Board of Directors - Solidarity Community Federal Credit Union

Agenda
• Welcome
• Invocation
• Determination of Quorum
• Business Meeting
• Financial Statement ... pages 2-3
• Treasurer’s Report ... page 3
• Chairman’s Report ... page 4
• Secretary’s Report ... pages 4-5
• Supervisory Committee’s Report ... page 5
• Unfinished Business
• New Business
• Benediction
• Adjournment of Business Meeting
• Door Prizes
Mission Statement
Solidarity Community Federal Credit Union is a member-owned
financial institution that exists to provide the financial services desired
by its members in accordance with the following guidelines:
• Provide excellent member service in a professional, convenient
and friendly manner.
• Concentrate on offering top quality loan and savings products.
• Maintain a healthy, conservative financial structure.
• Build upon the special relationship with the community.
Our Vision
With a strong foundation as our basis, we will continue to offer
convenient products and services to benefit current and future
members with a cooperative approach. Growth will be a result of
dedication to our members and our ability to embrace opportunities.
Board of Directors
MICHAEL K. WHITEMAN
Chairman
BECKY BELL
LEWIS HALL
Vice Chairman
RICHARD FLOYD, SR.
BILLY CANTU
Treasurer
GARY SHAW
VINCE HOLT
JANET BARNETT
Secretary
GLENN RODGERS
Supervisory Committee
FRED GROSS
Chairman
KENNY ELSON
Recording Secretary
JANET BARNETT
Board Liaison
GENE MARNER
ELVIN SOMMERS
Management
Name:Title:
Jeffrey S. McComas
President & CEO
Kamala Ahnert
Vice President of Lending
Amy Benner
Vice President of Operations
DeAnna Holloway
Vice President of Mortgages
Ray Hostetler
General Manager
Paige Shockley
Vice President of Finance
Diana TenBrook
Vice President of Marketing
Stuart Burke
Manager of Information Systems
Demian Demaggio
Branch Manager
Kim Graves
Member Development / Marketing Admin
Kim Galloway
Administrative Assistant
Ted GoffAccounting
Joyce Ingle
Bank Secrecy & Compliance Officer
Janette Martin
Information Systems
Ken Perry
Information Systems
Staff
Name:
Kelly Barrett
Michelle Beam
Diana Birden
Vicky Birner
Vicki Boyd
Julie Brubaker
Melissa Call
Deanna Engle
Sandra Chaffee
Judy Childs
Michelle Cottingham
Vicki Damon
Liz Donovan
Dana Downs
Jamie Dunlap
Jean Ebert
Monicia Fears
Angel Golding
Anita Goodman
Cindy Griswold
Michele Garro
Department:
Mortgage Department
Share Department
Member Services
Loan Department
Credit Card Department
Loan Department
Share Department
Share Department
Share Department
Share Department
Share Department
Loan Department
Share Department
Loan Department
Share Department
Member Services
Share Department
Share Department
Loan Department
Share Department
Loan Department
Name:
L. Jane Heflin
Donna Henderson
Pam Hulce
Melanie Humphries
Caroline Jewell
Michelle Johnson
Sheryl Lanning
Lesia Lawrence
Connie Mobley
Jill Pickering
Carrie Rhoades
Darlene Scarborough
Mindy Shepard
Julia Soupley
Whitney Steltenkamp
Connie Stewart
Sue Stiles
Rita Wallace
Margie White
Wanda Zehner
Products & Services
• Auto Loans
• Mortgage Loans
• Personal Loans • Home Equity Loans
• Checking & Savings Accounts
• Individual Retirement Accounts
Department:
Share Department
Share Department
Share Department
Share Department
Mortgage Department
Mortgage Department
Share Department
Loan Department
Member Services
Share Department
Share Department
Share Department
Loan Department
Loan Department
Share Department
Share Department
Loan Department
Share Department
Share Department
Mortgage Department
• Certificates of Deposit
• Kid’s Accounts
• Health Savings Accounts • TravelMoney Cards
Mobile Banking & Mobile DeposZip
Access your accounts and make deposits from your cell phone or mobile device with our online banking and DeposZip services.
Instant Action Text Alerts & Email News Updates
With Instant Action Text Alerts from Solidarity, you receive the latest in banking news, rate specials, community events and tips
on how to get the most from banking with Solidarity Community Federal Credit Union. All delivered right to your mobile phone,
or email.
Online Banking
You can access your accounts and view your detailed statements 24 hours a day on your home or business computer with Online
Banking. It is available via our website with your member number and personal identification number.
Solidarity Website
At www.solfcu.org Solidarity offers information about special promotions, current interest rates, easy online loan application,
mortgage information, home and family financial tips, credit card information, and check reordering.
Friend Us on Facebook and Tweet with us too!
