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Expanding Technology
Committing to Service
Technology Driven
Your Financial Partner for Life
An Organization
Committed to Personal Service
As we expand our
technological capabilities,
personal service will remain our priority.
We are a non-profit
financial organization whose
commitment to service prevails.
CHAIRPERSON’S REPORT
www.gtefcu.org
Chairperson’s Report
A
s technological advancements in financial service delivery thrive, the
Board of Directors at GTE Federal Credit Union is committed to maintaining one important goal—providing the best, most efficient service to you,
our valued member-owners. This includes bringing in some of the most technologically advanced services, too, like www.gtefcu.org and CU at Home™ Web Access.
Management Report
However, personal service must not be lost as it is a crucial element contributing to
the credit union’s success when dealing with your financial well-being. Whether
Supervisory Committee Report
servicing your loan or answering your phone call, our entire team of dedicated
employees are experts at providing excellent service, the service you’ve come to
Independent Auditors’ Report
expect from the credit union you own.
Services and Locations
of the credit union. According to 1999 Member Survey results, 66 percent of you
1999 was a year of growth and achievement in member satisfaction and usage
consider GTE FCU your primary financial institution. 95 percent of you are satisfied
with the overall level of service with 58 percent of you being very satisfied with the
overall service at GTE FCU. 13 percent of you say service has increased over the
past year. Your GTE FCU staff’s commitment to quality, their initiative in bringing
new service options and their training and personal development have resulted in
these outstanding percentages.
Numerous hours of unselfish dedication are also donated by the volunteers who
serve on the GTE Federal Credit Union Board of Directors and Supervisory
Committee. I would like to thank them for their dedicated efforts and commitment
to the credit union philosophy.
On behalf of the Board of Directors and GTE FCU staff, thank you for giving us
the opportunity to serve you. We will continue to work diligently to position your
credit union as a leader in the financial services industry in 2000 and beyond,
through both technological advancements and the quality of our service.
Frances James, Chairperson
Frances James
Chairperson
Rose-Marie Bass
Director
Thomas V. Quayle
1st Vice Chairman
George D. Hobar
Director
Rick Hagan
2nd Vice Chairman
Harrison Thornhill
Director
Charlie Beauchamp
Secretary/Treasurer
Jimmy DuBose
Director
Vickie Thompson
Director
MANAGEMENT REPORT
E
veryone wants progress, few like change. America Online (AOL) bought
Time Warner. What is going on? Bell Atlantic bought GTE. Carolina Power
www.gtefcu.org
bought Florida Progress. What next? How much more can we absorb?
Chairperson’s Report
When will it stop? How do we deal with all of this?
We clearly live in one of the most exciting times in the history of the world. We
can either resist the changes and be left behind or we can embrace change, make
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it our friend and be full participants in moving the work forward. I for one intend to
embrace change and work toward making the future even better. But, I know that
Supervisory Committee Report
change scares most people. Our goal here at GTE Federal Credit Union is to be a
familiar and trusted friend to all of our members and to help everyone deal with
Independent Auditors’ Report
and take full advantage of change.
The credit union has changed and will continue to change in the way we
deliver service and try to meet your needs. We believe that we have not changed
in the most important areas. We still serve only members. We remain a not-forprofit co-op. We are a safe and sound, fully insured institution whose only reason
to exist is to serve members. We offer a full array of retail financial services using
every modern method, but with only one goal . . . excellent service to our
member-owners!
Year 2000 is a reality. We are a part of history. We have a unique opportunity
to help fashion financial services for the future. If you continue to trust us with
your financial well-being, we will work together to make the brightest possible
future for all.
Wendell A. (Bucky) Sebastian, CEO
Wendell A. Sebastian Brian Crawford
CEO
Executive Vice President
John Thompson
Vice President,
MIS
L. Neil Timson
Vice President,
Lending
Suzanne Wilson
Vice President,
Operations
Services and Locations
Expanding Technology,
T
he changing nature of our members’ lives drives our technological innovations. Our
dedication to serving our members has resulted in changes of how, where and when
we can serve you. This dedication reinforces our commitment to keep member service
as our top priority. During 1999, GTE Federal Credit Union introduced both technological and
member-oriented advances in financial service delivery, simply improving our ability to provide good old-fashioned member service.
