MyCoVantage online and mobile banking will be unavailable on Wednesday, January 22 from midnight to 6:00am due to scheduled maintenance.
A record of over $4 million in patronage has been deposited into the accounts of members who borrowed and saved with CoVantage Credit Union. This is more than double what was paid out five years ago; and a 19%, or $600,000, increase in just the last year.
Patronage is a concept of giving back that originated among cooperatives many years ago. Most have abandoned the practice, but at CoVantage, patronage has been paid to member-owners for the past 39 consecutive years. According to CoVantage Board Chairman, Lee Siler, “The board determines how much income we need to pay regular dividends and operating expenses, and keep in reserves to ensure we remain strong during difficult times. Because of our financial strength, and the fact that more and more members are trusting CoVantage with their loans, deposits, and cards, we had a successful 2019. We are thrilled to be able to provide members over $4 million – our largest patronage payment ever! In the last three years alone, our patronage program has returned over $10 million to members. On behalf of the directors, I want to extend my thanks for new and long-time members, and for all who make their loan payments on time, as ongoing low delinquency was also a factor in this record return.”
This year’s patronage includes a bonus on dividends earned for those who save, and a loan interest rebate for those who borrow. CoVantage depositors received a 5% bonus on dividends earned on eligible savings, term share certificates and variable rate accounts. Borrowers received a rebate of 5% of their total 2019 interest paid on qualifying vehicle, home equity, in-house mortgage, credit card, and commercial loans. For instance, if $5,000 of interest had been paid on a home loan, the member would receive $250 in patronage for just that loan. In addition to patronage, CoVantage also provided nearly $100,000 to members through the CoVantage match of the Change it Up debit card savings program. This year more members than ever are spending and saving with their CoVantage debit card and have collectively saved over $2 million through Change it Up.
CoVantage President Charlie Zanayed, added, “Part of our mission is to provide outstanding everyday value, and I’m humbled to share that in September 2019, CoVantage was ranked 4th out of 5,400 credit unions nationally for providing great rates and low fees (as reported by Callahan, an independent credit union research company). This was the 13th year in a row CoVantage was honored to be in the top 1% of credit unions for providing outstanding value. Thank you for allowing us to serve you and for allowing your credit union to continue to do well by doing good.”
Dementia, including Alzheimer's disease, is a national health epidemic. In Wisconsin, there are currently 875,149 people over the age of 65, with approximately 105,000 of those seniors suffering from Alzheimer’s disease. More than 70% of people with dementia spend the majority of their time at home in their community.
CoVantage recognizes the need for quality dementia-friendly care in the communities the credit union serves. As a response, CoVantage recently partnered with the Aging and Disability Resource Center of Langlade County to educate staff on all forms of dementia-related diseases. The trainings were presented to staff by Meagan Fandry, ADRC Caregiver Support Coordinator, at the Antigo headquarters with surrounding branch staff participating through virtual access. Three different class times were offered over the course of two days. Over 50% of CoVantage employees completed the training.
According to Joanna Hilger, Employee Development Specialist at CoVantage, the goal of offering this course was to help employees better understand dementia and be equipped to respond effectively while serving members and their caregivers. “CoVantage Credit Union’s mission is to welcome all and I really felt this training was an important step toward making the organization even more inclusive,“ said Hilger. As a result of the training, 15 of our branches are now certified Dementia-Friendly businesses and are able to better assist our member-owners and their families.
CoVantage Credit Union is proud to announce that with the help of our members and staff, we were rated as one of the top 200 credit unions out of over 5,000 in the country by Forbes.
In June, Forbes released its list of America’s Best Credit Unions in Each State after surveying more than 25,000 credit union members on their current and former banking relationships. The scoring was based on member satisfaction, trust, terms and conditions, branch services, digital services, financial advice and overall recommendation. The results of these surveys rank CoVantage as the best credit union in the northcentral region and the third best-in-state credit union in Wisconsin.
CoVantage would like to thank member-owners for their continued loyalty and support, we are also grateful to our staff for making this credit union an award-winning place that serves those who rely on CoVantage for their financial needs.
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