Letter from Victoria + Kevin
Dear Fellow Members,
87 years ago, our founders established a member-owned cooperative that provided financial stability our members could depend on. Today, we strive to carry on that same legacy—to be prudent in our decision-making, innovative in our product and service offerings, and unwavering in our commitment to our members, team, and community.
2023 was a challenging year, exacerbated by the rising rate environment and turbulent economy. Although our revenue increased by over $7 million, expenses in the form of interest paid to members for deposit accounts (certificates, checking, savings) increased by over $14 million. Throughout 2023, Verve eased the financial burden of our members by offering top-of-market rates so that your money can go further for you and your families.
The decision to continue to pay these competitive rates is a testament to our unwavering support of our member-owners, and we stand by this decision. Thank you for your ongoing loyalty and membership and for putting your trust in Verve. We remain a strong and well capitalized cooperative.
Sincerely,
Kevin J. Ralofsky
President and CEO
Victoria Beltran
Board Chair