Expanding technology, GTE FCU introduced its new and improved web site,
www.gtefcu.org, offering you a wealth of resources from product and service information
to online brokerage trading. All resources offered on our web site were designed for easy
financial management. GTE FCU also introduced its home banking product, CU at Home™
Web Access, now with over 14,000 users. CU at Home Web Access simplifies your life by
providing easy to use internet account access 24 hours a day, every day. You can sign on to
CU at Home Web Access by visiting our web site. GTE FCU also enhanced its CALL24 automated account management phone system by adding accessibility to credit card information.
Committing to service, GTE FCU introduced a VISA Platinum credit card offering free,
first-class benefits including a special photo card option, low introductory and fixed annual
percentage rates and no annual fee. In effort to reward members with good credit, GTE FCU
introduced a Managed Credit Program offering members lower rates on loans based on their
credit histories. Continuing its commitment to service to younger members, GTE FCU
introduced KidsCount!2, an educational savings club for children ages 10 to 14. KidsCount!2
was created to follow KidsCount!, our educational savings club for children up to age nine.
Committing to Service
To promote commitment to service, we began featuring a special column in the quarterly
Just for You newsletter highlighting GTE FCU employees who went above and beyond their
call of duty to provide exceptional service to members.
1999 was also a year of growth for GTE FCU as we opened three new branches in Land
O’Lakes, Town ’N Country and Temple Terrace and relocated one in Winter Haven to better
meet your needs. We also strengthened our business development program by welcoming
29 new select employee groups (SEGs) to our field of membership. Our credit union family
now consists of 23 branches throughout West Central Florida serving over 140,000 members
and 325 companies. This growth means additional members to help support this credit union
cooperative which will enable us to continue expanding our product and service offerings and
improve our quality and efficiency of service delivery to each and every member.
Technology is at the cutting edge and GTE FCU strongly believes in offering you its latest
features, but we also remember why we were organized and who we serve. We were
organized by you, and we serve you. That’s why our services, our products, our policies, our
staff and our policymakers are designed, developed and trained to make sure you will want to
be financial partners with us for the rest of your lives. In the future, as we grow and respond
to your ever changing financial needs, we pledge to continue to follow our founding philosophy, to lead GTE FCU in such a way that it most benefits you, our valued member-owners,
so that you can achieve all of your financial goals. Expanding technology, committing
to service — together we’re better.
SUPERVISORY COMMITTEE REPORT
www.gtefcu.org
Chairperson’s Report
T
he Supervisory Committee oversees and regulates the daily operations
of GTE FCU as it expands and diversifies. It is the responsibility of the
volunteers who make up the Supervisory Committee to ensure that the
credit union complies with all requirements established by the National Credit
Union Administration (NCUA), the regulatory agency for all federally chartered
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credit unions.
Supervisory Committee Report
firm of Carter, Belcourt and Atkinson, P.A., to perform an independent audit of
To fulfill this obligation, the Supervisory Committee engaged the accounting
GTE Federal Credit Union’s financial statements for 1999. We are pleased to
Independent Auditors’ Report
present their report.
Services and Locations
monitor the stability of GTE FCU. We prepare and maintain reports used to support
This outside audit is the culmination of the committee’s year long efforts to
the annual audit, verify loans for accuracy and completion, monitor dormant
accounts, and conduct surprise cash counts at all branch offices among other
investigative procedures.
In summary, it is the opinion of the Supervisory Committee that the financial
condition of GTE Federal Credit Union is exceptionally strong. The committee looks
forward to advancing the member service capabilities of GTE FCU by preserving its
financial soundness in 2000.
Paula Jurgenson, Chairperson
Paula Jurgenson
Chairperson
Brad Hines
Dick Krisel
Vickie Thompson
INDEPENDENT AUDITORS’ REPORT
W
e have audited the accompanying consolidated statements of financial
condition of GTE Federal Credit Union and subsidiary as of December
www.gtefcu.org
31, 1999 and 1998, and the related consolidated statements of income,
members’ equity and cash flows for the years then ended. These financial state-
Chairperson’s Report
ments are the responsibility of the Credit Union’s management. Our responsibility is
to express an opinion on these financial statements based on our audits.
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We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain rea-
Supervisory Committee Report
sonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the
Independent Auditors’ Report
amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position of GTE Federal Credit Union and
subsidiary at December 31, 1999 and 1998, and the results of their operations and
their cash flows for the years then ended in conformity with generally accepted
accounting principles.
