In our first full post-pandemic year, VacationLand Federal Credit Union’s management and staff were diligent in successfully maneuvering through our business plan while making significant accomplishments in 2023. At the top of the list is the completion of our new Huron County branch located at 26 Executive Drive in Norwalk. The new branch is the culmination of a six-year journey to expand our field of membership into Huron County and surrounding areas. We are thrilled to be part of the Norwalk and Huron County communities and look forward to many years of mutual success within our expanded footprint. Also in 2023, we implemented processes to apply and become a member electronically through secure online portals. Plus, we now have the ability to instantly issue new, lost or compromised debit cards on site. Both of these will greatly enhance our overall member experience for years to come.
Along with success come challenges, and this year was no different. Much like the past four years, the credit union experienced higher than normal turnover rates throughout the year, and keeping the credit union staffed at optimal levels was a difficult task. To help counter that in 2024, I am happy to say that we reached a new, mutually agreeable four-year bargaining agreement with the UAW and our staff that includes certain modifications to help hire and retain qualified people. The pandemic has forever changed how companies like VLFCU address staffing; however, we are hopeful that the new bargaining agreement will help solve our staffing puzzle.
I am pleased to report that the credit union remained financially strong and healthy in 2023 as we weathered the storm imposed over the past several years. Our 2023 financial statements convey a strong and manageable asset growth of 1.81% and a very healthy return on asset (ROA) of .83%. Our capital ratio increased slightly to 12.52%, well above the NCUA mandated floor limit. The remainder of our core ratios were well within peer comparisons. However, membership growth remained relatively flat showing a slight gain of .64%.
As we move into 2024, I want to thank our volunteer directors, supervisory committee, staff and management for all the hard work and dedication in fulfilling the credit union’s mission and core values. All of us remain committed to providing the best financial services to meet the specific needs of our membership. We are very proud to serve our members and communities in diverse ways. We dedicate our time and resources to make a profound difference in your financial lives. On behalf of all of us at VLFCU, thank you for your continued loyalty and trust.
Bryan P. Myers
Chief Executive Officer