April 2022 Presidents Message
Annual Report of the President
July 21, 2022 will mark the 85th Anniversary of the Virginia Coop Credit Union. Why was Virginia Coop Credit Union founded? The reason is simple: the credit union was a place to put excess earnings into savings and a place to borrow that money at reasonable rates of interest. Flash forward 85 years, and those very reasons are the same today. Yes, things may look a bit different. Our location is different, our loan programs have expanded, and the way we conduct business is always changing and improving, but our initial mission has stayed the same. Virginia Coop Credit Union is a place for our members to save and a place to borrow.
No one needs to tell you that the last few years have been both interesting and a challenge, but when I think of it, two different words come to mind: growth and change.
In the past few years, the credit union has implemented several changes. We have invested in new computer systems, new products and services, and new staff. With these changes, we have also added new services like remote deposit capture, real-time debit cards, automatic loan payments from other financial institutions, and 30-year mortgages, just to name a few. All these new services were implemented to help you with your financial needs. If you are interested in any of these services or inquiring about what else we may have to offer, please give us a call.
The credit union is on a trajectory of incredible growth. To put it in perspective, our assets have doubled in size since 2014, and the growth since December 2019 is approximately the amount the credit union had grown in the first 70 years of existence. When we talk about lending, this is where we see change and growth intersect. Last year, even though we had almost a complete turnover in lending staff, which normally is a major issue for credit unions, our loan growth was 40%. That put us in the 98th percentile in growth for all credit unions in our peer group. That was an incredible job by the lending staff, and for that, I thank our excellent team.
What does the future hold for the credit union? Hopefully more of the same. The staff excels in face-to-face transactions, where we all can make those personal connections, and we know our members like to come in and see our friendly tellers. Covid-19 really impaired those transactions. But even with the challenges of Covid-19, our members have continued to trust us with their deposits and financial needs, just as envisioned by the founding members 85 years ago. And with that trust, we have been able to grow, offering new programs and technology to make it easier for you as members to work with us.
Thank you again for your participation with this credit union, believing in its ideals and values, and keeping your money local. The past few years were a challenge, but we are making it though together, and I am excited for our future.