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Annual Report

The 2020 Annual Report provides an overview of 2020, including financials, as well as some insight into the direction Verity will take in 2021

Click the tiles below to jump to sections of the report.

Letter from the CEO

Read John Zmolek's last letter as CEO.

Board Chair Report

Read a letter from Board Chair Zach Gose

Supervisory Committee Statement

Read the Supervisory Committee statement from Rodolfo Hurtado.

2020 Financials Overview

Check out the 2020 balance sheet and other numbers.

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 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.

John Zmolek


See how you're helping make a difference in the community

2020 Community Impact Report

Board Report

On behalf of the board, I am pleased to welcome Tonita Webb as Verity’s new CEO. Tonita is the first woman and the member of the BIPOC community to lead Verity as CEO. She joins us after 15 years with Seattle Credit Union, where she helped SCU grow into one of Washington’s top credit unions with an unfaltering commitment to driving diversity, equity and inclusion. Tonita has been breaking barriers throughout her career, beginning with her service as a security police officer in the U.S. Air Force at a time when very few women occupied the role.

We are thrilled to have Tonita lead us in fulfilling our mission. She has a strong vision for harnessing financial tools, data and technology to enhance the lives of underserved members of our community. Her leadership within the credit union movement, deep connections in the Puget Sound region and her passion for diversity, equity and inclusion will help Verity further promote vibrant communities.

Verity is also saying goodbye to our retiring CEO John Zmolek after 31 years with Verity. During 7 years as CEO, John led Verity with heart and vision. Whether saving the Ballard P-Patch or partnering with contractors to create solar energy loans, his focus on social and environmental impacts inspired Verity to help communities dream boldly and more than doubled loans that promote the environment, affordable housing or serving the underserved. John grew our assets by more than $300 million and welcomed nearly 10,000 new members to Verity. We are thankful for John’s leadership.

We are also thankful for you, our fellow members, for your continued support of Verity, our employees, and, most importantly, each other. By “banking for good” with Verity, you help your fellow members and the communities we serve dream boldly.


Zach Gose

Board Chair

What is socially responsible banking?

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Supervisory Committee Statement

The Supervisory Committee is an independent governing entity of Verity Credit Union that is responsible for making sure the Credit Union’s financial records are in order and that internal controls are in place to protect the assets of the Credit Union and its members. The Committee does this by making sure that an annual audit is conducted and by making sure that internal controls are tested regularly.

As of December 31, 2020, the Verity Credit Union Supervisory Committee was comprised of five elected volunteers: Rodolfo “Rudy” Hurtado, Chair; Zhu Zhu Xiao, Vice Chair; John Carpenter, Member; Vikash Chhagan, Member; and Karen Hunt, Member.

The Supervisory Committee meets regularly with management staff to review and evaluate the Credit Union’s operating policies, ensure internal controls are defined, effective, and followed. The Committee reviews and recommends policy changes to the Board of Directors, and ensures sound operating procedures are adhered to in accordance with established policies.

For the year 2020, the Committee retained the independent CPA firm of Moss-Adams LLP to audit and prepare Verity Credit Union’s financial statements. The Credit Union’s audit was conducted in accordance with the Engagement Letter. Our independent auditors have issued an unqualified opinion. The financial statements can be found on the Verity Credit Union website.

On a personal note, this is my last official act for Verity Credit Union; I am retiring from volunteer service after over 25 years.

I want to thank you, our members, for allowing me to serve you as a Director and as a member of the Supervisory Committee. It has been an honor to work with Verity’s staff and fellow volunteers.

Rodolfo Hurtado

Supervisory Committee Chair, 2020

Verity's board, supervisory committee, and executives work together to move Verity forward.

Meet Our Team


2020 Financials

Income and Expenses

Fiscal year ended 12/31/2020 12/31/2019

Interest Income

Loans receivable $24,710,048 $24,725,698
Investments and interest-bearing accounts $1,075,327 $2,043,414
Total interest income $25,785,375 $26,769,112

Interest Expense

Members' share accounts $2,452,930 $2,784,961
Borrowed funds $66,124 $938,219
Total interest expense $2,519,054 $3,723,180
Net interest income $23,266,321 $23,045,932
Provision for loan losses $4,627,918 $4,005,226
Net interest income after provision for loan losses $18,638,403 $19,040,706

Non-Interest Income

Fees and charges $2,362,761 $3,142,836
Gain on sales of loans $2,122,624 $1,151,655
Interchange income $2,800,616 $3,063,267
Other $3,238,790 $2,944,476
Total non-interest income $10,524,791 $10,302,233

Non-Interest Expense

Compensation and benefits $14,359,481 $12,925,084
Operations $12,415,734 $11,128,091
Occupancy $1,301,040 $1,386,999
Total non-interest expense $28,076,255 $25,440,174
Net income $1,086,939 $3,902,766
Net income loss attributable to non-controlling interest ($710,713) ($347,720)
Net income attributable to Verity Credit Union $376,226 $3,555,046

Balance Sheet

Fiscal year ended 12/31/2020 12/31/2019


Cash and cash equivalents $77,712,450 $40,128,883
Securities available for sale $46,762,515 $59,944,945
Other $2,631,911 $3,210,249
Total investments $49,394,426 $63,155,194
Loans receivable, net $534,260,174 $495,951,536
Loans held for sale $2,728,550 $1,449,696
Accrued interest receivable $1,638,267 $2,095,315
Property and equipment, net $9,790,805 $9,737,431
National Credit Union Share Insurance Fund deposit $5,251,828 $4,564,076
Other assets $7,836,455 $15,769,260
Total assets $688,612,955 $632,851,392


Members' share accounts $619,455,037 $523,642,831
Accrued expenses after other liabilities $7,934,538 $7,928,284
Borrowed funds $0 $43,000,000
Total liabilities $627,389,575 $574,571,115

Members' equity

Regular reserve $5,565,164 $5,565,164
Undivided earnings $50,667,652 $50,291,426
Accumulated other comprehensive loss $1,656,067 ($200,098)
Total members' equity $57,888,883 $55,656,492

Non-controlling interest

$3,334,497 $2,623,784

Total equity

$61,223,380 $58,280,276

Total liabilities & equity

$688,612,955 $632,851,392

Total membership

36,378 35,963


These statements represent Verity Credit Union and Credit Union Home Mortgage Solutions (CUHMS) consolidated. Verity is part-owner of CUHMS.

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