2023 Annual Report

Throughout a year of investing in financial guidance and building connections throughout the Greater Philadelphia region, a lot happened at Citadel Credit Union. See our 2023 year in review below.

Citadel Credit Union's 2023 Annual Report

Each year, Citadel Credit Union releases an Annual Report to our members, showcasing our financial summary, messages from our leadership team, and highlights of everything that’s happened throughout the prior year. As a credit union, we are owned by you, our members, and we are here for you. We hope you’ll enjoy this year in review and continue to share in the bright future ahead for all of us.

A Message From Our Chairwoman

Claudia Hellebush

"After another year of positive financial growth for Citadel despite economic challenges across industries, I look forward to the next chapter of our Credit Union's legacy with Bill Brown as President & CEO. We're truly thankful to his predecessor, Jeff March, for leading Citadel through a period of enormous growth throughout the past 40 years and will continue to invest in our members, our community, and build a brighter future for the hardworking people of Southeast Pennsylvania."

Claudia Hellebush, Chairwoman of the Board

Financial Summary

In 2023, Citadel’s assets increased $228 million to $5.8 billion—a 4.1 percent increase. In 2023, Citadel continued to have strong deposit growth at 2.5 percent from the prior year. Loan growth gained momentum as well, growing 4.2 percent year-over-year. YoY loans grew $205 million and deposits grew $116 million.

Citadel experienced a 20-year cumulative annualized growth rate (CAGR) of 12 percent between 2003 and 2023. Over the past three years, Citadel’s overall asset growth was $1.5 billion. Since 2005, Citadel experienced its most significant growth—over $4.7 billion in assets, as the company has expanded to serve the broader Greater Philadelphia region beyond its early roots in Chester County.

Citadel's 2023 financial summary chart

Download Citadel’s 2023 Financial Summary Report

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Investing in Financial Guidance & Tools

Adel chat being displayed on a mobile phone

Upgrading Our Digital Experience

In May 2023, we upgraded our Online & Mobile Banking platform to make it easier for members to manage their accounts and financial wellbeing. To accompany the friendly, personal service members have come to know and love from Citadel, our latest digital banking experience provides customized dashboards, free credit score monitoring, custom account alerts, card controls, and financial wellness tools – all from one secure platform. The Citadel Card Control companion app was retired as these settings were integrated into the new version of the Citadel Mobile App, and we also made some updates to our virtual assistant, Adel.

Previously in 2021, we launched Adel as the POSH conversational AI bot, allowing our members to bank by phone. In 2023, we expanded Adel’s capabilities beyond voice calls to include online chatbot functionality on CitadelBanking.com and within Online & Mobile Banking. Users can now ask Adel questions, get answers, and if additional help is needed, Adel can also connect users to a member of our team via live chat or video chat during normal business hours. These upgrades were a significant part of our strategic plan to provide membership with more digital tools and easy, secure ways to access their account information. So far, Adel has responded to a total of 83,000 member chats in 2023, decreasing call volumes, wait times, and allowing Member Care to spend more time one-on-one with more complex requests.

Focusing on Financial Wellness & Security

We also expanded our focus on financial wellness and security resources for our members and the community. We created a new hub at CitadelBanking.com/Wellness to consolidate educational articles, tools, videos, tips, and other financial literacy content that’s available any time for people to learn more about topics like building a budget, saving money, managing debt, living in retirement, borrowing money, and running a business. We also updated our account security content at CitadelBanking.com/Security to help members and others spot red flags, avoid scams, and prevent fraud. As folks are faced with new threats and financial challenges every day, Citadel remains committed to providing the content, tools, and guidance to help members overcome and thrive.

Celebrating Our First Full Year of Business Banking

2023 was Citadel’s first full year of Business Banking after the official launch in August 2022. Throughout the year, the team expanded to include more Relationship Managers, a dedicated Cash Management Manager, and additional Healthcare Banking expertise.

The upgrade to Online & Mobile Banking included features and functionality specifically designed for business accounts, including ACH origination, wire transfers, and users and roles with custom permissions for every member of the team. We also rolled out our Elite Banking program with exclusive benefits and perks for businesses looking to grow their relationship with Citadel and get the most out of their day-to-day finances.

We built deeper relationships with more clients, and moving forward our Business Banking division will continue to offer a unique level of service and commitment to help build financially strong businesses that directly influence and care for our communities, families, and overall local economic health.

Creating Value & Connecting Regionally

For the second consecutive year, Citadel was recognized as “Best Credit Union” in Montgomery County on the 2023 Happening List by Montco Happenings. This ranking celebrates the area’s most beloved businesses, people, events, and organizations, and shows how we’re standing out in our region.

We were also recognized through the Daily Local News’ 2023 Best of Chester County Reader’s Choice award. This award recognizes businesses throughout Chester County and is based on voting from Chester County residents.

