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From the CEO
April 30, 2020

Dear Members:

Our 2020 Board of Directors

Our board provides exceptional oversight and governance to ensure that Corporate One provides value to our members. We are deeply appreciative of their expertise and the time they commit to their role. I’m pleased to announce the that the following directors were re-elected for three-year terms:

  • Phillip R. Buell, Superior CU
  • Hilary A. Eisbrenner, Space Coast CU
  • John A. Graham, Expree CU

I would also like to recognize our remaining board members:

  • Chairman: R. Lee Powell, Jr., Desco FCU
  • Vice Chair: Robert D. Burrow, Bayer Heritage FCU
  • Treasurer: John J. Shirilla, Best Reward CU
  • Secretary: Robert A. Fertitta
  • William P. Allender, BMI FCU
  • Christopher J. Rutledge, Gulf Winds CU

At our annual meeting on April 23, Corporate One highlighted our 2019 achievements, announced the results of the election of directors, and addressed our ongoing response to COVID-19, which I will discuss after I highlight a few accomplishments of this past year.

2019 was my first full year as CEO/president, and it was a successful year of leadership transitions. Our Corporate One family completed initiatives in many key areas of the organization and continued the important work of our long-term strategies around cash management, investments, funding, payments and utilizing the CUSO model to serve even more credit unions. I’d like to share a few specific highlights of the past year with you:

  • We welcomed 21 new members to our corporate family.
  • We funded nearly $1.5 billion in loans, and we helped credit unions raise $430 million in nonmember deposits through SimpliCD and $30 million in public fund deposits.
  • Our investment team helped credit unions to invest in $669.1M in SimpliCD and $431.4M in securities investing.
  • We launched our new CUSO, Sherpa Technologies, at the beginning of 2019 to help credit unions answer the complex questions of digital transformation.
  • We became a Funding Agent for credit unions on The Clearing House’s RTP ® Network.
  • As of December 31, 2019, our total regulatory capital was $317.6 million, one of the highest levels in the corporate network.
  • We added $9.2 million to retained earnings, which surpassed $100 million at December 31, 2019, and we paid our Partner members $4.3 million in perpetual contributed capital (PCC) dividends, which is 40 percent more than what they earned in 2018 and also the highest dividend level of PCC paid out in Corporate One’s history.

I encourage you to review our 2019 Financial Report for more details on our performance and how we continue to work diligently to help our members succeed, but for now, in addition to these highlights I’ve just shared, I’d also like to discuss how Corporate One has responded and continues to respond to the impacts of this pandemic.

The implementation of our Pandemic Plan went smoothly, and we are committed to protecting the health and wellness of our employees, as well as ensuring we continue to provide our critical, much-needed services to our members. Corporate One remains well positioned to meet the current and future challenges as we help our members and navigate the ongoing uncertainty. We have long followed a strategy of maintaining a strong balance sheet with a strong capital position to ensure that we are ready to support our members in times of crisis just like this one.

In the midst of all of the negative news, I can tell you that our Corporate One family is doing great things for our members right now:

  • We have offered loan specials for credit unions who need liquidity, and our Investments team along with our CUSO, Accolade, have been helping credit unions put a tremendous amount of money to work in various investment products.
  • We have worked diligently to continue the uninterrupted delivery of payment services to our members and have helped our member credit unions ensure they have adequate vault cash to serve their own members, as well as processing increased check and ACH volumes due to stimulus payments.
  • Accolade has developed webinars and educational material to help advise credit unions during this uncertain time.
  • Lucro has offered their partner members access to their digital lending center, which they can get up and running in a day. They have waived submission fees for 90 days and eliminated the minimum commitment to get started. During this time, Lucro worked with their digital support team to quickly customize an application flow for the Paycheck Protection Plan loan program that automates all applications and forms needed to process the disaster loans. This automated platform allowed Lucro partners to effectively process 2,800 PPP loan applications in excess of $35 million.
  • Sherpa has continued to engage credit unions and other channel partners with critical, digital services to help credit unions serve their members better, especially in the remote, digital service mode.
  • Additionally, eDoc Innovations, another CUSO partially owned by Corporate One has offered credit unions a free subscription to their basic-level eDocSignature package through September of this year. This solution automates and manages the creation and sending of documents for electronic signature on any mobile device.

While we continue to support our own member credit unions, our members themselves are also on the front lines doing great work by assisting individuals and businesses who need help so desperately right now. Credit unions are needed now more than ever, and together we are all focused on successfully navigating this crisis while we continue our important work of being strategic, valuable partners to our respective memberships, driving value by providing exceptional member service and offering solutions that successfully navigate all the disruptions occurring right now.

I am sure the world and our business environment is going to change in significant ways once this crisis has passed. Corporate One is prepared to meet the challenges ahead, especially in the move to digital channels and online interaction with members. Our family of CUSOs is already perfectly aligned to provide tailored, competitive solutions to help credit unions succeed. And our mission of “helping our members succeed is at the forefront of all we have done and all we will continue to do.

Melissa Ashley