2019 Year in Review

2019 Annual Meeting Minutes

Letter from Victoria + Kevin

Dear fellow members,

For 83 years, this cooperative has brought together people with common goals and interests—people who also share ownership, and a stake, in how well this cooperative performs. As a financial cooperative, Verve exists to serve you, our members.

Most notable for 2019 was exciting new growth through the acquisition of a Chicago bank, which became official in January 2020. This propelled Verve to even greater strength with more than $1 billion in assets and grew membership to more than 66,000 members served at 21 locations in 25 counties throughout Wisconsin, Illinois and Minnesota.

We continue our focus on helping our members grow their savings with programs like Save to Win and Round Up, provide money-saving low loan rates, and regularly add services and technology that make managing your money easier and more efficient.

Our new video tellers help us shorten your wait time in the drive-up lanes (more video tellers to come!), and use of technologies like text alerts, mobile deposits and eSign continues to grow.

We understand that the events and circumstances that spur financial change range from the best of life’s moments to the most challenging. That’s why we work so hard to go beyond providing financial products and services to bring you sound guidance, reassurance and opportunities to improve your financial state—and make your life better. We know how much you care about your future, and we want to be there to support you through all of life’s triumphs and challenges.


Kevin J. Ralofsky
President and CEO

Victoria Beltran
Board Chair

Asset Growth +8.15%

Gross Income +4.88%

Net Income -14.88%

Loan Growth

Deposit Growth Breakdown

It’s in the Details

View the Full Financial Statement

Open Statement

Member Growth

Social Media Growth

Community Involvement

View full list of organizations and communities we supported in 2019

7 Rivers Region Chapter of Credit Unions
AARP, Inc.
Acts of Peace Players
Adopt a Family
Agnesian Healthcare Foundation
Alzheimer’s Foundation of America
American Cancer Society
American Civil Liberties Union
American Diabetes Association
American Heart Association
American Red Cross
Appleton Baseball Club, Inc.
Appleton Boychoir
Appleton Habitat ReStore
Appleton School District
Aptiv La Crosse
Ascension Health
Asset Builders of America
Attic Chamber Theatre
Aurora Medical Center & Clinic
Badger State Sportsmen’s Club
Battle on ‘Bago – Oshkosh
Bella Medical Clinic
Best Friends of Neenah Menasha
Bethesda Thrift Shop
Big Blue Dragonboat Festival
Big Brothers, Big Sisters
Blue Stars Drum & Bugle Corps
Boy Scouts of America
Boys & Girls Club of Fond du Lac
Boys & Girls Clubs of 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 Public Schools
Bruce’s Legacy
Butte des Morts Historical Preservation Society
Celebrate Onalaska
Central Wisconsin Auto Collectors
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
Community Benefit Tree
Community Blood Center
Compassion International
Coulee Council on Addictions
Coulee Region Humane Society
Coulee Region RSVP, Inc.
Cycling Without Age
Damascus Road Project
Day by Day Warming Shelter
Diabetes Foundation
Downtown Fond du Lac Partnership
Downtown Mainstreet, Inc.
Downtown Oshkosh BID
Dressember Foundation
Ducks Unlimited
East Central Wisconsin Regional Planning Commission
East Shore Humane Association
Eastern Ridge Home Builders Association
Ebony Vision
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
Explore La Crosse
Family Services, Inc.
Father Carr’s Place 2B
Feeding America Eastern Wisconsin
Fit Oshkosh, Inc.
Fond du Lac Area Community Foundation
Fond du Lac Concert Association
Fond du Lac Dock Spiders
Fond du Lac Festivals, Inc.
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
Fondy Food Pantry
Fondy Youth Baseball
Fox Cities Chapter of Credit Unions
Fox Cities Habitat for Humanity
Fox Cities Performing Arts Center
Fox Crossing Parks & Recreation
Fox Valley Humane Association
Fox Valley Pro Basketball
Fox Valley Technical College
Fox Valley Technical College Foundation
Fox Valley Thrift
Future Neenah
Future Omro

