2021 Annual Report

It goes without saying that the past few years have brought unexpected challenges to us all, but we are pleased to say that OCCU has remained a safe and sound financial institution. When many organizations found it difficult to consistently provide services, retain staff and grow, OCCU continued to thrive. We introduced new products and services, added team members throughout the region and expanded our branch footprint. We know this would not have been possible without an exceptional team and the trust that you have placed in us.

Our commitment to adding value also bolstered our desire to eliminate and reduce account fees. Most notably, in 2021 we reduced our extended overdraft fee to just $9 (among the lowest in the nation) and eliminated or reduced a variety of other fees. In total, the changes made in 2021 alone will keep more than $1.8 million in our members’ pockets over the course of a year and we’re not stopping there - watch for more reductions and eliminations in the year ahead.

We believe your feedback is critical to meet your evolving needs, so each month we survey members to learn how we can more effectively support our membership. Guided by these insights, we have added drive-up services; expanded our business and investment services offerings; continued to enhance MyOCCU Online & Mobile; and introduced video teller technology through our ATMs.

We believe the relationship with our members is a partnership. In the past year, we focused on making an impact for our members by meeting them where they are and seeing them as individuals, over and above standard lending guidelines. We approved small loans for more than 500 members (who might not otherwise qualify for traditional loans) to purchase new eyeglasses, care for an ailing family pet or make emergency vehicle repairs. Our team takes the time to listen, ask questions and get creative to walk beside you regardless of your situation.

Looking ahead, we will embrace new opportunities to enhance the value of OCCU membership. We will continue to offer competitive deposit and loan rates, while also expanding our mortgage lending and business services capabilities, enhancing our credit card experience with new features and enhanced rewards offerings and continuing to enhance our ATMs, online banking and mobile app. 2022 should prove to be another exciting year with many new projects and initiatives. For example:

• We are adding branch locations – we’ll open a full-service branch in Junction City later this year and have begun work on a new branch location in Corvallis. We are excited about joining these communities and continue to explore other potential locations to better serve you.
• Mid-year, we will convert our credit card platform to a new processor. This change will allow us to improve and optimize your digital experience by offering a more tightly integrated connection into MyOCCU Online & Mobile banking. We will also be able to bring you new features such as contactless cards and enhanced rewards offerings.
• The online loan payment experience will become easier, and we’ll introduce new options such as person to person payments.
• More self-serve options will be added to our online channels to allow you to do your banking on your schedule.
• We’re exploring home and auto insurance products to help provide affordable alternatives to bring you peace of mind.
• The OCCU Foundation will continue to invest in other nonprofits and important initiatives to help our communities thrive.

These are just some of the exciting enhancements we’re working on for 2022. They are the result of the feedback you’ve shared and the insights you’ve given about how we can meet your evolving needs. You are the reason behind everything we do, and we are honored to have the opportunity to enrich your life, as well as that of our future members and the communities we serve.

With deep appreciation,

Jeanine Jensen

Board Chair

Ron Neumann

President & CEO

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 in place 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 2021 were completed by professional services firm Moss Adams with an effective date of Sept. 30, 2021. 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. These audits were performed by the firm Doeren Mayhew in 2021. OCCU management continues to respond promptly to mitigate any operational issues as they arise.

OCCU’s systems and controls are strong and effective in ensuring the safety of member assets.

On behalf of the Supervisory Committee, I would like to thank the Board of Directors, management and staff for their work. Their efforts are greatly appreciated.