Carter, Belcourt & Atkinson, P.A., Lakeland, Florida
Services and Locations
SERVICES AND LOCATIONS
www.gtefcu.org
Chairperson’s Report
Management Report
Supervisory Committee Report
Independent Auditors’ Report
Services and Locations
Products and Services
Office Locations
EDUCATION, ADVISORY AND
FINANCIAL PLANNING
MEMBERS Financial Services
(Financial Planning and Investments)
CUNA Brokerage Services* NEW
(Discount Brokerage Services)
Credit Union Insurance Services*
(Automobile, Homeowners & Other Insurance)
Auto Buying Service
(Free Assistance on Buying, Selling
or Financing Cars)
Consumer Credit Counseling Service® Financial
Seminars
(Free and Confidential Counseling)
KidsCount! Savings Club
(Club for Children up to Age Nine)
KidsCount!2 Savings Club NEW
(Club for Children Ages 10 – 14)
BRADENTON*
4519 26th St. W., Bradenton, FL 34207-1295
CONVENIENCE SERVICES
Direct Deposit
Payroll Deduction
CALL24 Automated Telephone Account Management
CU at Home™ Web Access
(Free Account Access via www.gtefcu.org)
CU at Home™ Bill Pay
(Telephone or PC)
Redi-Moni Debit Card
(A Card That Works Like a Check)
MasterCard and VISA Classic and Gold Credit Cards
VISA Platinum Credit Card NEW
Automatic Payments/Transfers
Wire Transfers
Automatic Teller Machine Network
American Express Travelers Cheques
Gift Cheques
Money Orders
Notary Services
SAVINGS AND INVESTING PRODUCTS
Share Certificates
(Regular and IRA)
Individual Retirement Accounts
(Traditional IRAs, Roth IRAs, Education IRAs)
Mutual Funds
(MEMBERS Financial Services,
CUNA Brokerage Services)
Share (Savings) Accounts
Share Draft (Checking) Accounts
Money Market Accounts
(Regular and Money Market Plus)
Special Share Accounts
Gift to Minor Accounts
LENDING
New and Used Car Loans
Payment Advantage® Auto Lease Competitive
Program
Redi-Moni Signature Loans and Lines of Credit
First Mortgages
Home Equity Loans
Home Improvement Loans
Vehicle Service Agreements
(Extended Warranties)
Managed Credit Program NEW
* A wholly-owned subsidiary of GTE Federal Credit Union.
BRANDON
101 E. Bloomingdale Ave., Brandon, FL 33511
CLEARWATER
Countryside (Hwy. 19 at S.R. 580)
2460 S.R. 580, Clearwater, FL 33761
Downtown Clearwater
1261 Cleveland St., Clearwater, FL 33755
South Clearwater (Hwy. 19 at 126 Ave.)
6003 126th Ave. N., Clearwater, FL 33760
Honeywell - Plant 5
13350 U.S. Hwy. 19 S., Clearwater, FL 33764
CRYSTAL RIVER
5700 N. Suncoast Blvd., Crystal River, FL 34428
LAKELAND
1275 Oakbridge Pkwy., Lakeland, FL 33803
LAND O’ LAKES NEW
2434 Land O’ Lakes Blvd., Land O’ Lakes, FL 34639
NEW PORT RICHEY*
5116 U.S. Hwy. 19, New Port Richey, FL 34652
PLANT CITY
702 N. Alexander St., Plant City, FL 33566
ST. PETERSBURG
4584 38th Ave. N., St. Petersburg, FL 33713
SARASOTA
3602 Webber St., Sarasota, FL 34232
SEMINOLE*
10099 Seminole Blvd., Suite A1, Seminole, FL 33770
TAMPA
South Tampa (Main Office)
711 S. Dale Mabry Hwy., Tampa, FL 33609
Downtown Tampa
300 Madison St., Tampa, FL 33602
Tech Center* (I-75 at Fletcher Ave.)
One East Telecom Pkwy., Tampa, FL 33617
North Tampa (I-275 at Fowler Ave.)
11207 N. Nebraska Ave., Tampa, FL 33612
Carrollwood (Town Centre)
4802 Gunn Hwy., Tampa, FL 33624
U.S. Hwy. 301*
1907 U.S. Highway 301 N., Tampa, FL 33619
TEMPLE TERRACE NEW
9380 N. 56th Street, Tampa, FL 33617
TOWN ’N COUNTRY NEW
7747 W. Hillsborough Ave., Tampa, FL 33615
WINTER HAVEN NEW
2791 Lake Alfred Rd., Winter Haven, FL 33881
* Express branch staffed with a loan officer and a senior
member service representative to personally assist you.
A full-service ATM is on site to handle all deposits,
withdrawals and transfers.