2020 Year in Review

2020 Annual Meeting Minutes

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.


Kevin J. Ralofsky
President and CEO

Victoria Beltran
Board Chair

Asset Growth +46.40%

Gross Income +11.19%

Net Income +6.74%

Loan Growth

Loan Growth Breakdown

It’s in the Details

View the Full Financial Statement

Open 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.


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


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


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


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


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


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 Leadership Oshkosh

2020 Successful Initiatives


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.


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.


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.