Oklahoma State Fair
We love being out in front of the community, so what better way to engage than by sponsoring and attending the Oklahoma State Fair?
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At Tinker Federal Credit Union, our members like you are at the heart of everything we do. That focus is part of our mission statement to help you achieve your goals and realize your dreams, and in this annual report, I wanted to personally thank you for the many ways that you make it possible for us to fulfill our mission. Thank you for being a member-owner of one of the nation’s top not-for-profit financial institutions and for trusting us with your financial needs. You are what makes TFCU special.
Throughout this report, you’ll read about the credit union’s financial condition and learn more about our vision for TFCU. As TFCU grows, we remain committed to prioritizing people over profit so that we can help you receive the best products and services. We are committed to your financial wellness at any stage of life, just like we are committed to TFCU’s safety and soundness.
The financial statements in this report will reflect our financial strength, but I also want to focus on the people who make it possible for you to manage your money in a way that makes the most sense for you. I hear the stories you tell about our employees who went above and beyond to make a difference in your interaction with TFCU. I make a point of visiting with our employees at all levels across the credit union who take care of your financial needs. Every day, I hear of their hearts for helping members and desire to make lives better in our communities.
I couldn’t be prouder of the work they do. As you know, navigating the economic ups and downs since the pandemic has not been easy at the personal level or at an institutional level, and our team has done a great job managing our $6 billion credit union, so we stay agile to meet any unpredictability that the economy throws at us. TFCU is incredibly financially healthy because of the intentional decisions our leadership has made along the way. We have a strong safety net of capital like your own rainy-day fund. We are in a great position to grow, and we can make financial choices to keep us strong well into the future.
We also have kept your money safe from cyberattacks even as the attempts to hack into corporate systems intensify around the world. Cybersecurity remains a priority for organizations everywhere, and at TFCU we use the latest technology to keep your information and accounts safe. We also know that many of these attacks start by targeting account owners directly, so we work closely with members to empower you with tools so you can stay vigilant. Our financial educators give fraud prevention workshops to the public throughout the year, and our website and social media channels have information that you can use to learn how to keep your money safe.
We consistently take a fresh look at the ways you manage your money and what it means to have an account with us as your needs change.
Whether you bank with us online or in person, we want to meet you where you are. For this reason, we have developed roadmaps for new technology and new locations to meet your financial needs.
We worked all year on perfecting our business systems and products so we can take care of your business needs like you have always trusted us with your personal accounts. We have accounts geared toward different ages and improved mobile tools that give you more control over your accounts remotely. This year, we established a new simple account with TFCU – an Everyday Spending checkless account with no monthly or overdraft fees to keep things simple for you.
We strongly believe that helping people with their finances improves lives and communities. TFCU is committed to making a difference in both because the two are intertwined – strong communities make our lives better and making our lives better helps build strong communities. Last year, our employees spent at least 4,460 hours volunteering at community events statewide.
As part of our commitment to improving lives, we want to walk with you on your financial wellness journey. Last year, our financial educators taught more than 1,100 workshops, reaching nearly 30,000 people with tools and education to empower consumers with their finances. Back in the office, financial advisors worked one-on-one with individual members to help you manage your money better.
At TFCU, we are thankful that more than 460,000 of you trust us with your financial needs and take that enormous responsibility very seriously. As 2025 continues, we will continue to champion your financial well-being, serve your communities and advocate for your rights to low-cost financial services at state and federal levels.
Thank you for your trust, your loyalty and your confidence. TFCU has been part of your lives and our communities since 1946, and we will continue to work together with you to be that pillar of support for you and the generations to come.
Respectfully,
Dave Willis
President and CEO
Let’s check out some of the great accomplishments for 2024.
TFCU has a checking account for everyone. And now you can pick a debit card color to match your personality.
In 2024, we introduced a new Everyday Spending account. This is a simplified spending account complete with debit card and mobile app access, but without checks and no overdraft fees. We also introduced three new MoneyPlus™ Visa® debit card color options – redbud, spring storm and waving wheat in addition to the Oklahoma sky – allowing more options and personalized style choices for checking members.
And we didn’t stop there. We also introduced TFCU Debit Card Manager, a mobile app with enhanced features such as the ability to turn on and off your debit card for extra security and control.
TFCU gave back a total of $176,021 to 1,570 members in 2024 through our Great Member Give Back program. We enjoyed surprising our members with purchase reimbursements, matched deposits and loan payoffs.
The TFCU Foundation had a successful and impactful year in 2024, dedicated to enhancing the lives of veterans and first responders through home accessibility improvements and the development of vital community resources. In total, we served 1,044 veterans and first responders, granted 19 awards totaling $209,632, and contributed 581 volunteer hours. As we look ahead, we remain committed to advancing our mission and continuing to make a meaningful difference in our community.
We love being out in front of the community, so what better way to engage than by sponsoring and attending the Oklahoma State Fair?
TFCU took a proactive approach to reduce fraud by creating an awareness workshop and offering it to the areas surrounding our branches.
At TFCU, we are always looking for ways to better connect with our members. Every year, we host an exclusive member appreciation event. And in 2024, we expanded this to include an event in Tulsa, as well as Oklahoma City.
