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2022 Year in Review

2022 Annual Meeting Minutes

Letter from Victoria + Kevin

Dear Fellow Members,

Over 85 years ago, our founders established a member-owned cooperative that provided financial stability that 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.

Our collective strength aligns Verve for long-term growth, innovation and impact. Today as much as ever, we are dedicated to helping our members dream big, establish plans and confidently pursue big, audacious goals. We will continue to invest in you, our members, by working to align our business, brand and culture to respond to your needs and expectations in a way that strengthens the cooperative.

We want to thank you for your ongoing loyalty and membership and for putting your trust in Verve throughout the challenging economic climate of 2022. We are a strong and successful credit union because our members believe in the values of cooperation and community.

As always, the good we can do together surpasses the good we can do alone.


Kevin J. Ralofsky
President and CEO

Victoria Beltran
Board Chair

Total Assets

$1.5 billion
+3.99% from 2021

Total Members

-1.61% from 2021

Total Income

Total Expenses

+4.53% from 2021

-27.83% from 2021


+12.43% from 2021


Total Loans

+15.18% from 2021

Total Deposits

+0.01% from 2021





Full Financial Statement

Open Statement

Fraud Squad: By the Numbers





Community Involvement



View full list of organizations and communities we supported in 2022

7 Rivers Region Chapter of Credit Unions
AARP, Inc.
Adopt a Family
Alport Syndrome Foundation
Alzheimer’s Foundation of America
American Cancer Society
American Diabetes Association
American Heart Association
American Red Cross
Appleton Baseball Club, Inc.
Appleton Habitat ReStore
Appleton School District
Association of Fundraising Professionals
Attic Chamber Theatre
Aurora Medical Center & Clinic
Avalanche Hockey Booster Club
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
Boys & Girls Clubs of the Fox Valley
Boys & Girls Club Menasha
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 Youth Safety Association
Celebrate Onalaska Onalaska Enhancement Foundation
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 La Crosse Parks, Recreation & Forestry
City of Oshkosh
City of Oshkosh Parks & Recreation
Coldwell Banker Real Estate Group
Community Blood Center
Compassion International
COTS, Inc.
Day by Day Warming Shelter
Downtown Fond du Lac Partnership
Downtown Mainstreet, Inc.
Downtown Oshkosh BID
Ducks Unlimited
Eastern Ridge Home Builders Association
Envision Greater Fond du Lac
Excellence in Leadership
Family Services, Inc.
Father Carr’s Place 2B
Feeding America Eastern Wisconsin
Fond du Lac Area Community Foundation
Fond du Lac Area Realtor Fund
Fond du Lac Dock Spiders
Fond du Lac Girls Fastpitch
Fond du Lac High School
Fond du Lac Humane Society
Fond du Lac Parks Department
Fond du Lac Salvation Army Thrift Shop
Fondy Food Pantry
Fondy Youth Baseball
Fox Cities Chamber of Commerce
Fox Cities Elite Volleyball
Fox Cities Habitat for Humanity
Fox Cities Performing Arts Center
Fox City Flix
Fox Crossing Parks & Recreation
Fox Valley Humane Association
Fox Valley Memory Project
Fox Valley Pro Basketball
Fox Valley Symphony Orchestra
Fox Valley Technical College
Fox Valley Technical College Foundation
Fox Valley Thrift
Fox-Wolf Watershed Alliance
Future Neenah
Girl Scouts of the USA

Goodwill of La Crosse & Onalaska
Goodwill Industries of Northeast WI
Grand Opera House
Great Smoky Mountain National Park
Greater Chicago Food Depository
Greater Fox Cities Chapter of Credit Unions
Greater Oshkosh Economic Development Corporation
Greenville Lions Club
Grow La Crosse
Gundersen Medical Foundation
H.O.O.A.H. Wisconsin
Habitat for Humanity of Northern Fox Valley
Habitat for Humanity of Oshkosh ReStore
Habitat for Humanity La Crosse and Restore
Heart2Heart Pet LIfeline
High Cliff State Park
Hilbert High School
Holmen Area Community Center
Holmen Area Foundation
Holmen Business Association
Holmen Lions Club
Holmen Knights of Columbus
Holmen Rotary Club
Holmen School District
Home Builders Association of the Fox Cities
House in the Woods
Irishfest La Crosse
Jerry Finch Winnebago County Dog Park
Julie’s Touch of Silver Dance Studio
Julie’s Twirling Corps
Kane St Community Garden
Kimberly Area Youth Basketball Club
Kimberly High School
La Crosse Area Builders Association
La Crosse Area Chamber of Commerce
La Crosse Area Family YMCA
La Crosse Area Realtors Association
La Crosse Builders Exchange
La Crosse County 4-H
La Crosse Festivals
La Crosse Logan High School Booster Club
La Crosse Marathon
La Crosse School District
La Crosse Valley View Rotary
Langlade County Humane Society
Lawrence University
Leach Amphitheater
Leadership Fond du Lac
Leadership Oshkosh
Links 4 Lupus
Local Lupus Alliance
Lourdes Academy
March of Dimes
Marian University
Mastering Life Skills LLC
Menasha Public Schools
Menominee Park Zoo
Military Veterans Museum
Mississippi Valley Conservancy
Moraine Park Foundation
Moraine Park Technical College
Multiple Sclerosis Society of Wisconsin
NAMI Fond du Lac
National Antique Oldsmobile Club, Inc.
Neenah Animal Shelter
Neenah High School
Neenah Joint School District
New Horizons Shelter & Outreach Center
Oktoberfest La Crosse
Omro Food Pantry
Omro High School
Onalaska Community Day American Legion
Onalaska Enhancement Foundation
Onalaska School District
Oshkosh Area Community Foundation
Oshkosh Area Community Pantry
Oshkosh Area Humane Society
Oshkosh Area Women’s Association
Oshkosh Arena
Oshkosh Boys & Girls Club
Oshkosh Celebration of Lights
Oshkosh Chamber of Commerce
Oshkosh Community Players
Oshkosh Community YMCA