2012 ANNUAL REPORT
1
Balance Sheet
Loans
Unsecured
Real Estate
1 2 Commercial
3 Other
4 Allowance For Loan Losses
NET LOANS
2012
2011
6,497,439
12,164,680
1,253,383
94,119,712
(827,031)
$113,208,184
5,924,953
14,400,991
1,056,801
97,869,906
(872,440)
$118,380,212
26,581,492
2,817,851
27,305,602
$56,704,945
20,622,635
6,203,340
12,926,858
$39,752,833
3,420,225
1,542,606
1,567,409
6,884,934
$13,415,174
3,292,765
1,387,765
1,512,499
7,187,085
$13,380,114
$183,328,303
$171,513,160
161,188,708
2,678,057
$163,866,766
150,211,923
2,204,489
$152,416,412
2,051,610
17,970,800
(560,874)
$19,461,537
2,051,610
17,970,800
(925,662)
$19,096,748
$183,328,303
$171,513,160
Investments
Government Securities
Corporate Federal CU
1 2 Other
3 TOTAL INVESTMENTS
Other Assets
Cash
Land & Fixed Assets
2 NCU Share Insurance Fund
3 All Other Assets
4 TOTAL OTHER ASSETS
1 TOTAL ASSETS
Liabilities
Member Shares
Other Liabilities
1 TOTAL
LIABILITIES
2 Reserves
Regular Reserves
Undivided Earnings
1 Other
Equity
2 TOTAL
EQUITY
TOTAL LIABILITIES & EQUITY
2
2012 ANNUAL REPORT
Income Statement
Operating Income
Interest From Loans
Interest From Investments
1 Other Operating Income
2 TOTAL GROSS INCOME
3 1 Operating Expenses
Employee Compensation
Employee Benefits
4 Travel & Conferences
5 6 Association Dues
7 Office Occupancy
8 Office Operations
9 Marketing
Loan Servicing
Professional & Outside Services
Provision for Loan Losses
NCUA Premium Assessment
NCUA Operating Fee
Interest on Borrowed Money
Annual Meeting Expense
Miscellaneous Operating Expense
TOTAL OPERATING EXPENSES
2 3 Non-Operating Gains (Losses)
Earnings Before Dividends
Dividends Paid to Members
NET INCOME
2012
2011
6,480,055
418,828
4,559,286
$11,458,170
7,271,099
262,047
3,587,268
$11,120,414
4,011,863
1,045,670
182,019
50,784
310,026
1,084,632
327,143
906,735
926,673
278,646
148,904
38,687
0
22,691
153,414
$9,487,887
3,693,949
1,012,307
183,584
49,803
317,926
1,046,149
275,116
706,696
801,766
533,112
378,125
37,574
5,247
15,326
92,678
$9,149,359
(33,666)
1,936,618
747,074
(108,342)
1,862,714
1,003,731
$1,189,543
$858,983
Treasurer’s Report
Solidarity Community Federal Credit Union is committed to providing its members with the best, most up-to-date services
possible. With a strong foundation, we continue to offer new products and services to benefit current and future members.
Growth continues to be the result of dedication to our members and our ability to embrace new opportunities. From saving
you time and money with Bill Pay, to instant text alerts with Mobile Banking. Solidarity is your source for conveniently
managing all your financial needs. Even though we continue to explore the most up-to-date services possible, we continue
to offer good old-fashioned service and competitive rates on loans and investments.
Solidarity wants to be your first choice for all your banking needs. Please continue to refer us to your family members and
friends and co-workers to become members of Solidarity.
Sincerely,
BILLY CANTU
Treasurer, Board of Directors
2012 ANNUAL REPORT
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Chairman’s Report
I am honored to serve as Chairman of Solidarity. Being part of a not-for-profit financial cooperative focused on members is
a very fulfilling responsibility. Your credit union officials are elected by you—the membership. Like you, we are members
that have loans here. We have our savings here and we have a vested interest in overseeing this financial institution. It is
our duty to uphold the mission and values of our credit union on your behalf. We are all real people with real needs. We
exist to serve our members and unlike most other financial institutions, credit unions do not issue stock or pay dividends to
outside stakeholders. Instead, earnings are returned to our members in the form of lower loan rates, better interest rates on
deposits and lower fees for services. The fact that you are here today shows me you too have a vested interest in the future
of this credit union and its mission.
Let’s highlight some great accomplishments in 2012 for Solidarity such as installing two more ATMs in our community
at the Kokomo Plaza with full-service capabilities and in the K-Mart store on the west side of Kokomo. Solidarity has 24
ATMs in three counties of which eight are full-service machines accepting deposits. We bumped up our technology with
mobile banking to offer check-deposits by phone. It’s as easy as taking a picture with your iPhone and you can make deposits
into one of your Solidarity accounts 24/7. Our mission is helping members achieve their financial goals and making dreams
come true. We financed 1,764 car loans in 2012 for members and helped 32 people purchase their first home with our First
Time Home Buyer’s Program. Solidarity’s Facebook fans total over 3,000 and we have 114 people who follow us on Twitter.
