2024 Member-Owners’ Annual Report

At Community First Credit Union, every moment over the past 50 years has been an opportunity to empower lives and strengthen our community. As we celebrate Cheers to 50 Years, we reflect on the meaningful moments we've shared—from helping families into their first homes to supporting entrepreneurs chasing their dreams. Each story is a testament to our enduring commitment to your financial well-being. Because for us, it’s never just about dollars and cents—it’s about people, purpose, and finding a way, together.

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From Humble Beginnings,
A Place to Call Yours

It started simply—with people helping people.

**Maury Dresang, Community First Founder**

Like many stories, ours began long before our recognized beginning as the Appleton Community Credit Union in 1975. First, there were individual company-based credit unions serving employees and their families. Some had savings to grow. Others needed loans for everyday needs. All came together as interconnected members of their credit union.

For us, we find ourselves in 1953, when Maury Dresang founded a credit union for Outagamie County employees. Far from the technology we enjoy today, the credit union operated out of a briefcase and often a handshake. Still working two other full-time jobs, Maury volunteered as manager and treasurer for the credit union because he believed in the power of cooperation and the credit union philosophy of people helping people.

Community First Credit Union's Appleton Service Center. — A former grocery store on Richmond Street in Appleton was home to the credit union service center in 1970 started by our founder Maury Dresang. In 1975, he obtained a charter for Appleton Community Credit Union, opening membership to the community for the first time. Three years later, it was renamed Appleton Area Credit Union following a historic merger of 12 employer-based credit unions before finally becoming Community First in 1983.

As the credit union grew under Maury’s leadership, he was approached to manage other local company-based credit unions. One by one they came, all with the same grounded focus on serving their members. As the number of credit unions grew, Maury’s innovative and entrepreneurial spirit resulted in the creation of a credit union service center in 1970—transforming a vacant grocery store on Richmond Street in Appleton into a shared location for what would eventually total 13 credit unions.

In 1975, that service center also included a newly chartered community credit union—Appleton Community Credit Union. It was created to serve a larger community regardless of where residents worked. It’s that community perspective that has continued to drive us since that day and why we officially trace our roots to that 1975 charter.

As we celebrate 50 years, we reflect on the relationships, resilience and shared values that brought us here and continue to shape our future. Let’s take a look at our journey to today.

Celebrating 50 Years of Putting Community First

2025 marks a milestone we are proud and humbled to celebrate—Community First Credit Union’s 50th anniversary. For five decades, we’ve stood side by side with our members and communities, helping people achieve their goals, overcome challenges, and build brighter financial futures. This is more than an anniversary—it’s a celebration of trust, shared purpose, and the power of putting people first.

2024 was a year of remarkable growth and momentum.

We ended the year with over $6 billion in total assets, 159,598 members, and capital reserves of 12.39%—a strong foundation for long-term strength and resilience. For the 16th consecutive year, Community First earned the Raddon Crystal Performance Award, recognizing us as one of the top 10 credit unions in the nation for financial performance. We are the only credit union to receive this honor every year since the award’s inception.

We made big moves to modernize and focus. A new digital lending platform now makes borrowing faster, easier and more accessible. Our commercial lending team hit record levels, helping local businesses grow and strengthen the communities we serve. And through the sale of our insurance center, we’ve sharpened our focus on our core mission, improving lives through exceptional financial services.

Our commitment to community remained at the heart of everything we do.

In 2024, we invested more than $4.4 million in local programs and nonprofit partnerships through financial and in-kind support and employee and member giving. Our employees also shared over 24,000 hours of their time volunteering and making a difference in our communities. It’s a powerful testament to our culture of service and a value of more than $700,000. We were honored once again to receive top-tier member satisfaction ratings, which reflect the dedication and care shown by our 626 passionate professionals.

Looking ahead, the future is full of promise.

In 2025, we’ll introduce new deposit and loan products tailored to both personal and business members. We’re excited to open a new branch in Seymour, WI, and planning is underway for new locations in Wrightstown, Ledgeview and Manitowoc. We’re also refreshing several existing branches, including Ballard, Oneida

Street, Forest Avenue and Industrial Drive, to create more modern, welcoming and accessible spaces.

We continue to invest in technology to meet members where they are, including an upcoming website redesign that will offer greater ease of use, 24/7 access and increased transparency. And while we fully embrace innovation and technology, we remain committed to our promise of always answering our phones with real people, not machines!

