annual_report_pages.qxd - Georgia Credit Union Affiliates

Transcription

Cooperative Services, Inc.Georgia Central Credit Union Georgia Credit Union League
Georgia Central Credit Union Cooperative Services, Inc. Georgia Credit Union League
Georgia Credit Union League Georgia Central Credit Union Cooperative Services, Inc.
GEORGIA
CREDIT
UNION
SYSTEM
ANNUAL REPORT
2002
Georgia Credit Union League
Cooperative Services, Inc.
Georgia Central Credit Union
2400 Pleasant Hill Road
Suite 300
Duluth, Georgia 30096
5028 Clark Howell Highway
College Park, Ga 30349
2400 Pleasant Hill Road
Suite 300
Duluth, Georgia 30096
(770) 476-9625
(800) 768-4282
(770) 476-9704
(800) 768-4228
www.gcua.org
www.gacentral.org
(404) 768-5176
2002
CONTENTS
GCUA
GCCU
CSI
Credit Union
Statistics
Chair’s Report..................................................................2
Advocacy.........................................................................3
CU Development ..............................................................4
Consultative Support Services ..........................................5
GCUL Financials ..............................................................6
Treasurer’s Report............................................................7
Chair’s Report..................................................................8
GCCU The year In Review.................................................9
GCCU Financials ............................................................14
Treasurer’s Report..........................................................15
Chair’s Report................................................................16
Payment Services ..........................................................17
EFT Support Services .....................................................18
Shared Distribution ........................................................19
CSI FInancials ................................................................20
Treasurer’s Report..........................................................21
Combined CU Financial Statement ..................................22
2002 CU Chapter Statistics ............................................24
2002 Georgia Credit Union Statistics ..............................26
Index of Rankings by Alphabet........................................34
© Copyright 2003. Georgia Credit Union Affiliates - All rights reserved.
No part of this publication may be reproduced or used in any form or by any
means without the written permission of the Georgia Credit Union Affiliates.
Global Cooperative Principles for Georgia Credit Unions
• Members, Not Just Customers – By joining a credit union, people become member/owners.
Members expect more value and deserve more respect than is available in the typical customer
interaction at non-cooperative financial institutions.
• Democratic Control – Members have equal influence in the voting process and equal opportunity to
run for election to the board-one member, one vote. Once elected, directors have fiduciary
responsibility to all members.
• Service Differentiates – Democratic control provides a decision-making environment that elevates
creating value for the members above profit accumulation at the credit union. It is the dedication to
providing service that differentiates credit unions from for-profit suppliers.
• “Profits” Belong to the Members – In order to grow and provide new services, credit unions
generate capital by retaining a portion of earnings. These retained earnings are used for the
betterment of the entire membership.
Being Present for Our Members
Georgia credit unions serve more than 1.7 million people. Being present for our
members reflects the philosophy of “People Helping People.” The absence of a profit
motive enables our state’s credit unions to focus their energies on meeting members’
needs. Being present for our members is a state of mind, a call to action, and the
way things are done at Georgia credit unions.
2002 was a year that still left many reeling from the terrorist attacks of 2001.
Credit unions had to deal with new rules regarding homeland security. The economy
has not recovered and credit unions are feeling the pain. Members are keeping their
dollars safe in share accounts, concerned about the economy, the future and their own
jobs. Shares are up, some types of loans are down.
As not-for-profit cooperatives, member service is the reason for credit unions’ existence and success. However, competition has intensified and technology has improved,
leaving members with more choices and better knowledge. Credit unions recognize the
challenge and endeavor to meet their members’ needs for new products and services.
Credit unions are recognized for their personal attention, high-quality service and
low fees. The members appreciate that, as indicated in the most recent American
Banker/Gallup poll results. Credit unions had the highest ranking in customer satisfaction of any financial services organization. Since 1989, credit unions have topped the
consumer satisfaction ratings in every American Banker/Gallup poll.
The survey found that 76% of members who use credit unions as their primary
financial institution said they were “very satisfied” with the service, up from 75% in the
2001 poll. And 53% gave credit unions the best marks for low fees, compared to a
29% rating for bank customers and 28% for those who primarily use thrifts. Service
makes the difference – being present for our members.
Banks have charged that credit unions are less willing than banks to provide mortgage loans to low-income people. Yet statistics show that credit unions are more likely
than non-credit union lenders to approve loans to low-income people or minorities, if
they are members of credit unions.