This spring, TFCU hosted its second Teachers + TFCU sweepstakes where we asked our social media followers to nominate their favorite teacher to win $2,000 from the TFCU financial empowerment team.
This past December, TFCU had the opportunity to give back to our communities with a special holiday gift card distribution initiative. In just two weeks, the TFCU team distributed 50 gift cards, each worth $50, at various grocery stores across 10 communities.
On September 28, 2024, TFCU teamed up with eight other local credit unions to present a free country music concert featuring the multiplatinum country music star, Jordan Davis.
As we reflect on the past year, I am honored to share TFCU’s progress, challenges and opportunities. Despite economic headwinds, our commitment to members’ financial wellness has remained steadfast. Through prudent management, we continue providing the services you need while preparing for the future.
We recognize the financial strain many of you have faced as inflation and rising costs impact savings and planning. TFCU has responded with financial coaching, flexible savings options and affordable lending solutions. In a challenging housing market, we have worked to offer competitive mortgage options, homebuyer education and home equity programs to help members stay in homes they love.
Our financial strength allows us to navigate economic uncertainty. While some institutions have restricted lending, our disciplined liquidity management ensures continued access to auto loans, mortgages and other financial resources.
Strong leadership is critical to our long-term success. Our Board and executive team prioritize governance and succession planning to prepare future leaders. Additionally, we continue enhancing business services, expanding lending products and strengthening financial wellness for personal and business members alike.
As our membership grows, we are working to expand services to new markets through digital banking, partnerships and new branches. We remain dedicated to strengthening our communities through financial education, nonprofit support and initiatives like our partnership with Langston University to fund scholarships for Oklahoma’s future workforce.
While finance is our business, people are our focus. As a member-owned credit union, we strive to foster an environment where all members and employees are seen, valued and respected. Through collaboration and innovation, we are well-positioned for the future and grateful for your continued trust. We look forward to another year of growth, service and financial empowerment.
Sincerely,
Tiffany Broiles
Chair, Board of Directors
Tiffany Broiles,
Chair
Eldon Overstreet,
Vice Chair
Rodney Walker,
Secretary
Sheila Jones,
Treasurer
Al Rich,
Assistant Secretary I
James Pearl,
Assistant Secretary II
Scott White
Assistant Treasurer
TFCU has kept your money safe and secure for almost 80 years. We continued to do so in 2024, even as elevated inflation and a tighter jobs market remained top concerns for both consumers and economists. The Federal Reserve took steps to protect the jobs market by lowering short-term rates by 100 basis points between September and December 2024. Conversely, longer-term rates have risen over the same period by a similar amount, largely in anticipation of future economic growth. This dynamic is referred to as “twisting” the yield curve, and it has reverted rates to a normal position where short-term rates are typically lower than long-term rates. The stock market had a strong performance in 2024, fueled by improving economic conditions and healthy corporate earnings, with the S&P 500 gaining over 23%. Through all these market and economic changes, TFCU remained strong.
The credit union completed 2024 with a robust return on assets (ROA) ratio of 1.3% and a net worth ratio of 13.6%. These strong financial results mean TFCU will be the credit union of choice as your children and grandchildren find their own path.
You may wonder why a not-for-profit credit union would need net income. All financial institutions insured by the federal government are required to maintain reserves to cover potential losses. Credit unions call this “net worth” and typically can only build it by generating net income. Since required net worth is based on the institution’s size, TFCU is only able to continue growing if we have net income. This growth allows us to continue providing members with valuable products and services no matter what path the economy may take.
TFCU continues to provide highly competitive rates and products to serve our members’ borrowing, saving and payment needs. Whether you need a home loan, a new vehicle, a high-yield savings account or a convenient checking account, TFCU is ready and eager to provide an easy solution.
It is our honor to help you achieve your goals and realize your dreams.
Sincerely,
Sheila Jones
Treasurer, Board of Directors
The Supervisory Committee’s role is to ensure that every piece of Tinker Federal Credit Union’s operations fits together cohesively, creating a secure, compliant and trustworthy organization for its members. By employing a comprehensive approach that involves both internal and external auditors, the committee takes measures to independently monitor and review TFCU’s management of internal controls, operations and activities. The committee reviews all audit reports and meets regularly to discuss audit results, audit recommendations for strengthening internal controls and the status of management’s action on all prior audit recommendations.
The Supervisory Committee ensures that TFCU’s financial statements provide a fair and accurate presentation of its financial condition and that management establishes and maintains sound internal controls to protect the assets of your credit union. Overseeing these activities ensures TFCU accomplishes the duties as outlined in its charter. To help with this process, the committee engaged the independent accounting firm of Doeren Mayhew to administer external reviews of control and financial procedures. Based on the results of the comprehensive audit of TFCU’s year-end financial statements, the firm established that TFCU continues to be financially strong and well managed, with sound policies and programs.
The committee takes pride in assuring the continued integrity of TFCU for the membership. TFCU remains strong due to the quality of our members, management, staff and volunteers. We look forward to another year of strength and stability for TFCU.
Sincerely,
Scott Freeman
Chair, Supervisory Committee
Scott Freeman
Chair
Jim Abbott
David Martin
Onekia Smallwood
Brian Watkins