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Citadel Credit Union's 2024 Annual Report: A Commitment to Growth and Community

Citadel Credit Union has released its Annual Report for 2024, a document that not only details its financial achievements but also outlines a transformative journey focused on community engagement and strategic growth. This report serves as a testament to the organization’s commitment to its members and the communities it serves, reflecting on the substantial progress made throughout the year.

Leadership Changes and Organizational Growth

One of the pivotal highlights from 2024 was the establishment of a dynamic senior leadership team. Under the direction of President and CEO Bill Brown, Citadel made several strategic appointments aimed at propelling the organization forward. The newly formed executive team features seasoned professionals such as Chris Palumbo (Chief Risk Officer), Brian Berry (Chief Information Officer), and Michael Desimone (Chief Lending Officer), among others, who bring fresh perspectives aligned with Citadel’s vision and objectives. The creation of new roles, including a Community Lending Officer and a Chief Commercial Banking Officer, emphasizes Citadel’s commitment to evolving with the needs of its members.

A People-First Approach

Citadel Credit Union prides itself on a people-first culture that fosters excellence and engagement among its employees. The year 2024 saw the organization receiving numerous accolades for its workplace environment, being recognized as one of the Top Workplaces by The Philadelphia Inquirer, and earning spots on Forbes’ list of America’s Best Credit Unions. Furthermore, the credit union was certified as a Great Place to Work®, illustrating its dedication to employee satisfaction.

Bill Brown, the President and CEO, highlighted the importance of relationships in banking, stating, "At Citadel Credit Union, we know that banking is more than just numbers. It's about people, about relationships… It's about the hopes and dreams of our members and helping them achieve their financial success."

This ethos is clearly reflected in the cultivation of a supportive workplace that prioritizes employee development and continuous improvement. Citadel’s initiatives involve comprehensive training resources and leadership events designed to enhance collaboration and accountability across all levels of the organization.

Community Engagement Initiatives

Throughout 2024, Citadel has been steadfast in its mission to uplift communities through strong partnerships with nonprofit organizations. Their commitment is woven into the fabric of its operations, ensuring that community welfare remains a primary focus. Citadel’s leaders understand their role as a trusted partner in the financial landscape, often participating in local initiatives that generate significant impact.

The introduction of new board members further solidifies Citadel's dedication to governance and member representation. Jessica Schuler and Madhav Gopal joined the Board of Directors, while Crystal Nguyen and Jennifer Frost became part of the Supervisory Committee, showcasing Citadel’s proactive approach to leadership and oversight.

Financial Performance

Citadel Credit Union’s financial results for 2024 underscore the trust members have in the institution, demonstrating both stability and growth. Reported metrics include:

• - Total assets: Increased to $6.16 billion, up from $5.81 billion in 2023.
• - Total deposits: Rose to $5.08 billion.
• - Net income: Reached $32.6 million, reflecting solid financial management and member trust.

Claudia Hellebush, Chairwoman of the Board, summarized the year as a pivotal moment for Citadel, stating, "2024 has proven to be a transformative year for Citadel in many ways. We're entering 2025 and beyond with a renewed vision for the future built upon the foundation of new leadership, a solid strategic plan, and an eye toward growth."

Looking Ahead

As Citadel Credit Union moves into 2025, the outlook is bright. The organization is set on achieving greater heights by continuing to innovate and adapt to the needs of its members. Bill Brown envisions ongoing efforts to enhance services and offer more comprehensive support to the credit union’s member base.

For those interested in diving deeper into Citadel's achievements and plans for the future, the complete 2024 Annual Report is available on their official website, offering a detailed view of their strategic initiatives and community-focused philosophy. Citadel stands as a beacon of community commitment and progressive growth in the financial sector, dedicated to building a stronger future for its members and their communities.