To guide our next chapter, we’ve launched a bold, forward-looking strategic plan grounded in three key pillars:

1. Enhancing Member Value

Modernizing products and delivery channels to create a seamless experience, offering each member the flexibility to connect how, when and where they choose.

2. Championing Financial Well-being

Equipping members with the tools, knowledge, and support they need to build confidence, make informed decisions and improve long-term financial health.

3. Bridging Generational Gaps

Designing products and experiences tailored to every life stage, building stronger relationships across generations.

As we celebrate our 50th anniversary, we do so with profound gratitude—for our team members, who show up each day inspired to serve; for our volunteer board, who offer vision and guidance; and most importantly, for you, our members. It’s a privilege to be part of your financial journey—to help you achieve your dreams and navigate life’s moments through the power of the cooperative spirit: people helping people.

Cheers to 50 years of putting Community First, and to the next 50, filled with purpose, progress and possibility. We look forward to continuing this journey with you and Finding A Way—together.

Catherine Tierney, President & CEO
Sara Micheletti, Board Chair

Powered by the people collage of members.

Decades of Dedication, Powered by the People and for the People.

Mary Sullivan

36 years

1989, Compliance Officer / Internal Auditor - 2025, SVP Special Projects

“I’m honored to have been a part of this amazing organization for over three decades. To me, it’s more than work. It’s a source of pride to contribute to an organization making a very real difference in people’s lives - for our members and communities. Cheers to 50 years of people helping people!”

Scott Steinfort

37 years

1987, Teller - 2025, Chief Technology Officer

“Since becoming part of the Community First family in 1987, I have built many life-long relationships. My colleagues have seen me through good times and difficult times. It feels like family because I can always count on them. We do the same for our members, sometimes meeting them in their darkest hours. When they feel like they have nowhere else to turn ‘We’ll Find a Way.’ The best part is knowing that we are there for our friends, family, and members, helping to make our communities a better place to live and work.”

Cheryl Otto-Lynch

41 years

1983, Teller - 2025, Branch Manager at Forest Avenue Branch

“After more than 41 years at Community First, it’s become so much more than just a job—it’s a part of who I am. I truly enjoy what I do, the people I work with, and the members I’ve come to know over the years. Even after a week’s vacation, I genuinely look forward to coming back to work. That’s how I know this place is something special.”

Craig Gloudemans

24 years

2001, Student Teller - 2025, SVP Finance

“From my first day as a student teller in 2001 to sitting here today as SVP of Finance, I have had the privilege of growing alongside this incredible organization and its people-helping-people mission. I love being part of a team that shows up every single day with a purpose and passion for our member-owners. Community First has never been just a place to work—it is a family, a mission, and a movement. And while we have come a long way in 50 years, I truly believe the best is yet to come! Cheers!”

Your Board of Directors

As the financial services industry has dramatically evolved over the years, so has the role of the board. Today, your board is entrusted with the direction of Community First and the complexities that come with oversight for a multi-billion dollar organization. Community First Credit Union’s Board of Directors is an extremely committed group of volunteers, dedicated to ensuring the success and stability of the credit union on behalf of the member-owners.

Sara Micheletti
Board Chair
Attorney,
McCarty Law

Peter Mariahazy photo.

Peter Mariahazy
Vice Chair
Chief Administration Officer,
Catalysis

Michael Moore photo.

Michael Moore
Secretary
VP of Engineering,
Oshkosh Corporation

Cathie Tierney
Treasurer
President/CEO,
Community First Credit Union

Matthew Bingham
Director - Software Engineering,
SECURA Insurance

Daniel Ferris
VP, Chief Legal Officer & Corporate Secretary,
SECURA Insurance

Amy Fricke-Weigel
CEO,
Fricke Printing Services, Inc.

Sarah Hutchinson
Retired United States
Marine Corps

Paul Schwartz photo.

Paul Schwartz
VP of Information Technology,
Badger Liquor Co., Inc.

Kathryn Sieman
Independent Board / CFO Advisory Services
/ Consultant

Adam Swoverland
VP of Finance,
Breakthrough (a U.S. Venture company)

A Heartfelt Thank You to Our Volunteer Board Members

For 50 years, your leadership and dedication have guided our credit union forward. To all past and present board members—thank you for your time, insight, and unwavering support.

