Annual Report 2023

Affinity Plus had a successful 2023, remaining a steady and secure resource for our members who faced inflation and a volatile rate market. The credit union continued to grow, adding new branches and increasing membership to more than 260,000 members.

We also received recognition for our efforts to build a better banking experience for these members, earning awards such as Forbes Best-in-State credit union for the 6th year in a row and Top Workplace from the Star Tribune.

Annual Report hero 2023@2x
Jacqueline, Elsie, Nicholas & Alex

Who We Are

Who we are 2023@2x

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 caring, integrity, and learning.

Our Vision

To be the best place our members will ever bank and our employees will ever work that results in thriving communities.

Our Purpose

As a member-owned cooperative, we empower members to achieve their goals through meaningful banking experiences and a trusted financial partnership.

Our Values

Our values are Caring, Integrity, and Learning.

President's Report

2023 was a year that proved Affinity Plus has our priorities in order, and that putting people before profit continues to be a successful way to do business. We remain a very strong and healthy organization for our members, for our communities and for our employees as well.

Our members learned that their money is safe with Affinity Plus, and that we truly do have their best interest at heart when we make decisions for the credit union. When a few larger banks shut down due to mismanagement in the beginning of 2023, our members learned that Affinity Plus is financially secure, growing responsibly, and is there for them.

The tough economic conditions in 2023 brought challenges for some of our members, and I’m proud of how Affinity Plus responded to and supported these members. Our commitment to our members also came through when we successfully ditched NSF fees and put that money back in members’ pockets – throughout 2023, the changes saved more than 42,000 members more than $10.5 million.

And beyond the dollar amount, our members took pride in their credit union helping other people. We saw that our members truly believe in the value of people helping people, as the credit union continues to grow. We passed the 600-employee mark in 2023, and saw our membership grow to more than 265,000. We added new branches in Lake Elmo and the Midway neighborhood of St. Paul, with new branches in Virginia, Richfield, and Shakopee planned for 2024.

Our organization continued to invest in our people, with more employee benefits and the addition of employee resource groups. We had a great day at Valley Fair for Affinity Plus family and friends, gave back through our organization-wide Plus It Forward Day, and we got involved with local Pride celebrations. And it’s an approach that works, earning us awards such as Top Workplace from the Star Tribune and top choice for financial institution from the Minnesota Women’s Press, among others.

Financially, the credit union remains strong and solid. We’re well-positioned to support our members with the financial strains due to uncertain economic conditions, and to continue our commitment to our local communities.

Looking forward into 2024, we plan to continue to invest in digital solutions for our members, with planned improvements to our banking app and the addition of an Affinity Plus youth banking app to give parents of teens and younger children a whole new banking experience.

Rates and the economy still present us with some unknowns for the next year, but we can feel secure in what we do know: Affinity Plus is strong, and remains committed to our members and our employees.

Dave Larson


Board Chair's Report

In 2023, our practices as a credit union that prioritizes people before profit were put to the test. And I’m happy to say, Affinity Plus’ response to adversity in the last year has made me the proudest I’ve ever been to be part of this organization.

Affinity Plus continued to prove in 2023 that we are committed to diversity, inclusion and belonging. Our DEIBs report demonstrated that we’ve made these ideas part of the fabric of our culture at Affinity Plus, infused in everything we do. It’s another example of putting words and beliefs into action, similar to the way we did when we eliminated fees and saved our members millions of dollars.

Our leadership continued to prove why people-first banking succeeds. When some banks around the country were going under due to mismanagement, most financial institutions underwent significant scrutiny. Affinity Plus took a close look at how we do business, and I’m proud to say that our members’ finances are secure with us.

And the credit union performed extremely well in 2023, with high satisfaction scores across the organization and statewide and national recognition for our leadership and workplace culture. It showed once again prioritizing members and employees is a successful business model.

When you’re able to achieve the same level of excellence despite difficulties and uncertainties, that’s the true sign that you have good leadership.

It’s an honor to be the chair in these times and know we are part of an organization that’s able to achieve so much. I’m so privileged to be a part of such a healthy, high-performing, strongly led organization, and I truly value Dave Larson and the rest of our leadership team.

Robyn Cousin, Affinity Plus Board of Directors

Robyn Cousin

Board Chair


Affinity Plus is financially strong and secure, providing the credit union a stable platform from which to continue delivering strong value for our members. In addition, financial inclusion, empowerment, and philanthropy in 2023 continued to demonstrate our core values as a credit union.

The credit union continued to grow sustainably in 2023, with 2 new branches, more than 1,800 new member businesses, and ending the year with 265,000 members. We also marked the 1-year anniversary of significant changes to the credit unions courtesy pay program and elimination of fees for insufficient funds. During that first year, more than 42,000 members saved than $10.5 million. These are few examples of how Affinity Plus is putting its beliefs into practice in 2023, with more on the horizon in 2024.

A green bar graph which reads: Total Assets in 2023: $4.2 billion; Total Assets in 2022: $4.1 billion

Total Assets

As a relationship-based financial co-operative, the credit union's assets primarily consist of loans to members.

On a much lesser scale, the credit union also maintains cash reserves, as well as physical property like branch locations.

