Reflecting on Our Milestones and Vision for the Future
As we reflect on 2024, I am pleased to share that our credit union has continued to grow and evolve to meet the needs of our members and our community. At the heart of everything we do is our mission: Meeting Our Members' Needs, Wherever They Are. This guiding principle shapes our decisions and investments, ensuring we provide the best possible service to our members, whether in person, online, or through digital channels. This year’s achievements are a testament to our strength and commitment to you, our members.
Our total assets grew by 4.30% in 2024, outpacing the 2.08% growth of our peers. Our membership has also grown, reaching 13,878 members strong. We are grateful for your trust and engagement, which drive our continued success. Loan growth remained positive, with an increase of 3.2% , which outperformed the 1.57% growth seen by our peers. Shares and deposits also experienced healthy growth, increasing by 4.04%. Share Certificates saw a notable increase, demonstrating members’ confidence in our offerings and financial strength.
Beyond financial performance, we continue to invest in making banking more convenient and secure for you. This year, we expanded our digital capabilities with improved text messaging and website chat support, ensuring members can reach us more easily. We also upgraded our ATM fleet and introduced contactless credit and debit cards to enhance both convenience and security. Our commitment to in-person service remains strong. In 2024, we refreshed our Napoleon branch to provide a more modern, comfortable, and efficient banking experience.
This year marked a significant milestone as we celebrated the 70th anniversary of our credit union. Since our founding, we have remained dedicated to serving our members with integrity, innovation, and a strong commitment to financial well-being. We are grateful for the trust you have placed in us over the decades, and we look forward to continuing this legacy for years to come.
As we move into 2025, we remain dedicated to serving you with competitive products, innovative services, and a focus on financial well-being. Your trust and loyalty are the foundation of our success, and we are honored to be your financial partner.
Thank you for your continued support. We look forward to another year of growth and prosperity together.
Josh Koenig, President/CEO | Robert Florence, Board Chairman
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, 2024.
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 the 2024 Finances 101 event in March 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 2024, we earned a 80.50% 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 69th ANNUAL MEMBERSHIP MEETING
MEMBER TESTIMONIALS
"Great customer service, and branch locations in every nearby town make it super convenient on busy days. Great rates on loans! Couldn't be happier." —Landon W., MCFCU Member
"Very helpful no matter what I call about, they are ready to help me with the solution. The tellers and other staff are always pleasant. Building is always clean and in great shape." —Anna D., MCFCU Member
"I've been with MCFCU for 5 years and love the service and quality. I would never bank anywhere else." —Stephen S., MCFCU Member
Credits:
Copyright Midwest Community Federal Credit Union.