Annual Reports

During 2024, VacationLand Federal Credit Union achieved outstanding progress, operational excellence, and unwavering commitment to our members and community. As a result of 2024’s strong momentum, we are wellpositioned to build on it as we go forward. Through an emphasis on member satisfaction, overall efficiency, and financial health, our goal is to achieve even greater success in the years to come while making a positive impact on the communities we serve.

Throughout the year, we remained solid, with key performance indicators reflecting stability and growth. Our 2024 asset growth of 2.16% brought our total assets to an impressive $303.8 million, a clear indication of our effective strategies. With a Return on Assets (ROA) of .59%, 2024 was a clearcut strong year. Additionally, our Capital Ratio was 12.84%, well above the NCUA requirement for “well-capitalized” credit unions.

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.

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%.

Financially in 2022, the credit union experienced new record-setting trends which created the opposite effect of the prior two years. Excess member deposits started to run off as inflation, consumer prices, and interest rates rose to new record highs creating the highest and fastest rate increase in recent history. All three of these events once again changed the overall structure of the credit union’s balance sheet. Given these challenges, I am pleased to report that our 2022 year-end financial ratios remained strong with a very stable and manageable asset size of $294.0M, a very healthy .83% ROA and a strong Capital to Asset ratio of 11.86%, all well within or better than our credit union peers.

As much as the last three years have been a challenge operationally for the credit union, I want to thank our staff for all their hard work and dedication to our members, along with our volunteer Board and Supervisory Committee for their guidance throughout the pandemic. I also want to thank our membership for your continued support and patience as we move into 2023. We feel privileged to serve you and thank you for giving us the opportunity to help you meet all of your financial goals.