Annual Report

When I reflect on 2025, I see a year defined by momentum—momentum built on purpose, discipline, and a clear vision for the future.

As Arthur shared, the broader economic environment continued to evolve throughout the year. At Meriwest, our focus remained steady: protect our foundation, serve our members exceptionally well, and continue building for what comes next. Much of what we achieved in 2025 was made possible by work done behind the scenes in prior years. Work that strengthened our balance sheet, modernized our operations, and prepared us to move forward with confidence. From a financial and operational standpoint, 2025 was a year of execution. This foundation allows us to do what matters most—deliver meaningful value to our members.

Throughout 2025, we continued evolving how members bank with Meriwest. We introduced Zelle®, making it easier for members to send and receive money quickly and securely—something we heard was important to you. We also launched MyLine™, an innovative solution designed to give members greater control over cash flow and help avoid the stress and fees associated with occasional overdrafts.

For our members who are also business owners, 2025 marked an important expansion of our capabilities. We continued building out Business Services, offering more comprehensive business banking, cash management, and lending solutions—including SBA options—so that small and growing businesses can access the support they need from a trusted local financial partner. All of this is powered by our people.

Team Meriwest continued to deliver with professionalism, heart, and adaptability. Their commitment to our members and our mission is what makes Meriwest an employer of choice—and what brings our values to life every day. Beyond our products and services, our physical presence in the community also moved forward in meaningful ways.

In 2025, we continued progress toward the Meriwest Campus expansion, a long term investment that will create a more accessible, connected, and community focused main branch environment for generations to come.

We’re also excited to expand our footprint with the Morgan Hill Branch, extending Meriwest’s presence and commitment to serving members in Santa Clara County. And after more than twenty years of listening to our members and carefully considering this move, we were proud to open our Morgan Hill Branch in February 2026—right here in my hometown. We opened with a great deal of enthusiasm from the community, and that momentum continues as we deepen our presence in Morgan Hill.

Community impact remained central to who we are. Through volunteerism, education, and giving, Meriwest continued to show up not just as a financial institution—but as a neighbor and partner.

Looking ahead, our path is clear. We will continue to invest in our people, expand solutions for consumers and businesses, enhance the advice‑based experience that defines Meriwest, and deepen our community impact—while staying disciplined and member‑focused.

As always, I want to thank our Board of Directors for their guidance, our employees for their dedication, and most importantly, our members—for placing your trust in Meriwest Credit Union. For more than six decades, Meriwest has been a place where people belong, where they are heard, and where their financial well‑being truly matters.

As we move into 2026, we are proud to celebrate 65 years of serving our members and communities—a milestone that reflects the trust placed in us and the responsibility we carry forward every day.

This is the Meriwest Way—and I’m excited for what we will continue to build together.

Thank you

Lisa Pesta
President/CEO 

​

Chairman's Report

As we reflect on 2025, it was a year defined by change, complexity, and resilience. Across the United States, economic conditions continued to evolve. Inflation pressures moderated, interest-rate expectations shifted, and households and businesses remained focused on stability, adaptability, and long-term planning. It was a year that called for steady leadership and thoughtful decision-making.

Against this backdrop, Meriwest remained firmly focused on its core purpose—serving you, our members, strengthening our foundation, and supporting the communities where we operate.

In 2025, your credit union demonstrated continued discipline and progress. We maintained a strong emphasis on safety and soundness, reinforcing a balance sheet built to withstand uncertainty while positioning Meriwest for future growth. Equally important as our financial strength is our culture. Throughout the organization, our employees once again demonstrated professionalism, collaboration, and an unwavering commitment to service. Their dedication defines the “Meriwest Way” and truly sets us apart.

Our commitment to being an employer of choice also remained strong. Recognition from respected organizations affirmed what we already know—our people are our greatest strength. 

Our impact extends well beyond our branches. Community involvement remains a cornerstone of who we are. Meriwest employees continued to show up for our communities—volunteering their time, sharing financial knowledge, and supporting organizations that make a meaningful difference. This reflects our belief that financial institutions have a responsibility to help strengthen the communities they serve.

From a governance perspective, your Board of Directors remained actively engaged throughout the year—providing oversight, strategic guidance, and advocacy on behalf of our members in a complex regulatory and economic environment. Stewardship is a responsibility we take seriously, with a constant focus on long-term sustainability and member value.

As we look ahead, we do so with confidence and optimism. 2026 will bring new challenges—and new opportunities. Meriwest enters the year with a strong foundation, a clear mission, and a dedicated team ready to adapt and lead. We will continue investing in our people, deepening our community impact, and evolving our products and services to meet your changing needs—while staying true to the cooperative values that define Meriwest Credit Union.

On behalf of the Board of Directors, I thank our leadership team for their steady guidance, our employees for their dedication and heart, and our members for the trust you place in Meriwest every day.

Together, we remain committed to building a strong, resilient, community-focused credit union—today and for generations to come.

Thank you for being part of Meriwest.

Arthur Jue
Chairman

As Treasurer of Meriwest Credit Union, my focus is on financial strength, stability, and long-term sustainability.

The year 2025 continued to present challenges for financial institutions across the country. Economic conditions evolved, interest rates remained uncertain, and credit quality required close attention—particularly in commercial real estate.

Like many institutions, Meriwest felt the impact of these conditions. However, our response was thoughtful, disciplined, and deliberate. Throughout 2025, Meriwest remained focused on protecting the balance sheet and maintaining strong capital.

Our approach was guided by a clear priority: protecting our members’ assets while ensuring the credit union remains well positioned for the future. We closely monitored loan quality, maintained appropriate reserves, and made disciplined decisions that balanced near-term performance with long-term strength. These actions have helped ensure that Meriwest remains financially sound and resilient.

As Treasurer, I am pleased to report that Meriwest continues to be a safe, stable, and well‑managed credit union. Looking ahead, we remain cautious but confident. While economic conditions may continue to evolve, Meriwest enters the future with a solid foundation, clear financial discipline, and a continued commitment to prudent stewardship.

We will continue to invest thoughtfully in products, services, and technology that support our members—while keeping safety and soundness at the forefront of every decision.

I would like to thank the management team for their strong financial leadership, the Board of Directors for their oversight and governance, and our employees for their dedication to serving our members with care and professionalism.

Most importantly, I thank our members for your trust.

Meriwest remains financially strong and well positioned to continue serving you and our communities for years to come.

Thank You,

Harsha Vyas, Treasurer

View 2025 Financial Statements

The Supervisory Committee exercises its diligence defined in the credit union’s bylaws as well as the California Department of Financial Protection and Innovation (DFPI), Financial Code for Credit Unions. 

The role of the Supervisory Committee is to ensure that Meriwest Credit Union operates in a safe, sound, and compliant manner. We do this by overseeing audits, internal controls, and regulatory examinations. 

Throughout 2025, the Supervisory Committee remained actively engaged in fulfilling these responsibilities. Independent auditors completed their work and issued an unqualified opinion on the consolidated financial statements audit as of September 30 2025 and 2024, confirming that Meriwest’s financial reporting and internal controls are sound.

Regulatory examinations and reviews were also completed, with satisfactory results and no material findings. These outcomes reflect strong governance, effective internal controls, and a culture of accountability across the organization.

The Supervisory Committee works closely—but independently—from management. This independence is critical to protecting member interests and maintaining trust.

Philip R. Fluegemann, Supervisory Committee Chairperson