2023 Annual Report
Here for Every You
UW Credit Union has a long history of doing well by doing good, and people are at the center of everything we do. We’ve known from the very beginning that investing in our communities and building lasting relationships creates a strong foundation for sustainability and steady progress.
Pictured above, our Financial Mentors prepare for a career panel Q&A with Operation Fresh Start’s CareerPoint program. Financial Mentors are UW Credit Union employees who volunteer their time to facilitate workshops and provide support around financial well-being to our communities.
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Mortgage Loan Officer Rina Courtier (R) helps member Eliza (L) find the best homeownership solution. (photo by Hedi LaMarr Photography)
Act in the Members’ Best Interest
Our first Core Value. The reason we’re here.
UW Credit Union started as a financial cooperative to ensure fair credit for all; our members continue to drive our purpose. Whether it’s opening a teen’s first checking account, achieving the dream of homeownership or planning the retirement you’ve earned, we are always looking for ways to act in the members’ best interest.
- Our members earned more than $13 million in rewards through our rewards credit card with the ability to earn up to 2% on every purchase with no annual fee.
- We engaged with 40,000+ students across Wisconsin.
- More families were able to afford their first home because of our adjustable-rate mortgages with lower interest rates and lower closing costs.
- We extended over $1.13 billion in consumer credit — giving members the financial freedom to take on home improvements, purchase reliable vehicles, invest in their education and more.
- We added nearly 17,000 more new checking accounts and more than 19,000 new members.
Together We Advance
Juntos Avanzamos – Together We Advance – is a national designation for credit unions committed to serving and empowering Hispanic consumers. This year we became the largest credit union in Wisconsin, the first Madison-based credit union and one of only three credit unions with locations in Milwaukee to obtain this distinguished designation.
Meeting Members Where They Are
As demand for UW Credit Union products and services grows, we continue to open branches in the communities where our members need them most. Elm Grove, Oak Creek and Southridge all opened this past year. We’ll say “Hello, neighbor” soon to Oconomowoc (Summer 2024), Cottage Grove/Monona (Fall 2024), East Side Milwaukee on North Avenue (2025), and Pewaukee (2025).
Our Communities
Our new administrative campus on Madison’s west side brings together more employees for in-person collaboration and is an investment in the local community with best practices in sustainability.
Together in Community
Community Support covers many bases: employees volunteering to help neighbors, making conscious sustainability decisions about our branch and corporate spaces, offering inclusive products to help people access traditional financial services, providing financial education to underrepresented groups and offering diverse services to meet our members’ needs – we’re here for all our communities.
$369,903.49
pledged through our 2023 Community Giving Campaign
Doing Well by Doing Good
We’re committed to investing in organizations that remove barriers for people of color by promoting financial stability and economic mobility through educational opportunity, stable housing and family-supporting work.
CareerPoint launched at Operation Fresh Start last October in partnership with UW Credit Union. We provided financial literacy — what do you do with your paycheck? — and mock interviews for young adult participants to practice how to present themselves to potential employers.
The Steps to Stability program through YWCA provides support for families experiencing housing instability through tenant education. By helping with resume building and administering mock interviews, as well as offering financial education to participants, we’re empowering individuals to live their best life.
Pathfinders is a Milwaukee-based organization bringing safety, hope and healing to youth in crisis. Our training program prepares Pathfinders staff to empower their youth participants with knowledge of financial benchmarks like budgeting and credit, and exploring financial resources available to them.
Get Rewarded
Our Visa Rewards and Visa Signature Rewards credit cards offer low rates and rewards options that work for you – all with no annual fee. Our members earned more than $13 million in rewards in 2023!
Need to make an appointment to talk about your finances? Scheduling just got easier with online access, available in English and Spanish.
Fees? Puh-lease.
People over profits. It’s the underlying philosophy of the Credit Union Difference.
- All members have access to fee-free checking and savings accounts, plus fee-free debit and credit cards. In fact, 97% of our members with a checking account pay no monthly fees.
- We charge just $5 for overdraft fees — capped at one per business day — saving members $14 million from industry-average fees*. Our practices are designed to be fair and help you stay in control, while limiting the financial hardship from common mistakes.
