Annual Report 2019

Affinity Plus had an outstanding 2019, and this report shows how our 3-year, 7-system integration went to work for our members and employees. It was also one of the strongest financial years in Affinity Plus history, with eyes on continued growth and exciting, new opportunities in 2020.

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Who We Are

Affinity Plus is for people, not for profit. The banking cooperative started in 1930 as a way for a community to support its members and help them succeed. For 90 years, we've continued that tradition with care, integrity, and adaptability.

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Our Vision

The best place our members will ever bank and the employees will ever work.

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Our Purpose

We improve the lives of our members through meaningful banking, exceptional experiences, and trusted relationships.

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Our Values

Our values are Caring, Integrity, and Adaptability.

President's Report

Affinity Plus had an outstanding 2019. We went into the year on the heels of completing a 3-year, 7-system migration, and 2019 was all continuing our work to enhance member and employee experiences as we settled into the new systems.

We are financially solid, and our members are not only engaging with our online and mobile banking service, they’re using them to thrive. Our branches continue to shine thanks to the brilliance of our employees, earning some of the highest satisfaction scores in the industry from our members (as did our call centers and digital services).

Our 200,000th member joined in 2019, and we expect these numbers to keep growing. And our commitment to top-notch service and improving the lives of our members is keeping pace.

You can plan on seeing Affinity Plus in more places in the future, including our partnerships with the Fillmore Minneapolis, the University of Minnesota Gopher sports, St. Cloud State, University of Minnesota Duluth, the Minnesota State Fair, and more.

One achievement I’m particularly proud of is being named Vice Chair of Special Olympics Minnesota, and I’m excited to continue exploring avenues for more diversity and inclusion at Affinity Plus.

As we grow and evolve, we want the great experiences of banking with us and working here to include everyone.

With our 90th anniversary this year, I’m excited to capitalize on investments made and see what 2020 has in store. Thank you for being a member and taking this journey with us – it’s really all because of you.

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Dave Larson

President/ CEO

Board Chair's Report

The Board of Directors is proud to announce that the financial health of our credit union is stronger in every way than it ever has been.

Looking back, 2019 was a year in which the Credit Union made significant changes to its operations and added efficiencies that we believe make life easier for our members and our employees too.

In 2019, we also updated Affinity Plus’ Vision, Purpose, and Core Values to make sure we’re doing the best we can for our members and employees.

Our new Vision statement reaffirms our commitment to members and the employees who make the members’ experiences what we believe they are: “The best place our members will ever bank and our employees will ever work.”

The old mission statement became our Purpose Statement: “We improve the lives of our members through meaningful banking, exceptional experiences, and trusted relationships.”

And by adding “Adaptability” to our Core Values, our values now emphasize that with the changing nature of banking and technology, we must continually adapt if we are to remain a successful and thriving credit union for the benefit of our members and employees.

As our membership continues to grow, we’re proud of how our credit union and employees keep adapting to succeed to our members' benefit in the ever-new environments and circumstances that we all face.

But let me just say on behalf of the whole Board that we are working hard to do our part on advancing these values and we look forward to more Credit Union successes and improvements in 2020.

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Ron Rollins

Board Chair


Affinity Plus had one of its best years on record, with more than $2 billion in total assets and the highest net income in the company's history.

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Total Assets

The credit union's resources of value, including reserves and investments.

Net Income

Affinity Plus' total revenue exceeding the credit union's expenses.

Net Worth Ratio

A primary measure of a credit union's capital strength, providing the credit union protection against losses.

What members are saying

A Warm Welcome

Philip, a former interpreter with the U.S. Army Minnesota National Guard, moved to Minnesota in 2013. Affinity Plus helped him get a better foothold in his life here, and became part of it in the process.

Watch the video on YouTube 


I didn't realize all the benefits of joining the Credit Union until I recently came in to refinance a loan. Affinity Plus is saving me $150 a month because of your low interest rates!! I was paying 21% in interest with my previous loan! I am so thankful for Affinity Plus!


New Hope Community


Have you ever wanted to see the love of your life smile for the first time? My husband of almost 3 years has never smiled in the 10 years we've been together. Thanks to Affinity Plus for the unsecured loan, my husband now has the greatest smile from Aspen Dental! I have happy tears, thank you for believing in me!


St. Paul Community


Having our best year isn't just about reaching financial goals. We also hit some important milestones in 2019.

