POSSIBILITIES BECOMING REALITIES
Midwest Community was founded 65 years ago 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.
While much has changed in the last 65 years, the same philosophy that birthed our origin story still thrives today with our focus on promoting our members’ financial health.
When our membership is healthy, MCFCU is healthy, and we contribute to the health of the communities around us. Together, we’re making our communities better, all in the spirit of People Helping People.
As a financial cooperative, Midwest Community is based on the idea that the combination of great service and value will result in long-term relationships with members and the associated growth that comes from being a place people can trust. This has driven strong growth over the years, and last year was no exception. In 2018, we welcomed over 400 new members to MCFCU, building on the principle that the more people we have working together, the stronger we are.
Throughout 2018, we put more than $1.2 million back in our members' pockets through our "Get Moving" campaign, along with $33,000 back into the communities where we live and work. Through financial health programs, staff-inspired giving via our Employee Engagement Committee and community donations & sponsorships, we're building financial stability for our members, while also strengthening the health of our communities.
"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."
-Sonja Delaney, CEO
PRESIDENT & CHAIRMAN MESSAGE
Looking back over the past 27 years nostalgia starts to kick in. We have come a long way from the $28 million in assets, paper ledgers, and dummy terminals of the credit union I walked into fresh out of the accounting world. Right out of the gate I fell in love with the People Helping People philosophy of the credit union industry. The staff’s commitment to help our members improve their financial health was beyond anything I had seen before.
Flash forward to 2018, and this full-service credit union is offering a full slate of products and digital access to help make our members’ financial lives simple to manage, and easy to improve. We hit $164 million in assets last year, and are still growing strong. Our financial strength continues to improve each passing year. Financial health remains our sole focus and is the driver of everything we do to help the consumers and families in our communities.
Two thousand eighteen was a year of solid performance and impressive growth. Capital rebounded to 9.30% from 8.96%. Loans grew by 8.59%, non-interest income grew to 1.56%, assets grew by 3.05%, membership grew by 3.06% and checking accounts grew by 3.40%. We expanded our Main office to add the long-awaited Community Room, and remodeled the lobby bringing a fresh, open experience for our members.
Midwest’s focus on our philosophical roots of People Helping People is stronger today than ever. We saved our members $1.2 million through lower interest loan rates in 2018. The credit union supported $24,000 in community donations and sponsorships to promote the health and well-being of our community members. Our remarkable employees donated $9,000 through our Employee Engagement Committee and Giving Tuesday, as well as volunteer hours to 27 local organizations and non-profits. And 400 more students in Northwest Ohio are financially enlightened thanks to our Finances 101 program.
Technology, branches, and faces have changed over the years; our focus has not. From the Board to management and staff, we are an organization of impassioned individuals who lead with their hearts. I could not be more proud of the amazing organization Midwest Community has become over the past 27 years. From our members who trust and believe in us, to our staff and managers who bring their passion to help others to work each day, to our Board who drive the philosophy of People Helping People – our success grows thanks to all of you.
Sonja Delaney, President/CEO
Robert Florence, Board Chairman
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, 2018.
Respectfully,
Foyle Solether, Nicole Zolman, Randall Fruth, Nathan Wilondek, Robert Giesige
BALANCE SHEET
INCOME STATISTICS
MINUTES OF THE 63rd ANNUAL MEMBERSHIP MEETING
FINANCES 101: EDUCATING THE NEXT GENERATION OF MEMBERS
We want to help teens get their start on a 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. We had nearly 400 students from 7 different schools attend our Finances 101 at Defiance College in 2018! Thanks again to DC for hosting and to our amazing staff & volunteers who made it all happen.
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.
IMAGINE A DIFFERENT POSSIBILITY
This life we live has many stages. Each unique. Each important.
Maybe you’ve just begun your journey, with high school graduation on the horizon where a mountain of opportunity awaits. Perhaps you’re starting a family, with newness everywhere – new experiences, new faces, new places. And maybe, you’ve been lucky enough to watch all that newness grow & mature into a life well-lived, your nest empty but your heart full.
Whatever stage of life you find yourself in, we have the products and people that can help you make the most of it.
This life we live is full of possibility. Imagine a different possibility at Midwest Community.