CoVantage Credit Union Annual Meeting
CoVantage Credit Union held its 70th annual meeting on Wednesday, February 15.
FOR ANITGO TIMES
The meeting was held in-person in the Volm Theater at Antigo High School along with a virtual option. There was near record participation in the meeting with over 300 people attending in person and over 500 registered virtually. Attendees heard a full agenda of financial reports, highlights from 2022and plans for the coming year.
In the report of the Treasurer, Willis Qualheim indicated that during 2022, CoVantage assets had grown to exceed $2.9 billion and outstanding loans reached a record $2.3 billion. He said net income of $22.7 million was added to capital reserves to maintain the credit union’s financial strength. With a capital ratio of 10.12%, he stressed CoVantage continues to exceed the 7% benchmark regulators require of a well-capitalized credit union.
Qualheim also celebrated the record $5 million patronage payment provided to members at the end of 2022. “This is a tangible way of demonstrating the mutual benefit of you, the members, and your credit union working together for success,” he said.
In his President’s report, Charlie Zanayed focused on ways CoVantage shows it is mission-focused and growing. He noted CoVantage welcomed over 10,000 net new member-owners in 2022 and is now serving over 150,000 member-owners, with more members than ever in every community CoVantage served. He commented, “The biggest reasons for CoVantage’s ongoing success are that we continue to stick to our simple mission, and we continue to adapt.”
Zanayed noted while the Federal Reserve raised interest rates, CoVantage continues to provide outstanding value to both borrowers and depositors while other financials opted not to increase deposit rates as much, if at all. Zanayed commented, “One way we are dealing with the inflationary environment is by adding expenses slightly slower than the credit union is growing. We’re doing this by utilizing virtual teller ATMs in our new locations and having much smaller physical footprints since members now log in to MyCoVantage over 2 million times per month.”
Zanayed stated, “We are continuing to commit to having the last financial institution branch standing in every community we serve.” He noted the cooperative continues to grow by welcoming members in Illinois, opening a branch in Plover, relocating the Menasha branch, and building a new office in De Pere. Zanayed noted CoVantage was recently certified as a “Great Place to Work” and commented that while many businesses report difficulties finding and retaining staff, CoVantage turnover remains low.
Zanayed reported for 2023 CoVantage will be rolling out a refreshed look to the MyCoVantage digital and mobile banking app that will feature increased functionality and enhanced security.
In closing, Zanayed thanked the board of directors for providing support and expressed appreciation to member-owners for their ongoing loyalty.
During the meeting, Willis Qualheim, owner of Qualheim True Value; Angie Close, Executive Director of Langlade County Economic Development Corporation; and Matt Kolling,owner of Genesis Farms, LLC; were confirmed to serve three-year terms on the CoVantage Board.