GO-HNI Greater Oshkosh Healthy Neighborhoods, Inc.
Girl Scouts of the USA
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
Greenville Lions Club
Grow La Crosse
Growing Oshkosh, Inc.
Gundersen Medical Foundation
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
Hokah Fire Department
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
Honor Flight Wisconsin
Humane Society of Sheboygan County
Irishfest La Crosse
Kaukauna Area School District
La Crosse Area Autism Foundation
La Crosse Area Builders Association
La Crosse Area Chamber of Commerce
La Crosse Area Family YMCA
La Crosse Area Realtors Association
La Crosse Area Society for Human Resource Management
La Crosse Builders Exchange
La Crosse City Vision Foundation
La Crosse County 4-H
La Crosse County for Goodness’ Sake
La Crosse Festivals, Inc.
La Crosse Jaycees
La Crosse Loggers
La Crosse Police Association
La Crosse YWCA
Lancer Youth Hockey
Leach Amphitheater
Leadership Fond du Lac
Leadership Oshkosh
Leukemia & Lymphoma Society
Local Lupus Alliance
Lourdes Academy
Make a Wish Foundation of Wisconsin
Manitowoc County Chamber of Commerce
Manitowoc County Historical Society
March of Dimes
Marian University
Martin Luther Oshkosh
Menasha Public Schools
Mid-Morning Kiwanis Club of Oshkosh
Miracle League of Manitowoc County
Mishicot Business Association
Mishicot Fire Department
Mishicot School District
Mississippi Valley Conservancy
Mitch Maxey Foundation
Moraine Park Foundation
Moraine Park Technical College
Multiple Sclerosis Society of Wisconsin
Muscular Dystrophy Association
Neenah Animal Shelter
Neenah High School
Neenah Hoops Club
Neenah Joint School District
Neenah Menasha Kiwanis
Neenah Police Department
Neenah Soccer Club
Nekimi Volunteer Fire Department
New Horizons Shelter & Outreach Center
North Fond du Lac School District
Oktoberfest La Crosse
Omro Food Pantry
Omro High School
Omro Rushford Volunteer Fire Department
Onalaska Area Business Association
Onalaska High School
Onalaska School District
Oshkosh Area Community Foundation
Oshkosh Area Economic Development Corporation
Oshkosh Area Humane Society
Oshkosh Area Women’s Association
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 Cooperative
Oshkosh Food Pantry
Oshkosh Gymnastics & Cheer