Being present for our members also includes our communities. As an extension of
the “people helping people” philosophy, credit unions support various charitable and
civic organizations. Through donations of money, time, and service, credit unions help
their communities become better places to live. They help those in need and they
strengthen the economy of the community.
Georgia’s state credit union organizations embrace the same principles. The
Georgia Credit Union League, Georgia Central Credit Union and Cooperative Services,
Inc. assist the credit unions of Georgia in becoming the premier providers of consumer
financial services. The report you are about to read chronicles the ways that the
Georgia credit union support organizations assist credit unions to succeed. The directors of each of the support organizations appreciate the support and involvement of
member credit unions during 2002 and in the years ahead.
1
G E O RG I A C R E D I T U N I O N L E AG U E
CHAIR’S
R E P O R T
The economy has to be characterized as being soft in 2002. Most credit union leaders would describe the last
dozen or so months in the context of members that had little faith in the stock market and who were becoming
increasingly concerned for their long-term financial well-being. Many began to rethink their spending and borrowing
plans in the short run. And, most not-so-jokingly claimed that their primary retirement strategy was to work longer.
Credit unions themselves have held up surprisingly well. Despite rapid deposit growth, credit union return
on assets averaged a healthy 1%. And, capital levels are still above 10% at most credit unions. Consumer
advocates continue to recommend credit union membership when people express dissatisfaction with their
accounts at for-profit institutions. It is nice to know that credit unions still matter to people, especially at times
like this.
Your League board completed the simplification of the governance structure in 2002. In May, twelve directors
(down from 15) were elected under the new District-based system that utilizes ballot elections. We immediately
formed a League Finance Task Force to review trade association priorities and funding requirements. They had the
courage to take a long-term view and recommended several sweeping changes designed to get more resources
focused on the critical advocacy function. The board has moved forward with forming a new CU Progress Fund,
encouraging more multi-state service collaboration and established an expanded role for the Foundation in helping
smaller credit unions succeed. Your League is now well-endowed with people and resources to face the future.
Respectfully submitted,
Janet Davis
League Chair
PRESIDENT’S
R E P O R T
It is reassuring to know that credit unions are so appreciated in a year of declining consumer confidence like
2002. Clearly, credit unions are regarded as a safe place to keep their savings. And, there is no question that
credit unions are considered to have the best rates and fees…at least compared to other insured institutions.
During 2002, much work took place to improve the convenience of access through branch, telephone and
Internet channels. It has not been an easy year and things are hardly looking better in the years ahead as
America settles into the practical implications of a protracted war on terrorism. But, we can be proud of our
accomplishments. More important, credit unions are better situated than most organizations to handle the challenges ahead.
During 2002, the League has been active in supporting the interests of credit unions on a number of fronts.
External advocacy activities included attempting to pass bankruptcy reform and regulatory relief legislation at the national level. At the state level, our staff was busy trying to protect credit union interests in the debate over predatory real
estate lending legislation. Later in the year, Georgia politics would be upended with upset victories in races for the
Governor and U.S. Senate seats. In the process, the state Senate would change party control and a long time House
Speaker would be dethroned. Credit unions fared remarkably well before and after the election in terms of political
action.
Creative distance learning tools came to Georgia credit unions over the telephone and through the Internet
during 2002. This responded to a growing need for less expensive and more convenient training for credit
union staff. Georgia-developed programs are used by many other Leagues today. In addition, CUNA has
improved its arsenal of education offerings. Our information resources are enhanced by the weekly distribution
of e-Digest…a new 2002 service. And, unlike some other Leagues, we have renewed our commitment to infield consulting services for small credit unions with the funding support of the Georgia Credit Union
Foundation. It has been a good year. We are dedicated to more value creation in the years ahead. Thanks for
your support.
Sincerely,
2
Mike Mercer
League President
ADVOCACY
The Advocacy Team focused in three areas: government relations, public
relations and community involvement.
Utilizing the Advocacy Plan, a document of goals and strategies, the Team
implemented new programs to intensify awareness of credit unions throughout Georgia. “Creating Influence” - the Advocacy eNewsletter - kept credit
union officials informed on the latest news regarding legislative/regulatory
issues, public relations activities and community involvement.
