FOR THE WAUSAU TIMES

Five million dollars in patronage has been deposited into the accounts of members who borrowed and
saved with CoVantage Credit Union in 2022. This is the 42 nd consecutive year that a patronage payment
has been distributed, a concept that originated many years ago as a way for cooperatives like CoVantage
to give extra value to those who use their services. Over just the past five years, the credit union has
returned over $20 million to members.
CoVantage is one of only a few credit unions in the country that provide this unique financial benefit.
According to CoVantage Board Chair Susan Gitzlaff, “I am so proud to be part of a mission-based credit
union like we have with CoVantage. When the Board evaluates the financials, we determine how
much income is needed in reserves to protect the credit union when times get tough. To know that we
can give back over $5 million after we’ve done this is amazing. Thank you to our 150,000 member-
owners who rely on their credit union for home, auto and business loans, and to save for the future.
While it hasn’t been an easy year due to the volatile rate environment, CoVantage is doing fantastic, and
for that we say thank you to members and employees.”
The year-end patronage payment includes a bonus on dividends earned for those who save, and a loan
interest rebate for those who borrow. CoVantage depositors received a 5% bonus on dividends earned
on eligible savings, term share certificates and variable rate accounts. Borrowers received a rebate of 5%
of their total 2022 interest paid on eligible vehicle, home equity, in-house mortgage, credit card, and
commercial loans.
For instance, if $5,000 of interest had been paid on a home loan, the borrower would receive $250 in
patronage for just that loan. In addition to patronage, CoVantage also provided over $115,000 to
members through the CoVantage match for those enrolled in Change it Up, a debit card savings
program. CoVantage members used their debit card more than ever, and collectively saved nearly $2.3
million through Change it Up.
CoVantage President Charlie Zanayed, added, “Part of our simple mission is to provide outstanding
value, which we do through everyday great rates and low fees, including not charging overdraft fees
on checking. I’m humbled to share that Callahan and Associates (an independent credit union research
company) recently ranked CoVantage 3rd out of over 4,000 credit unions nationally for having great

rates and low fees. As a direct result of our members’ feedback, CoVantage was also ranked the Best-in-
State Credit Union in Wisconsin by Forbes and received the highest ranking of all credit unions in
their national study. I want to be clear, that while this recognition is nice, what’s really rewarding is
reading the terrific feedback our member-owners provide in our monthly surveys. For instance, our
average Net Promoter Score this year is 89, among the best scores nationally for any business. As much
as we try to always provide exceptional service, at times we do fall short, and I want to thank you for
your patience when that occurs. CoVantage members are simply terrific and thank you for allowing us to
serve you.”