2023 Year in Review

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

Total Assets

$1.5 billion
+3.85% from 2022

Total Members

62,538
-0.85% from 2022

Total Income

Total Expenses

GROSS INCOME
$69.0M
+12.54% from 2022

NET INCOME
($1.4M)
-121.70% from 2022

INVESTMENT INTEREST
LOAN INTEREST
OTHER INCOME

$70.4M
+25.46% from 2022

MEMBER DIVIDENDS
OPERATING EXPENSES
PROVISION FOR LOAN LOSSES

Total Loans

$1.1B
-6.41% from 2022

Total Deposits

$1.3B
+4.53% from 2022

LOAN GROWTH BREAKDOWN

AUTO
COMMERCIAL
CREDIT CARDS
MORTGAGES
OTHER

DEPOSIT GROWTH BREAKDOWN

CERTIFICATES
CHECKING
IRAS
MONEY MARKETS
SAVINGS

Full Financial Statement

Open Financial Statement

Community Involvement

SUPPORTED
250+
ORGANIZATIONS

GAVE BACK
$230K
IN DONATIONS, SPONSORSHIPS + SCHOLARSHIPS

View full list of organizations and communities we supported in 2023

7 Rivers Region Chapter` of Credit Unions
Adopt a Family
Alport Syndrome Foundation
Alzheimer’s Foundation of America
American Cancer Society
American Heart Association
American Red Cross
Appleton Baseball Club, Inc.
Asset Builders
Association of Fundraising Professionals
Attic Chamber Theatre
Big Brothers Big Sister 7 Rivers Region
Big Brothers Big Sisters of East Central Wisconsin
Big Brothers Big Sisters of Fond du Lac
Big Brothers Big Sisters of Northeast Wisconsin
Boy Scouts of America – Gateway Council
Boys & Girls Club of Fond du Lac
Boys & Girls Clubs of Greater La Crosse
Boys & Girls Club of Oshkosh
Brillion Athletics
Brillion Area Family of Funds
Brillion Chamber of Commerce
Brillion Fire Department
Brillion High School
Brillion Nature Center
Brillion Police Department
Brillion Public Schools
Calumet County 4-H
Calumet County Fair
Central Wisconsin Auto Collectors
Children’s Hospital of Wisconsin
Children’s Miracle Network Hospitals
Children’s Museum of Fond du Lac
Christine Ann Domestic Abuse
City of Oshkosh
City of Oshkosh Parks & Recreation
Coldwell Banker Real Estate Group
Covey
Damascus Road Project
Day by Day Warming Shelter
Downtown Mainstreet, Inc.
Downtown Oshkosh BID
EAA
EAA Veterans Museum
Eastern Ridge Home Builders Association
Eastshore Humane Society
Envision Greater Fond du Lac
Feeding America Eastern Wisconsin
Fond du Lac Area Realtor Fund
Fond du Lac Dock Spiders
Fond du Lac Girls Fastpitch
Fond du Lac Humane Society
Fondy Youth Baseball
Fox Cities Chamber of Commerce
Fox Cities Performing Arts Center
Fox Crossing Parks & Recreation
Fox Valley Community Table
Fox Valley Lutheran High School
Fox Valley Memory Project

Fox Valley Pro Basketball
Fox Valley Symphony Orchestra
Fox Valley Technical College
Fox Valley Technical College Foundation
Fox-Wolf Watershed Alliance
Freedom Honor Flight
Future Neenah
Girl Scouts of the USA
Goodwill Industries of Northeast WI
Grand Opera House
Greater Fox Cities Chapter of Credit Unions
Greater Oshkosh Economic Development Corporation
Grow La Crosse
Gundersen Medical Foundation
Habitat for Humanity of Oshkosh ReStore
Habitat for Humanity La Crosse and Restore
High Cliff State Park
Hilbert High School
Hokah Lion’s Club
Holmen Area Community Center
Holmen Area Foundation
Holmen Business Association
Holmen Knights of Columbus
Holmen Rotary Club
Holmen School District
Home Builders Association of the Fox Cities
Hunger Task Force
Irishfest La Crosse
JDRF
Julie’s Touch of Silver Dance Studio
Kevin’s Legacy Foundation
La Crosse Area Builders Association
La Crosse Area Chamber of Commerce
La Crosse Area Realtors Association
La Crosse County 4-H
La Crosse Festivals
La Crosse School District
La Crosse Valley View Rotary
Leach Amphitheater
LEAVEN
Links 4 Lupus
Logan Booster Club
Lourdes Academy
Manitowoc Lutheran High School
March of Dimes
Martin Luther Church and School
Mississippi Valley Conservancy
Moraine Park Foundation
Moraine Park Technical College
Multiple Sclerosis Society of Wisconsin
NAMI Oshkosh
Neenah High School
Neenah Joint School District
Oktoberfest La Crosse
Onalaska Enhancement Foundation
Oshkosh Area Community Foundation
Oshkosh Area Community Pantry
Oshkosh Area Humane Society
Oshkosh Area School District
Oshkosh Arena
Oshkosh Celebration of Lights

