On March 16, 1939, 59 people met without fanfare at the Hotel Newhouse in Salt Lake City to form a small financial cooperative. The members of that group believed they would be stronger together, and that by pooling their resources they could create opportunities that would be unavailable to them individually. More than that, they believed in the worth of their dreams, and in each other.

That unassuming gathering was the charter meeting of the Fort Douglas Civilian Employees Credit Union—or, as it has been known since 1984, America First Credit Union— and those 59 dreamers were our founding members. Their new organization couldn’t have begun much more humbly—$788 in shared assets that were overseen by a volunteer treasurer who was only available on Friday afternoons from 3:30 to 4:00. I sometimes wonder what they would say if they could see what their simple act of shared belief has become.

As of this writing, we now exceed 1.3 million members and continue to grow. We serve communities in Arizona, Idaho, Nevada, New Mexico, and Utah—with robust digital services that give our members 24/7 access to their financial lives from virtually anywhere in the world—and our assets total $19.35 billion.

Those numbers are almost unimaginable by comparison, and I'm sure our founding members would be beyond shocked by the how many and how much of the credit union they created. But I’m also sure they’d instantly recognize the why—because that has never changed.

On March 16, 2024, we celebrated our 85th anniversary, and throughout the past eight and a half decades, our why has always been our members. We exist solely to benefit your financial well-being and to help you have access to the products and services you need to manage and utilize your money, support your families, and grow your businesses. For 85 years, we have remained consistent as people helping people. That’s the principle upon which we were founded, it's the principle that in turn has helped us to strengthen and support communities, and it’s the legacy we proudly carry forward.

No one does more to protect and build upon that legacy than our wonderful volunteer board of directors.

They serve without compensation, and every member and employee of our credit union benefits from the board’s passion, dedication, wealth of experience and expertise, measured decision making, and genuine concern for the financial well-being of each member.

I’m pleased to report that under the board’s leadership, America First continues to be safe, sound, independently rated among the best and strongest financial institutions in the nation, and an exceptional place to keep your money.

In 2023, our credit union’s net membership grew by nearly 61,000, bringing the total to over 1.37 million members. At year’s end, our net worth ratio was 10.77%, just slightly down from 10.87% in 2022, but still extremely strong and representing reserves of $2.1 billion. For context, the National Credit Union Administration (NCUA), our primary federal regulator, considers a net-worth position of 7.00% to be well-capitalized. Additionally, we once again achieved positive/unqualified exam results from both regulatory and independent external auditors.

The credit union’s assets increased to $19.35 billion, with yearly net income exceeding $225 million and producing a healthy 1.22% return on assets. Our loan portfolio grew by $1.4 billion, and deposits rose by $1.7 billion. The year-end 84.5% loan/deposit ratio demonstrates prudent use of the credit union’s funds while allowing for adequate liquidity. The overall loan portfolio mix is diversified, has minimal interest rate risk, and reflects appropriate credit risk levels. We meet and exceed all benchmarks set by regulatory agencies, and deposits remain federally insured up to $250,000 for each qualifying account.

Continuing to build on our success, and on such a strong foundation and heritage, has allowed us to vastly expand our offerings and to further solidify our standing as a valuable community partner, leader, and resource, and one of the largest and most successful credit unions in the country. Still, as proud as we are of how far we’ve come and how much we’ve accomplished, we know that people and businesses have increasingly varied options for financial services. That’s why we will never stop striving to improve, and never stop seeking the best ways to serve each of our members and help meet your unique needs. We are profoundly grateful for the trust each of you places in us, and honored that you’ve chosen us to help you pursue your goals.

85 years ago, a small group of coworkers, friends, and neighbors placed that same trust in each other as they envisioned what they could accomplish together—for themselves and for anyone else who dreamed of greater financial opportunities and freedom. Today, we are committed to not only continuing to realize that vision, but to building and expanding upon it in ways our founders never could have imagined. We owe them, you, and every member who has and will come after, nothing less.

Yours truly,

Thayne Shaffer

President and CEO