Dear Members:

I’m pleased to announce that Corporate One’s 2023 Annual Report is now available. As I reflect on our accomplishments of the past year, it is evident that our vision to grow a thriving cooperative that fosters collaboration, drives innovation, values financial strength, and delivers exceptional service for the benefit of all credit unions was achieved with success.  

I deeply appreciate the unwavering support from our members, the steadfast commitment of our board of directors, and the exceptional contributions of our leadership team and employees. I’m excited to highlight our efforts to elevate and empower your credit union over the past year. 

Improving our financial strength

Strong financial performance allowed us to pay more than $12 million in Perpetual Contributed Capital (PCC) dividends to our capital holders, marking the highest PCC dividend distribution in our history. We also bolstered our retained earnings by $46.9 million, elevating the total to an impressive $316 million. And, as a gesture of appreciation to our valued members, we waived approximately $1.6 million in processing fees associated with our payment solutions. 

Supporting payments modernization, growing our corporate family, driving value

Corporate One is dedicated to guiding credit unions toward a prosperous future by advocating for the modernization of their payment offerings and investing in several key areas to drive member satisfaction, provide superior service, and support local communities. Our efforts in these areas resulted in several accomplishments in 2023:  

• We became a participant on the Federal Reserve’s new instant payment rail, the FedNow^® Service, and a Settlement Services Provider.
• We introduced a new offering to the market, CU Corporate Payments on the RTP^® network, and we were one of the first senders on this network. 
• We connected 18 credit unions and six core processors to the RTP network.  
• We welcomed 18 new members to our Corporate One family. 
• We assisted credit unions in a rapidly rising interest rate environment with accessing more than $4 billion in funding, including helping credit unions access liquidity through the Bank Term Funding Program.
• We released a new and improved version of Members Only, our online member portal. It showcases a more modern and simplified interface complemented by end-to-end mobile experiences. 
• We contributed approximately $328,000 to industry causes and actively engaged in philanthropic initiatives, such as the Salvation Army’s “Angel Tree” and “My Very Own Blanket” programs.  

I encourage you to review the full Annual Report for more details on our performance and how we continue to work diligently to help our members succeed. We take great pride in the achievements of the past year and eagerly anticipate surpassing those milestones in the future to better serve our members.

Best,