A Letter from the CEO
Along with the obstacles we faced in 2020, there were also opportunities to come together and create vibrant communities. At Verity, we took advantage of those opportunities. Last year, your deposits allowed us to assist other members during this difficult time. Together, we took action to help our members and communities survive this crisis and ultimately thrive.
Your membership helped us to provide 129 emergency assistance loans for almost $250,000. These loans helped members to buy groceries, pay the rent and keep the electricity running. We provided mortgage forbearances for nearly 100 members totaling almost $19 million. Combined with financial counseling, skipped payment options and countless hours working individually with members, Verity worked tirelessly to help our members through the financial hardships.
We also provided 341 Paycheck Protection Program (PPP) loans in 2020 for over $13 million. So far this year, we are on track to more than double the amount of PPP loans given. Our teams have scrambled, jumped in to help where needed, and literally worked around the clock to ensure businesses and nonprofits were able to receive these badly needed funds. These loans demonstrate the power of members’ deposits and how they can be used to facilitate change and help strengthen our community and members.
Throughout this past year, our top priority has been the safety of our employees and members. We reassigned staff to help with increased digital and Call Center volumes, closed branch lobbies when necessary and moved to an appointment-based system in our branches. For new accounts, loan applications and other lengthier transactions, you can now schedule an appointment at your local branch through our website at veritycu.com. We appreciate the patience of our members and we are extremely proud of the commitment of our employees to meet your financial needs.
In addition to the virus, our country also saw significant unrest around issues of social equity and racial justice. As a socially responsible credit union, we are challenging ourselves to do more to combat racism both within our organization and in the communities we serve. Verity has and will continue to take a strong stand on this issue. In 2020, we spent much time in deep dialogue internally and with our community partners. As we learn more, we will take action to become an anti-racist organization.
At the end of the Annual Meeting, I will step down as Verity’s CEO. I sincerely thank you, our members, for your continued trust and support, both in 2020 and in the past 7 years. It has truly been an honor. I am grateful for our employees and our volunteer board of directors and committee members who supported both Verity and me as we strived to fulfill our vision and mission. We have grown significantly, but more importantly, we have discovered more and more ways to change financing in order to finance good. Together, we continue to create cooperative communities who dream boldly.