Citadel plans to enhance and expand its
current and future community and industry
partnerships
EXTON,
Pa., April 16, 2024 /PRNewswire/ -- Citadel
Credit Union is reinforcing its dedication to supporting the
communities it serves across the Chester, Bucks, Delaware, Montgomery, Lancaster, and Philadelphia counties through ongoing
community initiatives.
For the second consecutive year, Citadel was recognized as "Best
Credit Union" in Montgomery County
on the 2023 Happening List by Montco Happenings, and was recognized
through the Daily Local News' 2023 Best of Chester County Reader's
Choice award. Both awards are based on voting from local residents.
Citadel employees have also been on the receiving end multiple
times of VISTA Today's Millennial Superstars 40 Under 40
awards.
Corporate Responsibility
In July 2023, Citadel formalized
its corporate giving and volunteer program, Citadel Cares, with a
commitment of over $2 million in the
next 4 years and 700 hours of employee volunteerism logged so far.
With an already strong track record of giving back to the
community, the launch of Citadel Cares allows the Credit Union to
empower and support those in need across the Greater Philadelphia area by contributing to
four key areas: Education & Youth Prosperity, Health &
Wellness, Building & Development, and Food Security. Guided by
these pillars, Citadel Cares provides opportunities for the Credit
Union, its employees, and members to give back in the spirit of
Building Strength Together through donations, grants, volunteerism,
donation drives, and sponsorships of charitable events.
In 2023, Citadel supported a variety of community impact efforts
across Greater Philadelphia. Of
note, those donations included:
- $292,000 to the Children's
Hospital of Philadelphia's Cancer
Center
- $60,000 in grants to local
teachers and school districts through the Citadel Heart of Learning
program
- Over $37,000 to United Way
- $40,000 to Community Volunteers
in Medicine
- $20,000 to the Chester County
Food Bank
- $12,500 to Good Works
- Over 700+ volunteer hours from employees
Later this year, Citadel will be the exclusive presenting
sponsor for CHOP's Parkway Run & Walk as part of a
multi-year partnership. Citadel is also an active participant in
the Montgomery County Financial Reality Fair, the Philadelphia
Financial Scholars Entrepreneurship Workshop program, and the
First Front Door (FFD) and First Front Door Keys to Equity (Keys)
funds. As part of Citadel's commitment to financial literacy, the
company frequently publishes free webinars to educate viewers on
mortgage lending and investing. Citadel is currently working to
expand its webinar series to include additional topics on financial
education.
In May 2024, Citadel will announce
the winners of our Heart of Learning Award, one of
its longest-standing initiatives. Started
23 years ago in partnership with the Chester County Intermediate
Unit (CCIU), the program recognizes local teachers in the
Greater Philadelphia communities
Citadel serves who show dedication in and outside of the classroom.
Prizes will total $60,000 for the
winning teachers in the region along with a glass heart award for
each winner. Since the program's inception, more than 400 teachers
have been honored out of thousands of yearly submissions, and over
$410,000 has been awarded in teacher
grants. Citadel's Heart of Learning Award Program is a
representation of its commitment to serving those who work every
day to build a better future for all.
"Since joining Citadel in late 2023, I've been
proud to become a part of the team's ongoing efforts to achieve
growth and stability while enhancing Citadel's presence in our
communities," said Bill Brown,
President and CEO, Citadel Credit Union. "Our focus in 2024 is to
be accessible, affordable, and convenient for the people of
Southeast Pennsylvania and to
embrace business transformation to offer better experiences, better
delivery, and streamlined processes from end to end while
continuing our longstanding commitments to corporate responsibility
and building financial strength in our
communities."
Growth & Stability
In 2023, Citadel's assets
increased $228 million to
$5.8 billion—a 4.1 percent increase.
Throughout the year, Citadel continued to have strong deposit
growth at 2.5% percent from the prior year. Loan growth gained
momentum as well, growing 4.2 percent year-over-year. YoY loans
grew $205 million and deposits grew
$116 million.
Fully documented in the 2023 Annual Report, Citadel
experienced a 20-year cumulative annualized growth rate (CAGR) of
12 percent between 2003 and 2023. Over the past three years,
Citadel's overall asset growth was $1.5
billion. Since 2005, Citadel experienced its most
significant growth—over $4.7 billion
in assets, as the company has expanded to serve the broader
Greater Philadelphia region beyond
its early roots in Chester
County.
Online & Mobile Banking Upgraded
With additions such as customized dashboards, free credit score
monitoring, custom account alerts, card controls, and financial
wellness tools, Citadel upgraded its Online & Mobile
Banking platform in May 2023 to
make it easier for members to manage their accounts.
Citadel also expanded its virtual assistant capabilities beyond
voice calls to include online chatbot functionality on
CitadelBanking.com and within Online & Mobile Banking. Users
can now ask questions of the virtual assistant, Adel, get answers,
and if additional help is needed, Adel can also connect users to a
Citadel representative via live chat or video chat during normal
business hours. Since launch, Adel responded to a total of 83,000
member chats in 2023, decreasing call volumes, wait times, and
allowing Citadel employees to spend more time one-on-one with
members who have more complex requests.
These upgrades were a significant part of the Credit Union's
strategic plan to provide membership with more digital tools and
easy, secure ways to access their account information.
Financial Wellness & Security
In 2023, Citadel
also expanded its focus on financial wellness and security
resources for members and the community. A new hub was published at
CitadelBanking.com/Wellness to consolidate educational
articles, tools, videos, tips, and other financial literacy content
that's available any time for people to learn more about topics
like building a budget, saving money, managing debt, living in
retirement, borrowing money, and running a business. The Credit
Union also updated its account security content at
CitadelBanking.com/Security to help members and others spot
red flags, avoid scams, and prevent fraud. As
individuals are faced with new security threats and financial
challenges every day, Citadel remains committed to providing the
content, tools, and guidance to help members overcome and
thrive.
About Citadel Credit Union
Citadel Credit Union is
a not-for-profit, member-owned financial institution that provides
banking, investments, and insurance services to more than 260,000
members. At $5.8 billion in assets,
it is one of the Greater
Philadelphia area's largest credit unions, proudly serving
residents of Bucks, Chester, Delaware, Lancaster, Montgomery, and Philadelphia counties. Citadel is
recognized as a Forbes 2022 Best-in-State Credit Union, a 2023
Faces of Philanthropy Award recipient from the Philadelphia
Business Journal, and a certified 2023 Great Place to
Work. For more information, visit CitadelBanking.com.
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SOURCE Citadel Credit Union