Published on May 03, 2023
Community Choice Credit Union Annual Meeting a Reminder of the Value of Stability
As Community Choice was hosting its 87th Annual Member Meeting and Symposium the last week of April, we were reminded by national reports that certain companies within the banking sector are facing challenges tied to rising interest rates and other macroeconomic trends. That was further emphasized on May 1 when it was announced that the assets of First Republic Bank were seized by governmental regulators and sold to JP Morgan Chase.
However, it is important to emphasize that such industry instability is rare, a topic we briefly touched upon at our 2022 Annual Meeting. The theme of that meeting was to live “the Good Life,” which is easier when you have the right financial partner. After all, it’s much easier to live the Good Life with personal financial stability when you bank with a trusted and resilient credit union.
Community Choice President and CEO Rob Bava, Board Chairperson Brian Wilson, and Board Treasurer Kathy Bonutti all had the same message for members: We have an unwavering commitment to safety and soundness that has endured for 87 years throughout the highs and lows of the local and national economy.
As a credit union, our “customers” are members with voting rights to elect our volunteer board. Unlike First Republic and other banks that have failed their customers, Community Choice is a financial cooperative where members own their money and retain greater control over their financial future.
Treasurer Bonutti mentioned at the April 28 Annual Meeting that Community Choice continues to be financially strong and secure. In 2022 Community Choice once again received reports of clean audits and examinations. These third-party financial and regulatory reviews “underscore the credit union’s outstanding management practices and verify our strength and soundness,” Bonutti said. Because of this, Community Choice is well positioned to invest in products and services for members.
Recent new services include free credit scores through our Savvy Money partnership and streamlined loan application processes. Many member fees were eliminated as well.
Keep in mind that all deposits in Community Choice are federally insured by the National Credit Union Association (NCUA), an organization that supports credit unions the same way that the FDIC insures banks.
Deposits are covered up to $250,000 per share owner, for each account ownership category. To understand if you are nearing FDIC coverage limits, visit www.MyCreditUnion.gov/estimator.
On any given day, the financial headlines can be unsettling. But with Community Choice by your side, we are committed to ensuring that the safety of your hard-earned money is the least of your concerns. Our 400 team members want to live the Good Life just like you and are committed to ensuring your hard-earned money is safe and secure.