CoVantage Credit Union Celebrates Growth and Community Impact at Annual Meeting

CoVantage Credit Union held its 72nd annual meeting on Wednesday, February 19. The meeting was held in-person in the Volm Theater at Antigo High School, with a virtual option available. Approximately 450 attendees participated, both in-person and virtually. Attendees listened to a comprehensive agenda that included financial reports, highlights from 2024, and plans for the upcoming year. 

In the Treasurer's report, Willis Qualheim indicated that CoVantage's assets had grown to exceed $3.7 billion in 2024, with outstanding loans reaching a record $2.9 billion. He reported a net income of $24.2 million, which was added to capital reserves to maintain the credit union’s financial strength. With a capital ratio of 9.21%, CoVantage continues to exceed the 7% benchmark required by regulators for a well-capitalized credit union. 

In the Chairman’s report, Dennis Haltinner announced that CoVantage had a successful year, experiencing growth in loans, deposits, and membership despite economic challenges such as inflation. CoVantage was ranked eighth in the nation for financial value by Callahan and Associates, placing it in the top one percent of credit unions for the 17th year in a row. Additionally, CoVantage saved members approximately $6 million annually by not charging overdraft fees. The average Net Promoter Score for CoVantage was 85, significantly higher than the industry average. 

“The credit union remains committed to providing outstanding value and exceptional service to its members. What your board and I find most satisfying is that this is the 44th year in a row CoVantage has provided a patronage payment to those who help keep their credit union strong,” said Haltinner. “Over the past 5 years, CoVantage has returned over $28 million in patronage to our member-owners.” 

In his President’s report, Charlie Zanayed highlighted CoVantage's mission-focused growth and achievements, as well as plans for 2025. Zanayed, who has served as President and CEO for the past nine years, expressed pride in leading an institution that positively impacts the lives of its member-owners and employees. In 2024, CoVantage provided $1.1 billion in new loans to individual and business members, reinforcing its commitment to supporting local communities. The credit union’s charitable giving reached a record $1 million, and its financial literacy efforts educated over 2,900 individuals. 

Zanayed addressed the growing threat of fraud, assuring members that CoVantage utilizes multiple layers of protection. In 2025, the credit union will invest in a new system to further combat fraud across all platforms, including card security, digital security, and cyber protection. “This investment will further our attempts to reduce fraud and help you and your money stay safe,” said Zanayed. 

CoVantage is also enhancing its Treasury Management products for businesses. With nearly $1 billion in business loans, the credit union continues to have more interest from members in tools to help with managing their business cash flow such as positive pay, sweep accounts, digital business functionality, and more. 

Zanayed emphasized the importance of growth for the credit union’s sustainability, noting that investments in communities like Wausau, Stevens Point, Plover, Green Bay, the Fox Valley, and Northern Illinois are crucial. "We have to grow to remain financially strong so that we remain one of the surviving and thriving credit unions," he stated. Charlie shared that the next CoVantage branch is being worked on diligently, which will be located between Green Bay and the Fox Valley, in a community where they are growing quickly. 

The credit union’s innovative approach includes Virtual Teller ATMs, which have seen over 300,000 transactions annually. “Additionally, CoVantage is the top mortgage lender in most of its communities, with over 70 percent of mortgage applications starting in the mobile app,” said Zanayed. "Members tell us they love the convenience of being able to apply and go through the entire loan process from home." 

Zanayed proudly announced that CoVantage eliminated overdraft fees over three years ago, saving members millions of dollars. According to Callahan and Associates, CoVantage depositors earned 1 percent more on their deposits, and borrowers paid 0.8 percent less on loans compared to the average bank. 

In closing, Zanayed praised the dedication of CoVantage’s 480 employees, he thanked the talented directors for their contributions and expressed appreciation to member-owners for their ongoing loyalty. "CoVantage staff continually rate CoVantage as a great place to work, and it is our employees who make this work possible," he said. "Thank you for the trust you place in the team and I, we could not be more grateful to serve you."