At our last annual meeting, we were just a week removed from our core system upgrade. That first week was unlike anything I, or anyone on our staff, has ever experienced. The phones rang off the hook from the opening minute to closing time, as we helped members enroll in the new online banking, and were learning the new system ourselves. I know I’ve said it before, but thank you for your patience during that time. Conversions are never easy, but we are happy to have the hard work behind us, so that we can focus on the future.
And a bright future lies ahead for GECU. As of the end of 2024, we were one of just 4700 credit unions in our country. At its peak over 50 years ago, we had over 24,000 credit unions in the country. Due to failures, consolidations, and mergers the number of credit unions is down over 80%! There are many reasons for this, just like in any industry. But we have survived because in the end, we understand why we exist. Yes, we need to keep up with technology – perhaps AI and cryptocurrency will have a place in our future – but our singular focus is improving the lives of our members. The primary way we do this is offering a safe and convenient place for you to deposit your hard-earned money, and pay you the best rate possible for keeping that savings here. And then we turn around and make loans to our members from those deposits. Loans to purchase a new vehicle, to buy or remodel a home, to consolidate debt, or even to help with the holidays. Make enough spread between the interest on loans and investments, and the dividends we pay on deposits, to pay our staff, keep up with technology, and keep the lights on, and return the rest to you, our member-owners. That’s it. A simple formula in an ever-increasingly complex world. Some institutions have forgotten this mission, but we have not.
Another key difference for GECU is our commitment to local ownership and the common bond of membership. Local is better, period. We are owned by you, our members. You are represented by a Board of Directors made up of employees or retirees of our various sponsor groups – your coworkers or colleagues. They make sure that we are acting in your best interests. While we have added various sponsors over the years, and expanded our field of membership, we have always done so judiciously and with the goal to keep that common bond of membership alive.
With that being said, we do need to grow, and 2024 was a bit frustrating in that regard. While we opened 298 new memberships, we closed a bit more than that. We need your help – talk us up to your coworkers or eligible family members. Switching institutions is a bit of a hassle, but we think making the switch to GECU is worth it. Better deposit rates – check. Better loan rates – check. Lower and fewer fees – check. Have a problem and need to talk to an actual person – check. And have we told you we’re ranked in the top 1.5% of ALL credit unions for returning value to members?
I am so very proud of our record here at GECU, and the staff that we have assembled to take care of your needs. Thank you for the privilege of allowing us to serve you for over 90 years.
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