WPCU Blog

As a kid I played the game “Monopoly” with my brothers. I was a tightwad even back then, and decided the way to win the game was to save all my money. I decided not to buy any properties. Or houses. Or hotels. My plan was to collect $200 each time I passed “Go,” perhaps benefit from a “Chance” card once in a while, and save everything. Foolproof, right?

You know how this ends. I got crushed, the first to go bankrupt. My strategy was terrible. By not investing in properties, I gave myself no chance of earning anything later ...

This month I thought you may be interested in how “member-owned” comes to life at Wright-Patt Credit Union.

We always talk about WPCU as a member-owned financial cooperative. It was formed by regular folks who wanted access to affordable financial services at a time when finding even a tiny loan from a traditional bank was almost impossible. WPCU issues no stock and is truly owned by its depositors.

But do “owners” really have a say in how their credit union is operated? The answer is a resounding “Yes.” Here’s how it works.

Board of Directors

WPCU’s Board of Directors is ...

All of our members were not able to attend the Annual Meeting last month, so this month the President’s Message is taken from the 2012 Annual Report as presented by Ed Blommel, Chairman, Board of Directors, and Doug Fecher, President & CEO.

You may have read about our nation’s largest bank losing more than $2 billion on something called a “hedge” investment. As my kids and their friends would say, “what’s up with that?”

Actually, it raises an interesting set of questions, the most important of which may be this: “Could the same kind of thing happen at Wright-Patt Credit Union?”

Based on what I’ve read so far, here’s what happened: JP Morgan Chase made some complicated investments in order to earn a return and boost profits. Then, in order to offset the risk of these initial investments (“hedging” their bets, so ...

Spring is a busy time at your credit union. We’re finishing first-of-year duties, most notably the completion of our external audit. We began using a new audit firm this year, BDK, LLP, a large CPA firm with extensive experience auditing large banks and credit unions. We’re pleased to report a “clean opinion” as noted in our 2011 Annual Report and proud of the results achieved for members. Financially, we are a strong credit union.

With year-end things out of the way, we’re moving forward on new initiatives I think you’ll find exciting.  The most remarkable is our upcoming change to a ...

We are pleased to report a record year in 2011 at Wright-Patt Credit Union.  The year was highlighted by a $5 million payout of excess earnings to members through our Special Patronage Dividend - our largest payment yet – significant growth in loan and deposit balances, growth in membership and growth in employment. We closed the year with nearly $2.3 billion in total assets, nearly 220,000 members and directly or indirectly supported more than 500 Miami Valley jobs.

Through our You Save or We Pay Campaign, members kept more than $20 million in their pockets by refinancing loans with WPCU. ...

As I write this message to members each month I try to convey information that helps folks understand the inner workings of the Wright-Patt cooperative. By doing so, I hope to provide a greater level of transparency than you might find at any other financial institution, further building the trust between WPCU, its members, and its employees.

Our belief is simple. We think as member-owners of this cooperative you have a right to know how your money is being managed. This includes disclosing our financial performance, discussing major priorities, and keeping you informed about other initiatives designed to make WPCU ...

Near the beginning of each year I like to think about things that make Wright-Patt Credit Union a different kind of company. Reflecting on our differences helps me consider new ways we might improve our ability to serve others.

The most striking aspect of WPCU is born of what I call “the cooperative difference.” As a co-op we exist to provide quality financial services at a reasonable cost without being driven by a profit motive.  This means we get to focus on people – members and employees – to help them make the most of their money.

Being a co-op ...

(This column was written in mid-December. However, performance data is as of November 30th. Performance is not expected to change substantially through the end of the year, and as such reflects an overall expected performance for WPCU in 2011.)

Wright-Patt Credit Union, as a not-for-profit financial cooperative, measures its success not on profitability but on value returned to key stakeholders each year. WPCU’s stakeholders include members, WPCU employees, and the credit union itself.

I’m pleased to provide to you this (nearly) year-end report of value provided by the WPCU cooperative in 2011. The year was highlighted by a $5 million payout ...

I’m pleased to report that the Wright-Patt Credit Union Board of Directors voted to return approximately $5 million in excess earnings to eligible member-owners for their use and support of the credit union during 2011 on January 4th. This is the fourth year in a row we’ve been able to pay such a dividend!

Patronage dividends like this are unique to cooperatives … you’d never find a for-profit bank giving back earnings at the end of the year. Indeed, even among credit unions only a handful make a habit of returning excess profits to their member-owners at the end of ...