2020 Annual Report

We were here.

2020 was a rough time for members and team members. COVID-19 brought with it a list of challenges that no one was prepared for. Together, we rallied. We’ve always been here for you and with 85 years of serving the community, you've always been and always will be our top priority.

We helped you achieve your goals ...

Nearly 15,000 people hit the road in new autos. 736 of you started your home buying journey at IHMVCU for a total of $116,143,742 in mortgages1,544 small businesses got the funding they needed, totaling $102,760,297 — up 47% from 2019.

This is a 9.83% increase over 2019.

Members spent $101,850,323.

Strongly due to COVID-19 - this matched nationwide trends where people were using more debit and cash than credit cards.

Members enrolled in Google Pay, Samsung Pay or Apple Pay with an IHMVCU debit or credit card. A 26% increase from 2019!

Curious as to how mobile wallet works? Check out the video below.

You deposited $67,069,598 via mobile check deposit.

Want to get in on mobile check depositing in 2021? Check out the video below to learn how:

Did you know there are 22,410 of you following us on Facebook?

We know what you like (and don’t like).

And you like giveaways! In fact, you enjoyed more than $5,000 in cash and prizes from our Backyard Makeover, 12 Days of Giveaways and more. We can’t wait to share the love again in 2021.

totaling $555,440,782.

2020 was our 21st year of honoring students who stand out in their schools and communities.

Since it started, our Cash for Class Scholarship Program has awarded $310,500 to 269 students.

Our Contact Center took a lot of calls from you ...

... that's up 6% from last year. Even with the increase, the team was able to decrease the average wait time.

... but we managed to help our members save.

You found some (discounted!) time for fun by utilizing our Member Advantages at movies in the park, pumpkin patches, beer gardens and much more. On International Credit Union Day, we gave away 1,250 bags of popcorn. Our annual Shred Day helped the community collect (and dispose of) 10,240 pounds of sensitive documents.

On a corporate level, we contributed in donations and sponsorships.

We donated to organizations like WQPT, Lead(h)er, Make A Wish, Birdies for Charity, River Bend FoodBank, Big Brothers Big Sisters of Mississippi Valley, Immigrant Entrepreneurs Summit, YWCA, United Way initiatives in the Quad Cities, Clinton Co., Kewanee and Knox Co., and so much more.

We donated an unused building in Galesburg.

Like many of you, we don’t like things going to waste. For several years, one of our buildings in Galesburg sat empty. In December, United Way of Knox County approached us with a plan to use the building and consolidate all their operations - including administrative offices, the After School Supper meal program and Teen Court - under one roof. We were thrilled to donate the building and property, and are looking forward to seeing the building used again.

“After the struggle of 2020, this donation from IHMVCU literally sparkles in an otherwise gloomy year.”

- Laun Dunn, United Way of Knox County Executive Director

We’re flattered you enjoy reading our MoneySmarts blog. After all, knowledge is power. The top 5 blogs of 2020 were:

How to Apply for a Credit Card and Get Approved in 6 Easy Steps

How to Use Your Stimulus Money

Your Money is Safe and Sound at IHMVCU

Tips for Banking While Lobbies are Closed

Credit Card Balance Transfer: The Good, the Bad and the Ugly

  • Best Banking – 1st place (eight years running!)
  • Best Mortgages and Real Estate Loans – 1st place
  • Best Personal Loans – 1st place
  • Best Financial Advisors – 4th place
  • 2020 Quad-City Times Readers’ Choice Award Best Credit Union
  • 2020 Register Mail’s Best of the Best Knox County – Best Credit Union

When 2020 started, we all had hopes, dreams and goals for the year. We were planning weddings, graduations, vacations and more. COVID-19 changed all that and we’re – you’re – still feeling the effects.

It’s hard to focus on our hopes and dreams when there’s so much that’s out of our control. That’s why we’re here, to help keep you focused and moving forward even in the tough times.

Since the pandemic hit, we’ve helped more than 3,500 members with payment relief totaling $4.8 million dollars. From a small business perspective, we helped 318 small businesses save 2,880 paychecks with nearly $25 million in forgivable loans through the SBA’s Paycheck Protection Program. Why? Because our members and these small businesses are what keep the Quad Cities region alive and prosperous.

Though 2020 has been hard, becoming an IHMVCU member isn’t. This year, we welcomed nearly 12,000 new members, taking us to 132,000 members strong. We turned your deposits into community improvement by lending more than $930 million dollars through 51,300 consumer loans. But our growth is more than new members and loans. It’s giving back to members – nearly one million dollars in rebates, rewards and incentives, and $13,369,690 paid out in dividends.

“Witnessing the sheer resilience of our members during times of crisis has been truly inspiring. At IHMVCU, I’ve had the opportunity to watch our team play a role in the success, determination and perseverance of our members. It’s this sense of unbridled purpose that has gotten us through 2020 and will no doubt guide us into the future as we move up together.”

- Ajay Singh, Board of Directors, Chair

As we look to 2021 with optimism, we reflect on the past 85 years and our mission to improve the financial wellbeing of our members and the communities we serve. We will not stop; we will continue to be your financial pathfinder and do everything we can to be here for you now, tomorrow and the years to come.

Move up with us,

We’re committed to holding IHMVCU to the highest standards.

Appointed by the Board of Directors, your Supervisory Committee met throughout the year with IHMVCU management to ensure the effectiveness of internal controls, adherence to established policies and procedures, compliance with regulatory requirements and propriety of financial accounting and reporting.

Based on the results of the 2020 annual audit performed by certified public accountants CliftonLarsonAllen LLP, as well as audits conducted by the National Credit Union Administration and the Department of Financial Institutions, we conclude that IHMVCU has adequate financial controls and is financially sound.

Respectfully submitted,

Board of Directors

Ajay Singh, Chair

Sam Kupresin, Vice Chair

Chip Irwin, Secretary/Treasurer

Jeff Carr

Tim Considine

Megan Early

Kristin Glass

Tom Kale, Jr.

Tom Terronez

Larry Wiemers

Supervisory Committee

Larry Wiemers, Chair

Tim Considine, Secretary/Treasurer

Megan Early

Kristin Glass

Matt Mendenhall

Melissa Pepper

Federally Insured by NCUA | Equal Housing Opportunity | NMLS 463074