Oshkosh Chamber of Commerce
Oshkosh Community Players
Oshkosh Community YMCA
Oshkosh Food Pantry
Oshkosh Kennel Club
Oshkosh North High School
Oshkosh Public Library
Oshkosh Waterfest
Oshkosh West High School
Oshkosh Youth Soccer Club
Paine Art Center & Gardens
PAWS Chicago
pdsF.U.S.I.O.N. Inc.
Realtors Association of Northeast WI
Relay for Life
Richards School of the Dance
Rotary After Hours La Crosse
Rotary Club of Oshkosh on the Water
Run with the Cops – Oshkosh
Salvation Army
Saving Sully Dog Rescue
School District of La Crosse
Sherwood Lions
Snowdrop Foundation
SOAR Fox Cities
Sophia Transformative Leadership Partners
Special Olympics of NE Wisconsin
Spina Bifida Association
Spina Bifida Assocation of Wisconsin
Springbrook Sportsmen’s Club
St. John Sacred Heart School
St. Jude Children’s Research Hospital
St. Peter’s School
Steppin’ out in Pink
TEDxOshkosh
The Evans Scholars Foundation
The Rotary Foundation
Thelma Sadoff Center for the Arts
Touch of Silver Twirling Corps
Town of Algoma
Toys for Tots
Trinity Lutheran School
Trinity Lutheran Youth Group
Unified Catholic Schools
United Way
UW Fond du Lac
UW Fond du Lac Foundation
UW Oshkosh-Fox Valley Campus
UW La Crosse
UW Oshkosh Foundation
UW Oshkosh
Viterbo University
Volunteer Center of Washington County
Western Technical College
Winnebago County 4H
Winnebago Lutheran Academy
Winneconne Food Pantry
Winnegamie Home Builders Association
Wisconsin Adaptive Sports Association
Wisconsin Credit Union League
Wisconsin Timber Rattlers
Xavier Middle School

2023 Successful Initiatives

EARLY PAY

In September, we rolled out Early Pay, a service that allows members to receive deposits to their Verve checking account up to two business days early.

Example deposits include paycheck direct deposit, Social Security, tax refunds, and more.

Already more than five thousand members have enrolled in Early Pay with Verve.

POSITIVE PAY + CLOVER® MERCHANT SERVICES

Two exciting updates for our business members. In June, we launched Positive Pay, a fraud detection tool that helps protect our business members from unauthorized checks and ACH debit transactions.

In July, we gave business members access to Clover®, a point-of-sale system for businesses that want to take payments from customers. In addition to providing contactless payment capabilities, Clover® offers card payment processing options with more than 450 apps to help businesses streamline their payroll, taxes, inventory management, and more.

AUDIT REPORT

The Audit Committee, comprised of Board representatives and senior executives, reviewed audits done periodically throughout the year. These audits show that the operations, records, and finances of the credit union are in good order.

We have retained Plante & Moran, PLLC to perform a financial statement audit of Verve as of December 31, 2023. The audit has been performed in accordance with auditing standards generally accepted in the United States and is performed to obtain reasonable assurance about whether the financial statements are free of material misstatement.

The final audit report will be on shared on Verve’s website when completed in May 2024.

Respectfully submitted,

Adrienne Hartman
Audit Committee Chair

LOOKING FORWARD

We will continue making strategic investments to help YOU, our members, achieve financial success by providing undeniable value through innovative products, easy-to-use financial solutions, and expert advice.
We will continue to enhance the digital banking experience while providing expert and attentive in-person service.
We will continue to find meaningful ways to invest in the community. We know that when we invest time, energy, enthusiasm, and financial support in worthwhile causes and organizations, we are building stronger and better places for people to live, work, play, learn, and worship.