Further strengthening Georgia’s credit union presence in Washington,
credit union representatives participated in two “Hike the Hill” events during
2002. In addition to the GAC event, a joint “Hike” took place in October with
Ohio credit unions.
Credit union visibility among Georgia state legislators was enhanced in
2002. Legislation on predatory lending and other issues required a full-time
presence by Advocacy Team members at the state capitol during the General
Assembly. GCUL board members, state legislators and state regulators interacted at the League Legislative Dinner in February.
League staff also worked to coordinate campaign involvement by credit
union officials for state and federal candidates who were recognized as “credit
union-friendly”. Several candidates visited local credit unions in their districts.
ElectionWatch 2002 was a nonpartisan political program designed to
encourage credit union members to vote in the 2002 elections. It featured
online information about political candidates who declared their candidacy for
state and Congressional offices and provided assistance for those who
weren’t registered to vote. The campaign message was “if credit union people don’t vote, credit union people don’t count.”
Media awareness of credit unions increased. Media outlets throughout the
state received more information about Georgia’s credit unions and their services
than ever before. A Reporter’s Guide was developed and distributed statewide.
Credit unions around the state celebrated International Credit Union Week
in October. Radio commercials were sponsored on 116 radio stations. A public
affairs radio program aired on many of those stations, featuring credit union
executives who told listeners how credit unions help their members “build a better tomorrow.” Gift baskets were delivered to morning-drive deejays
and Clark Howard at top-rated radio stations in major Georgia
cities, which included information about credit unions, the
benefits of membership and how to join.
Community Involvement activities included
“Books for Children” which helped to collect more
than 14,000 new children’s books. Credit unions
raised more than $170,000 in 2002 for Georgia’s
Children’s Miracle Network hospitals as part of
Credit Unions for Kids.
Being Present for
Our Members…
Advocacy Team members met
with GA Secretary of State Cathy
Cox to introduce the ElectionWatch
2002 program. Sr. VP/Advocacy
Cindy Connelly presented an information packet to Cox, and
explained that the purpose of the
nonpartisan program was to
encourage credit unions members
to vote in the primary and general
elections and to be informed about
the voting decisions. Secretary
Cox asked credit unions to help in
the voter registration process by
distributing voter registration cards
for the November election. Team
members had the opportunity to
see the new computerized voting
machine and test its operation.
They worked with the Secretary’s
office to coordinate opportunities
for the machines to be available at
chapter meetings (Greater Atlanta
and Middle GA) prior to the
November election.
(Left to right: Ken Merritt, President
of State Employees CU; Secretary of
State Cathy Cox; and Sr. VP/Advocacy
Cindy Connelly; Government Affairs
Specialist Heather Miner and Public
Relations Specialist M.J. Kabaci of the
Affiliates.)
3
CREDIT UNION
DEVELOPMENT
Rapidly expanding information and education needs at Georgia credit
unions provided lots of opportunities for Credit Union Development in 2002.
This department assists credit unions in the areas of education,
development, compliance, and consulting.
Being Present for
Our Members…
In June, twenty Georgia credit union
officials traveled to Poland for the tenth
anniversary of the Polish credit union
movement. The achievements of the
Polish movement were recognized as part
of the 6th International Credit Union
Leadership Institute and WOCCU Annual
General Meeting in Warsaw.
Georgia credit unions became
involved with the Polish credit union
movement in its early years, assisting in
the design and development of their
national system. The formal partnership
agreement was signed in 1995. Since
then, the partnership has grown to 16
credit unions, including two partnerships,
which were formalized in 2002. While
credit union officials visited with their
partner credit unions throughout Poland,
Affiliates staff members met, in Gdansk,
with representatives of the National
Association of Cooperative and Savings
Credit Unions (NACSCU), the national trade
association for credit unions in Poland.
Several credit union officials attended
the WOCCU International Conference
opening ceremonies, featuring Lech
Walesa, former leader of the Solidarity
movement and past president of Poland.
Mike Mercer, GCUA President and CEO,
spoke at one of the educational sessions
during the conference about the value of
the Georgia-Polish Partnership.
(Standing left to right: Mike Mercer, President
and CEO, and Dan Denning, VP/ Knowledge
Development of the Affiliates; seated left to
right: Arthur Arnold, CEO of the World Council
of Credit Unions (WOCCU) and Gzregorz
Bierecki, President of NACSCU.)
