BEAVERCREEK, Ohio–During its livestreamed 2021 Annual Business Meeting, Wright-Patt CU Board Chairman Joe Linsenmeyer and President/CEO Doug Fecher shared the credit union’s achievements and challenges from 2020 with an online audience of credit union members, employee-partners and stakeholders.
“This year’s annual meeting and report to the community really underscored how the credit union stepped up to serve members’ needs during one of the most difficult times in our nation’s history due to COVID-19,” stated Fecher. “Based on our values and beliefs, we understand that we are uniquely obligated to help people facing the hardships of these challenging times.”
In response to difficulties that members faced during the pandemic, Wright-Patt Credit Union said it moved quickly and decisively to create the most comprehensive emergency relief program in its history to help members through increasingly difficult times. It included temporary unemployment loans, the reduction or waiver of fees, additional skip-a-pay options on loans and much more.
Wright-Patt’s performance metrics include:
- Membership in the credit union grew more than 5% in 2020, finishing at 421,569 members by year-end. This despite not adding new members for almost half the year as part of COVID-19 protocols.
- The credit union’s total assets grew $1.2 billion, finishing at $6.25 billion, a 23% increase.
- WPCU finished the year with net worth of 10.52%.
“Perhaps one of the most encouraging indicators of our enduring strength came in the form of the $8.2 million Special Patronage Dividend that we paid out to our members at the end of the year,” said Fecher.
“This despite waiving millions in routine fees and the increased expenses of operating largely remotely for most of the year.”
In addition to a healthy and very stable financial report, WPCU detailed its response to the COVID-19 crisis and its vision going forward. It also shared stories from members and WPCU partner-employees and how they worked together to navigate challenges.
“As the tide of the pandemic recedes, we are pleased to report that Wright-Patt Credit Union is just as vital and healthy as ever – and not far off our record-breaking performance of the previous year,” said Fecher. “We remain committed to our mission of putting people first—and helping our members through life. The past year was a true test – and testament—to that commitment.”
The full recording of the meeting is available at www.wpcu.coop/annual-meeting.