CEO Message – April 2026

Spring is officially here, as this year the spring equinox fell a couple of weeks ago on Friday, March 20. And while we experienced some warm weather days in early March, spring typically signals more consistent warmer days. Easter is another annual indicator that we can start to transition our wardrobe from cold coats to lighter jackets.

Fun fact (and one that I was not aware of) – did you know that there is a relation and that the moon has a bearing on when we celebrate Easter? The full moon after the spring equinox — known traditionally as the paschal moon — will occur on Thursday, April 2. Easter must fall on the Sunday after the paschal moon, so this year Easter will be celebrated on April 5.

Now that we have officially entered the spring season and the first three months of 2026 are behind us, what’s happening with the economy? The U.S. economy has remained in an expansion phase since mid-2020 – the low-point of the COVID pandemic. Some economists suggest we are in the continuation of the watch-and-wait economy, and which events might tip the economic environment one way or the other remains to be seen (think Iran conflict and the impact on gas prices in just a short period of time since early March).

Historically, we’ve experienced business cycles of economic expansions that reach a peak before some external occurrence or series of events turns the peak downward into a phase of contraction. Then eventually, the cycle bottoms out and it gives way to a period of expansion. The recent expansion period has been relatively consistent and sustainable. Perhaps the U.S. economy has grown large enough to become immune to any one specific shock – be it political uncertainty (both at home and abroad), a spike in energy prices, or financial market disruption. However, it could also indicate a similar immunity to all but the most severe of events that we’re achieving strong growth in such a sizable economy.

What we have seen recently is the Federal Reserve holding interest rates, with some pundits suggesting fewer rate declines in 2026 than originally anticipated a year ago. The average 30-year fixed rate mortgage has stabilized just above6%,representing a drop from over 7% a year ago. Generally, lower mortgage rates make buying a home more affordable, however, low inventory and high demand (prices) continue to negatively impact home buying affordability.

Consumer confidence is mixed and cautious, showing concerns with the cost of groceries and high prices on other living essentials. Combined with a strong stock market, the divide between higher-income and lower-income households appears to be increasing. From a positive perspective, as of March tax filers are seeing 15-20% higher income tax refunds this year, resulting in an average $3,800 refund or $1,000 higher due to tax code changes.

Regardless of whether you are a high, middle or low-income household, using an income tax refund or any other financial windfall is an opportunity to improve your financial health. Some things you might consider include paying down high interest debt like credit cards, or by investing in your future through an IRA or 401(k) savings plans. Additionally, with fewer than half of all Americans having savings to cover a $1,000 emergency and approximately 28% having no emergency savings at all, using an income tax refund to build an emergency fund with that extra $1,000 makes a lot of sense. And if you already have an emergency savings fund, consider adding to it. If that’s of interest to you, come talk with us, we have solutions and different options.

At Patriot, we continue to position for growth of our branch network. After opening two new Patriot full-service branches in 2025 – one on Williamsport Pike near Spring Mills High School in Martinsburg, West Virginia, and another on Antrim Way in Greencastle, Pennsylvania, we just broke ground on the construction of our second Berkeley County, West Virginia branch, this one on Winchester Avenue in Inwood in the Butler’s Crossing retail center.

Both of our 2025 branches have been very successful providing additional financial options for the community and enhancing convenience and service to our members residing in and around those communities. The Inwood branch will resemble the layout and design of those two new buildings, and we expect to open the Inwood facility in the fall of 2026 if all goes as planned.

While physical branches provide personal engagement and enable members to conduct a variety of transactions, many consumers manage their money through online and mobile banking. Branches support the delivery of financial guidance and advice along with managing more complex transactions. Plus, they serve as a daily reminder to local residents that there’s a nearby option the next time a financial need arises.

In the interest of both convenience and relevance, Patriot recognizes that we need to provide members with the access that they need and expect where and when they want it. As part of our commitment to you, we are continuing to invest in digital channels to ensure that we keep pace with the latest digital-banking capabilities. Earlier this year we transitioned to a new online bill pay platform, and in the coming weeks we will introduce a new payment platform to make paying a Patriot loan easier and faster through an online portal. Later this year we will be upgrading our online banking and mobile banking channels. We’re excited to continue to grow and serve your needs however you choose to access your credit union. Watch for more information as we approach the roll-out dates of these enhancements.

Lastly, I want to extend my appreciation and recognition to the Team Patriot staff, our members, and the community. It is an honor and a privilege to serve you and earn your trust and confidence. As we make improvements and changes to better serve your needs now and in the future, we appreciate your patience and understanding.

Please share your feedback with us – positive or not so well done. Should we slip and fail to meet your service expectations, we would ask for the opportunity to address it and make it right. Likewise, if we exceed your expectations, please let your friends, family and others know about your Patriot experience.

Sincerely,

Ron Celaschi

CEO – Patriot Federal Credit Union