Citadel 2023 award badges

As a result of our efforts to create simple & secure checking accounts coupled with our “generous bonus”, we were the only credit union named on Fortune Recommends’ list of Best Checking Account Bonuses in February 2023. Citadel ranked 6th on this list comparing checking accounts nationwide and ranking them based on how beneficial they are to a potential customer.

In October, we also gave cash prizes totaling $10,000 to a few lucky winners as part of our Credit Card Spend & Get Sweepstakes. The sweepstakes provided members with a chance to win cash just by using their Citadel credit card for everyday spending. For every 10 purchases members made with their card, an entry was made into the contest on their behalf. Five first place prizes of $1,000 and 10 second place prizes of $500 were awarded to randomly chosen members.

Our Workplace Culture

As an employer in the Greater Philadelphia area and a certified Great Place to Work for the past four years, Citadel offers a variety of positions across departments to prioritize prosperity and personal wellbeing for our team.

This year, we brought on 103 new employees, and as a not-for-profit community organization driven by innovation, Citadel will continue to offer a unique culture of people first for our employees. With comprehensive, competitive benefits and compensation programs, generous paid time off, and robust professional development and training, employees can build a career of strength.

Citadel's President Council 2023 Logo 

President’s Council

Our President’s Council rewards and recognizes employees who go beyond expectations by exceeding their annual sales and service goals in a team atmosphere. We were proud to honor 22 outstanding individuals to this prestigious council in 2023.

Ashley Bunting, Downingtown
Krystyna Delorenzo, Oxford
Elizabeth Keeler, West Chester
Cathy Pfister, West Norriton
Sarah Russakoff, East Norriton
Chiara Wicks, Phoenixville
Danielle Burkett, West Chester
Sarah Handfest, Rohrerstown

Kena Padia, Limerick
Chris Prowant, Chester Springs
Niveen Shihadeh, Parkesburg
Afsheen Zabrani, Eagle
Erik Jones, East Norriton
Lexie Petzak, West Chester
Delia Rubio, Lansdale
Morgan Tumolo, Oxford

In addition to earning 2023 President's Council status, the team members below were recognized for earning President's Council for 5 or more years:

Kelbin KC Carolina, Lansdale
Julie Cross, Downingtown
Maria Luciano, Montgomeryville
Kelli Miller, Downingtown
Denise Selzer, West Chester

Citadel Cares for Our Community

Team photo of Citadel employees volunteering


In July 2023, we introduced our new corporate giving program, Citadel Cares, with a commitment of over $2 million in the next 4 years and 700 hours of employee volunteerism logged so far. With a strong track record of giving back to the communities we serve, the launch of Citadel Cares allowed us to formalize our efforts and uphold our Purpose to care for our people and communities so they can prosper. The program aims to empower and support those in need across the Greater Philadelphia area by contributing to four key areas: Education & Youth Prosperity, Health & Wellness, Building & Development, and Food Security. Guided by these pillars, Citadel Cares provides opportunities for the credit union, our employees, and our members to give back in the spirit of Building Strength Together through donations, grants, volunteerism, donation drives, and sponsorships of charitable events.

Education & Youth Prosperity
Education & Youth Prosperity Education & Youth Prosperity

Education & Youth Prosperity

Citadel Heart of Learning

Education & Youth Prosperity

Building strength in a community starts with investing in young people. We invest in education and the prosperity of our youth by honoring strong local educators, as well as providing and supporting financial literacy programs that benefit people of all ages.

Our most longstanding initiative, the Citadel Heart of Learning Award, recognizes local teachers every year and honors them with grants.

Health & Wellness
Health & Wellness Health & Wellness

Health & Wellness


Health & Wellness

We support a healthy community because without health and wellness, our people can’t prosper. Making physical and mental health accessible and more affordable for our community is a core area of focus.

One of our most significant charitable partners is Children's Hospital of Philadelphia. Learn how we get involved and support their biggest fundraiser of the year, the CHOP Parkway Run & Walk.

Building & Development
Building & Development Building & Development

Building & Development

Good Works

Building & Development

Our purpose is to care for our communities and people so they can prosper. Rehabilitating and rebuilding areas in our community that are facing structural or economic challenges can help to lay a strong foundation for growth.

The Citadel Cares program invests in capital improvements across Greater Philadelphia such as donations and volunteer support to build or rebuild physical buildings or communal parks and recreational spaces.

Food Security
Food Security Food Security

Food Security

Food Bank

Food Security

Food is one of the basic staples of human need, however food can also be one of the first sacrifices made in a household budget during times of financial strain. Helping communities fight food insecurity can support families and individuals struggling to make ends meet and ultimately redefine their personal financial journey.

Citadel Cares is proud to support local food banks, facilitate donations for food drives, and partner with charitable organizations and local farms that focus on food insecurity in our community.