4
The Shared Credit Union Compliance Specialist Program was
launched which allows credit unions to lease a portion of a compliance
specialist. It is an affordable and effective way for credit unions to address
the issue of compliance head-on.
The Website and Marketing Compliance Guide was updated to better
meet the needs of credit unions in advertising and electronic banking. Credit
unions could download the entire guide or sections from the Affiliates website.
The League continued to work on a joint compliance project with the
Leagues of Michigan, Ohio, Florida and Texas to identify areas where
leagues' technology infrastructure could be collaboratively developed. Areas
included database management, website development, content enrichment
and education/training enhancements.
Once the Georgia Fair Lending Act was passed by the Georgia state
legislature, compliance with the new law became a major concern. The
League partnered with the Georgia Bankers Association on a GAFLA
Compliance Toolkit and Workshop, which was designed to ease the
compliance burden by including comprehensive compliance strategies,
model forms and checklists.
The League offered a diverse array of learning opportunities. Credit
union staff members could attend local and regional workshops, statewide
schools and conferences, conventions, distance learning programs, and
Internet web casts - all tailored to meet the needs of large, medium or small
credit unions.
Through joint collaboration with the Georgia Credit Union League and
eleven other Leagues, four Internet webcast training opportunities were
offered in 2002. The webcasts were live and interactive, providing current
information from national experts on subjects that are important to all credit
unions. Credit union staff could stay in their offices and have more participate in the trainings at rates that were very affordable for them. In addition,
the webcasts could be archived for future access up to a month following
the broadcasts.
League staff assisted several credit unions with planning sessions and
development of various levels of business plans. Participation of consultants
varied from credit union to credit union based upon the organization's needs
- from goal-setting and action plans to strategic planning and identifying
competitive opportunities. Planning encouraged credit unions to think ahead
and face challenges before problems could occur. Consulting services
helped credit unions develop marketing and business plans, identify
competitive opportunities and establish goals.
CONSULTATIVE
SUPPORT SERVICES
MARKETING SERVICES
Marketing Services embraced a different approach in 2002. The
department has positioned itself to be a partner with credit unions in
achieving growth. While continuing to provide collateral material such as
statement stuffers, newsletters and other marketing pieces, marketing
services worked collaboratively with credit union officials to develop plans
for growth. Marketing programs were uniquely designed for each credit
union, whether they were seeking membership growth, improved profitability
or enhanced member satisfaction. The staff supported credit unions in their
efforts to achieve tangible returns on investments in marketing activities.
HUMAN RESOURCES
In 2002, the League's HR department offered a variety of human
resource services to Georgia credit unions in addition to serving its own
employees. Services included recruitment, development of job descriptions
and salary ranges, preparation and placement of ads in publications that
target candidates, and identifying candidates that met the selection criteria.
Beginning in 2003, HR services will be delivered under the HRx brand name
in conjunction with The Alliance for Credit Unions, a new joint venture with
the Florida League.
CU SUPPORT NET
One of the League’s major efforts in 2002 was to assist credit unions
as they embraced Internet and website technologies in order to improve
convenience and achieve distribution economies. CU SupportNet is a group
dedicated to this end. An affordable package was created to help smaller
credit unions get their own websites up and running. Training was provided
on compliance, content and design. Many of the credit unions now rely on
CU Support Net for monthly maintenance.
CU Match Up - a credit union search program - was launched in April. It
is a user-friendly, web-based service that links potential members with credit
unions in Georgia and other states that they may be eligible to join. Site
users can search in English and in Spanish. More than 75% of
affiliated credit unions in Georgia now participate in CU
Match Up. In 2002, hits
averaged a total of 319 searches per month. From
these searches, hits were made to identified credit
unions an average of 267 times per month.
Being Present for
Our Members…
Georgia Power Northeast Credit
Union in Athens serves more than
1500 members around the country,
with a full-time staff of two people.
Manager Lisa Thurmond realized
the credit union needed to provide
information and services to their
members in a faster and more efficient way. So they worked with
CU Support Net in setting up a
website. Kristi Arrington, Director
of Internet Products, and Neal
Barbre, Web Publishing Production
Specialist, helped her design the
site and determine content. Once
the website was up, CU Support
Net continued its support with a
monthly maintenance program.
“We’re grateful for the Affiliates’
expertise - we were overwhelmed
by all the possibilities,” said
Thurmond. “They provided an
affordable way to build a website.”
