankets, and stuffed toys
  • Blood drives for the American Red Cross - 32 units given
  • School Supply Landslide - 7,254 items collected, serving over 10,000 local students
  • Angel Trees for KVC - 82 children in foster-care were gifted over $7,000 in Christmas Gifts! Thank you CUA Members & Staff!
  • Local educators were given over $16,000 in TGIF grants for their classrooms.
  • We raised over $50,000 for Children's Miracle Network Hospitals at Via Christi through our annual golf tournament, WSU Shockerthon and CUA employee contributions.

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2016 and Beyond

  • NEW Branch!   Opening Late Spring 2016- Salina, KS  
  • Improved Online Banking and Online Account Opening rolls out May 2016!
    • Function (i.e. billpay) and design will be consistent across desktop, smart phones, and tablets
    • Customize your own dashboard
    • Personalized login/password for each signer on the account
    • Extensive financial literacy library and online help
    • Ability to reset your own password
    • View all of your CUA accounts on one screen
    • Budgeting and Personal Financial Management tools
    • Easy Person-to-Person payments across financial institutions
    • Open a certificate or checking account online without having to come into a branch.
    • Visit CUofAmerica.com for more details!
  • Sweet 16 Celebrated with Dust & Progress in Delano 
    • CUA’s flagship office at 711 W. Douglas turns 16 this year and is slated for a major renovation! Construction will start in late Summer and should finish in Q1 of 2017.  The branch will remain open during the remodel, so please, pardon our dust.
    • Open, modern concept interior remodel
    • Easier access to technology for our members visiting the branch
    • Increased privacy when working with a service representative
    • Exterior face lift
    • Watch our website for updates when the transformation begins in August!
  • 2016 In-Action!
    • ​Habitat for Humanity Build
    • American Heart Association Heart Walk
    • Big Brothers Big Sisters Bowl-a-thon
    • Member Appreciation Night at Wingnuts Baseball
    • Like us on Facebook or follow us on Twitter for more Welcome to Friendly In-Action!

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