Dear Fellow Members,

2023 was another strong year for Copper State Credit Union and our membership.

As a not-for-profit financial cooperative started in 1951, our structure is different. We were created by our members and are owned by our members. This unique structure allows us to put our members’ needs ahead of profits and empowers us to make better member-focused decisions and plans. We reinvest earnings back into the credit union to create value for our members in the form of higher deposit rates, lower loan rates and lower fees. Another priority is ensuring members have access to many financial tools and resources, modern online access, robust payment services, tools to improve & build credit and additional products that help members protect & grow their assets. We are ready and available to fund our members’ lives.  Many organizations claim to have “members” and tout “membership” benefits, but very few are truly member-driven and member-owned.

Our credit union holds an annual meeting for its members, and each member is encouraged to vote for who will serve on the Board of Directors. Due to our vibrant and engaged membership, we have been fortunate to have some of the best visionary leaders serve on our Board. Our current Board boasts an average tenure of seven years and our Supervisory Committee’s average tenure is 11 years. This is truly exceptional and indicates the level of commitment our leadership has to our credit unions’ success.

Congratulations and my heartfelt thank you to the following Board members who are retiring this year:

• Tillie Jones, 21 Years
• Melanie Merrill, 13 Years
• Andrew Roberts, 6 Years

Safety and Soundness
As we celebrate our 73rd year as a member-owned financial cooperative, we continue to keep financial security and long-term viability our top priority. Our credit union continues to be considered “Well Capitalized” due to a net worth ratio of 8.31% (net worth/assets) and a risk-based capital ratio of 11.59% as of 12.31.2023. This includes almost $50 million in net worth or reserves which have accumulated over our 73-year history.

In addition to our credit union’s financial strength, we are highly regulated by the Arizona Department of Insurance and Financial Institutions. Our members’ deposits are insured by the full faith of the United States through the National Credit Union Administration (NCUA). The deposit insurance through the National Credit Union Share Insurance Fund covers individual member deposits up to at least $250,000. The insurance can cover an even larger deposit amount when additional account owners or beneficiaries are included, or other structuring occurs. Visit https://mycreditunion.gov/insurance-estimator to find out your specific level of coverage. Historically and nationwide, credit union members have never lost even a penny of insured savings at a federally insured credit union.


Growth and Relevance

Copper State CU continues to provide valuable services to our members. We’ve shown consistent growth in membership, growth in balances and increase in the usage of payment systems. Since our merger of Canyon State Credit Union and Deer Valley Credit Union to form Copper State Credit Union in 2019, we have experienced an ideal growth in members, deposits and loans. As shown below, our membership has grown from 37,000 members to almost 46,000 members in five years. Member deposits rose from $376 million to over $517 million and member loans rose from $290 million to over $453 million.

In addition to our primary goal of gathering more of our members’ assets and funding their lives, we also prioritize member feedback. Our members continue to be active participants in our credit union and don’t hesitate to provide praise when we do well and encourage us to improve in areas that need attention. Members provide feedback every day through all our channels of service including the branches, ATMs, our solution center, mobile banking, online banking and our website. Overall scores have been excellent and we celebrate the great service we provide our members.

We also pay close attention to member complaints and concerns when we miss the mark. We have a stealth action committee of employees and managers that go through every member comment and quickly act to resolve individual member issues and general service trends that need product or communication changes.

Thank you to our members for their continued support and professional feedback.

Staff and Management

Our staff culture continues to grow stronger based on our cornerstone of respect and care for our members and their financial lives. We have been able to attract and retain an excellent group of employees who enjoy the credit union mission and being part of something great. Our employees average almost eight years of service, and our management team averages nearly 11 years of service. We utilize complex systems and manage a wide variety of products, services, channels of delivery and market variables that require extensive on-the-job experience, as well as training. Our team members spend an average of over six hours per month in training which leads to our ability to provide exceptional service and value to our members. In 2023, we committed to the following statements about our culture, who we are and how we do our jobs daily.

We call them Copper Commitments and they go something like this:

•    We are stronger because of our resilience
•    We enjoy the journey and celebrate often
•    We win with teamwork
•    We show gratitude through words and actions
•    We embrace our power to change
•    We are mindful of our influence
•    We strive for excellence over perfection
•    I am part of something great and I live it every day

We will continue to grow and enhance our credit union to provide increased value to our member-families, helping them reach financial prosperity.  

Thank you for your membership and continued support and participation!

Go Copper!

Andrew Roberts, Chair of the Board

Robb Scott, President/CEO