Currently, the website offers information on loans and savings, but
home banking should be added
within a year. The credit union can
access statistical data about website hits on a regular basis. “We’ve
grown every month,” she said.
Leigh Anderson, Loan Officer of
Georgia Power Northeast FCU
5
Georgia Credit Union League, Inc.
BALANCE SHEETS AND INCOME STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001 (UNAUDITED).
$ 3,076,396
$ 2,980,376
$
$
Liabilities and Equity
Accounts Payable
Accrued Expenses
Other Liabilities
Retained Earnings
Total Liabilities and Equity
41,160
44,968
64,201
2,926,067
$ 3,076,396
72,413
42,512
13,092
2,852,359
$ 2,980,376
INCOME STATEMENTS
Revenue
Dues
Education and Training
Other Income
$ 1,600,751
78,647
89,159
$ 1,492,122
87,282
125,576
Total Revenue
$ 1,768,557
$ 1,704,980
$
$
Expenses
Personnel
Operations
Administration
733,826
758,076
320,299
890,674
591,242
137,653
Total Expenses
$ 1,812,201
$ 1,619,569
Operating Margin
$
(43,644)
$
85,412
Equity in Subsidiary Earnings
$
132,890
$
(23,812)
Combined Net Income
$
89,246
$
61,600
Membership Dues
Membership dues are recognized as income
when earned in the applicable membership period.
Income Taxes
The League is exempt from federal income taxes
under section 501(c)6 of the Internal Revenue
Service Code. Georgia Credit Union Services and
GCUL Acceptance Corporation are taxable corporations and account for income taxes in accordance with Statement of Financial Accounting
Standards No. 109, which was adopted as of
January 1, 1992.
2. Related Parties
Each year, the League enters into a management
contract with Georgia Credit Union Affiliates, Inc.
and Georgia Credit Union Services. Under this
contract, the League is provided with general
management and administrative support services
and the use of facilities and related equipment.
The League, Georgia Central Credit Union and
Cooperative Services, Inc. each have a one-third
ownership interest in the Affiliates.
Trisha Peacock, Treasurer
Financial Highlights
400
300
200
100
0
Total
Affiliated
6
20
02
20
01
20
00
Total
Affiliated
19
95
19
90
2,000,000
1,500,000
1,000,000
500,000
0
GCUL Board
Top(l. to r.): Jerry Johnson, Pat Conn, Joe Foster, and Rob Graybill
Middle: Phyllis Cochran, Warren Butler
Bottom: Greg Connor, Janet Davis, Phyllis Moore and Trish Peacock
Not Pictured: Marshall Boutwell and Ed Collins
TREASURER’S
R E P O R T
20
02
Total Assets
1. Summary of Significant Accounting Policies
Description of Operations
Georgia Credit Union League, Inc. (The League) is
a not-for-profit trade association comprised of
state and federal credit unions located in Georgia.
The purpose of the League is to promote the credit union movement within the state of Georgia.
Georgia Credit Union Services, Inc., a wholly
owned subsidiary of the League, is primarily in the
business of furnishing various services and supplies to credit unions within the state of Georgia.
GCUL Acceptance Corporation provides Georgia’s
credit unions with lending support services
owned 50% by the League and 50% by
20
01
2001
$ 1,275,277
10,093
1,566,113
103,927
24,966
19
90
2002
$ 1,262,533
5,650
1,687,391
100,000
20,822
20
00
NOTES TO GCUL'S FINANCIAL STATEMENTS
Assets
Cash
Prepaid Expense
Investments in Subsidiaries
Investment in CU House, LLC
Other Assets
Being present for our member credit unions requires that the Georgia Credit Union League (the League) and
subsidiary companies manage their financial affairs in a manner that protects member assets and allocates
financial resources in accordance with member needs. It is my pleasure to report that the financial position and
operating results for the year ended December 31, 2002 reflects these underlying fiscal principles.
The League’s total assets as of year-end 2002 were $3,076,395 and it maintains a strong balance sheet
with cash reserves of over $1.2 million and total retained capital of just under $3 million. The retained equity
balance equates to just over 1.8 times the primary source of revenue collected during 2002 - member dues,
and is 1.6 times annual operating expenses for 2002.
