Chairperson of the board and
Chief Executive Officer’s letter

You Make Our Credit Union Strong

This past year was outstanding for our Members and the Credit Union, thanks to your advocacy and participation. We grew to serve more than 1.2 million Members, welcoming a record 100,734 new Members and, in support of your financial well-being, we saw record loan growth.

You shared how the Credit Union supports you and your family through your engagement with our products and services and willingness to share the value of Membership with others. We were also honored by the recognition we received from you in many national and regional publications throughout 2022. These recognitions are humbling and represent your loyalty and unwavering commitment to the Credit Union.

A Strong Foundation, Built Together

In 2022, our Members benefited from our strong financial position that helped us achieve record financial results. This strength, built by generations of Members including you, allows us to provide trusted financial advice and competitive products to help you achieve financial well-being. Our combined strength continues through all economic cycles, thanks to your loyalty and commitment to sharing the benefits of Membership with your colleagues and family.

Returning Profits to You, Our Member-Owners

As a Member-owned, not-for-profit financial cooperative, we use net revenue to provide you lower rates on loans, higher rates on savings products and lower fees than our for-profit competitors. This past year, SchoolsFirst FCU provided an estimated $277,279,734 in direct financial benefits to our Members, resulting in a savings of $470 for each Member household and $1,297 for Member households actively using more products and services. 1, 2, 3

Growing With You to Serve Your Needs

We help make managing your money easier by listening to your feedback and finding solutions to meet your changing needs. In 2022, we made convenience a priority by launching a self-service debit card PIN feature and an ACH direct payment to loan option. We made improvements to Mobile Banking with new features and design. We also made the dream of homeownership more accessible by launching an FHA home loan program. Additionally, we opened two new branches in two counties.

 

Giving Back to Our Communities

Together with our Members, we contribute time and financial resources, investing in education and the communities we serve. In 2022, our Members and team helped give back more than $3.84 million to schools, colleges and universities, Children’s Miracle Network Hospitals and CUAid, including $285,730 in grants to teachers for educational programs and more than $187,000 in Member Education Award scholarships.

 

Looking Toward Our Future

Our Credit Union remains strong because of your loyalty and Membership. Our steadfast commitment is to provide World-Class Personal Service and trusted financial advice to help you make financial decisions with confidence and fulfill your dreams.

Thank you for allowing us to serve you. It’s an honor to be a trusted part of your life and walk alongside you throughout your financial journey.

With Deep Gratitude,
Kristine Wetzel
CHAIRPerson OF THE BOARD
Bill Cheney
Chief Executive Officer

Helping our Members on the path to achieve financial security and well-being is at the heart of what we do.

Arnold works as an occupational therapist, helping students master daily life activities to thrive in the classroom and at home. After a rewarding day at work seeing the progress his students make, Arnold enjoys relaxing in his new home.

1. 2022 Credit Union National Association (CUNA) Membership Benefits Report for SchoolsFirst FCU. Source: Datatrac, NCUA and CUNA. 2. Estimates based on an average of 2.1 credit union Members per household. 3. A “Member household that participated in more products and services” is assumed to have a $30,000, 60-month new auto loan, a classic credit card with an average balance of $5,000, a $200,000, 30-year fixed-rate mortgage (a 30-year fixed-rate mortgage is replaced with a 5-year adjustable rate mortgage if it yields a greater benefit as it is assumed more in demand), $5,000 in an interest-bearing checking account, $10,000 in a one-year certificate account and $2,500 in a money market account.