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From the CEO
April 29, 2019

Dear Members:

At our annual meeting on April 25, Corporate One highlighted our 2018 achievements, announced the results of the election of directors, and shared our vision for the rest of 2019 and beyond. Thanks to your ongoing support, I’m happy to report that 2018 was another outstanding year for Corporate One marked by many successful accomplishments, strong financial growth, and exciting transitions.

Our 2019 Board of Directors

Our board provides the strategic vision and leadership to ensure that Corporate One provides value to our members, and I’m pleased to announce the following results of this year’s election of directors:

  • Chairman: R. Lee Powell, Jr. CEO/President, Desco FCU
  • Vice Chair: Robert D. Burrow, Bayer Heritage FCU
  • Treasurer: John J. Shirilla, Best Reward CU
  • Secretary: Robert A. Fertitta

The remaining board members are:

  • William P. Allender, BMI FCU
  • Art D. Boehm, The Ohio Educational CU
  • Phillip R. Buell, Superior CU
  • John A. Graham, Kentucky Employees CU
  • Christopher J. Rutledge, Gulf Winds CU

With special appreciation

After 17 years of service on Corporate One’s board of directors, we offer our appreciation, gratitude, and best wishes for a happy retirement to Gerald D. Guy, our board chairman for nine years and a board director for eight years.

In 2018, Corporate One experienced our third strongest year of financial growth since 1998 with net income of $13.2 million. We also bid a fond farewell and a very happy retirement to our CEO/president of more than 20 years, Lee Butke. Although our leadership transitioned, our dedicated focus on helping credit unions succeed remained the same. Our ongoing commitment to practical innovation, robust financial solutions, industry leadership, and excellent member service has never been more evident than during this past year, as the following highlights demonstrate:

  • Our retained earnings increased $10.2 million since December 31, 2017, to $91.8 million at December 31,2018. Retained earnings is a component of total regulatory capital and with this growth, our total regulatory capital at December 31, 2018, was $306.6 million, one of the highest levels in the corporate network.
  • We provided more than $2.5 billion in funding to member and non-member credit unions and credit union service organizations through loans, public fund deposits, and non-member deposits.
  • We continued our leadership in faster payments, shaping the future through participation at the highest levels on the U.S. Faster Payments Council and The Clearing House’s (TCH) Real-Time Payments (RTP) Advisory Committee.
  • We formed a new CUSO, Sherpa Technologies, to answer the complex questions digital transformation poses by helping credit unions meet their organizational and strategic objectives and create delightful member experiences.
  • We determined it was in the best interests of our members to adopt a co-sourced operational service model, TranzCapture, for our check processing services due to the rapid decline in check volumes in recent years. TranzCapture will help us continue to offer these critical services cost effectively both now and in the future.

We are thankful for the support of our members this past year, and we are excited about the opportunities ahead to drive even more value to credit unions and your own memberships. It is our ongoing vision to use our expertise and leadership to be a world-class, trusted partner and provider of cash management, investment, funding, payment services, and digital solutions, ensuring our members stay competitive in these evolving landscapes.

Melissa Ashley