We are pleased to report that 2022 was another outstanding year for the IU Credit Union. Thanks to the ongoing support and loyalty of our members and dedicated staff, we achieved a number of significant financial results.
Key accomplishments in 2022 included completing a digital marketing audit and strategy; initiating installation of a chatbot function within digital banking; conducting an analysis of artificial intelligence solutions; implementing mortgage loan digitization; conducting an employee engagement survey and finalizing action plans; and introducing a new low rate credit card.
IU Credit Union has an unwavering commitment to community involvement and support. We are proud to annually provide more than $300,000 in sponsorships and financial contributions in our community. Through our scholarship program, we awarded more than $30,000 in financial assistance to college students. Additionally, IU Credit Union and its employees contributed $40,000 to the local United Way Campaign and received the Community Builder Award in recognition of our ongoing support.
We are proud to have received The Greater Bloomington Chamber of Commerce’s Community Anchor Award at the Chamber’s 2022 Annual Meeting. This award recognizes a business or organization that has contributed positively to the local community over a sustained period. We were also named one of the Best Places to Work in Indiana in the Indiana Chamber of Commerce’s Best Work Places to Work program.
We thank our members for voting IU Credit Union as “Best Credit Union” and “Best Mortgage Company” in the Herald-Times Best of Btown!
IU Credit Union achieved impressive financial results in 2022. Total retail loan balances increased $76 million. We remained a leader in real estate lending and originated $128.6 million in residential mortgages. Total real estate balances increased $37 million. Total business loan balances increased by a record $91 million. Combined, these results produced loan growth of $167 million, with total loan balances increasing to $1 billion.
Total share balances increased $14 million. Net income in 2022 was $16 million.
Total assets increased to $1.6 billion. Net worth, a key indicator of safety and soundness, was $173 million, or 12.30% of total assets. IU Credit Union remains well positioned for continued strong financial performance.
IU Credit Union Investment Services achieved the second highest level of gross commissions, $580,000, and continues to serve as a trusted provider of professional and personalized investment services.
Moving into 2023, we will continue our delivery of exceptional member experiences and meet the needs of our members and community. Key objectives include adding a customized debt protection service; providing members access to credit scores and personalized loan offers within our mobile banking app; enhancing our disaster recovery infrastructure; leveraging AI technology to expand availability of credit while enhancing member experience through faster loan decisioning; and continuing our commitment to sustaining strong communities.
On behalf of our Board of Directors, Senior Leadership Team and our employees, we thank you for your membership and continued confidence in IU Credit Union. We look forward to serving you.
All branches of the IU Credit Union will be closed for the following upcoming holidays.
Remember that your debit card, Online Banking and Mobile Banking are available 24/7. In addition, you have surcharge-free access to your account at thousands of ATMs nationwide in the CO-OP and Alliance One ATM networks.
| Safe Deposit Box* | Annual Fee |
|---|---|
| 3" x 5" | $30 |
| 3" x 10" | $45 |
| 5" x 10" | $65 |
| 7" x 10" | $85 |
| 10" x 10" | $125 |
*Available at Winslow (see branch hours) & Center Grove (see branch hours) branches only. Based on availability.
Imagine turning a quick lunch from your favorite drive-through or Sunday brunch with your friends into something extra special! Throughout all of 2023, every dining, takeout and delivery purchase you make with your IU Credit Union Mastercard is another entry for a chance to win up to $10,000! Terms and conditions apply.
Order online or tap in store using your Mastercard at qualifying restaurants or grocery stores, and Mastercard will donate one cent, up to $5 million, to Stand Up To Cancer to help fund groundbreaking research. Terms and conditions apply.
Show off your school spirit with one of these official high school spirit debit card designs. These FREE cards are available at all Bloomington branches. The best part? Each time a Bloomington North, Bloomington South, Bloomington ASE, or Bloomington Graduation School card is used, we will make a contribution to the Foundation for Monroe County Community Schools. Each time an Edgewood High School card is used, we will make a contribution to the Richland Bean Blossom Community School Corporation. The more the cards are used, the greater the total contribution to our local school systems!
The Greater Bloomington Chamber of Commerce's PrimeTime Business Expo event will be held at Switchyard Park Pavilion at 1601 S. Rogers St. in Bloomington on Thursday, April 13 from 5:00 to 8:00 PM.
PrimeTime is three events tied into one - a business expo, where Chamber members can set-up tables and booths with information and merchandise to engage community and Chamber members; the monthly Business After Hours, where Chamber members can network and interact; and a fun and friendly food contest, with samples for everyone. Be sure to stop by the IUCU booth and chat with our Mortgage Team!
Earn one and a half points for each $1 of qualifying purchases. With Preferred Rewards, points can be redeemed for your choice of rewards, from cash deposits into your IU Credit Union savings or checking account, merchandise and travel rewards, event tickets, gift cards, statement credits and more! Program rules are available through the credit card portal.
*Introductory Rate of 1.99% is applicable on purchases for 12 months from the card open date and on Balance Transfers for 12 months from the first qualified balance transfer completed within 12 months from the card open date. After that, the rate will be between 16.75% - 25.00% on Preferred Rewards Cards and will vary with the market based on the Prime Rate. Rate range stated is accurate as of 3/31/2023 and is subject to change at any time. Subject to credit approval.
The rate is the reward with our Rate Advantage credit card. This card is perfect to use when you typically carry a balance, to avoid high interest rate charges.
*Introductory Rate of 1.99% is applicable on purchases for 12 months from the card open date and on Balance Transfers for 12 months from the first qualified balance transfer completed within 12 months from the card open date. After that, the rate will be between 11.75% - 23.75% on Preferred Rewards Cards and will vary with the market based on the Prime Rate. Rate range stated is accurate as of 3/31/2023 and is subject to change at any time. Subject to credit approval.
You may have noticed a new face in your Online and Mobile Banking. Ana is our new Automated Navigational Assistant, accessible 24/7. This is a free service offered to help members quickly find answers to frequently asked questions and retrieve account information. Ana is powered by Artificial Intelligence and learns from user behavior and trends. Access Ana on your desktop Online Banking by clicking on her picture in the lower right corner of the screen. From your Mobile App, click More in the lower right corner of the screen, then click Ana’s picture at the top.
Every April, National Credit Union Youth Month serves to encourage kids to develop healthy savings habits by making saving fun and exciting. Providing financial education embodies the credit union movement's 'people-helping-people' philosophy. The theme for this year's Youth Month is Unleash the Power of Saving at Your Credit Union™.
To celebrate our youth, we're giving away three $75 gift cards to our M3 Money Club and Elements of Money members*, one in each age group listed below:
*Entrants must have an IU Credit Union account with their name on it and may only enter in one category. We will verify winners information. Deadline for entries is midnight, April 30. Gift card winners will be announced on our Facebook and Instagram pages on Friday, May 7.
Lemonade Day Monroe County is coming on Saturday, June 24, 2023!
IU Credit Union is proud to be a Community Sponsor of Lemonade Day Monroe County. Lemonade Day is a fun, experiential learning program that teaches area youth how to start, own and operate their own business. You may even see a lemonade stand at some of our IU Credit Union branches on Lemonade Day!
Spring has arrived and you may already be thinking about ways to enjoy the great outdoors. If the Indianapolis Zoo comes to mind, be sure to check out the discount ticket prices that are available to IU Credit Union members! It's easy with IU Credit Union's customized discount page—Enjoy flexibility and great prices!
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