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200,000+ Members
  • April 19, 2019
  • 6% membership growth, a 50% increase from 2018
  • Ended 2019 with 208,855 members
MyPlus Rewards™
  • 1,000,000,000+ MyPlus Rewards™ points earned by members in 2019
  • 26,000+ gift cards redeemed with points in 2019
  • 2,800+ flights booked with points in 2019
  • Total value of all points redeemed in 2019: $5.6 million
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Digital Age
  • 700,000 checks deposited via mobile app in 2019
  • 21% increase in active mobile app users
  • Online scheduling service launched in 2019
  • Mobile app received 4.8 stars in both App Store and Play Store
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Product Growth
  • Funded $420 million in first mortgages in 2019, compared to $177 million in 2018
  • Financed $323 million in auto loans in 2019, up 31% from 2018
  • Opened 18,000+ new checking accounts in 2019, a 22% increase from 2018

Awards & Honors

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StarTribune Top 150 Places to Work in 2019

Ranked #12 out of 2,500 companies

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Forbes Best-in-state Credit Union, 2019

Second year in a row

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Brian Volkmann: 2019 CFO of the Year Honoree

Minneapolis-St. Paul Business Journal

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Teri Laufers: 2019 Top Women in Business Honoree

Minneapolis-St. Paul Business Journal

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2019 CUNA Training WOW Award

Best overall training program

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2019 Environment Initiative Award

CU Green Clean Energy lending platform

Community Impact

It's one thing to say at Affinity Plus we want to invest in you, and that we value people over profit. It's quite another to show you, and we do so by giving back to the communities where our members live, work and do business.

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Donations from Affinity Plus, employees & members

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Hours volunteered by Affinity Plus employees

Giving Back Across Minnesota

Affinity Plus is committed to investing back into our members' communities. With 560 employees at 28 branches throughout the state and partnerships with statewide organizations, Affinity Plus had an impact all across Minnesota in 2019.

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Special Olympics Icon@2x Spreading Kindness & Inclusivity

Our partnership with Special Olympics Minnesota promotes inclusion, kindness, and leadership for adults and children with disabilities. In 2019:

  • 100+ Affinity Plus employees jumped for the Polar Plunge, raising $34,000
  • Partnered with University of Minnesota to feature a Special Olympics Athlete of the Game
  • Launched Coins for a Cause, raising money from unwanted foreign coin

Read more about Special Olympics

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Second Harvest icon@2x Feeding the Hungry

Partnering with Second Harvest Heartland and other statewide food banks help people across the state access basic resources, reducing financial and emotional stress.

  • Food Fight with KARE 11, supporting Second Harvest Heartland, brought in more than 1.4 million pounds of food for hungry Minnesotans
  • Donated $22,000 to provide more than 60,000 meals to families in need

Read more about fighting hunger

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Give16 icon@2x Giving Philanthropy a Voice

By sponsoring KFAN's Overtime with Carly Zucker, Affinity Plus helps create a platform to celebrate community giving and honor philanthropic sports champions all over Minnesota.

  • Donated $16,000 to support children and families at the University of Minnesota Masonic Children's Hospital through Give16 efforts

Read more about Give 16

Local Focus

Our 28 local branches are passionate about supporting efforts that help our local communities thrive. Read just a few of our favorite stories below.

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Upgrading Rescue Equipment in Duluth

Our Duluth branch saw that the Duluth Fire Department needed a new rescue Jet Ski to ensure the continued safety of the community. They donated $10,000 to the effort.

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Sending Troops a Bit of Home

More than 72 people showed up to the Roseville branch to donate and build care packages for our troops overseas during the holiday season.

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Investing in Education in Fergus Falls

After seeing gaps in funding for key services, our Fergus Falls branch donated $10,000 to support students and educators.

Coon Rapids Kindness Retreat

Fourth graders from Wilson Elementary School gathered at Anoka Covenant Church on Nov. 12, 2019 to learn all about spreading kindness. Affinity Plus sponsored the event, in partnership with Youth Frontiers.

Watch the video on YouTube 

PIF icon@2x Plus it Forward Day

What started as an Affinity Plus tradition has now caught on at 55 other credit unions and partners in 2019, expanding the day of volunteering beyond Affinity Plus. in 2019:

  • 540 employee volunteers
  • 4,320 volunteer hours committed

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Foundation icon@2x Affinity Plus Foundation

The Affinity Plus Foundation made progress in its mission to engage, empower, and educate individuals and communities. in 2019, the Foundation awarded:

  • 18 scholarships to college students, totaling $70,000
  • $85,000 to organizations and educators across the state.

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Looking Forward to 2020

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Fillmore Sponsorship

Affinity Plus is now the presenting sponsor of the new Fillmore Minneapolis music hall, bringing member perks and a new presence in the local arts and music scene.

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90th Anniversary

We turn 90 in 2020, and we plan on celebrating with plenty of fun. Be on the lookout for events throughout the year!