Annual Report 2025
Affinity Plus had a strong year in 2025, with consistent member growth and continued financial stability.
We upgraded our digital banking experience while adding to our branch footprint. And we produced our new, 3-year strategic plan that focuses on deepening member engagement with more-personalized banking journeys, innovation and technology, and empowered employees.
Affinity Plus continues to be ranked as one of Minnesota’s top credit unions, with awards including Forbes Best-in-State and Top Workplace from the Star Tribune – for the 8th year in a row.
Who We Are
We are a not-for-profit cooperative that believes banking is a way to support the dreams and growth of the people we serve. Our employees have been trusted financial partners for our members and their communities since 1930, and in 2025, we rolled out an updated vision, purpose and core value to better guide how we serve you, now and into the future.
Our Vision
To be our members' most trusted financial partner and our employees' most fulfilling career experience.
Our Purpose
To be our members’ most trusted financial partner - providing reliable products, tools and guidance to help them thrive through every stage of life.
Our Values
Caring, Integrity & Curiosity.
President's Report
2025 was one of our best years as a credit union. Our sustainable, steady growth throughout Minnesota created a better banking experience for our members and great working environment for our employees.
We began 2025 with the successful and significant upgrade of our digital banking system. This change was a major undertaking, and our ability to make enhancements to this system is providing a better experience for our members.
Our new branch opened in Hopkins and we merged with City and County Employees Federal Credit Union in Albert Lea, with plans to build a new branch in 2026. I’m proud of enhancing the banking experience for members in those areas, as well as adding to our branch network building up their communities across the state.
I’m also proud that the change we made to our overdraft fee structure in 2022 continues to benefit our members. As of 2025, the change has kept a total of nearly $50 million in our members’ pockets. And our efforts to create better banking for our members are appreciated – we conducted an extensive member survey in 2025, and the results show that our members love to bank with us.
This performance is reflected through an impressive overall Net Promoter Score (NPS) of 73. Specifically, our branches, digital services and contact centers scored 80 or above. (Any score above 70 is considered world class.)
Employee satisfaction continued to be very strong in 2025, which is another key factor in our success. We were once again named a Top Workplace by the Star Tribune, and our employee turnover rate remains low, which helps us with institutional knowledge, career progression, and member experiences.
I’m really proud of our employees, and appreciate their passion for the important work they do.
The Affinity Plus Foundation continued to promote housing stability and education opportunities in Minnesota, awarding over $1,000,000 in grants to organizations and nonprofits across Minnesota in partnership with the Federal Home Loan Bank of Des Moines Member Impact Fund. The Foundation also awarded 21 students $84,000 in scholarships in 2025.
As a credit union, we laid out our strategic plan for the next 3 years, involving diverse stakeholders as we considered our vision, purpose, values, and areas of focus. We also made investments in information security, continuing to prioritize the protection of our members’ data. And we had another strong performance in our annual audit from the National Credit Union Association.
It was a truly excellent year, and 2026 is shaping up to continue that momentum with the Special Olympics USA Games and the 26 Weeks of Giving, more workforce development training opportunities, and new banking products.
We will also continue to open new branch locations to provide valuable banking resources to our members, as well as creating jobs and investment in our communities.
Banking is what we do and people is who we are, and once again, this proved to be a successful strategy in 2025 and continues in 2026. I can confidently say that the future is bright at Affinity Plus.
Dave Larson
President/CEO
Board Chair's Report
2025 was my first year as Board Chair, and I’m happy to report that Affinity Plus is a solid, well-functioning credit union that cares deeply about its employees, members, and business.
Our foundation as a credit union is rooted in service, stewardship, and accountability. We continued to be deeply aligned with that mission in 2025, with outstanding employees, strong commitment to serving members, and great banking products.
In 2025, we developed our strategic plan based on exceptional member impact, great employee engagement, and financial strength. Together, it allows us to reinvest for growth and long-term stability in communities throughout Minnesota.
Affinity Plus employees create an exceptional banking experience for our members, and it truly is the Secret Sauce fueling our success. And because we develop relationships with our members, they trust the credit union, which has a big effect in their lives and decisions.
And we’re adding more of these employee-member interaction opportunities. New locations in Hopkins and Albert Lea reinforced our commitment to meeting our members where they’re at, financially as well as physically.
Affinity Plus also has a great leadership team and structure, with obvious trust and clear communication at every level. This kind of leadership – based on care and shared goals – helps our credit union continue to grow at a sustainable pace.
Heading into 2026, we’ll keep the focus on our strategic plan’s key priorities of member experience, employee experience, financial performance, and organizational effectiveness.
I believe our success will continue as well, because this has proven to be a great recipe for happy members, fulfilled employees, and a strong credit union. I’m proud of the work we do for our members and employees, and we as a Board appreciate your trust as we continue to guide the credit union in 2026.
Chad Trench
Board Chair
Financials
Total Assets
$4.88 billion
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.
Net Income
$44.88 million
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.
Net Worth Ratio
8.47%
Our current net worth represents more than $400 million in capital that protects members and supports our continued ability to grow and expand the products and services we offer.
The credit union's regulator and insurer, the National Credit Union Administration (NCUA), bestows its highest rating of "well-capitalized" on Affinity Plus.