Member credit union dues collections were slightly above budgeted expectations during 2002, evidence
that the League continues to provide credit unions with a valuable source of advocacy and credit union
development activities designed to promote, protect and grow the credit union movement within the state of
Georgia. The League’s wholly owned subsidiary, Georgia Credit Union Services, Inc. also posted a profitable
year. The two organizations combined for a net operating profit of $89,246.
The December 31, 2001 financial statements of Georgia Credit Union League and subsidiaries were audited
by the independent accounting firm of Mayer, Hoffman, McCann, PC of Atlanta, Georgia during 2002. The
financial statements were certified to be in accordance with generally accepted accounting standards in all
material respects. An audit of the 2002 financial statements was being conducted at the time this report was
prepared.
19
95
BAL ANCE SHEETS
7
G E O RG I A C E N T R A L C R E D I T U N I O N
The year 2002 marked a turning point in the history of Georgia Central, and is distinguished by many critical
decisions made by the company and its Board of Directors. The first decision was daunting – the Board had to
determine the very structure and overall strategic direction of the corporate. Our verdict: to be present for our members by moving forward as a stand-alone institution. The next step was to select a new President/CEO – one who
would carry out the vision of a strong, independent corporate dedicated to member service and innovative development. That decision was a bit easier. We chose Greg Moore.
CHAIR’S
R E P O R T
The year 2002 was one of rebuilding, both for our nation and for Georgia Central Credit Union. It was also my first year with
the corporate, and I think you’ll agree that it was both busy and challenging for Georgia Central and its members. After
consolidation talk ended late in 2001, the credit union community was waiting and watching for our next move. We responded
by hiring new staff, adding products and offering exciting educational opportunities. That’s why, for us, the theme for this year’s
Annual Meeting, “Being Present for Our Members,” is so appropriate. As the year unfolded, Georgia Central moved forward –
modifying, altering, transforming, and just plain making improvements; all along the way, though, demonstrating that our ultimate
purpose remains the same – enhancing the success of our member credit unions.
It didn’t take long for Greg to prove himself as the right choice for Georgia’s credit unions; it was apparent from
the other decisions he and his management team presented to us throughout the year. Within the first six months,
the Board was called on to approve an exciting new Strategic Plan for 2003 as well as initiatives for new products
and major ventures. The Board stands behind the strategic philosophy that corporate credit unions will be stronger
if they work together instead of competing for business, and has voted to support groundbreaking cooperative
efforts. Later in 2002, we had opportunities to vote to reward members for their support in two ways: the implementation of a new Relationship Pricing program and our first-ever Patronage Dividend.
Meeting our members was very high on my list of priorities last year. Shortly after coming to Georgia Central I met many of
you at the Annual Meeting. That’s when I knew moving here was the right decision for me, as the credit unions
welcomed me with open arms, both personally and professionally. As I traveled around the state in ensuing months, I learned a
lot about credit union issues and concerns – specifically how the economic environment was impacting their business and what
Georgia Central could do to help.
The Board is very ambitious about Georgia Central’s success as a corporate credit union, and I think I speak on
behalf of every Director when I say that we could not be more pleased with the invigorated institution and its
achievements over the past year. Most importantly, we are confident in our report that Georgia Central’s strategies
for attaining success, whether old or new, will always focus on benefiting its member credit unions.
With the unfavorable interest rate environment as a pervasive factor in 2002, member-owners turned to their corporate for
advice and assistance with excess liquidity. Many credit unions, so accustomed to high loan-to-share ratios, weren’t sure how to
maximize return on this new liquidity – and every credit union was eager to find the best rates. Fortunately, Georgia Central had
the expertise within its Investment Services department to advise credit union staff about their options. In addition to one-onone consultation, the corporate hosted a high-level Economic Symposium, featuring regional and national economic experts, as
well as Investment Roundtables throughout the state.
PRESIDENT’S
R E P O R T
Sincerely,
GCCU Chair
We were able to help on the product side as well. Investments staff, committed to finding the best possible rates, became
more creative in structuring investment options. During the year, we rolled out several new products and revamped others. A
dedicated product development function was established in 2002 to ensure that Georgia Central brings optimum product
opportunities to credit unions in every segment of our business. The Product Development department, working in conjunction
with management throughout the organization, has already achieved greater efficiencies and has spearheaded our efforts to
enhance service through cooperative ventures.
