Brian McKay
PRESIDENT & CEO
I N R E F L E C T I N G O V E R 2 0 2 0 , I can’t help but first think of the Global Pandemic. It was unexpected and disruptive to say
the least, but it also magnified the core strength of our organization. We indeed found strength in unity, working together to continue to improve financial lives. I would be remiss if I didn’t thank you, our members, for your continued support and patience throughout it all; our staff for their continued perseverance and dedication to our members; and our volunteers for their invaluable insight in navigating the unprecedented time. In responding to COVID, our organization established five main
We also announced the expansion into another community
priorities. First and foremost, our employees — as we knew
— Anderson, South Carolina — and the strategic partnership
that if our team felt safe and valued, they could then focus on
with Anderson Federal Credit Union that was completed in
providing incredible service to our members. I made a promise
February 2021. As a result of this merger, our organization
to our staff that no employee would be let go because of COVID,
grew to over 59,000 members, $525 million in assets, and 10
and I am proud to share that we held true on that promise.
banking locations throughout the Upstate and Midlands. This
Secondly, we continued to follow our business continuity
partnership marked the largest merger of credit unions in the
plan to ensure minimal to no disruptions in critical member
history of South Carolina. This feat was no easy undertaking.
processes. I am happy to report because of a solid plan, there
Because of the countless efforts of Team Spero, I am extremely
were no delays in processes. Thirdly, you, our members, and
proud to say that over 95% of AFCU members are still with
ensuring you could continue to access your funds as safely as
Spero today.
possible. While branch lobbies closed for a period, we extended drive-thru transaction capabilities and drive-thru hours to ensure that all members’ needs were met as best possible. And lastly, we continuously looked for ways to add value to your financial lives and lift up our local communities — at a time many needed it most. I encourage you to turn to page 8 of this report to see how we were able to do just that — from our staff to our members to our communities.
story — changing our name to reflect our proud history as well as the hopeful optimism for our future. Holding fast to our history, mission, and cooperative spirit, we became Spero Financial — a name derived from the Great Seal of South Carolina — meaning hope. In my opinion, the timing couldn’t have been any more perfect, as HOPE is what our communities needed more than ever in the face of this trying year. Even more so, our new name
While COVID-19 halted so much, at Spero Financial, we
reflects the characteristics by which we will continue to serve
continued to be laser-focused on elevating our members’
you, our members: agility, vigilance, adaptability, paired with
financial game — after all, you’re our MVPs!
innovative and dynamic financial solutions.
In many ways, COVID became a catalyst for digital
Not only did the Pandemic reveal the true strength of our
transformation. We introduced Online Loan Pay, a quick and
people but also the financial stability of our organization. We
secure platform that allows you to make online loan payments.
have wavered many economic storms in our 85-year history,
And, in conjunction with opening our new state-of-the-art Five
and I am proud to share we have done it once again. Because
Forks branch in July 2020, we launched The NEST in 8 branches,
of the foresight from our leadership and Board of Directors, we
a live-video feed with a Spero Member Service Specialist
had a surplus of capital in reserves that became essential to
allowing us to centralize staff during the Pandemic to continue
navigate the unexpected impacts of 2020.
appointments in-branch.
2
In November 2020, we penned a new chapter in our organization’s
While net worth was down 7.45% year-over-year, this was
Speaking of our new Five Forks branch, it has been a pleasure
caused by a variety of factors: unexpected expenses of
planting our roots in this community — one that I personally
COVID, a large influx of deposits due to stimulus checks,
call home. We’ve had the privilege of already improving over 150
traditional income generating channels being disrupted, and
financial lives and are anticipating this number to steadily grow
merger-related expenses to prepare for the completion of the
as we move into 2021.
partnership in early 2021. →