Oshkosh Convention & Visitors Bureau
Oshkosh Food Cooperative
Oshkosh Food Pantry
Oshkosh North High School
Oshkosh Public Library
Oshkosh Rotary
Oshkosh Area School District
Oshkosh Senior Center
Oshkosh Southwest Rotary
Oshkosh Waterfest
Oshkosh West High School
Oshkosh West Side Association
Paine Art Center & Gardens
PALS – Partners at Learning
Parent to Parent of Wisconsin
Park View Health Center of Oshkosh
PAWS Chicago
Payne’s Point Hook and Spear Fishing Club
pdsF.U.S.I.O.N. Inc.
Realtors Association of Northeast WI
Relay for Life
Ronald McDonald House
Rotary After Hours La Crosse
Rotary Club of Oshkosh on the Water
Rotary Club of La Crosse
Run with the Cops – Oshkosh
Salvation Army
Saving Sully Dog Rescue
School District of La Crosse
Sherwood Lions
Snowdrop Foundation
Sophia Transformative Leadership Partners
Special Olympics of NE Wisconsin
Spina Bifida Association
Spina Bifida Assocation of Wisconsin
Sports, Therapeutic and Adaptive Recreation (STAR) Association
Springbrook Sportsmen’s Club
St. John Sacred Heart School
St. Joseph Food Program, Inc.
St. Vincent De Paul – Fond du Lac
Steppin’ out in Pink
Stock the Shelves
Sturgeon for Tomorrow
The Brigade
The Evans Scholars Foundation
The Fox Crossing Parks and Recreation Department
The Hunger Task Force of La Crosse
The Parenting Place
The Realtor Association of Fox Valley
The Rotary Foundation
Thelma Sadoff Center for the Arts
Titan Alumni Foundation
Town of Algoma
Town of Menasha Parks & Recreation Department
Toys for Tots
Two Rivers Youth Sports
Unified Catholic Schools
United Way
Upper Midwest Power Boat Association
UW Fond du Lac
UW Fond du Lac Foundation
UW Oshkosh-Fox Valley Campus
UW La Crosse
UW Oshkosh Foundation
UW Oshkosh
Valley VNA Senior Care
Village of Holmen Park and Rec
Viterbo University
Wafer Food Pantry
We EmpowHER
Western Technical College
Whitetails Unlimited
Winnebago County Sheriff’s Department
Winneconne Food Pantry
Winnegamie Home Builders Association
Wisconsin Credit Union League
Wisconsin Credit Union Legislative Action Fund
Wisconsin Timber Rattlers
Women’s Alliance of La Crosse
Women’s Fund of Greater La Crosse
YMCA of the Fox Cities
Youth Leadership Oshkosh

2022 Successful Initiatives


Verve was recognized as a Best Credit Union to Work For by the American Banker and Best Companies Group for the sixth year in a row, named to the 2022 list of Best and Brightest Companies to Work For in the Nation by the National Association for Business Resources for the fourth year in a row, and collected a Diamond Marketing Award from the Credit Union National Association for the second year in a row.


The Fraud Squad has successfully onboarded four new organizations, shared the Fraud Squad mission and message at nine community presentations and regional conferences, created content for over twenty educational posts for blogs and social media, and earned six Fraud Squad-specific marketing awards since April 2022. We put to use $97,000 worth of donated media and $12,500 in grant money.


The Enterprise Risk Management Committee (ERMC), 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.

The annual financial audit for the credit union is still in process for 2022. The results of the audit will be shared on Verve’s website when it is completed.

In December 2022, an audit committee was established and will assume the duties of audit oversight, previously assigned to the ERMC.

Respectfully submitted,

Adrienne Hartman
Adrienne Hartman
Audit Committee Chair


  • To provide YOU, our members, with the education, information and resources you need to keep your money safe from scams and fraud.
  • With a continued focus on digital services and future payment channels, we are building out the digital experience so members can bank in the way that best suits them while also enhancing the in-person experience in order to take care of more complex transactions.
  • Community is at the heart of all we do at Verve. 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.