2024 Year In Review

posted on Friday, December 20, 2024 in Newsletters

In 2024, we experienced another year of growth and strengthened our efforts to stay connected with our members and communities. At the start of the year, we had $970 million in assets, $780 million in loans, and served 66,400 members. Thanks to the dedication and strength of our incredible team, we have continued to thrive, reaching $1 billion in assets, $900 million in loans, and 70,000 members. This remarkable growth is a testament to your loyalty and support – thank you for making it possible.

We are a strong and empowered team at C1st. For the second year in a row, C1st was named by Forbes’ annual list of America’s Best-In-State Credit Unions for the state of Iowa. Being recognized by Forbes is a true testament to how our members feel about us every day. The award validates we are continuing to help improve the lives of our members by helping them achieve financial success. In addition, C1st was recognized by Newsweek as America’s Best Regional Banks and Credit Unions 2024, receiving a prestigious five-star rating on a five-star scale. We are deeply honored to receive these recognitions. It reflects the dedication of our strong and empowered team. Their unwavering commitment is evident as they strive daily to deliver service excellence to our members.

C1st received its ninth straight Des Moines Register “Top Workplace” award. C1st was 9th on the list of 55 midsized-company employers. This employer honor is based on the results of an employee feedback survey administered by WorkplaceDynamics, LLC, a research firm specializing in organizational health and workplace environment. Being in the top 10 for four consecutive years makes this achievement even more special.

We continue to expand into new communities. I’m thrilled to share Town and Country Credit Union members officially merged with Community 1st Credit Union December 1st. We are pleased to welcome TCCU members to the Community 1st Credit Union family! Established in 1939, Town & Country proudly served its 3,200 members for 85 years, managing $36 million in assets with two full-service branches in Avoca and Harlan, Iowa. The merger is a direct outcome of our business strategy, formed several years ago, to grow into western Iowa. C1st now has 23 locations, serving 19 communities.

We are people helping people, helping our members achieve financial success. Earlier this year, we launched the ChargeUp Credit Builder Program to assist members in building or reestablishing their credit. If poor or no credit prevents you from living your best life, we now have an easy solution for you. This program offers products and services tailored to your needs: short-term personal loans, secured credit cards, a payday alternative loan, and most importantly, financial education. Moreover, we recently celebrated six C1st employees who graduated from the Iowa Credit Union Foundation’s Financial Coach Training Program. They engaged in extensive learning and simulations to deepen their understanding of how an individual’s relationship with money can impact financial decision-making and potentially lead to hardship. Financial coaches serve as member advocates, guiding members
through challenging financial situations. C1st is committed to helping our members achieve financial success.

We are here to improve the lives of our members. In the fall, C1st was awarded a $625,000 grant from the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund. This significant investment will enable C1st to further its commitment to promoting financial inclusion and supporting the underserved communities throughout Iowa. With the grant, C1st plans to:

• Expand affordable lending programs, including home and business loans
• Increase access to financial literacy programs and coaching services
• Partner with local organizations to boost community development in underserved areas across Iowa.

We continue to offer new and innovative products and services. This summer, we launched a new feature in digital banking. If you like banking with us, our digital referral program will help you “C” the green. We’ve simplified the process and made referring your friends and family to C1st even easier. Simply log in to digital banking, go to refer-a-friend, select a contact, and send the text. It’s $50 for you and $50 for them when they open a new C1st checking account, enroll in eStatements, and make 12 Visa debit card purchases within 90 days. Go to c1stcu.com/refer for more details.

We are connected to our communities. The C1st Foundation has financially supported many local non-profit organizations in our communities in 2024, including a $100,000 grant for the Ottumwa Sportsplex Facility, a $50,000 grant for the Ottumwa Legacy Soccer Fields project, a $10,000 grant for the Atlantic Daycare project, and a $15,000 grant for the American Cancer Society Hope Lodge, which offers a supportive environment for patients in cancer treatment and their caregivers. All of these projects were made possible by grants from the C1st Credit Union Impact Giving Fund of Greater Cedar Rapids Community Foundation. The C1st Scholarship Program also awarded a total of $50,000 to 24 area students for the 2024-2025 academic school year. In the last decade, C1st has proudly awarded over $450,000 in scholarships to local student members.

2024 was a great year! Thank you for being a member of Community 1st. Our mission is to provide affordable financial products and services while addressing the needs of underserved communities, and embodying the true credit union difference. At C1st, we are proud to have upheld this philosophy for over 85 years!

Greg Hanshaw
President & CEO