Letter from Victoria + Kevin
Dear fellow members,
For more than 80 years, Verve has been bringing together people with common interests and goals—people who also share ownership, and a stake, in how well this cooperative performs. Verve exists to serve you, our members. Regardless of what’s going on in the world around us, our cooperative still exists to serve our members and those who live in the communities in which we serve.
I think many of you would agree with us that our cooperative is more important than ever in these uncertain times. Together we can rise up and answer the call to serve, to assist, and to positively impact the lives of our members in ways that make their lives a little easier, less stressful, and filled with energy and enthusiasm.
Just as our founders established a member-owned cooperative to provide the financial stability and longevity that our team, families and communities depend on, Verve strives to carry on this legacy of prudent decision-making today.
We want to thank you all for your ongoing loyalty and membership, and for putting your trust in Verve through the uncertainty of 2020. We have some members who have been with us from our very beginnings, and it’s hard to find words for how thankful we are to have you with us, no matter where you are in your financial journey with Verve.
Sincerely,
Kevin J. Ralofsky
President and CEO
Victoria Beltran
Board Chair
Asset Growth +46.40%
Gross Income +11.19%
Net Income +6.74%
Loan Growth
+22.22%
Loan Growth Breakdown
It’s in the Details
View the Full Financial Statement
Member Growth
Pandemic Relief
For Members and Business Members
Though a successful year for Verve, 2020 and COVID-19 brought their fair share of challenges, including the need to close branch lobbies to help protect members and our team from COVID-19. Our efforts to make drive-up service—as well as online and phone banking options—more efficient have helped us keep serving you through the pandemic.
Many in our communities have suffered job and business losses, and faced a great deal of uncertainty in 2020 and this year. Verve decided early to allocate funds toward programs to help our members face these challenges. Through our Let’s All Do This program, members have been able to modify or skip loan payments, access our Paycheck Replacement Loan and move higher-interest loans from other financials to Verve to save money and to keep cash available to pay for necessities throughout the coronavirus crisis.
Community Involvement
Whether we were able to participate in person, at a safe distance or virtually, we loved engaging and being part of our community through more than 200 events.
- Worked with a third-party provider to help process SBA Paycheck Protection Program loans for small businesses during the first round of funding.
- Worked tirelessly to prep for the second round of funding and move applications through the process as quickly as possible.
- As of March 1, 2021, 389 small businesses in our community have accessed $23.4 million in SBA funds through this program.
- Beyond lending and in addition to our regular giving that we maintained throughout the pandemic, Verve set up a $50,000 donation matching program to support community foundations in Oshkosh, the Fox Valley Region and La Crosse, as well as the Chicago Community COVID-19 Response Fund and Together FDL.
View full list of organizations and communities we supported in 2020
7 Rivers Region Chapter of Credit Unions
AARP, Inc.
ASPCA
Acts of Peace Players
Adashun Jones Real Estate
Adopt a Family
Alzheimer’s Foundation of America
American Cancer Society
American Diabetes Association
American Heart Association
American Red Cross
Appleton Education Foundation
Appleton Habitat ReStore
Appleton School District
Ascension Health
Aurora Medical Center & Clinic
Battle on ‘Bago – Oshkosh
Bella Medical Clinic
Best Friends of Neenah Menasha
Bethesda Thrift Shop
Big Brothers, Big Sisters
Black Visions Collective
Boy Scouts of America
Boys & Girls Club of Fond du Lac
Boys & Girls Clubs of Greater La Crosse
Boys & Girls Clubs of the Fox Valley
Brillion Athletics
Brillion Chamber of Commerce
Brillion City Community Drive
Brillion Conservation Club
Brillion Fire Department
Brillion High School
Brillion Nature Center
Brillion Optimist Club
Brillion Parks & Recreation Department
Brillion Police Department
Brillion Public Schools
Butte des Morts Historical Preservation Society
Changing Worlds
Children’s Hospital of Wisconsin
Children’s Miracle Network Hospitals
Children’s Museum of Fond du Lac
Children’s Museum of La Crosse
Christine Ann Domestic Abuse
City of La Crosse
City of La Crosse Parks, Recreation & Forestry
City of Oshkosh Parks & Recreation
Coats for Kids
Color of Change
Community Blood Center
Community Foundation for the Fox Valley Region
Couleecap, Inc.
Coulee Council on Addictions
Coulee Region Humane Society
Covey
Cystic Fibrosis Foundation
Damascus Road Project
Dane County Humane Society
Day by Day Warming Shelter
Diabetes Foundation
Downtown Fond du Lac Partnership
Downtown Mainstreet, Inc.
