Park City Credit Union reported strong financials and a predominant service award at its Annual Meeting held earlier this spring.
Park City CEO Val Mindak said the credit union’s mission and vision to “help our members fulfill their dreams while serving our communities” acted as a compass throughout 2021 and continues to be the focus of all strategic decisions for 2022.
Park City Credit Union achieved exceptional growth in 2021. Mindak reported assets grew by nearly $45 million, creating a new milestone and ending the record year at $320.3 million in total assets, up 16.3% from the previous year. Total loans grew close to $25 million, a year-over-year increase of 11.9%. Deposits, meanwhile, grew $44.2 million, or 19%. Membership was strong at 22,652 members in 10 counties.
“Our goal is to serve our members with convenient products and services and to build Raving Fans. We are very proud of our teams and their commitment to service, which has led us to be recognized nationally in two categories,” Mindak said. “MemberXP named Park City Credit Union as one of North America’s best credit unions for providing outstanding member transition experience and outstanding member loan experience.”
Mindak added, “Park City scored 90 out of 100 in a 2021 net promoter score survey — a metric used for the likelihood of referring friends and family to the credit union.”
Online banking services continue to be a popular service with members using online account navigation account services over 1.2 million times and mobile device access to account information and history over 2.3 million times in 2022.
Mindak noted, “Wealth management services were in high demand. Members turned to the Park City Investment Center, which today has more than 850 clients and $90 million in assets under management. I am proud of the strong member utilization of the credit union with deposits, loans, business banking, and investment services. I thank you for your commitment!”
Park City announced donations to the Community Food Pantry of Merrill, Lakeland Pantry, Rhinelander Area Food Pantry, and Tomahawk Area Food Pantry at the Annual Meeting. The donations are a part of the credit union’s continued efforts to give back to the surrounding communities. In 2021, the credit union helped more than 140 organizations and participated in more than 135 random acts of kindness in Merrill, Tomahawk, Minocqua, and Rhinelander. To read the full Annual Report, visit https://www.parkcitycu.org/about-us/.
Park City Credit Union is a member-owned financial cooperative providing financial services to approximately 22,000 members who live, work or own land in Forest, Iron, Langlade, Lincoln, Marathon, Oneida, Price, Rusk, Taylor or Vilas counties. To find out more visit us at www.parkcitycu.org. Park City Credit Union has offices located in Merrill, Tomahawk, Minocqua, Rhinelander, and in Dave’s County Market in Merrill.