Dear Progressions Credit Union Members,
I wanted to give you a mid-year update. I don’t know about you, but I feel like the last 6 months have lasted about 6 years. I hope this update finds you and your family in good health and good spirits. I’m sure for everyone, it has been a very challenging 6 months to navigate to say the least. Here, we have tried to balance health precautions, government mandates, and member service to the best of our ability. I truly hope your financial needs have been met without too much inconvenience from all of these challenges.
I thought I’d share with you some interesting stats about your credit union. Through June, we had funded over $381,000 in PPP (Payment Protection Program) loans through the SBA and helped save over 48 jobs and 15 small businesses within our community. We waived or refunded over $22,000 in fees directly back to members and have paid out $191,933 in dividends to membership. That’s a direct monetary value in your credit union membership of over $213,000 in just the past 6 months. We remain true to our mission, never forgetting we are owned by our members, for our members. The more services you use Progressions Credit Union for, the higher your personal return was.
We have also experienced fairly significant growth. We have grown from a credit union of $58 million in Total Assets in 2018 to a credit union with over $75 million in total assets half way through July of this year. We now have grown our capital base to over $6 million for the first time in our organization’s history, keeping us in a rock-solid financial position. We certainly appreciate each of our members who have helped us grow and placed such great trust in this financial Co-Op. You should be very proud of the credit union you have helped build.
We have also given back to the community. We have made donations to Second Harvest Food Bank, S.N.A.P, Anna Ogden Hall, the Martin Luther King Center, Rogers High School, Meals on Wheels, and Chief Garry Park. We donated a supply of N95 masks to the local fire station and we bought gift cards from many small local businesses in an effort to support them during this difficult time. We then gave away the gift cards to our members through contests on social media. We also had coffee delivered to the nurses of Holy Family Hospital, provided some Lysol wipes to letter carriers, and had pizza delivered to postal stations all over Spokane to thank them as essential workers. We continue to strive to make a profound impact in the communities where we live and work.
At this point, our lobbies are open to serve you from 10:00 AM to 4:00 PM and the drive through from 9:00 AM to 5:30 PM, Monday through Friday. We are wearing masks for your protection and cleaning the lobby regularly throughout the day for everyone’s safety. We continue to promote the use of the drive through as the safest venue for in person banking. If you find yourself having any financial need, please reach out to us, we want to help.
Our annual membership business meeting was postponed in April and has been rescheduled for September 29th at 5:30 PM. It will be held virtually this year and hosted through the GoToMeeting platform. It will be a password protected event, so if you would like to attend, please send an email to Barb Stout-Henggeler at firstname.lastname@example.org for registration.
My wish for you all during these strangest of times is to stay positive and test negative!
Jay Williamson, President/CEO
Progressions Credit Union
Phone: 509-622-2019 / Email: email@example.com