2022 Civic Chairman’s Letter

Dear Fellow Members:

I am honored to present the 2022 Chairman’s Report for Civic Federal Credit Union. This Report summarizes the accomplishments of your Credit Union over the past 12 months. We are proud of the results. We invite you to look at what we all did together.

Many of us have grown accustomed to annual reports issued by other corporations. Sometimes these reports are stuffy recitals of what the corporate leaders want you to know. An annual report for a financial cooperative like Civic is different. This is your Report because members are indistinguishable from the Credit Union.

There are two ways to think about the essence of a corporation. Some see a company as a separate entity that looks after its own interests. Others regard a corporation as a collection of shareholders who are themselves the organization. We prefer the latter description for Civic.

You are part of a membership. We don’t use this term frivolously. Without you, Civic does not exist. There is no separate agenda other than what we all believe is good for the membership. The determination for every decision comes down to your best interests.

When you read the financial reports, you will see statistics for assets and liabilities. These numbers are essential. They give you a sense of how Civic performed as a financial institution. When we compare Civic to other like-sized institutions, we shine. Good results are determined by healthy growth in all areas, satisfied member experiences, and prudent risk management.

There is more to Civic than what you see on the financial pages. Civic undergoes rigorous financial examinations from federal regulators to ensure we operate safely. Additionally, Civic must pass internal tests to ensure risks are adequately contained.

There is a philosophical side to this story as well. It is not lost on us that you are the heart and soul of Civic. Without the membership, Civic would just be an idea. The numbers showcase one side of Civic. Each number represents a story to behold; stories of how Civic served you and other members.

I remember testimonies from some of you who are delighted with how easy it is to do business with Civic. I heard from members who breathed a sigh of relief after being rescued from high-cost debt. Civic has helped businesses gain the resources needed to prosper. You tell us that Civic has changed your lives for the better.

Nothing is more important than your ownership of Civic. We really mean this. It is not an overstatement to emphasize that your stake in Civic represents a solemn commitment to treat you with the respect and deference owed to folks who are the bosses. This is what true ownership means.

We, the Civic directors and management, fully recognize that our efforts would be in vain without you. You and your fellow members are the fuel that brings Civic to life. When you bring us your deposits, you entrust your Credit Union with your hard-earned money for us to safeguard. When you come to us for credit, you share your dreams for educational pursuits, homeownership, and other endeavors. We are very proud to have earned your confidence.

This Annual Report is not just another annual report. This is your Civic Annual Report. When you see what has been done, take pride in knowing that you had a hand in this work.

On behalf of the Board of Directors for Civic Federal Credit Union, we are delighted to represent you. We invite you to finish reading this Report. Think about the mission that remains undone and the members who need our help. Let’s get to work doing even more this year.

Best Regards,

Paul Miller
Chairman, Board of Directors
Civic Federal Credit Union