An pink bar graph which reads: Net Income in 2023: $30.1 million; Net Income in 2022: $31.3 million

Net Income

This is our total revenue exceeding the credit union's total expenses.

These funds serve to expand the credit union's capital cushion, to provide funding for continued growth and innovation.

An orange bar graph which reads: Net Worth Ratio in 2023: 8.29%; Net Worth Ratio in 2022: 8.27%

Net Worth Ratio

This is a primary measure of a credit union's capital strength. It signifies its ability to grow member relationships, fund innovation, and weather economic uncertainty.

The credit union's insurer, the National Credit Union Administration (NCUA), bestows its highest rating of “well-capitalized” upon a credit union that maintains a net worth ratio greater than 7.00%.

Year At a Glance

In a year of economic uncertainty for many, Affinity Plus stood strong in 2023 and continued to grow sustainably and thoughtfully. Membership continued to increase, we opened new branches, and our impact work within our communities made major differences across the state – and beyond! Here are a few examples:

Our Members

  • Reached the 250,000th member milestone in April 2023
  • Ended 2023 with 265,000 members
  • Introduced installment payment options for credit cards
  • Saved more than 42,000 members $10.5 million in 2023 as a result of changing overdraft fee policies in 2022
Celebrating our 250,000th member

Our Employees

  • Employees volunteered 6,000+ hours, including Plus It Forward Day, when all 600+ employees take the day do to some good and spread kindness in our communities
  • Welcomed a group of 18 new Certified Financial Counselors
  • Through our continued focus on member service, we maintained a very positive rating for the Net Promoter Member Relationship Score (NPS), ending 2023 at 72. A score of 50 is considered excellent; anything over 80 is considered World Class
Habitat for Humanity 2023
2023 Plus It Forward Day at Habitat for Humanity

Our Communities

  • Successfully opened new branches in Midway of St. Paul and in Lake Elmo
  • Opened the “Affinity Plus Philanthropy Center” at Junior Achievement North's Biztown to promote financial education and community involvement for students
  • The Affinity Plus Foundation awarded $150,000 in Housing Stability grants
  • Had a record year at the Polar Plunge, raising more than $830,000 to support Special Olympics Minnesota
Affinity Plus Philanthropy Center

Awards & Honors

StarTribune Top Workplace

ranked #5 on list of large companies

StarTribune CEO of the Year

also Dave’s 10-year anniversary as CEO

Dave Larson, MN 500 List
Forbes Best in State
Best in Class Contact Center Award

Awarded a “Top 10 Finalist” for Best in Class Contact Center Award from Customer Contact Week

CUNA Elly Awards

Won CUNA’s National Award for Innovation in Learning for our LEAD (leadership exploration and development) program

CUES John Pembroke Catalyst for Change Awards

Finalist for the award from CUES; this award is the highest recognition given to credit unions that advance diversity, equity, and inclusion efforts.

Louise Herring Philosophy in Action member service award

Awarded at the state level for financial inclusion and specifically the actions and outcomes that we created surrounding our fee changes for our members.

All Are Welcome

Our organization’s journey in diversity, inclusion and belonging underscores our belief in a future where every employee and member feels valued and included. Here are a few examples of how we achieved this in 2023:

Calendar Icon

Joy Room for Kids Healing From Burn Trauma

With funding from Affinity Plus, the Joy Collaborative made a special “Joy Room” at the Firefighters for Healing Transitional Healing Center in downtown Minneapolis a reality. Firefighters for Healing assist children and families affected by burn trauma. The Joy Room is a fun sanctuary filled with engaging activities, gaming systems, and much more to provide a comforting space for kids.

New American Loan Program

Our New American Loan Program offers loans up to $2,000 at no interest for permanent residents to help cover the cost of naturalization. In 2022 we introduced this loan to St. Paul residents, and we’re proud to now offer the loan to Minneapolis residents!

Can Do Canines

In 2022, we began a 3-year sponsorship with Can Do Canines to support their work to enhance the quality of life for people with disabilities. We recently adopted a litter of puppies who will become fully trained service dogs upon graduation.

Employee Resource Groups (ERGs)

We formed our first two ERGs to harness the power of employees in creating spaces to meet people where they are in life. ERGs support common interests and foster awareness, respect, and inclusion within the workplace. We formed the Elder Caregiver and LGBTQ+ groups as a way for employees to connect and offer a sense of belonging and support.

Tribal IDs Increase Financial Access

In July 2023, we enhanced our online account opening system to included tribal IDs as a valid form of identification for new members. This isn’t merely a policy change, it’s a significant move to empower and increase financial access to communities that are currently underbanked and underserved.

Philanthropy Center at BizTown

We proudly revealed our new Philanthropy Center at Junior Achievement North’s BizTown in St. Paul. This space offers hands-on learning that teaches students what it takes to run a successful business and how to give back by doing some good in our communities.

Looking Ahead to 2024: What to Expect

We’re excited about new opportunities in 2024, with a remodeled Rochester branch, new branches planned for Richfield and Shakopee, and a grand opening for the new Iron Range branch in Virginia. On the digital front, we expect 2024 to include a new Investment App, and a new banking app for our youth members.