ANNUAL MEETING --Continued growth for CoVantage Credit Union was the centerpiece of the Antigo-based cooperative’s annual meeting Wednesday evening at Volm Theater in the Antigo High School complex. Members of the organization from across central and northern Wisconsin and Upper Michigan heard Charlie Zanayed, the president and CEO, explain that a third story to the Antigo office is being planned, shown in the top artist’s drawing. In the lower picture, the board posed at the close of the meeting. From the left they are Bob Lamovec, director, Lee Siler, director, Eugene Shawano, secretary, Bob MacIntosh, director, Susan Thorsheim, director, Charlie Zanayed, president/CEO, Matt Kolling, chairman, Karen Novak, treasurer, Paul Payant, director, Charles Dallas, director, Willis Qualheim, director.

CoVantage Spells Out Gains During Past Year, Details Antigo Expansion

February 28, 2017

CoVantage Credit Union is moving up, literally as well as figuratively.

At the credit union’s 64th annual meeting Wednesday, President Charlie Zanayed announced that CoVantage will add a third story to its downtown Antigo headquarters, sharing plans that he stressed were very preliminary for the work.

That news came just moments after Chairman Matt Kolling reported that the credit union exceeded its goal by ending the year with a net income of $15 million, with assets approaching $1.4 billion, its highest marks ever.

The annual meeting was Zanayed’s first at the podium. His predecessor Brian Prunty, retired in January after guiding CoVantage for 26 years.

It is a true joy for me to serve at CoVantage. Part of what is so fulfilling is some of the unique things we can do, he said, adding we are grateful to serve members who borrow $10 or $10 million, and we gladly serve members who have $10 saved and $10 million saved.

And he was pleased to share the announcement of the home office’s expansion.

Antigo has been our headquarters since the days of Antigo Co-op Credit Union and today our main office here is out of space, Zanayed said.

He explained that when the office was built in 2006, planners had the foresight to design it for a third floor expansion, figuring that would come in about 10 years.

Well it’s later, Zanayed said, explaining that some positions were shifted to Wausau to alleviate the space crunch. But because our headquarters is here, and we plan to keep it in Antigo, we need to ensure our cooperative can adequately meet members’ needs today and in the future. Therefore we must add space and parking to our Antigo location.

Zanayed did not announce a time frame for the work.

CoVantage is also expanding in Shawano, adding an office in the eastern portion of that service area, he said. That community currently has two branches that are among the busiest in the organization.

Zanayed reported that CoVantage paid a record $2.5 million patronage to members, up $800,000 over the last two years. The credit union added over 5,000 new members in 2016, increased deposit rates while lowering loan rates, and earned a net record income of over $15 million.

We are so very grateful for all of our member-owners, especially those of you who have trusted us with your loans and deposits for so many years, he said. How else could you explain a credit union with nearly $1.4 billion in assets, headquartered in Antigo, Wisconsin.

He also touched on CoVantage’s technology upgrades, financial counseling services, efforts to promote financial literacy and CoVantage Cares, the public foundation it established in late 2015.

On behalf of all of our employees, I want you to know that we never take our duty to the credit union and its members for granted, Zanayed said. It is a great privilege to serve at CoVantage Credit Union and I am excited for the future.

Treasurer Karen Novak reviewed CoVantage’s financial numbers of the past year. Highlights included:

—growth in total assets of $128 million, reaching $1.376 billion.

—loans outstanding up $95 million, now standing at $1.056 billion.

—and an increase in deposits of $113 million, bringing the total to $1.206 billion.

Members cast an unanimous ballot for the three candidates for three available seats on the board of directors. They included Kolling, of Stevens Point, and Paul Payant, Antigo, both incumbents, along with Willis Qualheim of Shawano.

The board also recognized Bob MacIntosh, who retired from the board after 12 years of services. Bylaws limit the number of terms a director may serve.

ANNUAL MEETING –Continued growth for CoVantage Credit Union was the centerpiece of the Antigo-based cooperative’s annual meeting Wednesday evening at Volm Theater in the Antigo High School complex. Members of the organization from across central and northern Wisconsin and Upper Michigan heard Charlie Zanayed, the president and CEO, explain that a third story to the Antigo office is being planned, shown in the top artist’s drawing. In the lower picture, the board posed at the close of the meeting. From the left they are Bob Lamovec, director, Lee Siler, director, Eugene Shawano, secretary, Bob MacIntosh, director, Susan Thorsheim, director, Charlie Zanayed, president/CEO, Matt Kolling, chairman, Karen Novak, treasurer, Paul Payant, director, Charles Dallas, director, Willis Qualheim, director.

Source: Antigo Daily Journal