Oshkosh Ice Hawks
Oshkosh Irish Fest
Oshkosh North Booster Club
Oshkosh North High School
Oshkosh Playin’ Round
Oshkosh Public Library
Oshkosh Rotary
Oshkosh Rotary eClub
Oshkosh School District
Oshkosh Southwest Rotary
Oshkosh United Soccer Club
Oshkosh Waterfest
Oshkosh West Booster Club
Oshkosh West High School
Oshkosh West Side Association
Oshkosh Youth Baseball
Oshkosh Youth Soccer Club
Outagamie County Deputy Sheriffs Association
Paine Art Center & Gardens
PALS – Partners at Learning
Payne’s Point Hook and Spear Fishing Club
Pillars, Inc.
Potter Fire Department
Rayhide Youth Services
Realtors Association of Northeast WI
Rebuilding Together Fox Valley
Reedsville Firefighters
Reedsville Public Schools
Reedsville Sports Complex Project
Refuge Foundation for the Arts
Relay for Life
Richard’s School of the Dance
Ripon Chamber of Commerce
Ronald McDonald House
Rotary After Hours La Crosse
Rotary Club of Neenah
Rotary Club of Onalaska
Rotay iFeed
Rotary Lights of La Crosse Wisconsin
SOAR Fox Cities
Salvation Army
Saving Sully Dog Rescue
School District of La Crosse
School District of Lomira
School District of West Salem
Sherwood Lions
Snowdrop Foundation
Solutions Center of Fond du Lac
Solutions Recovery, Inc.
Sophia Transformative Leadership Partners
Special Olympics of NE Wisconsin
Springbrook Sportsmen’s Club
St. Joseph Food Program, Inc.
St. Jude Children’s Research Hospital
St. Mary Catholic Schools
St. Vincent De Paul
Steppin’ out in Pink
Stock the Shelves
Sturgeon for Tomorrow
Susan G. Koman for the Cure
Take Back the Night
The Fox Crossing Parks and Recreation Department
The Global Leadership Summit
The Hunger Task Force of La Crosse
The Mini Donut Foundation
The Parenting Place
The Realtor Association of Fox Valley
The Rotary Foundation
Titan Alumni Foundation
Town of Algoma
Town of Menasha Parks & Recreation Department
Toys for Tots
Traded Treasures & Community Food Pantry
Trempealeau County Humane Society
Two Rivers Business Association
Two Rivers Ecumencial Pantry
Two Rivers High School
Two Rivers Main Street
Two Rivers Public Schools
Two Rivers Rotary
Unified Catholic Schools
United Way
Upper Midwest Power Boat Association
UW Fond du Lac
UW Fond du Lac Foundation
UW Fox Valley
UW La Crosse
UW La Crosse Foundation
UW Oshkosh Foundation
UW Oshkosh
Utica Volunteer Fire Department
Valley Academy for the Arts
Valley Christian School
Valley View Rotary Club
Viterbo University
Wafer Food Pantry
Walleye Weekend
Walk Across Lake Winnebago
Whisper Hills Clydesdales
Whitetails Unlimited
Winnebago County Farm Bureau
Winnegamie Home Builders Association
Winneconne Food Pantry
Wisconsin Credit Union League
Wisconsin Credit Union Legislative Action Fund
Wisconsin Maritime Museum
Wisconsin Timber Rattlers
Wolf River Theatrical Troupe
Wounded Warrior Project
YMCA of the Fox Cities
Young Professionals of Fond du Lac
Youth Leadership Oshkosh

2019 Successful Initiatives


In our second year offering a Save to Win certificate, 743 members saved nearly $450,000. The program helps members stay motivated to save money by offering entries into cash drawings ranging from $25 to $5,000.

We helped 7,319 members grow their savings with Round Up, which automatically rounds up debit card purchases to the nearest dollar and deposits the change into savings. In 2019, members averaged $2,872 in savings each day. In total, 977,852 Round Up transactions resulted in members’ total savings of $1,048,268. Together, members saved $1,383 per day and $505,061 over the course of the year!


We expanded Video Banking, our video conferencing service that allows members to connect with team members at other locations, into more of our branches.

We launched our new video tellers in conjunction with opening a new branch on Washburn Street in Oshkosh. This new technology helps us shorten member wait time in the drive-up lanes by connecting them with available team members at other branches.

Online scheduling continues to make business easier for our members by allowing them to book appointments with team members online, whenever and wherever.


Verve reached $1 billion in assets in early 2020 upon the acquisition of a Chicago bank. The acquisition was officially completed earlier this year and brought Verve’s total membership to more than 66,000 members served at 21 locations in 25 counties throughout Wisconsin, Illinois and Minnesota.

As a result of launching our Premier Services product, we can offer clients with big investment goals the superior level of wealth management, business and financial planning solutions they require. This service line provides a dedicated Verve contact who works side-by-side with the client to tackle business and life goals, providing personalized assessments, advice, access to various lending and line-of-credit options, and investing strategies and insights.

Audit Report

The 2019 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?

Always innovating for a better member experience

We are continuously on the lookout for technology upgrades and enhancements that can help us serve members better—so keep an eye out for future announcements about improvements that will make it even simpler and easier to bank with Verve.


Ongoing support for strong, resilient communities

We’re dedicated to helping our members and local communities respond to challenges, and we have already begun providing added support for some great nonprofits that help keep families and communities strong, and whose work is essential in supporting financial recovery throughout the areas we serve.