Downtown Oshkosh BID
Dressember Foundation
Ducks Unlimited
EAA
East Shore Humane Association
Eastern Ridge Home Builders Association
Empty Bowls Fond du Lac
Empty Bowls Oshkosh
Envision Greater Fond du Lac
Epilepsy Foundation of Wisconsin
Evans Scholars Foundation
Evergreen Oshkosh
Excellence in Leadership
Family Services, Inc.
Father Carr’s Place 2B
Feeding America Eastern Wisconsin
Fit Oshkosh, Inc.
Fond du Lac Area Community Foundation
Fond du Lac Dock Spiders
Fond du Lac High School
Fond du Lac Humane Society
Fond du Lac Morning Rotary
Fond du Lac Restore
Fond du Lac Salvation Army Thrift Shop
Fond du Lac Soccer Association
Fondy Food Pantry
Fondy Youth Baseball
Fox Cities Chamber of Commerce
Fox Cities Chapter of Credit Unions
Fox Cities Habitat for Humanity
Fox Cities Performing Arts Center
Fox Crossing Parks & Recreation
Fox Valley Community Table
Fox Valley Humane Association
Fox Valley Pro Basketball
Fox Valley Symphony Orchestra
Fox Valley Technical College
Fox Valley Technical College Foundation
Fox Valley Thrift
Freedom House
Future Neenah
Gabriel’s Wings Foundation
Girl Scouts of the USA
GO-HNI Greater Oshkosh Healthy Neighborhoods, Inc.
Good Steward Resale Store
Goodwill of La Crosse & Onalaska
Goodwill Industries of Northeast WI
Grace Lutheran School
Grand Opera House
Greater Fox Cities Area Habitat for Humanity
Greater Fox Cities Chapter of Credit Unions
Greater Oshkosh Economic Development Corporation
Grow La Crosse
Growing Oshkosh, Inc.
Habitat for Humanity of Fond du Lac County
Habitat for Humanity of Northern Fox Valley
Habitat for Humanity of Oshkosh
Habitat La Crosse
Harbor House
Hidden Treasures Thrift Shoppe
Hilbert Athletics
Hilbert High School
Holmen Area Community Center
Holmen Area Foundation
Holmen Lions Club
Holmen Knights of Columbus
Holmen Rotary Club
Holmen School District
Home Builders Association of the Fox Cities
Honor Flight Wisconsin
Humane Society of Sheboygan County
JDRF
Julie’s Touch of Silver
Kaukauna Area School District
Kimberly Area School District
La Crescent Animal Rescue
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 City Vision Foundation
La Crosse Community Foundation
La Crosse County for Goodness’ Sake
La Crosse Festivals, Inc.
La Crosse Loggers
Lancer Youth Hockey
Leadercast
Leadership Oshkosh
Leukemia & Lymphoma Society
Little Free Pantry
Local Lupus Alliance
Lourdes Academy
Make a Wish Foundation of Wisconsin
Manitowoc County Chamber of Commerce
Manitowoc County Historical Society
Manitowoc – Two Rivers YMCA
March of Dimes
Marian University
Marine Toys for Tots Foundation
Martin Luther Oshkosh
Meals on Wheels America
Menasha Public Schools
Menasha Rotary Club
Mid-Day Women’s Alliance
Mid-Morning Kiwanis Club of Oshkosh
Military Veterans Museum and Education Center
Mississippi Valley Conservancy
Moraine Park Foundation
Multiple Sclerosis Society of Wisconsin
NAMI Fox Valley
NAMI Oshkosh
Neenah Animal Shelter
Neenah High School
Neenah Joint School District
Neenah Menasha Kiwanis
Neenah Police Department
Neighbor Loaves
Nekimi Volunteer Fire Department
New Horizons Shelter & Outreach Center
North Fond du Lac School District
Omro Food Pantry
Omro High School
Omro Rushford Volunteer Fire Department
Onalaska School District
Oshkosh Area Community Foundation
Oshkosh Area Economic Development Corporation
Oshkosh Area Humane Society
Oshkosh Area Women’s Fund
Oshkosh Back to School Fair
Oshkosh Boys & Girls Club
Oshkosh Celebration of Lights
Oshkosh Chamber of Commerce
Oshkosh Choraliers
Oshkosh Community Players
Oshkosh Community YMCA
Oshkosh Convention & Visitors Bureau
Oshkosh Family Inc.
