LEARN Grow - Connexus Credit Union

SYNERGY
Integrity
RESPECT
OPEN & HONEST
2013
COMMUNICATIONS
PLAY
HARD
LEARN & Grow
ANNUAL REPORT
A MESSAGE FROM YOUR PRESIDENT
At Connexus Credit Union, everything we do begins with a core of family
values. It is the way we do business and the way we chose to treat both
our members and each other. It is the “Connexus Way” and it helps drive
our success.
Connexus hit a remarkable milestone in 2013. We surpassed an industry benchmark, reaching more than a
half billion in assets. We achieved this historic mark by demonstrating a daily commitment toward our values.
They have helped to build a financial institution we are proud of, and one we hope you are proud to be a part
of. We are relentless in our mission of helping our members achieve their personal financial objectives, by
anticipating their needs and exceeding their expectations with superior service and products.
It was a big year for Connexus, and reaching a half a billion dollars is only part of our success story.
Throughout the fall, we made a series of website enhancements, and began the process of introducing cutting
edge innovations that will enhance your member experience.
In September, Connexus purchased Financial Institutions Lending Options (FILO), an innovative leader in the
auto finance market. The transaction combined the talents of FILO and Connexus to expand the companies
lending programs to several states in the Midwest.
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In November, members of Cintel Federal Credit Union based in Cincinnati, Ohio voted to merge with
Connexus. The merger, which will be complete in 2014, was mutually beneficial. It allows Cintel to obtain
products and services required for member retention and expansion. Connexus was able to once again grow
through diversification and the opportunity to expand in a larger metropolitan area. Both our current members
and the new members we welcome as part of the merger will reap the benefits of an even stronger Connexus.
These new FILO and Connexus partnerships helped to grow our bottom line as we continue to strengthen and
evolve our credit union. For members, it means we can continue to expand our core services and build upon
the high-yield deposit and low-rate loan products you have come to enjoy as a member.
Integrity, respect, open and honest communication, a philosophy of working hard and playing hard, these
values drive us. A financial institution committed to learning and growing, committed to synergy. These are the
building blocks of a half billion dollar organization and the cornerstone of everything that is yet to come.
Sincerely,
J. David Christenson
President/CEO
Connexus Credit Union
DRIVEN BY OUR
FAMILY VALUES
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BALANCE SHEET
2012
2013
ASSETS
Cash
Investments
$
9,462,928
$
7,265,690
35,274,138
13,580,173
389,745,960
466,200,255
Fixed Assets, net
5,333,185
5,514,704
NCUA Insurance Deposit
3,829,666
3,786,595
Other Assets
14,888,232
20,757,085
Total Assets
$458,533,838
$517,104,502
$ 82,515,191
77,793,119
43,550,794
71,686,633
83,645,133
2,664,594
15,147,448
38,000,000
4,027,449
$ 84,958,604
76,912,564
45,831,383
81,422,636
98,332,716
2,349,618
27,737,724
49,986,038
4,264,753
$419,030,361
$471,796,036
$39,503,477
$45,308,466
$458,533,838
$517,104,502
Member Loans
LIABILITIES
Member Shares
Term Share Certificates
IRA Accounts
Checking Accounts
YES Money Market
Money Market Elite
Non-Member Deposits
Corporate Borrowings
Other Liabilities
Total Liabilities
RESERVES
Reserves & Undivided Earnings
Total Reserves & Liabilities
Federally Insured by NCUA.
A certified audit was completed by Wipfli LLP, certified public accountants, for the 12-month period ending September 30th, 2013. The financial statements for the
credit union are in order and were reported in accordance with generally
accepted accounting principles (GAAP).
Audit Committee: Lyle Beck, Ron Dins, Marita Hattem, Roger Lucas, Todd McDonald & Steve Raether.
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INCOME STATEMENT
2012
2013
$ 17,051,734
130,133
$ 22,270,425
105,485
$17,181,867
$22,375,910
$4,063,102
441,014
$4,048,025
1,111,036
$4,504,116
$5,159,061
3,740,928
11,474,053
4,042,551
13,542,164
$4,699,708
$5,815,187
INTEREST INCOME
Member Loans
Investments
Total Interest Income
INTEREST EXPENSE
Members’ Accounts
Corporate Borrowings
Total Interest Expense
Non-Interest Income
Non-Interest Expense
Net Income
$517,104,502
2011
$458,533,838
$356,486,477
2010
$319,736,099
$312,538,450
2009
$517,104,502
2012
Total Assets
- 2013 -
2013
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CELEBRATING 79 YEARS OF SUCCESS
card. All of our services are focused on helping our
Member Center Calls
members make informed choices to meet their
22,770
desired outcomes. That pursuit includes treating our
members with Integrity, being available when they
need us, and ensuring they have an exceptional
experience with our products and our employees.
113
Employees
77,770
Members
11
Locations
6
87,422
Online Banking Users
590,802
ATM Transactions
Growth is exciting, and we respect the discipline
that it requires. We remain focused on expanding
our membership, investing in our employees,
strengthening our financial position, keeping pace
with technology, and continuously improving our
product and service offerings. Our commitment
to Learn and Grow makes us a better organization,
which ultimately results in greater value to
our members.
GROWTH
SERVICE
Exceptional member service remains our calling
A MESSAGE FROM THE BOARD
On behalf of the Connexus Board of Directors, I would like to thank
BOARD
OF DIRECTORS:
the membership for their on-going support. As we continue to grow
responsibly to strengthen your credit union, it is you, our members,
who will remain at the center of those plans.
Lyle Beck
Ron Dins
Our industry remains very competitive with consolidations of
Marita Hattem
distressed credit unions occurring on a regular basis. It is important
Paul Hunsanger
that we remain financially strong to ensure that you will continue to
have access to the many products and services that you have become
accustom to finding at Connexus. We look forward to continuing
Jane Kittel
Gary Klingbeil
to serve your financial needs, by bringing you even more enhanced
Todd McDonald
services in the near future, accompanied by the phenomenal customer
Steve Raether
service you’ve come to expect from Connexus.
Mark Steinberg
Sincerely,
Steven A. Zeinemann
Board Chair
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THANK YOU
for your
loyal membership!
800.845.5025 | connexuscu.org