As 2020 comes to an end and we stop to think about all that has happened--the global pandemic, fires, hurricanes, floods, civil unrest, and economic uncertainties--we can be assured that 2020 will not soon be forgotten by any of us.  Never, in my more than 30 years in the financial services industry, can I remember so many obstacles facing our nation in one year.  I’m impressed by how we as a country have responded to the crisis and worked together to overcome the difficulties we have faced.

If you follow American History like I do, you will remember reading how our nation responded to the Second World War by rationing food and gas and working together to support the men and women who fought to end tyranny and maintain the freedoms we enjoy.  This year, we are fighting an invisible enemy and we are doing it in a different way, with masks and social distancing, and a vaccine that we are learning will soon be available to help stop the spread.  Our hearts go out to all who have lost friends and family as a result of this virus, and we look forward with you to better days ahead. 

Despite all that has happened around our nation this year, CapEd continues to move forward with the work of serving the financial needs of our members.  We do this in a variety of ways, from convenient mobile and online access to member accounts, phone banking options, drive-through and branch lobby availability depending on member preference and current necessary safety measures, to low cost loan options and high yielding deposit accounts that work to support our members' needs. We also prioritize contact avenues through which our members can talk to real people who can help with whatever financial needs they may have.

We want to thank our more than 85,000 members for the continued support we receive each day. Because of you, we continue to fund worthwhile educational endeavors like teacher grants, early childhood learning projects, and financial education courses for youth and adults. You may not be aware of a program where new members can open a CapEd checking account and assist in funding classroom projects that are sorely needed by our local teachers and educators.  This program is called Get $100 & Give $100. With it, a new member can open a CapEd High Yield Checking™ account and, after meeting qualifications, receive $100 as a deposit bonus to their new checking account. CapEd will then donate an additional $100 to the school program of their choice. In 2020, we will have funded more than $100,000 for school programs as a result of our Get $100 & Give $100 program. 

The partnership and support that CapEd receives from its new members go a long way to help enrich the great community that we live in.  Because of this support, in 2020, we will have added nearly 10,000 new members, 26,000 new accounts, $371,000,000 in new loans, and over $150,000,000 in new deposits which all together amount to a more than 20% annual growth rate for our Credit Union in 2020. This is amazing growth considering the economic headwinds we face as a result of the pandemic. 

As part of this phenomenal growth, we want to recognize the hundreds of new commercial loan and business member accounts who joined our Credit Union in 2020.  At CapEd, we were happy to provide more than 450 of our commercial members Paycheck Protection Program (PPP) loans totaling $30,000,000.  These funds helped our commercial members navigate the economic slowdown that occurred from the effects of the stay-at-home orders and the change in consumer spending habits due to the pandemic. 

We want to thank the business community as a whole for their resiliency in working through these difficulties. Your work has saved thousands of jobs and provided the means for all of us to receive necessary goods and services during this pandemic. Your support and engagement are important to us in achieving our Business Plan goals and advancing our Vision of being a people-oriented Credit Union that provides personal and business financial services of superior quality and convenience, focusing on member financial well-being, enrichment of community, and promotion of quality education. 

CapEd also wants to thank the healthcare workers and first responders for their willingness to work through the difficulties of 2020.  Just as in crises of the past, we have all worked together to make it through the difficulties experienced this year.

As we continue to work through the effects of the pandemic, we are determined to find new and safe ways to keep our lobbies open in the face of COVID-19 exposure risk.  I want to thank our members for the patience you have shown as we have made difficult decisions, at various times this year, to close branch lobbies due to exposure.  The fact that we have been able to respond favorably to the crisis is a direct result of the support of our members, the resiliency of our employees, and the culture we have built over the years. 

The supportive and collaborative culture we teach, live, and stand by at CapEd is important to us and we take it seriously. It is gratifying for me to see how our core values of Empowerment, Professionalism, Innovation, and Collaboration have helped us to take advantage of opportunities that have come our way and to thrive even in challenging times.

If any of our members are experiencing financial challenges during this pandemic and recession, we are here to help you. Please contact us over the phone at 208-884-0150 or chat with us online at capedcu.com so that we may assist you.

Thank you for your time and attention. Stay safe out there, happy holidays, and have a great day.

Todd Erickson

CEO of CapEd Credit Union