Reflecting on Our Milestones and Vision for the Future
It is with great pleasure and gratitude that I address you today as we gather for our annual meeting to reflect on the achievements and challenges of the past year and chart the course for our collective future.
As we look back on 2023, I am pleased to announce that our credit union has continued to thrive and grow, reaching new milestones and serving our members with unwavering dedication, despite the uncertainties posed by the ever-evolving financial landscape.
One of the most significant achievements of the past year has been the remarkable growth of our loans, which increased by 11.16%. Additionally, our assets grew by 3.25% and Shares grew by 2.8%. Our membership also grew by 429 individuals, or 3.22%. This growth is a testament to the trust and confidence our members have placed in us, and I extend my heartfelt gratitude to each and every one of you for your continued support.
Furthermore, our commitment to innovation and technology has allowed us to enhance the member experience, making banking more convenient, accessible, and secure for all. From digital banking solutions to personalized financial advice, we have strived to meet the evolving needs of our diverse membership base. We have added new digital channels, including website chat and video banking, to further enhance the capabilities to serve our members who choose to interact with us remotely. While the investments in technology are important, we understand there are still times that in-person interactions are preferred. To enhance these interactions, we have made significant investments in our branches. The newly renovated full service Bryan facility was opened on March 14 and has led to increased growth and improved service in that community. At the end of the year, we began the renovation of our Napoleon office that should be completed by the third quarter of 2024, furthering our investment and commitment to our community.
However, our journey does not end here. As we stand at the threshold of a new year, we must remain steadfast in our commitment to excellence and embrace the opportunities and challenges that lie ahead. In the face of rapid technological advancements and shifting consumer preferences, we must continue to adapt and innovate, ensuring that we remain at the forefront of the financial services industry.
Moreover, let us never lose sight of our mission to meet our members' needs, wherever they are. As a member-owned financial cooperative, our success is intrinsically linked to the well-being of the communities we serve. Let us continue to make a positive impact through our philanthropic initiatives, supporting local businesses, and empowering individuals to achieve their financial goals.
In conclusion, I am confident that with your continued support and participation, we will continue to build upon our successes and achieve even greater heights in the years to come. Together, let us embark on this journey with optimism, determination, and a shared vision of a brighter future for us all.
Thank you for your trust, your loyalty, and your dedication to our credit union.
Josh Koenig, President/CEO | Robert Florence, Board Chairman
"Friendly, accommodating and a good feeling when I walk in the door. Great service." —Timothy W., MCFCU Member
MEETING MEMBERS' NEEDS, WHEREVER THEY ARE
Midwest Community was founded in 1954 by a small group of General Motors employees whose purpose was to help one another ensure their vital needs were met. They liked the idea of friends & coworkers pooling their resources into a cooperative, not-for-profit financial institution they would own and manage themselves.
That same philosophy still guides us today with our focus on promoting our members’ financial health. As a financial cooperative, we work to steward our members’ funds and provide access to relevant & helpful products, services and resources. Our members are more than numbers, and we encourage more people to join us so we can continue to grow our programs & resources to improve their financial well-being. When our membership is healthy, MCFCU is healthy, and we contribute to the health of the communities around us.
We appreciate your commitment to Midwest Community FCU, and we’ll remain dedicated to supporting the members and communities we serve. Together, we’re building brighter tomorrows, all in the spirit of People Helping People.
"At Midwest Community everything we do is born from our passionate belief in building financial wellness for people, families and our communities. We offer convenient, simple access and affordable products priced to save. Our financial services and expert guidance are the key to reaching your financial dreams."
-Josh Koenig, President & CEO
SUPERVISORY COMMITTEE REPORT
Quarterly, your Supervisory Committee schedules and reviews selected internal audit functions to be performed by Doeren Mayhew as prescribed by regulations of the National Credit Union Administration. The Committee also reviews designated Credit Union records throughout the year. The results of the quarterly internal audits are reported to the Credit Union Board of Directors at their regularly scheduled meetings.
In addition to its regular duties, the primary function of the Supervisory Committee is to have a comprehensive annual audit performed. This year, Doeren Mayhew conducted the annual audit, the same group that certifies the annual statement of Midwest Community Federal Credit Union.
In the opinion of your Supervisory Committee, the Balance Sheet and related Statement of Income and Expenses presents fairly and accurately the results of operations at Midwest Community Federal Credit Union for the year ending September 30, 2023.
Respectfully,
Foyle Solether, Nathan Wilondek, Susan Fruth, Eva English
FINANCIALS
*Undivided Earnings includes both Undivided Earnings as well as Accumulated Unrealized Gain/Loss on Available For Sale Securities
FINANCES 101: EDUCATING THE NEXT GENERATION OF MEMBERS
We want to help teens get a solid start on their journey to financial independence. That's why we work with the Northwest Ohio Credit Union Outreach Alliance to put together Finances 101, an event designed to give high school students a dose of the "real world" before they actually get there. The Alliance held two Finances 101 events in 2023 - one in March and one in October - both at Bowling Green State University.
We’re all about financial empowerment—helping members develop financial strength to enable them to reach their goals, achieve their dreams and create a lifetime of financial security. We start early, with events like Finances 101 and an assortment of tools and resources to guide kids and teens towards building smart habits and learning financial responsibility.
IN SERVICE OF OUR MEMBERS
Just one question can reveal member loyalty and satisfaction: “How likely is it that you would recommend the credit union to a colleague, family member or friend?” Every year, we ask this question and our members’ responses provide us with our Net Promoter Score (NPS). Scores between 50% and 80% are considered best in class.
In 2023, we earned a 79.59% NPS from our members. We’re honored that so many of our members would recommend Midwest Community to others in their lives. Thank you!
MINUTES OF THE 68th ANNUAL MEMBERSHIP MEETING
MEMBER TESTIMONIALS
"I highly recommend Midwest Community Federal Credit Union to anyone. I'm also very happy that we can work together when I notice unauthorized purchases, or suspicious calls. Much appreciated, thank you!" —Trini T., MCFCU Member
"Very professional, easy app to keep a good track of my direct deposits and spending. Loans and credit cards are great experiences. Everyone is so helpful and kind especially when I experienced a fraud on my account. Love my MCFCU!" —Kristine B., MCFCU Member
"I like the people at the credit union. They all can answer any questions I have in person or on the phone. I feel the CU is secure, up to date, and on top of new products." —David G., MCFCU Member