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2015 Annual Meeting: Reflecting on our 2014 accomplishments

From the CEO
May 19, 2015

Dear Members:

Last month, Corporate One held its annual meeting where we reviewed our achievements for 2014 and shared our vision for the future. Our annual meeting is an exciting time. We enjoy seeing so many friends and catching up on hearing about the successes at our member credit unions. Our annual meeting is also when we release our annual report. This was a pleasure for us at Corporate One as we are in the fortunate position to report yet another successful year in 2014.

Knowing some members were unable to join us, we are providing an electronic version of our annual audited financials for your review. In addition, we recorded our annual meeting and have posted it on our YouTube channel so you may have the opportunity to view it, which I hope you’ll do.

Thanks to the continued support of our members, in 2014 we achieved several notable accomplishments. These include the following:

  • 2014 was a year of near-record earnings. Net income of $9.2 million contributed to our total regulatory capital of $279.1 million, including $52.9 million in reserves and undivided earnings, making Corporate One one of the strongest, largest corporate credit unions in the nation.
  • Even though 2014 was a year of great earnings, we continued to pay very competitive rates on our shares and maintained pricing on almost all of our correspondent services. Our strong earnings resulted from efforts made over the past several years to grow the corporate through a merger with the former Southeast Corporate, to expand our offerings to all membership groups, and to create efficiencies through the integration of back-office processes, which totaled a savings of $2.8 million.
  • Our members have supported us by investing $219 million of perpetual contributed capital (PCC), the most of any corporate credit union in the nation. For us to fully utilize our members’ capital investment in us, it is imperative that we build reserves and undivided earnings (RUDE). With the close of 2014, we are fortunate to have more than $52.9 million in RUDE thanks to five straight years of consistently strong earnings. In total, as of Dec. 31, 2014, Corporate One has $279 million in total regulatory capital and exceeds all required regulatory ratios.
  • I’m also proud to report that you, our members, continued to support us through the use of our infinite solution possibilities and correspondent solutions. As a result, we saw net service fee income reach $14.8 million by year’s end, an increase over 2013. Also having a notable impact on our net service fee income in 2014 was the growth of the two CUSOs we acquired during the merger, Accolade Asset/Liability Advisory Services and Member Business Solutions (MBS).
  • As a result of members’ activity on our investment and liquidity solutions, we saw an increase in overall net interest income from $22.7 million in 2013 to $23.4 million in 2014. And with the largest balance sheet in the corporate network, along with multiple and diversified liquidity sources, you can be assured we will be able to provide liquidity when needed.

As we plan for the future, we are committed to ensuring that our business model is one that supports the growth of our capital so that we can fully leverage our balance sheet and bring you the best products and services to help you succeed. It’s because of you that we are Corporate One, because Corporate One IS you.

In closing, as I reflect on our 2014 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.

Lee Butke