Oshkosh Fast Club
Oshkosh Fire Department
Oshkosh Food Pantry
Oshkosh North Booster Club
Oshkosh North High School
Oshkosh Public Library
Oshkosh Rotary
Oshkosh Rotary on the Water
Oshkosh School District
Oshkosh Southwest Rotary
Oshkosh United Soccer Club
Oshkosh West Booster Club
Oshkosh West High School
Oshkosh West Side Association
Oshkosh Youth Baseball
Oshkosh Youth Soccer Club
Paine Art Center & Gardens
PALS – Partners at Learning
PAWS Chicago
Payne’s Point Hook and Spear Fishing Club
PetSmart Charities
Pickett Lions Club
Potter Fire Department
Realtors Association of Northeast WI
Relay for Life
Richard’s School of the Dance
Ripon Chamber of Commerce
Rocky Mountain Elk Foundation
Ronald McDonald House
Rotary After Hours La Crosse
Rotary Club of Neenah
Rotary Lights of La Crosse Wisconsin
SOAR Fox Cities
Salvation Army
Samaritan’s Purse
Saving Sully Dog Rescue
School District of La Crosse
School District of Lomira
Sexual Assault Crisis Center
Sheboygan Jaycees
Sherwood Lions
Sophia Transformative Leadership Partners
Special Olympics of NE Wisconsin
Springbrook Sportsmen’s Club
St. John Sacred Heart School
St. Joseph Food Program, Inc.
St. Jude Children’s Research Hospital
St. Mary Elementary School Menasha
St. Vincent De Paul
Starlight Children’s Foundation
Steppin’ out in Pink
Stock the Shelves
Susan G. Koman for the Cure
Take Back the Night
TEDxOshkosh
The Crossing of Manitowoc County
The Fox Crossing Parks and Recreation Department
The Gillian Reny Stepping Strong Center for Trauma Innovation
The History Museum at the Castle
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
Together FDL
Town of Algoma
Town of Menasha Parks & Recreation Department
Toys for Tots
Two Rivers Public Schools
Two Rivers Rotary
Unified Catholic Schools
United Way
Urban Underground
Utica Volunteer Fire Department
UW Fond du Lac
UW Fond du Lac Foundation
UW Fox Valley
UW La Crosse
UW La Crosse Foundation
UW Oshkosh
UW Oshkosh Cross Country
UW Oshkosh Foundation
Valley Christian School
Village Book Builders
Viterbo University
Wafer Food Pantry
Walleye Weekend
Walk Across Lake Winnebago
Whisper Hills Clydesdales
Whitetails Unlimited
Winnebago Conservation Club
Winnebago County Farm Bureau
Winnebago County Literacy Council
Winnegamie Home Builders Association
Winneconne Food Pantry
Wisconsin Credit Union League
Wisconsin Timber Rattlers
Women with Purpose-Coulee Region
Women’s Alliance of La Crosse
Women’s Fund of Greater La Crosse
Wounded Warrior Project
YMCA of the Fox Cities
Youth-Go
Youth Leadership Oshkosh
2020 Successful Initiatives
WE GREW THROUGH SOUTH CENTRAL ACQUISITION
Verve grew to over $1 billion in assets and gained 5 branch locations in the Chicago market following the acquisition of South Central Bank in Chicago. The acquisition was officially completed in early 2020 and brought our total membership to nearly 66,000 members served at 21 locations in 25 counties throughout Wisconsin, Illinois and Minnesota.
BETTER WAYS TO BANK WITH VERVE
Throughout 2020, we continued to research and test new tools, services and technologies to bring you new and better ways to bank with Verve. We expanded our video tellers to more branches, which help us shorten your wait time in the drive-up lanes while still providing great service and security. We use this technology to connect you with available team members and help you get on your way faster.
AWARDS WON IN 2020
For the second year in a row, we were honored as a Best and Brightest Company in the Nation and a Best and Brightest Company in Wellness by the National Association for Business Resources (NABR). We have been purposeful in our efforts to create an environment that supports the whole person on a professional and personal level, and take this honor very seriously as it is a direct reflection of our ongoing commitment to our team members and members.
Audit Report
The 2020 audit, conducted by Hawkins Ash CPAs, showed Verve to be financially sound.
The Enterprise Risk Management Committee reviews audits, done periodically by Verve’s Internal Auditor. These audits show that the operations, records and finances of the Credit Union are in good order.
Respectfully submitted,
Bill Colclough
Enterprise Risk Management Committee Chair
What can you look forward to?
A Total Technology Transformation
To provide YOU, our members, with faster, more efficient service and some of the latest technology, an enhanced online banking experience will be delivered in 2021. Verve team members have been hard at work for years getting everything ready so this system upgrade will be a smooth transition for our members.
The upgrade will provide more seamless online banking, like simplified transfer options, including to non-Verve accounts, and an improved app with one login for mobile banking and mobile deposit.
It will also provide enhanced security technology, allowing members to log in using their fingerprint or facial ID (based on device capability), as well as fast, secure and safe ways to pay and receive money from friends and family.
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Equal Housing Opportunity |