Member Financials
$352 million
14,300 members took out $352 million in new, used or older used auto loans with us in 2025.$170 million
630 members took out a First Mortgage, which resulted in $170 million in funded loans in 2025 (includes all first mortgages).$193 million
3,100 members took out $193 million in Home Equity Loans (2nd mortgage).$71.9 million
Total interest paid to members on deposit products in 2025.
Affinity Plus didn’t just give me an auto loan. It gave me a lifeline when I needed one most. They have been there for me when I needed someone to help me understand my financial options. I feel secure and confident in Affinity Plus as a trusted financial partner, advisor, and support.
Keng
Affinity Plus Member
One of the Fastest–Growing Credit Unions in Minnesota
Our growth is driven by care and compassion for members, an expanding branch footprint, and competitive products and services. Over 70% of new members are referred to us by members just like you, and with 35 locations and growing, we have more branches than any Minnesota credit union.
In 2025:
- Have remained a leader amongst our Minnesota-based Credit Union peers in annual member growth according to Callahan and Associates.
- We opened a new convenient branch in Hopkins for area members, continuing our growth in the West Metro.
- We successfully merged with Albert Lea’s City & County Employees Federal Credit Union.
I had been a member of the Albert Lea [City & County Employees Federal] Credit Union for almost 50 years when the announcement and decision came that Affinity Plus and my credit union were going to merge. I cannot say enough positive comments regarding the employees at Affinity Plus in Albert Lea. They were very helpful, understanding, and patient when I called concerning an issue with the merger.
Betty
Affinity Plus Member / Albert Lea, MN
Employer of Choice
We believe happy, fulfilled, and engaged employees lead to better banking experiences for our members. Our employees are the heart of our cooperative.
Leading with care, integrity, and curiosity means we continue finding ways to ensure Affinity Plus is their most fulfilling career experience.
Star Tribune Top Workplace
Affinity Plus Named One of Minnesota’s Top Workplaces 2025 | Affinity Plus.
Forbes Best in State
Affinity Plus is also one of the best credit unions in Minnesota for members, said Forbes (for 8th year in row).
Newsweek Best Regional Banks & Credit Unions
Named one of America’s Best Regional Banks and Credit Unions 2025 by Newsweek.
USA Today Top Workplaces
#25 on USA Today’s national list of Top Workplaces with 500-999 employees. 3rd year in a row Affinity Plus was recognized nationally.
Diversity, Equity, Inclusion and Belonging
We updated our 2025 Diversity, Equity, Inclusion and Belonging Report, documenting all the ways our Credit Union and its employees create a welcoming environment for all.
Supporting our communities
We’re proud of how we supported our communities and the causes near to our hearts in 2025
Big Year for The Affinity Plus Foundation
The Affinity Plus Foundation awarded $1 million in grants to 41 non-profits dedicated primarily to Housing Stability and Food Security efforts across the state in partnership with the Federal Home Loan Bank of Des Moines.
Natural Disaster Support
Proactively reached out to members experiencing hardship as a result of natural disasters wherever they live.
- Bemidji Storm Support
- Northern Minnesota and California Wildfires
Investing in the Credit Union Movement
Due in part to $900,000 in pledges and donations from Affinity Plus, we were able to celebrate the grand opening of Arise Credit Union's first branch (Minnesota’s first black-led Credit Union) as well as Tribe Credit Union’s digital launch.
Meals for Minnesota
Donate to Defeat Hunger campaign raised nearly $30,000 for Minnesota food banks, creating nearly 90,000 meals for neighbors in need during Hunger Action Month.
Supporting the Inclusion Movement
Through promotional support and direct fundraising, we helped drive nearly $750,000 to Special Olympics Minnesota via the 2025 Polar Plunge.
My son is doing the [2026 Special Olympics] USA Games and Affinity Plus is sponsoring the Games and the Powerlifting event. I appreciate the support and the opportunities they’ve given him – it’s nice to see somebody other than family and friends cheering on these athletes.
Kim
Affinity Plus Member / Coon Rapids, MN
Member Experience
Our members say it best: they love us. Through care, transparency, and long-term sustainable improvements, we’ve earned loyal superfans. In 2025, we leaned in even further, showing our members that we love them right back.
- Our members gave us “world class” Net Promoter Scores (NPS) for our branch, contact centers and digital experiences. NPS scores are a direct reflection of how you feel about us.
- We completed a full Digital Conversion for our online and mobile banking systems to improve your online and mobile banking experience.
- Affinity Plus remains the only credit union in the state that has eliminated the non-sufficient fund (NSF) fees and, also reimagined overdraft fees saving our members nearly $50 million since 2022.
- We launched our new, upgraded Financial Education Center, giving members and non-members alike access to free articles, courses, and more.
I love Affinity Plus so much that I would not bank anywhere else.
Shoua Vang
Affinity Plus Member
What's ahead in 2026
- Sponsorship of 2026 Special Olympics USA Games
- Launch new BundleUp and Simply Free checking products in early 2026
- New Branch in Albert Lea, Opening in Summer 2026
- Achieving $5 Billion in Assets
- Ongoing Financial Education Webinars - learn from the experts