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From the CEO: Reflecting on our 2015 accomplishments

From the CEO
May 5, 2016

Dear Members:

On April 28, Corporate One held its annual meeting where we reviewed our achievements for 2015 and shared our vision for the future. We enjoyed seeing many friends and hearing about the successes at your credit unions this past year. During this meeting, we also released our annual report. It gives me great pleasure to tell you that 2015 was another successful year for Corporate One, and we are well-positioned to serve our members now and in the future.

We are truly grateful for the continued support of our members because 2015 marked another year of strong earnings, further strengthening our capital position and putting us on the right path for future success.

  • Our members have supported us by investing $219.2 million of perpetual contributed capital (PCC), one of the highest commitments of any corporate credit union in the nation.
  • We had $8.9 million in net income in 2015, resulting in a reserves and undivided earnings (RUDE) balance of $61.1 million as of December 31, 2015. As the NCUA rules begin (in 2016) to limit a corporate’s ability to fully count the PCC from its members as regulatory capital, we continue our focus toward growth in retained earnings as a vital strategy for Corporate One to optimize our regulatory capital over the long term. Eventually, in 2020, PCC will be limited to an equal amount of retained earnings, and we foresee that we will readily meet all the regulatory changes.
  • In 2015, we began focusing our present and future course on two critical areas: mobile and faster payments. Our new mobile-digital family of solutions, called MAX, focuses on optimizing the Member Acquisition Experience so credit unions can grow their membership as effectively as possible. We are committed to helping our members stay at the forefront of the evolving digital landscape to increase and retain membership and meet your members’ expectations.
  • We made significant investments in member engagement activities in 2015, and we enjoyed seeing many of you at numerous chapter nights, conventions, regional meetings, and our Member Connect Summits, which provided education for credit union executives and their directors.

As we focus on the rest of 2016 and beyond, we will continue to provide quality service, offer top-tier funding/lending services and cash management solutions, ensure that our corporate is profitable, and meet regulatory capital ratios at a well-capitalized level. We plan to keep serving our member credit unions across the nation with secure, innovative, and proven products and services, putting you in the best possible position for present and future success.

In closing, as I reflect on our 2015 achievements, I extend my heartfelt appreciation and gratitude to you, our members in every region of the country, for your continued patronage and support. On behalf of all of us at Corporate One, thank you.

Regards,
Lee Butke