Chairman’s REPORT
Expanding Our Services We continued to enhance our products and services to deliver more valuable and better experiences for our Members across all channels, including online and mobile banking. Recognizing the evolving needs of our Members, we launched a new Business Banking platform to better serve small business owners, entrepreneurs, and professionals with financial solutions to help their businesses grow and thrive. By improving operational efficiencies, we reduced overall operating expenses while increasing investments in technology, demonstrating our commitment to responsible fiscal management.
2024 LEADERS
In 2024, we saw a year of growth and innovation through our unwavering commitment to serving our Members and the communities we call home. We reinforced our financial strength, but more importantly, we deepened community ties and enhanced the services that matter most to our Members. I am honored to share the key milestones and achievements that shaped this remarkable year.
Brian Sutton Chairman
Michael Brigagliano Vice Chairman
Financial Performance
Frontwave maintained a strong financial position in 2024 while navigating a challenging interest rate environment. We delivered solid financial results through prudent management, strategic decisions, and a steadfast commitment to providing the most value to our Members. We earned $7.3 million in net income, boosting our Net Worth Ratio to a healthy 9.99%, reinforcing Member deposit security and paving the way for continued growth and innovation. This performance also enabled us to pay a record $16.7 million in dividends to our Members.
Looking Ahead
Amanda Cook Treasurer
Gary Greving Secretary
Building on the success of 2024, we look ahead to 2025 with confidence and excitement. Frontwave Credit Union will continue to innovate, adapt, and deliver the financial solu- tions and resources that drives the greatest positive impact on the evolving needs of our Members. Our commitment re- mains strong, and we’re ready to seize new opportunities to serve, support, and empower those who trust us with their financial future. Thank you for your ongoing trust, support, and Membership. We look forward to serving you for many years to come.
Member Impact
Recognition & Trust
We gave back more than ever, paying record dividends on deposits. It’s a testament to our commitment to ensuring our Members’ hard-earned money works harder for them. We also provided over 60,000 hours of financial education, equipping Members with the knowledge and tools to turn their financial dreams into reality.
The communities we serve recognized our commitment to improving the financial wellness of our Members. In 2024, Frontwave was honored as San Diego’s Best Credit Union by the San Diego Reader and Best Bank in the Morongo Basin by the High Desert Times. These awards reflect the trust and loyalty of our Members and reinforce our dedication to delivering exceptional service and value.
Sally Arnett Director
Kelley Mayer Director
Dream Big. We Got You.
Brian Sutton Chairman of the Board
Community Philanthropy & Engagement
Joseph Mitilieri Director
Gerald Polyascko Director
Giving back is at the heart of Frontwave. In 2024, we expanded our impact, strengthening communities through action and partnership. We launched Frontwave Give360 to turn dollars into real change by funding vital programs, supporting nonprofits and uplifting the neighborhoods where we live, work and serve. The Frontwave Foundation provided $43,550 to charitable organizations, investing in scholarships, financial education and emergency relief to build lasting solutions. Our commitment grew with the grand opening of Frontwave Arena in September 2024. As the financial sponsor of the San Diego Sockers, San Diego Clippers and San Diego Strike Force, we proudly support local sports and create opportunities for Members to connect. We don’t just believe in change. We make it happen. Stronger communities aren’t built in a day. They’re built every day.
Ann Regan Director
Bill Birnie President/CEO
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