1974 – 1975	Duane Seidel*	1982 – 1984	Jeanie Zwicky	1989 – 1998	Carol Hackbarth*
1974 – 1984	Ev Rohde*	1983 – 2021	Dean Hawkinson*	1990 – 2018	Bill Peters*
1974 – 1993	Maurice Dresang*	1984 – 1985	Ed Roetman	1993 – 1996	Sue Hawkinson
1974 – 1976	Bob VanBeek	1984 – 2008	Fred Kulick*	1994 – 2006	Tom Aykens*
1974 – 1992	Tom Lison*	1984 – 1998	LeRoy Fenske	1996 – 2008	Candace Kriner*
1976 – 1981	Jean Zoromski	1984 – 1985	Tony Guckenberger	1999 – 2007	Kathy Westover*
1976 – 1978	Thomas Feavel	1984 – 1985	Mae Maciejewski	1999 – 2002	Bill Brehm
1976 – 1981	Jim Smits	1984 – 1989	Leo Mack*	2002 – 2018	Mary Hultgren*
1977 – 1982	David Verhasselt*	1984 – 1985	Charolette Arendt	2006 – 2022	Susan May*
1978 – 1988	Don Bauer	1984 – 1985	Diane Dedering	2007 – 2023	Jay Fulkerson*
1978 – 1980	William Geenen	1985 – 1993	Jeff LeClaire	2008 – 2019	Terri Towle*
1979 – 1981	Julie Colwill	1986 – 2021	Dave Peperkorn*	2008 – 2011	Cheryl Perkins
1980 – 1984	Steve Stach	1986 – 1989	Dick Schermetzler	2008 – 2009	Steve Ferkel
1982 – 1988	John Beck	1988 – 1991	Don Peterson	2012 – 2013	Joyce Bytof
1982 – 1985	James Lauer*	1989 – 1991	Jim Sensenbrenner	2019 – 2023	Monica Hilt

*Chairperson

2024 Financials

asset
growth

in billions

reserve
growth

in millions

membership
growth

Statement of Condition

Statement of Income

In 2024, the Audit Committee authorized the accounting firm of CliftonLarsonAllen, LLP to conduct the annual audit and verification of accounts as of September 30, 2024, and June 30, 2024, respectively.

Purple translucent image with volunteers.

Rooted in Community

for 50 Years

Giving back is part of who we are.

We’ve always believed in doing our part to help improve the quality of life in the places our members call home.

Whether it’s a small-dollar sponsorship that supports a neighborhood event or a major gift that fuels growth and new services, every contribution we make is driven by one purpose: to serve our members and strengthen our shared communities.

We’re proud to have built long-standing partnerships with organizations that help families achieve stability and the dream of homeownership; youth-focused programs that empower the next generation; arts organizations that enrich our lives through theater, music and creativity; organizations that provide critical health and wellness services and more; and community events that celebrate the places we call home.

At Community First, community isn’t just in our name—it’s in everything we do.

50 Years of Growing Together

Honoring the credit unions that joined our journey.

Throughout the years, we’ve been honored to welcome other local credit unions and their members to the Community First family. Many have histories that stretch further back than ours, but each has had a proud history rooted in the purpose and philosophies of credit unions. We are grateful to have the opportunity to continue credit union member-ownership for members of these credit unions.

1984	Marathon Credit Union	2010	Manitowoc County Employees Credit Union
1986	Allis-Chalmers–Appleton Employee Credit Union	2011	Menasha Corporation Employees Credit Union WPS Credit Union
1989	Waupaca Area Credit Union	2012	NewVISION Credit Union
2001	Lakeport Credit Union	2013	Public Service Credit Union Menasha Employees Credit Union
2005	Wolf River Credit Union Herald-Times Credit Union	2014	Oshkosh Central Credit Union
2006	Eastman Employees Credit Union	2017	St. Elizabeth Employees Credit Union
2008	Miller Electric Credit Union	2020	Oshkosh Truck Credit Union

Bar chart growth over 50 years in members and assets.

–16th Consecutive Year–

Raddon Crystal Performance Award Winner

We are proud to have received the Raddon Crystal Performance Award for the 16th consecutive year. This award recognizes Community First’s financial strength among the top 10 credit unions in the United States.

50 Years Strong—

Thanks to You.

What makes our cooperative truly special is you—your dreams, your trust, your story, and your journey. Whether you’ve been with us from the start or just joined, you play a meaningful role in where we’ve been and where we’re going. Thanks to you, we’re more than just a financial institution —we’re a family of member-owners, connected and growing together.