VLFCU Annual Report

Jan Sadoski Chairman of the Board of Directors a message from With the Covid-19 pandemic behind us, for the most part, we all faced a new challenge with rising prices impacting businesses, and more importantly individuals and their families. As our members started to experience the financial strain of 2022, our employees met their individual needs head on to provide the best possible service. Whether members required lower-rate loans to pay off high-interest debt or a savings account that yielded better dividends, the VLFCU staff made it happen. Both loan and deposit rates rose in 2022 primarily due to the historic pace of increased interest rates enacted by the Federal Reserve in 2022. Thus, I can report that VLFCU experienced another strong financial year thanks to robust consumer and commercial loan growth. Thus, we are positioned financially and operationally for continued long-term success. This success includes the investment of a new branch in Norwalk. The location of this full-service branch on the south end of town will provide a more central location for our Huron County members, while providing an environment with ample lobby space and parking to accommodate our growing Huron County membership. This location is scheduled to open in August of 2023. As we look to 2023 and beyond, our focus will always remain on the VLFCU members. Our team of tellers, lenders, support staff, managers, and board of directors, will continue to develop every channel of membership interaction. We will remain committed to delivering innovative products that make banking easier, providing the best possible member service, and finding solutions for the financial wellness of our members. On behalf of the credit union, I sincerely thank all of our members and hope that you will choose us as your lifetime financial institution.