On Friday, January 31, 2025, Members Credit Union (MCU) held its annual shareholder's meeting. The meeting was called to order, followed by a unanimous vote to re-elect Jack V. Braswell Jr., Karen Keller, and Jeff Seaford to serve a three-year term on the credit union's Board of Directors. President and CEO, Bob Donley, presented the results of 2024 and the plans for 2025; Mr. Donley reported the impact of the cumulative inflation rate from early 2022 through early 2024 had created financial strain on our membership, as well as Hurricane Helene causing widespread devastation in Western NC. In response, MCU offered Hurricane Loan Skips to impacted members, providing $161,000 in much-needed cash flow relief. Additionally, MCU donated $15,000 to the Carolinas Credit Union Foundation fund to assist credit union employees affected statewide by the storm.
During 2024, MCU acquired a branch facility in Gastonia, NC, from an Indiana-based credit union and officially opened it as a Members Credit Union branch in mid-September. Since its opening, the branch has attracted 344 new members, with $1.5 million in new deposits and $500,000 in new loans. The branch includes a drive-thru, drive-up ATM, and night deposit and is staffed by five employees. Thanks to our generous members who purchased t-shirts and tumblers, along with our "Kids Helping Kids Fundraiser," we donated $41,000 to Children’s Cancer Partners of the Carolinas, bringing our two-year total to $77,000. Our efforts were recognized with the 2025 Partner in Philanthropy Award from the Carolinas Credit Union Foundation. In 2023, MCU saw a net deposit decrease of about 8.00%, though deposits remain 32.1% higher than pre-pandemic levels. Borrowing needs from our members slowed in 2024 due to economic uncertainty, inflation, and credit-related issues, leading to a 2.56% decline in loans.
Looking ahead to 2025, the recommendation to start the process of partnering with Greenlight, a financial technology company that offers a debit card tailored for kids and families to support financial education, was approved. MCU started offering Greenlight to our members in late November, and so far, 60 families have enrolled. The Board also approved the creation of a Youth Advisory Board to foster stronger relationships and enhance our products and services for the next generation of potential members. Additionally, MCU will continue efforts to establish a partnership with Carolina University to become their official credit union and eventually open a full-service branch on their newly acquired campus in the northern part of Winston-Salem.
In closing, President and CEO; Bob Donley expressed his gratitude to MCUs membership, employees, and the credit union's Board of Directors for their unwavering support and loyalty throughout a very challenging, successful, and rewarding 2024. The next annual shareholder's meeting is scheduled for January 2026.