*Average annual NSF/overdraft fee income per account (CFPB Data Point, 2021)
Exclusive designs like The Milwaukee People’s Flag Debit Card and Visa Rewards cards are just a few of our member perks.
Oak Creek branch staff celebrate their grand opening with Bernie Brewer™ on an Aloha Friday.
Working Together
total employees
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organizations served
Every employee in the organization is given 16 hours of paid time off to help local nonprofits, charities and community organizations through our Volunteer Time Off (VTO) program. Our employees blew us away with their biggest impact yet in a record-setting year.
2023 Top Workplaces USA
We were recognized with a 2023 Top Workplaces USA award in celebration of our people-focused culture and the opportunities we provide for employees to have a voice. This award is based entirely on feedback from an engagement survey completed by our employees.
Corporate Equality Index
For the second year in a row, we received a top score on the Equality 100 Award, the nation’s foremost benchmarking survey and report measuring corporate policies and practices related to LGBTQ+ workplace equality. The Human Rights Campaign Foundation strengthened its CEI scoring criteria this year to align with emerging best practices, demonstrating UWCU’s commitment to remaining a leader in LGBTQ+ workplace inclusion.
uBelong
When our employees and members feel included, they feel empowered. Some ways we’re creating an inclusive culture:
- We assess how each new product, service and enhancement affects everyone, paying close attention to the needs of often-overlooked populations.
- When selecting vendors for our building projects, we ensure emerging businesses are among those considered.
- Examining our business practices to prevent bias.
- When selecting recipients for our community giving efforts, we stress equity, prioritizing historically excluded groups.
Vanessa Padrones, Milwaukee Brewers
Everyone — from the staff in the branches to those at the member services call center — is so customer-service-focused and friendly. They always say surround yourself with good people. But I also think that refers to good businesses and companies that do good, and I'm super grateful for having UW Credit Union as a banking partner.
Vanessa Padrones works in Partnership Activation for the Milwaukee Brewers™. “I love working with the folks at UW Credit Union. I wanted to be loyal to my partners, so I opened up an account. And then I just fell in love with it.”
Photo by GM Creative Photography.
2023 Financials
We finished the year strong, growing to 348,000-plus members and achieving results that served them well.
Our $5.3 billion in assets and net income of $28.1 million – a 36.4% increase – demonstrated our solid foundation. Positive earnings combined with our capital reserves provided further financial stability during challenging times.
Through a loan portfolio surpassing $3.7 billion, we helped members enhance their lives through new and improved homes, reliable automobiles and higher education.
Additionally, impressive growth in checking services means thousands more members are building strong financial futures with low-fee accounts. Member checking account relationships increased by nearly 17,000 for the year, reflecting annual growth of 6.4%.
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Checking Accounts Served
Dear Fellow Members,
There’s a lot to celebrate as we reflect on this past year.
In a time of rising interest rates and inflation, our financial strength enabled us to continue meeting members’ needs as a secure place to save and a reliable source of credit.
- Member deposit balances increased by more than $150 million.
- Member loans rose by over $320 million.
- Total membership grew by more than 19,000 – to 348,000.
- Over 85% of new members established a new checking account relationship.
When home lending rates reached a 20-year high, we offered adjustable-rate mortgages with interest rates up to 1% lower than traditional fixed rates and lower closing costs. This enabled more families to afford their first homes. In fact, in Dane County, we were the top home purchase lender, and in the Milwaukee metro region, we ranked 4th.
Another way we provide great value is through our rewards credit card with the ability to earn up to 2% on every purchase with no annual fee. Members earned more than $13 million in rewards in 2023.
To accommodate growing membership, we opened three branches in the Milwaukee area. And, in Madison, we completed work on our new administrative offices, so we can collaborate more easily to support all members.
Throughout our communities, we’re committed to helping the people and groups most in need, paving a path to a brighter financial future for all.
Thank you for your membership. Take pride in what you’ve helped make possible, knowing you are part of a tradition more than 90 years strong.
Sincerely,
Paul Kundert
President & CEO
president@uwcu.org
