2019 Annual Report

As a not-for-profit financial cooperative owned by our members, it is expected that we invest in you. Last year, we focused those investments on enhanced products and services, expanded online capabilities, added security and additional support to the communities we serve to help make them stronger.

As part of our investment in our online capabilities, we launched MyOCCU Online & Mobile in May. A very, robust, digital banking platform designed to support members’ banking needs 24/7, it offers a variety of new self-service tools. We are very excited about this new platform and look forward to delivering additional features and enhancements in the months and years ahead.

OCCU remains committed to finding proactive opportunities to remove barriers for our members. In 2019, we continued our work to reduce or eliminate member account-related fees – more than 40% to-date - including monthly checking account service charges and non-qualification and temporary check fees. I am passionate about continuing this work to bring additional value to OCCU membership.

By choosing OCCU, you are a member-owner of a not-for-profit financial cooperative. This cooperative structure sets OCCU apart from other financial institutions, and it is what allows us to continue to bring you more than you expect and everything you deserve.

We are fortunate to work with a passionate, engaged Board of Directors dedicated to enriching the lives of our members and the communities we serve. This group is engaged and talented and regularly collaborates with our team. I am inspired by their unwavering commitment to serve as the voice of the member as we work together to bring additional value to you.

On behalf of the nearly 400 members of the OCCU team, thank you for placing your trust in us. We know you have a choice when it comes to a financial institution and we are honored that you have selected us as your partner. We remain committed to continuing to support you on your financial journey for years to come.

With gratitude,

This new digital banking platform brings more functionality and access to our membership, something that is very important to the Board. As the voice of our membership, we work to not only ensure that the credit union is safe and sound, but also that the products and services offered by OCCU bring more value, functionality and flexibility to you.

On behalf of the Board of Directors, I’d like to say that we believe in OCCU. We know that this organization is far from ordinary. The work the team does each day not only supports the financial needs of the membership and strengthens our communities; it helps to enrich lives. This is what makes it different here and I’m proud to be a part of it.

Respectfully,

The Committee’s role is to ensure that an annual overall financial audit and verification of members’ accounts is performed and that OCCU has adequate internal controls to provide for the safety of member assets. The Committee reviews all audits and reports any significant findings to the Board of Directors.

The annual financial audit and verification of members’ accounts for 2019 were completed by professional services firm Moss Adams with an effective date of Sept. 30, 2019. Their formal opinion letter confirmed that the financial statements fairly represent OCCU’s financial position.

In addition to the verification of members’ accounts and annual financial audit, the Committee also reviews all internal audits. During 2019, these internal audits were performed by the audit firm Doeren Mayhew. OCCU management continues to respond promptly to mitigate any operational issues as they arise.

The continued support and cooperation from the Board of Directors, management and staff is greatly appreciated.