Solidarity is constantly improving our electronic communication methods to inform you immediately by email and text
messaging on rate specials, new products or services and financial tips. Solidarity also used our Facebook page as a fundraiser
for our local food pantries. Solidarity contributes to the community through donations, volunteer time and sponsorships.
Solidarity’s 2nd Annual Car Show was a huge success. All proceeds from the car show went directly to the local Girl Scouts
of America—Kokomo Center. Solidarity is a proud sponsor of the IUK-Cougars Athletic program and established a cobranded IUK Cougar Debit Card and Checking account with a scholarship for the students.
I want to take this time to personally thank all the current and past board members, supervisory committee and official
family members for their commitment to Solidarity. I also want to thank Solidarity employees and management staff for
their dedication to Solidarity. Most of all I want to “Thank-You” our membership for your patronage.
Sincerely,
MICHAEL K. WHITEMAN
Chairman, Solidarity Board of Directors
Secretary’s Report
Annual Meeting April 22, 2012 [Kokomo Event Center]
• Called to order 2:00pm by Chairman Michael Whiteman
• Welcome to membership by Michael Whiteman
• Invocation by Board member Richard Floyd
• Michael Whiteman introduced Board of Directors, Supervisory Committee and Official Family
• CEO Jeff McComas introduced Management Staff and Employees that were present
There was a question from the floor from member Pat Crittendon who inquired about the new fee structure and voiced
concern about the fact that there will no longer be a paper statement included with the Premium Checking account. Board
Chairman Mike Whiteman responded and said the Board would look at it at the next meeting and make a decision on the
matter.
• Benediction by Vice Chairman Lewis Hall
• Michael Whiteman adjourned the meeting at 2:27pm.
• Board member Richard Floyd and Board member Billy Cantu gave each child present $3.00 in half dollars.
• Board Secretary Janet Barnett and Board member Glenn Rodgers awarded the following winners of the drawing a $25
award:
» David Jewell
» James Shupperd
» Drenda Myers
» Pat Crittendon
» Marshall McCay » Gary Kelley
» Reba Hale
» Don Gault
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2012 ANNUAL REPORT
Secretary’s Report (continued)
Election of Executive Committee Officers for 2012-2013
Chairman Michael Whiteman
Treasurer Billy Cantu
Vice Chairman Lewis Hall
Secretary Janet Barnett
A special election was held to make a change in the liaison from the Board of Directors that sits on the Supervisory
Committee.
Board Treasurer Billy Cantu made a nomination to remove Board member Vince Holt as the liaison to the Supervisory
Committee. Board member Becky Bell seconded the nomination. Vince Holt was removed as liaison to the Supervisory
Committee by unanimous vote.
Board member Gary Shaw nominated Board Secretary Janet Barnett for the new liaison to the Supervisory Committee.
Board member Richard Floyd seconded the nomination. There were no other nominations. Janet Barnett was declared the
new liaison to the Supervisory Committee by acclamation due to an uncontested election.
Respectfully submitted
JANET BARNETT
Secretary
Supervisory Committee Report
The five members of the Supervisory Committee is your direct representative to the membership. It is the responsibility
of this committee to monitor the internal controls of the credit union, by insuring all mandated procedures are followed,
and funds are expended properly. All transactions must be monitored for security reasons to protect you, our membership
and owners.
A few of our major responsibilities are as follows:
• Review credit union operations, procedures and policies
• Evaluate performance of Management, Staff, and the Board of Directors
• Determine compliance with regulatory agencies
• Perform periodic unannounced cash audits and verifications
• Respond to member’s complaints and inquiries
• Verify that a high level of security is always present
• Hire an external CPA firm to perform audits as deemed necessary
The Supervisory Committee hired Whittenger and Company, an outside independent CPA firm to conduct an audit in
2012. Both Whittenger and Company and NCUA auditors felt our accounting practices are first rate and that Solidarity
Community Federal Credit Union is extremely well managed. This excellent rating received from both organizations speaks
volumes for the outstanding performance of our Management and Staff, Employees and the Board of Directors you have
elected and trust to oversee your interests in SCFCU. Solidarity is and will remain a very sound financial institution.
With all the uncertainty about our nation’s financial future, we want to put your mind at ease. The safety and soundness
of your money at Solidarity is job one from everyone at Solidarity and the entire credit union movement. It is indeed our
honor to be able to serve the membership of SCFCU. Thank you for your continued trust and faith in this fine member
owned credit union. As always, a special thanks from the Supervisory Committee.
Respectfully submitted in Solidarity,
THE SUPERVISORY COMMITTEE
Fred Gross - Chairman
Kenny Elson - Recording Secretary
Gene Marner
Elvin Sommers
Janet Barnett - Board Liaison
2012 ANNUAL REPORT
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