2023 Annual Report

CEO's Report

O Bee Members, 

During my first months as your new President & CEO it’s been clear to see that O Bee’s strength is rooted in its people. My commitment is to keep all of our people — our Members, team members, volunteers, and community partners — at the center of our decision making to ensure we deliver the greatest value and impact that we can.

And what an impact we had in 2023! According to a leading industry researcher,  O Bee Members received $10.6 million in direct financial benefits in 2023 compared to for-profit Washington banks. That works out to an average $663 savings per Member household. These are real dollars from better rates and lower fees, put back into the pockets of each of you. As you spend with local businesses, that money then goes back into the communities we call home, leading to a ripple effect of impact across our state.

Competitive rates were especially enjoyed by those who opened high-rate CDs throughout 2023. In fact, our holiday CD promotion generated over $17 million in new balances in one week alone! For Members seeking affordable loans when an emergency hits, we introduced our Flash Cash program. Eligible Members can apply online or through mobile banking with immediate funding, at rates far lower than payday loan companies.

O Bee’s impact was also felt through our commitment to financial well-being and education. In 2023, we reached over 1,700 students through our Berenstain Bears financial literacy program for children in grades K-2nd, and our Bite of Reality financial simulations for teens.

O Bee experienced solid financial results in 2023. We ended the year with over $602 million in assets, which is a new record. Loan balances increased by $20 million while shares (deposits) declined by $1 million. Despite the difficult economic conditions of the year, O Bee still generated $2.1 million in net income which has been reinvested in the credit union for your benefit.

As we turn to 2024, O Bee will continue making investments in access, convenience, and value for our Members. We have important systems upgrades planned which will make us more resilient and introduce new efficiencies. We will expand convenient access to low-rate loans through partnerships with more auto dealers and new industries such as home improvement retailers and medical service providers. We’ll also introduce new and fun ways for you to save your hard-earned money, no matter how much you have on deposit with O Bee. Because everyone in Washington deserves to save for a brighter tomorrow.

An even brighter tomorrow is exactly what’s ahead at O Bee. We are poised for continued growth and greater impact on our Members and communities. I am thrilled to be a part of the O Bee family and am grateful for the commitment of our team members, Board of Directors, and Supervisory Committee members. Most of all, I am grateful for the trust and loyalty that you, O Bee’s nearly 34,000 Members, have placed in your credit union. Thank you!

In Service and Cooperation,
 
Andrew Downin
President and CEO
April 2024

2024 Annual Meeting Recording

Chair's Report
 

We are indeed fortunate to have appointed Andrew Downin as our new CEO, a staunch advocate of the credit union movement, a natural leader, and a visionary with a warm and generous personality. Downin brings over two decades of experience in strategic planning, marketing, innovation, and product development at multi-billion-dollar institutions. His impact will be significant as we embark on impressive goals in the years to come. 

Andrew’s focus on our Members and his deep understanding of the synergy between the credit union and the communities we serve will be fundamental to our success. He leads our talented executive team and skilled front-line and back-office teams in furthering our mission of improving Members’ lives through financial well-being.

I am particularly grateful for the guidance and wisdom of trusted leaders from our board and supervisory committee who stepped forward to lend their expertise and support during this leadership transition. Their contributions played a crucial role in ensuring that our organization remained steadfast and thriving through this important period. Despite this change, we upheld excellent Member experience and preserved O Bee’s supportive culture. I am filled with pride and gratitude for your extraordinary dedication.

Looking ahead, I am confident in saying that our future is bright. We have welcomed several new and talented board Members to join our existing tenured team. Each one brings excellent experience and a deep range of skills to our credit union. With their fresh perspectives and unwavering dedication, I know that we will continue to grow and flourish together.

As we embark on this new chapter together, let us remember the strength and resilience that define us as a team. I am honored to serve as your Board President, and I am inspired by the incredible passion and commitment for our Members’ welfare shown by everyone who works at O Bee. Our team is the backbone of what we do. It keeps our credit union strong and adds immense value to our organization. I sincerely value your continued hard work and commitment, which greatly contributes to the success of O Bee.

Finally, I offer deep gratitude to our Members for placing your trust in us. Our goal is to ensure the highest level of Member satisfaction. O Bee cannot exist without you. Thank you for your continued support and loyalty. Here’s to a bright and promising future ahead.

Warmly,
 
Prabakar Manoharan
Board Chair
April 2024