105,423

9.30

107,155

8.79

96,408

8.43

Dr. Jerry R. Eichholz

Chairman

Report from

Harmony. The simultaneous combination of tones, especially when blended into chords pleasing to the ear. Also, a consistent, orderly or pleasing arrangement of parts.

 

Achieving harmony for Vantage Credit Union has many meanings. The successful coming together of member-owners as part of a cooperative, benefiting the whole. Also, the centralization of how we do business with the conversion of our core data processing system.

 

As a not-for-profit financial cooperative, the needs of our members are always at the forefront of our decision-making process. It was after careful consideration that the Board and management of the credit union decided to improve the way we do business with a core data processing system upgrade in 2016.

 

By improving our overall operations, we have been able to cut costs and reduce back-office workloads. Examples include streamlining processing times and efficiencies; new services, such as the internet loan application; more efficient support via the automated phone access system; improved communications and work flow through the implementation of a new Customer Relationship Management system; and so much more.

 

How did that impact our members? We are now able to spend more time focusing on our members and partner with them to fulfill all their financial needs.

 

All of these upgraded features are essential in enhancing our ability to nurture our relationships with each and every credit union member. We are now poised to meet the ever-changing needs of our members. Your Board is proud to provide this oversight in our effort to ensure that the best interests of the cooperative’s members are the top priority.

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Eric Acree

President & Chief Executive Officer

Report from

Imagine an orchestra performance where each musician is playing, but no one is playing in the same key or at the same tempo. While each may be talented at playing their particular instrument, the combined effort is out of sync. Enter the conductor, who directs the tempo, guides members of the ensemble and shapes the delivery of the music. At Vantage Credit Union, my role is to serve in this capacity to ensure we are performing in harmony.

 

For decades, the credit union operated as best it could with a cast of outdated technology players. However, our capabilities were limited by our ensemble. So in 2013, we began charting a plan to upgrade our entire technology cast. Everything from security, to communications, to individual functional software has been upgraded. Each of these technologies is critical, with emphasis on a new lead player (our core data processing system).

 

In early 2016, final preparations were being made to upgrade our outdated core data processing system to a modern, flexible platform that enables us to improve the delivery and design of our services. We upgraded our core system on May 2, following more than a year of effort involving virtually every Vantage employee. I want to express my sincere appreciation to our members for their patience, as well as our staff for a successful, smooth conversion.

 

All of our technology upgrades required substantial capital investments. These were made possible by members who actively use the credit union, generating revenue for the cooperative while benefiting themselves through our competitive rates, low fees and convenient delivery options. Fulfilling our shared responsibility as member-owners supports the cooperative by actively participating in it.

 

We will continue to take advantage of our new technological flexibility and fine tune our operations to bring additional harmony to the way we deliver services. Expect additional improvements and conveniences that help make Vantage Credit Union your best financial resource.

 

And remember, you are not only a member, you are an owner! Thank you for your continued support and participation in our cooperative.

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Mark Rudolph

Report from

For an orchestra to be successful, the musicians must excel at their performance. In the same manner, one of the criteria of a successful credit union is financial performance. With nearly 100,000 member-owners, our financial performance has personal impact.

 

It’s my pleasure to report that our credit union is sustaining our solid financial position. The numbers echo our success. Our dedication to our members and our orchestration of the credit union’s infrastructure make it possible to deliver a full range of services and benefits.

 

 

 

 

 

 

 

 

 

 

 

In the year to come, we must remember that our participation in the credit union plays a role in our financial success. As we utilize the services of the credit union, the benefits return back to the members in the form of better pricing and expanded service offerings.

                                                                       2015                                  2016

Total Assets                                $782,284,253                 $827,368,215

Members                                                107,155                              96,408

Loans                                            $577,231,744                 $505,863,789

Employees­–full-time                                  255                                    241

Employees–part-time                                 59                                      60

Branches                                                          14                                       14

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Diane Pisacreta

Chairman

Report from

Just as there are various components to an orchestra—woodwinds, brass, percussion, strings—there are also various groups of players in the management of Vantage Credit Union. Our Supervisory  Committee, comprised of volunteers appointed annually, plays an integral role in ensuring the financial well-being of the credit union. We are pleased to report that your credit union continues to succeed while remaining stable and is positioned for future growth.

 

The Supervisory Committee utilizes both internal and external audits to help ensure the credit union is managed properly. Our internal team consists of three knowledgeable and dedicated professionals. John Hopkins is our Chief Risk Officer, Cheri Schneier is our Senior Auditor and Jessica Kovar is our Internal Auditor. Not only do they work with the Supervisory Committee on developing and executing an effective internal audit program, they also oversee the process of our independent audit.

 

Stephen Lang & Associates performed the state-mandated external audit for 2016, and Vantage Credit Union once again received the best audit opinion possible—an Unqualified Opinion. The full report underscores the continued financial strength and viability of your credit union.

 

Remember, our members are encouraged to consider involvement within their credit union. We appoint qualified volunteers to the Supervisory Committee annually.

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Income

Interest on Loans                                                                          25,150,946

Interest on Investments                                                                2,916,604

Other Income                                                                                23,849,994

Total Income                                                                                $51,917,544

 

Expenses

Interest Expense                                                                              2,778,622

Employee Expense                                                                      20,077,415

Operating Expense                                                                       26,441,382

Total Expenses                                                                             $49,297,419

 

Surplus                                                                                           $2,620,125

 

For Fiscal Years Ending: 2014, 2015, 2016

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For Fiscal Years Ending: 2014, 2015, 2016

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For Fiscal Years Ending: 2014, 2015, 2016

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Board of Directors and Volunteers

Dr. Walter Owen

          NCUMA 2016 Summer Conference                              July 8, 2016

Dr. William H. Solomon

           NCUMA 2016 Summer Conference                             July 8, 2016

Diane Pisacreta

           World Council of Credit Unions                                   July 15, 2016

Mark Rudolph

           Annual Strategic Lending Conference                        July 19, 2016

Dr. Jerry R. Eichholz

           HCUA Convention & Annual Meeting                  October 3, 2016

Dr. Paul Ziegler

           Credit Union Educational Cruise                    December 27, 2016

 

Total travel expenses paid:                                                              $40,201

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Report from

The credit union’s 2016-2017 Nominating Committee proudly recommends the following candidates to fill the vacancies on Vantage Credit Union’s Board of Directors. Each candidate is nominated for a three-year term.

Dr. Eichholz is a retired administrator from the Riverview Gardens School District. He has served as an officer or committee member with numerous community organizations including two elected terms to the Board of Education of the Special School District. Dr. Eichholz has served on the Vantage Supervisory Committee and has been a Board member since 1999. Dr. Eichholz is currently serving as the Chairman of the Board.

 

 

 

 

Dr. Solomon has a diverse background in education. Before retiring, he was an associate superintendent for the Hazelwood School District, a professor of Education at Lindenwood University, and a principal at Bais Yaakov High School. He is also active with other community organizations, including the Shriners Hospital for Children. Dr. Solomon has served on the Vantage Supervisory Committee and has been a Board member since 1998. Dr. Solomon is currently serving as the Vice Chairman of the Board.

This credit union is federally insured by the National Credit Union Administration.