Dear Members:
I’m pleased to announce that Corporate One’s 2024 Annual Report is now available. We are thrilled to share our 2024 progress and achievements that have fueled the ongoing success and growth of Corporate One and our esteemed members. I encourage you to read the letter in the Annual Report from myself and Bob Burrow, the chairman of our board of directors, to get the full picture of last year. In the meantime, I’m delighted to share a few highlights from 2024 that reflect our commitment to helping our members succeed.
Returning record dividends through strong financial performance
In 2024, we recorded $47.7 million in net income. After paying $13.8 million in Perpetual Contributed Capital (PCC) dividends to our members who hold PCC, which marks the highest PCC dividend distribution in our history, we added $33.9 million to retained earnings, which now exceeds $350 million. In addition, for the second year in a row, we offered a special fee rebate to our members using two or more of our payment solutions, waiving approximately $1.8 million in processing fees.
Growing our corporate family, providing solutions that support financial success
Ensuring that immediate payment solutions are accessible to all, not just big banks, was a top priority. In 2024, we successfully connected more than 50 members of varying asset sizes to the two new immediate payment rails: 48 members joined the RTP® network and seven joined the FedNow® Service. The growing adoption by our members underscores the essential role immediate payments play in delivering value and remaining relevant.
We also had the exciting privilege of welcoming 35 new members to our ever-growing Corporate One family. With a focus on understanding their unique needs, we delivered tailored solutions designed to support their financial success and pave the way for long-term growth.
Learning, meeting, and engaging with members and local communities
From hosting 22 live webinars on a variety of educational topics like BSA/AML and check fraud to sponsoring and attending 51 industry events, we enjoyed seeing many of you in person and arming you with the information you need to serve your members better. As a proud member of an industry committed to service and community citizenship, we wholeheartedly support opportunities to step up and give back. We contributed approximately $375,000 to industry causes, including hurricane disaster relief, chapter events, and credit union leagues.
We are proud of all we accomplished together last year and are deeply grateful for our members’ trust and partnership. On behalf of our board of directors and our entire staff, thank you for being an integral part of Corporate One Federal Credit Union.