News & Events

Get around, get around, we get around. You're almost as likely to find a CoVantage worker at a charity brat fry or debt reduction workshop as you are in one of our branches. Check this page frequently for info on credit union news and events.

What's going on with us? A lot. Here are the highlights.

CoVantage Credit Union held its 71st annual meeting on Wednesday, February 21. The meeting was held in-person in the Volm Theater at Antigo High School along with a virtual option. Thank you to the over 400 members who attended the annual meeting, in person or virtually, and to those who traveled by bus from a number of our branch locations. Attendees heard a full agenda of financial reports, highlights from 2023, and plans for the coming year.

In the report of the Treasurer, Willis Qualheim indicated that during 2023, CoVantage assets had grown to exceed $3.5 billion and outstanding loans reached a record $2.8 billion. He said net income of $19.2 million was added to capital reserves to maintain the credit union’s financial strength. With a capital ratio of 9.02%, he stressed CoVantage continues to exceed the 7% benchmark regulators require of a well-capitalized credit union.

Vice Chairman Mike Windberg spoke of ways CoVantage provided outstanding value and exceptional service in 2023. In terms of value, he cited the record $6 million in patronage that had been paid at the end of the year to member-owners who had loans and deposits with their credit union. Another form of value, Windberg explained, is the Change It Up program that helped CoVantage debit card users earn an additional $124,000 through a savings match opportunity paid on December 31. Your credit union also provides outstanding value every day, and for the 16th consecutive year has been rated in the top 1% of credit unions in the country for providing great rates and low fees to borrowers and savers. He said the ranking was provided by an independent firm that researched over 4,700 credit unions.

Investing in new communities to ensure CoVantage can continue its cooperative structure long into the future was a focus of Windberg’s report. He noted the relocation of the Menasha branch, acquisition of LincolnWay Community Bank in Northern Illinois, and the opening of the new De Pere branch as highlights of 2023. “By making investments in communities that are growing, we provide the needed growth for the overall cooperative,” said Windberg.

Windberg concluded his report by thanking member-owners for their generosity during the CoVantage Cares Foundation’s Giving Tuesday campaign which raised $435,000 for local charities. Windberg shared, “Since the board of directors of CoVantage Credit Union established the foundation in 2015, CoVantage Cares Foundation has provided a total of $3.4 million to worthy non-profits throughout communities served by CoVantage.

In his President’s report, Charlie Zanayed focused on ways CoVantage lives its mission of doing well by doing good. “I’ve always felt that the mission-focused work CoVantage does benefits member-owners, employees, and the communities we serve,” he said.

Zanayed shared, “In 2023 CoVantage provided 11,000 loans of $1,000 or less and did not charge a fee to any of these members. These small dollar loans are not about profit, but about serving individuals who need to borrow a small amount, sometimes to get a new tire on their vehicle to go to work.” He noted that the credit union also charged no overdraft fees for the second full year in a row. CoVantage’s overdraft fees were always low, but in November of 2021, your credit union permanently eliminated all fees for overdrafts, insufficient funds, and courtesy pay.

Zanayed also discussed the interest rate environment in 2023. He explained that the Federal Reserve kept rates higher than in past years and because of CoVantages fortress balance sheet, the credit union was able to increase deposit rates allowing members to earn $49 million more in dividends in 2023 than 2022.

CoVantage’s latest advancements in digital banking, lending, and communication was also shared with members. Zanayed stated that “Today, more members do more of their banking digitally and this is evident by over 23 million member logins to MyCoVantage in 2023. And because our members are doing more of their banking digitally, we continued to invest in digital banking. CoVantage launched a refreshed MyCoVantage mobile app which allows members to check their balances, make member-to-member transfers, open accounts, or apply for loans quickly and easily. More than half of the loan applications in 2023 came from members applying digitally.”

Zanayed reported for 2024 CoVantage will begin utilizing mobile texts to communicate to members and will continue to focus on protecting members’ money and information. “Keeping members’ money safe and providing outstanding value is a responsibility CoVantage takes seriously,” said Zanayed.

In closing, Zanayed thanked the hard-working and dedicated team at CoVantage, the talented board of directors who give so much of their time, and expressed appreciation to member-owners for their ongoing loyalty.

During the meeting, Susan Gitzlaff, Lee Siler, and Mike Windberg were confirmed to serve three-year terms on the CoVantage Board.

A record $6 million in patronage has been deposited into the accounts of members who borrowed and saved with CoVantage Credit Union in 2023. This is the largest patronage payment in the history of CoVantage Credit Union. In the last five years $25 million has been returned to members specifically through patronage.

Patronage is a concept that originated many years ago as a way for cooperatives like CoVantage to give extra value to those who use their services. CoVantage is one of a few credit unions in the country that continues the practice, and this marks the 43^rd consecutive year that CoVantage member-owners have received this unique financial benefit.

