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This time of year in St. Paul, Minn. the temperature drops and the days get shorter. On the bright side, there are 550 employees of Affinity Plus Federal Credit Union who have received a surprise from executives that just might make the approaching winter much more tolerable.
Friday afternoon, the St. Paul, Minn.-based Affinity Plus ($3.5 billion in assets, 227,703 members) announced it is rewarding its employees with a 4% pay raise that goes into effect Dec. 22. What's unique is the pay raise will be applied retroactively and "employees will receive a lump sum check for back pay for the entire year."
Affinity Plus CEO Dave Larson said, "The care and compassion our employees have shown towards our members and each other through the pandemic is truly remarkable. As our business has evolved, our employees have adapted with a level of flexibility and grace that has also allowed us as an organization to grow and have success through this time."
In addition to the raise for all employee and manager positions, it will also expand pay ranges and begin paying time-and-a-half hourly rates for Saturday shifts, effective immediately, the credit union said in a statement.
Earlier this year, as a gesture of appreciation, the credit union gave all employees $500 and three extra days off to use in 2021. Affinity Plus also created a partnership with Metropolitan State University where the credit union pays 100% of the tuition for employees who participate in an Affinity Plus MBA cohort program. The credit union announced Friday that the partnership with the university will continue.
According to Larson, it is because of the employees that the credit union has had a fantastic year, despite the ongoing pandemic. "Affinity Plus's member-first approach has led to record results in 2021," he said.
The credit union has added almost 20,000 new members and grown member assets by nearly 14% to $3.64 billion, making it one of the fastest growing credit unions in Minnesota, according to Larson. He added that loan growth hit nearly 19% in 2021 and Affinity Plus has seen more than 65% in digital adoption of its mobile app.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
