President's Annual Meeting Report


I would like to begin by thanking all our members for their continued membership and business at Central Wisconsin Credit Union. 2019 witnessed another year of growth and many changes that will allow us to better serve you in the future. I want express my gratitude  for the guidance and leadership of our Board of Directors. I’m also thankful for our dedicated employees and how hard they work getting the “little things” right.

Our financial condition reflects solid growth, sound oversight by the Board and good stewardship by credit union staff. The Treasurer’s financial report is in the Credit Union’s 2019 Annual Brochure and reports a very profitable year. Listed below are some additional highlights from 2019:

  • Total Assets reached $39.4 million at year end, a 5.39% increase for the year.
  • Member Loans were down slightly by -0.33% from the previous year. At the close of 2019 we had  $24,891,136 in loans outstanding. Loan Officers wrote 513 loans for a total of $10,168,647.
  • Member deposits closed the year at $34.7 million; an increase of 4.59%
  • Our Net Worth remains strong at 10.97%. 

Central Wisconsin Credit Union reached a major milestone this past year. Each year since 2005 (excluding 2007), it has been a tradition to provide our members with a special dividend and loan interest rebate at year end. I am pleased to report we have returned to our members a total of $1,112,361.47 over the last fourteen years. This is over and above regular monthly dividends paid on share deposits.

The credit union also took major steps in 2019 in response to the impending Post Road reconstruction project and the impact on our Plover branch. The Credit Union received compensation from the State for the property required for the project and we began to take the necessary steps to reconfigure our footprint. We purchased the Plover Express property which gave us needed expansion room to the south. We remodeled our lobby with new floor tile and a teller line to match our Stevens Point branch. Several maintenance projects included replacing retaining walls in the rear of our building, repairing the front foyer steps, and installing ADA accessibility door openers. Moving forward we still have a lot of work to do, but when it’s all said and done, the Plover branch will be well suited to serve our membership for many years to come. We also appreciate the patience of our members through all the construction.

Respectfully,

Frank Hunt
President