President/CEO Report

Mike Tufegdzich

Mike Tufegdzich, President/CEO

Dear Members,

As I enter my third year as the President and CEO of Water and Power Community Credit Union and my 32nd year at this great cooperative, I am happy to announce that the credit union had another successful year and is in sound financial condition. 

Despite the economic challenges of a sluggish economy and higher interest rates, the credit union made $1,297,411 in Net Income in 2024. In addition, we increased our Net Worth to a historic high of 9.39%, and we continued to expand our LADWP membership penetration.     

9.39% Regulatory Net Worth
$944 Million in Assets
Over 44,800 members

In addition to our financial performance, the credit union made significant progress in creating operational and technological efficiencies that helped reduce overall expenses. These improvements allowed us to invest more resources toward providing our membership with value-added and convenient products and services.  This includes:

  • Expanded member chat options with our AquaPowerBot® and staff.
  • More self-service options and upgrades to our online and mobile banking platforms.
  • Enhanced AI-based technology for fraud prevention.
  • Implementation of ITM technology at all our branches and LADWP yards. 

We continued our focus on providing staff with the resources and training to provide exceptional service to our members in a collaborative work environment. This focus allowed us to once again receive a "Great Place to Work®" designation for the second year in a row.

Our credit union also wants to take this opportunity to express our support to all the communities that have been impacted by the Los Angeles Wildfires earlier this year.  We want everyone to know that we are here to assist any member during their time of need with personalized solutions that include:

  • Emergency loans with expedited funding*
  • Special fee waivers
  • Consumer and mortgage loan deferment programs

We also partnered with the LADWP Employees Association with their wildfire relief efforts. Our credit union is very proud of our association with LADWP and all the communities we serve.

In closing, I want to reiterate our mission: “To be the trusted financial partner for LADWP and the communities that we serve.” We work tirelessly to make this credit union a great place to work for our employees and a great place to bank for our member-owners.  

On behalf of our Board of Directors, Supervisory Committee, Management, and our entire staff, I want to thank you for your support, loyalty, and wish you a healthy, safe, and prosperous year. 

Please feel free to reach out to me directly with any questions you may have or information you may need. Our member’s feedback is always encouraged and appreciated.   

Sincerely,

Mike Tufegdzich

President/CEO

* All loans subject to credit approval. Restrictions apply. WPCCU membership required.