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From the CEO
April 30, 2021

Our 2021 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:

  • Vice Chair: Bob Burrow, Bayer Heritage FCU
  • Janice Hollar, Achieva CU
  • Chris Rutledge, Gulf Winds CU

I would also like to recognize our remaining board members:

  • Chair: Lee Powell, Desco FCU
  • Treasurer/Secretary: John Shirilla, Best Reward FCU
  • Phil Buell, Superior CU
  • Bill Allender, BMI FCU
  • John A. Graham, Expree CU
  • Hilary A. Eisbrenner, Space Coast CU

Dear Members:

At our annual meeting on April 29, Corporate One addressed the unprecedented year that was 2020, announced the results of the election of directors, highlighted our financial and strategic achievements, and addressed our ongoing response to COVID-19.

In addition to a global pandemic, our country faced many social and political challenges last year that added to the uncertainty and turmoil. In 2020, we determined the best way for us to fulfil our mission as your corporate partner and help you succeed was to continue to be a source of certainty amidst the ambiguity. We remained steadfast in our commitment to be a financially strong, transparent corporate focused on the health and safety of credit union family and our members’ success, and we worked tirelessly to ensure uninterrupted operations for you, our members, who were on the front lines all year doing amazing work, assisting individuals and businesses who so desperately needed help.

Despite the uncertainty of the pandemic, I am pleased to report that Corporate One navigated it well from every aspect. Additionally, after a year unlike any other, we are especially grateful that we can report a record year in earnings. In 2020, Corporate One reported net income of $16.5 million, a 23 percent increase from the prior year and our second highest year of earnings. In addition, strong earnings enabled us to pay $2.29 million in Perpetual Contributed Capital (PCC) dividends to PCC holders and to continue to grow retained earnings, which were $115.1 million at the end of 2020, and contributed to an increase in our total regulatory capital to $331.2 million at December 31, 2020.

Our Corporate One family also made tremendous progress with our business objectives 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. Highlights include the following:

  • Our investments team successfully managed an influx of $2.5 billion in member deposits onto our balance sheet as a result of economic fallout from the pandemic/government stimulus. We purchased $1.4 billion of investments to maximize the earnings on the sudden influx of balances from our members.
  • We helped our members gain increased access to liquidity through the Central Liquidity Fund. Corporate One capitalized 385-member credit unions with assets of $250 million and less with an ~$42.8 million investment in the CLF so they would have access to emergency liquidity if needed throughout the pandemic.
  • We welcomed 17 new members to our corporate family.
  • We launched our new online user-management hub, MyCorp1 Manager, which allows institutions to easily update profile information, maintain organizational details, and manage user authorities and permissions related to the Corporate One solutions each organization uses.
  • Both Corporate One and our CUSO, Sherpa Technologies, achieved two important milestones in our respective strategic initiatives on faster payments: Sherpa became the first CUSO and non-core third party service provider (TPSP) certified by The Clearing House’s (TCH) RTP® network. By leveraging Sherpa as our TPSP, Corporate One became the first corporate credit union certified as a participant to receive payments via TCH’s RTP network.
  • We created all processes needed to support credit unions as a Funding Agent for their participation in the RTP network and we are now fully certified.
  • Our wholly owned CUSOs also worked hard in 2020 to support credit unions and added significant value to Corporate One’s overall achievements.
    • Lucro Commercial Solutions configured its Digital Business Lending Center (DBLC) so it could be used by SBA-approved credit unions for a streamlined PPP loan application and forgiveness process.
    • As credit unions’ balance sheets grew dramatically during 2020, Accolade Investment Advisory was able to advise their clients on investing strategies that best supported their needs.
    • Sherpa launched its first digital loan payments solution developed as a result of its Innovation Council collaboration. The launch of this solution was timely because while Corporate One and its CUSOs have been aligned for many years with where the financial industry is heading, the pandemic accelerated the need/demand for both digital transformation efforts and digital channels.

I encourage you to review our 2020 Financial Report for more details on our performance and how we continue to work diligently to help our members succeed. Rest assured, Corporate One is well positioned for a post-pandemic environment, and we look forward to continuing to serve you.

Melissa Ashley