According to CoVantage Board Chair Dennis Haltinner, “I am proud to serve on the board of a credit union that lives by their mission. When the board and I met at the end of the year, we determined how much income was needed to fund regular dividends and operating expenses, and to maintain in reserves to protect the credit union. Because of our financial strength, and the fact that more and more members are trusting CoVantage with their deposits, loans and cards, 2023 was a successful year for our organization. We are thrilled to be able to give back $6 million–our largest patronage payment ever! On behalf of the directors, I want to extend my thanks to new and long-time members, and for believing in the mission and participating in our success.”

The year-end patronage payment includes a bonus on dividends earned for those who save, and a loan interest rebate for those who borrow. CoVantage depositors received a bonus on dividends earned on eligible certificate, money market, and savings accounts. Borrowers received a rebate of their total 2023 interest paid on eligible vehicle, home equity, in-house mortgage, credit card, and commercial loans.

CoVantage President Charlie Zanayed, added, “Being able to provide outstanding value through patronage, great rates, no overdraft fees, and technology enhancements are key to living our mission. When we compare rates and fees CoVantage members received on their loans and deposits to banks in Wisconsin, in 2023 members earned $47 million more in direct financial benefits with CoVantage. Additionally, we do not charge overdraft fees which amounts to approximately $6 million more in member value that CoVantage members receive annually.

“Because of our mission-focus commitment, in September 2023 CoVantage was ranked second in the nation out of over 4,000 credit unions for providing great rates and low fees (as reported by Callahan, an independent credit union research company). This was the 16^th year in a row CoVantage was honored to be in the top 1% of credit unions for providing outstanding member value. And while this recognition is nice, serving member-owners and meeting your financial needs is what matters the most to us. Thank you for allowing us to serve you,” said Zanayed.

Further information about the CoVantage patronage program can be found at covantagecu.org/patronage.

CoVantage Credit Union is a purpose-driven organization with a mission to welcome all regardless of wealth, providing outstanding value and exceptional service, work with members experiencing financial challenge, and remaining financially strong. Headquartered in Antigo, Wisconsin, the credit union has $3.4 billion in assets and serves over 165,000 members. Founded in 1953, the financial cooperative serves members in all 50 states with locations in Wisconsin, Michigan, and Illinois.

CoVantage Cares Foundation has announced the kickoff of their annual two-week fundraising campaign. The event will begin Tuesday, November 28, which has become known nationally as “Giving Tuesday,” and will end on December 12. Funds generated will be matched with up to $175,000 in contributions from CoVantage Cares Foundation, a public charity established by CoVantage Credit Union. Local non-profit organizations to receive funding from this year’s campaign were selected by CoVantage staff and are located throughout the communities served by CoVantage Credit Union.

CoVantage Cares Foundation was established as a way to provide financial support to organizations that serve individuals, especially those experiencing significant financial challenge, and organizations that work to enhance the quality of life in communities served by CoVantage Credit Union.

According to CoVantage CEO Charlie Zanayed, “CoVantage Credit Union has a history of supporting local non-profit organizations and living our mission of welcoming all, providing outstanding value and exceptional service, working with members experiencing financial challenge, and remaining financially strong. With this CoVantage Cares Foundation campaign and matching funds opportunity, we anticipate being able to help thousands of local families and individuals served by the 13 receiving organizations. Please join me by making a Giving Tuesday contribution between November 28 and December 12 at any CoVantage branch or through our mobile app if you are a CoVantage Credit Union member. We are grateful for your support of our annual fundraising campaign.”

Individuals and businesses do not have to be CoVantage members to donate. Those interested in giving to the campaign can mail a check payable to CoVantage Cares Foundation, PO Box 107, Antigo, WI 54409; donate at any CoVantage location; through MyCoVantage digital banking or mobile app; or online at covantagecu.org/givingtuesday.

Charities selected to receive funding from the eighth annual Giving Tuesday initiative and their sponsoring CoVantage branches include: Antigo Community Food Pantry (Antigo); Elcho Area Community Food Pantry (Elcho); Hmong American Center (Wausau, Rib Mountain, Weston, Rothschild, WI); Crandon Area Rescue Squad (Crandon, WI); Rhinelander Area Food Pantry (Rhinelander, WI); Community Benefit Tree (Appleton, Neenah, Menasha, WI); Big Brothers Big Sisters of Northeast Wisconsin (Shawano, WI); Evergreen Community Initiatives (Stevens Point & Plover, WI); Encompass Early Education & Care (Suamico & De Pere, WI); Abundant Life Mission (Menominee, MI); Friends of the Crystal Falls District Community Library (Crystal Falls, MI); Iron County Little League (Iron River, MI); and Lincoln-Way High School Foundation (New Lenox & Mokena, IL).

For more information about CoVantage Cares Foundation or the Giving Tuesday campaign, go to www.covantagecu.org/givingtuesday

For more information about CoVantage Cares Foundation or the Giving Tuesday campaign, go to covantagecu.org/GivingTuesday

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News & Events

What's going on with us? A lot. Here are the highlights.

CoVantage Credit Union Annual Meeting

CoVantage Returns $6 Million in Patronage

CoVantage Cares Foundation announces Giving Tuesday Campaign and pledges $175,000 in matching funds

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New Members

Living within your means

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