When we started the New Year on January 1, 2020, we all were filled with optimism. That changed to pessimism very quickly and has at time reached levels of fear and anxiety. Our members have been challenged and have certainly struggled at times with fear of the virus, job loss, stress and isolation. To help in as many ways as we could, WV Central has been actively working to support our members and our communities.
When businesses were forced to close, which created so much job loss, WV Central helped 45 local businesses with loans through the Paycheck Protection Program. This program provided funds so the businesses could continue to pay their employees. As our members found that they were short on cash, your credit union assisted 533 members with deferred payments so that needed liquidity remained in their pockets to meet their daily needs.
Our Give Love Challenge allowed Central to work with members to purchase $25,000 in gift cards from local businesses and then match those cards with matching funds as well as support local food banks with an additional $25,000. In total this program provided $75,000 in needed support to local businesses and food banks.
As a credit union – one of the coolest things that makes us different from other institutions is that we can operate solely in the best interest of our members. For just that reason, we just dropped our loan rates to as low as 1.40% to say thank you and to help families navigate today’s challenges. We also are maintaining the highest deposit rates in our local market in support of our members and their families.
So why do we do that? Because we do not have to worry about the wants and needs of a single family that owns the institution or stockholders that have invested in the organization. Decisions are made to support and improve the lives of our membership – our owners. The main question we ask and answer each day is what is in the best interest of our members? A second question is what in in the best interest of our communities? I love working for an organization where this is our goal – our mission!
Thank you for your support of WV Central and please share with your friends, families and co-workers what being a credit union member can mean and what can be accomplished!
Michael Tucker, CEO