Community Events & Sponsorships

Long's Park Summer Music Series

Long's Park Summer Music Series

Citadel's Lancaster County branches sponsored the 2023 Long's Park Summer Music Series. Our team enjoyed the opportunity to connect with our members in a fun, summer setting while supporting this free community event.

Building Connections & Careers

Building Connections & Careers

One way Citadel supports women in business in the Greater Philadelphia area is by sponsoring and attending the Women's Entrepreneurship Conference at West Chester University. Hear from a few of the speakers and attendees on what drives them to build connections with other women and take steps to achieve their goals.

Downingtown Area Summer Hoops

Downingtown Area Summer Hoops

One way Citadel gives back to our community is by sponsoring community events and organizations that provide opportunities to people throughout the Greater Philadelphia area, including the Downingtown Area Summer Hoops program. Our Downingtown branch sponsored this youth league in 2023, which provides an opportunity for kids from across the region to play basketball in an affordable, accessible setting at a local public park.

Partnering With Children's Hospital of Philadelphia

Citadel’s philanthropic partnerships are essential to our commitment of giving back to the community. That’s why, in 2023, we renewed our longstanding, award-winning partnership with the Children’s Hospital of Philadelphia (CHOP) by signing on as presenting sponsor of the CHOP Parkway Run & Walk through 2027.

Through this sponsorship, Citadel has committed to donating at least $1 million over four years to support breakthrough pediatric cancer research at the Cancer Center at CHOP.

Unfortunately, the 2023 Parkway Run & Walk was cancelled last minute due to extreme weather, but through continued fundraising, CHOP was able to secure $1.8 million in donations, including $292,000 from Citadel. In an effort to raise even more, Citadel also participated in the hospital’s Festival of Trees program in Philadelphia’s Love Park. We decorated one of 17 Christmas trees, and visitors voted for their favorites by making a small donation, ultimately resulting in an additional $60,000 toward pediatric cancer research.

Faces of Philanthropy logo 

Award-Winning Giving

As a result of our partnership, Citadel received the Philadelphia Business Journal’s Faces of Philanthropy Award in 2023 for our partnership with Children’s Hospital of Philadelphia to raise funds and awareness for their Cancer Center. The Philadelphia Business Journal’s Faces of Philanthropy program annually recognizes organizations that continuously seek to better the communities they work in and serve.

Giving Back to Local Educators

For the 22nd consecutive year, Citadel honored and awarded local teachers through one of its oldest charitable initiatives, the Citadel Heart of Learning Award Program. This past year, 31 Greater Philadelphia area teachers won the prestigious award out of thousands of nominees, and three exceptional teachers were deemed grand prize winners for their outstanding service to the students they teach. The grand prize winners received a total of $10,000 ($5,000 for the teacher and $5,000 for their school), and the remaining 28 teachers won $1,000. Everyone took home our treasured glass heart award and were recognized locally on FOX 29 News.

Executive Committee, Board of Directors, & Supervisory Committee

Citadel's Executive Committee 

Executive Committee & Board of Directors

Claudia Hellebush, Chairwoman
Joseph A. Petsko, Vice Chairperson
Mike Givler, Member
Gary P. Rabik, Secretary
Joseph R. Glace, Member
Ravi S. Ganti, Treasurer
Philip A. Priolo, III, Member
Glenn S. Soltis, Member
Michael Pagano, Member

Citadel supervisory committee

Supervisory Committee

Citadel’s Supervisory Committee is composed of volunteer members who ensure that Citadel’s financial strength is fairly represented. The committee oversees the internal and external auditors who ensure the credit union is functioning within the guidelines and policies set forth by all regulatory institutions. As an organization, Citadel benefits from the diverse backgrounds of our Supervisory Committee members; we’re able to be more productive and make decisions in a sound manner.

The National Credit Union Administration (NCUA) performed an annual examination and reported that Citadel is in good financial order and in compliance with federal regulations.

Brian O'Neill, Member, Jessica Schuler, Chairperson, Madhav Gopal, Secretary

Citadel Credit Union 2021 Annual Report


What's Next

Looking ahead to 2024, Citadel will continue to serve those who work every day to build a better future for us all, including our members, employees, and the communities throughout our entire charter. Our goal is to be accessible, affordable, and convenient for the people of Southeast Pennsylvania and to ultimately empower those who live and work here, so they can prosper. In 2024, we will embrace business transformation across our entire organization to offer better experiences, better delivery, and streamlined processes from end to end. We will prioritize payments, people, and positive growth to keep members engaged and satisfied.

2023 Financials

Detailed reports including Citadel’s Statement of Financial Condition, Statement of Income, and Statement of Cash Flow can be viewed and downloaded below.

Download Citadel’s 2023 Financial Summary Report

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