LEADERSHIP LET LEADERSHIP LETTER
MICHAEL C. HANSON President & CEO
MICHAEL E. MURPHY Chairman of the Board
JANUARY 26, 2023
TO ALL OUR STAKEHOLDERS AND FRIENDS: Fiscal Year 2022 was another remarkable year for the MSIC Cooperative. MSIC’s Insurance Fund experienced exceptional growth in excess shares and deposits reported at June 30, 2022, up 17.49% to $2.5 billion, this is in addition to growth of 28.18% and 25.67% in the prior two years. Because of its consistent level, this growth reflects more than just consumer flight to safety in the face of the global COVID-19 Pandemic. We now believe this also reflects the growth of member business lending and other business activities, such as acceptance of out-of-state municipal deposits, cannabis-related business, and the active recruitment of large depositors as part of a broader business strategy.
Even in the face of this long-term dramatic rise in excess shares and deposits, MSIC and its Cooperative performed very well in Fiscal Year 2022. MSIC itself remained operationally profitable, even while experiencing headwinds from continuing fallout from the COVID-19 Pandemic, and now with the dramatic rise in interest rates and the looming possibility of a national recession in 2023. MSIC continues to broaden its business activities and is committed to regaining momentum in furtherance of collaboration with and between our credit union members. The past three years had seen an isolation of our membership and a slippage in the efforts to encourage cooperation and collaboration. The long-term effects of the necessary isolation we all experienced in our efforts to continue serving our consumer members through the global healthcare crisis will be felt for years to come. Additionally, many of our member credit unions welcomed new leadership as retirements soared throughout and following the worst part of the Pandemic. Ageing leadership was well predicted for a number of years, but the stress of the Pandemic advanced the projected retirement pace. We urge our new credit union leaders to take advantage of MSIC’s many services and become active members of our unique Cooperative.
WE URGE OUR NEW CREDIT UNION LEADERS TO TAKE ADVANTAGE OF MSIC’S MANY SERVICES AND BECOME ACTIVE MEMBERS OF OUR UNIQUE COOPERATIVE.
Now is the time to recover our Cooperative identity and resume all our efforts to prepare for the challenges ahead. As you have heard us say many times before: collaboration is the only way our Cooperative and the
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