OSHKOSH, Wis. (August 11, 2020) –Verve, a Credit Union, ranked No. 159 for financial health on the 2020 “Top 200 Healthiest Banks and Credit Unions in America” list and was one of only seven in Wisconsin to be honored. More than 10,000 banks and credit unions across the U.S. were evaluated by DepositAccounts.com, a subsidiary of LendingTree®.
The largest and most comprehensive online publication in the U.S., DepositAccounts.com, provides banking and deposits product information for consumers. They graded each institution on a number of factors, including capitalization, deposit growth and loan-to-reserve ratios.
“We are thrilled to receive this national recognition,” said Scott Willmott, chief financial officer at Verve. “It is even more of an honor to receive this award without applying for it. Our financial reporting speaks for itself—our members’ money is safe and serving them well at Verve.”
“During the last few years, we have really focused on growing our deposits and helping our members save money,” Willmott said. “This not only helps Verve maintain a strong position, it also puts our members in a better financial position when a crisis—like COVID-19—strikes.”
To help members build their savings, Verve offers a variety of products and services, including Pick Your Payout savings, automatic transfers to savings, and a variety of certificate and money market options.In 2019, Verve helped members save nearly $450,000 through the Save to Win certificate program, which helps members stay motivated to save money by offering entries into cash drawings ranging from $25 to $5,000. Through Round Up, which automatically rounds up debit card purchases to the nearest dollar and deposits the change into savings, members together saved just over half a million dollars in 2019.
“In addition to these two very successful member savings programs, Verve also grew to over $1 billion in assets earlier this year following the acquisition of a Chicago bank,” said Kevin J. Ralofsky, president and CEO at Verve. “With more than $1.4 billion in assets, we can use our new level of strength and efficiency to continue providing state-of-the-art service technologies and competitive rates on lending and deposits for our member-owners.”
View the complete listing of banks and credit unions at depositaccounts.com/banks/health.
Founded in 1937, Verve, a Credit Union, is a member-owned, not-for-profit financial cooperative with more than$1.4 billion in assets and serves more than 69,000 members at 21 locations. Membership is open to anyone who lives, works or worships in 25 counties throughout Wisconsin, Illinois and Minnesota and to employees of Kimberly-Clark Corp., Fox River Paper Co., the medical services industry and the immediate family of any current member. Federally insured by NCUA.