On June 26 of this past summer, our country quietly commemorated an anniversary that—and please forgive my bias— I wish we could’ve celebrated with a little more fanfare. Because it was 90 years ago that President Franklin Roosevelt signed the Federal Credit Union Act into law, which authorized the formation of federally chartered credit unions in the United States. 

To many people now, the existence of credit unions might not seem very remarkable or worth making much of a fuss over. After all, they’re just one more of the many choices we have of where and how we can obtain financial services. But for the hardworking and economically exhausted Americans of the time, credit unions were a revolutionary idea, and that landmark legislation was the beginning of a new era of freedom and opportunity.

At their core, credit unions have always been grassroots movements. Their earliest pioneers were not international financiers, but local groups of friends, neighbors, co-workers, and community members who dreamed of prosperity but didn’t have access to fair banking services. 

So instead of taking their chances borrowing money at staggeringly high interest rates—when they could even borrow at all—they pooled their modest resources together to form credit unions, financial cooperatives which they owned, and through which they could lend money to and empower one another.

That’s how our credit union was formed, in 1939, just five years after that history-making law was passed. Things have changed a lot since then. Most federal credit unions like ours now serve people of all backgrounds and socioeconomic standings. However, the fundamental principles of ownership and belonging have stayed the same.

The exact how, where, and when of each credit union is unique, but we all share a why. We are people helping people, and our why is each other. At the heart of every credit union is the belief that by working together, we can do more than any one of us ever could alone. That by lifting one, we lift all. We believe that each person, family, and business deserves an equal share. In fact, that’s literally what having an America First Share Savings account means. 

Your deposit in that account represents your equal share of the credit union. Because each of us is a  co-owner, we share in our successes, and any profits we make are returned to us in the form of better rates, products, and services.

Nothing goes to outside investors—the resources we share stay with us, for us. That’s what makes credit unions different. That’s what makes them special.

Another thing that makes us special is volunteer leadership. Each credit union is governed by a volunteer board of directors who are elected by the credit union’s members and serve without compensation. And no one has a more qualified or dedicated board than America First. I’m happy to report that under their leadership, our credit union continues to thrive, to be rated among the strongest financial institutions in the country, and to be a safe and sound financial partner.

In 2024, our credit union’s net membership grew by more than 115,000, bringing the total to just shy of 1.49 million members. At year’s end, our net worth ratio was 10.68%, representing reserves of $2.4 billion. For context, the National Credit Union Administration (NCUA), our primary federal regulator, considers a networth position of 7.00% to be well-capitalized, and our reserves help us weather difficult economic times and keep your deposits safe. Additionally, we once again achieved positive/unqualified exam results from both regulatory and independent external auditors.

The credit union’s assets increased to $21.74 billion, with a yearly net income of almost $239 million and a healthy 1.15% return on assets. Our loan portfolio grew by $1.1 billion, and deposits rose by $2.1 billion. The year-end 80.8% loan/deposit ratio demonstrates prudent use of the credit union’s funds while allowing for adequate liquidity. The overall loan portfolio mix is diversified and reflects appropriate credit risk levels. 

We meet and exceed all benchmarks set by regulatory agencies, and each member’s deposits remain federally insured for up to at least $250,000.

I’m incredibly proud and fortunate to be both a member and employee of America First Credit Union, which has let me witness firsthand just how exceptional we are at every level. While I think all credit unions are invaluable and indispensable to the people and communities they serve, I definitely think ours is the best of the best.

Of course it helps to have the best members. Thank you for being a part of this wonderful organization. You are what makes our credit union truly extraordinary. Your goodness, trust in us, and commitment to creating greater financial opportunities for each other is what has made us successful for more than 86 years, and it’s what will carry us into future.