You will hear a lot more this year about our pursuit of cooperative business opportunities with strategic partners. We’ve
already taken strides down this path by leading the inception of a new, shared-ownership service that would include 24 of the
existing 30 corporate credit unions, and by working with Southeast Corporate to develop a CUSO for shared data processing.
These plans in particular emphasize our awareness that partnerships will be the key to progress, growth and overall success in
the future.
Accomplishing so many of our goals last year has positioned Georgia Central well for 2003, as we turn our attention to
achieving the primary objectives defined by our Board of Directors and in the Strategic Plan. With our members’ support,
Georgia Central will continue to improve products, evaluate opportunities to increase competitiveness, and maintain the level of
service that has been our hallmark over the years. Thank you for making 2002 one of our most successful and
rewarding years ever and for your continued support.
Best regards,
GCCU President/CEO
Top (L-R): Greg Moore, Janet Davis, Gary Kyle, Mark Outler
Bottom (L-R): Buck Levins, Lin Hodges, Charlotte Ayers, Rick Foley, Betsy Mercier, Charm McCall, Mike Mercer
8
9
Georgia Central:
The Year in Review
Being Present for Our Members...structuring a
skilled senior management team.
The year 2002 was full of unprecedented challenges and unique opportunities for Georgia
Central Credit Union. Whether it was a statewide tour to introduce our new CEO or rolling out
new products, Georgia Central took every opportunity to demonstrate that we’re present for
our members. We’ve made significant structural changes to our staff, created a new
department, revamped investment offerings and introduced new products. With so much
development underway, the year was fast-paced and energetic, but most of all, rewarding, as
we responded to our members’ needs.
Moving Forward. In order to build momentum after the decision to discontinue merger
plans late in 2001, Georgia Central reorganized its staff. Changes within senior management
included the promotion of Amy Fuller to Vice President/COO and Chuck Marsh to Assistant Vice
President of Accounting and Credit Analysis. Also in the first half of the year, Cory Johnston
was hired as the Assistant Vice President of Investment Services. The Operations area is now
supervised by Angie Snow, who moved from Investments to become the Director of Operations,
and five-year veteran employee Stephanie Jones was promoted to Director of Investment Sales.
Other promotions within management included Tracy Moyer to Assistant Controller and Nakia
Gaylord to Director of Administrative Services.
Being Present for Our
Members...developing new
products and bringing them
to market.
Georgia Central expanded its Marketing/Business Development area this year to include a
dedicated product development function. Dawn Sirras was hired as Director of Product
Development. Her expertise enabled the corporate to launch a thorough due-diligence process
for pass-through products and investigate independent offerings from a range of third-parties. In
2002 Georgia Central also began proactively seeking partnership opportunities with other
corporates for product delivery. Late in the year, Dawn was promoted to Assistant Vice President,
at which time she assumed management of the Information Technology department. The two
areas integrate seamlessly because of the extensive overlap in technological expertise and project
management.
To assist with product development, Georgia Central established an External Product
Council – a group of credit union representatives who meet quarterly to discuss potential new
products and enhancements to the corporate’s existing product line. During the first meeting,
council members discussed ways to improve current products and services. They ultimately
settled on three recommendations for Georgia Central: an increase in the number of transfers
per month for the Premier Account, a push back in cut-off times and an earlier posting of daily
rate information. Georgia Central was able to implement all three recommendations within just
days of the Product Council meeting - and that was just the beginning of our sweeping product
enhancements.
10
Being Present for Our Members...working
directly with our members to meet specific
needs.
Ensuring Member Success. During 2002, Georgia Central began operating
under a new mission statement: “To enhance the success of member credit unions by
offering high-quality, innovative, competitive products and services.” We changed our
mission statement during a mid-year planning session, when the new senior management team got together for their first official strategic discussions. The group believed
that the mission statement should reflect the renewed sense of purpose that was reinvigorating Georgia Central, and that it should communicate what the organization was
striving to achieve as well as what was already accomplished. In addition to the new
mission statement, management also set core business values to guide them in meeting the company’s goals – excellence, integrity, leadership and professionalism.
Georgia Central’s new CEO, Greg Moore, recognized that even more important than
internal planning was input from our member credit unions. He established a goal right
away of meeting as many members as possible to find out what they wanted from their
corporate credit union. Greg’s aspiration led to the Summer Investment Tour where he
and Cory Johnston, AVP, Investment Services, hit the road to meet members and talk to
them about investments. The roundtables proved to be so popular with members that
we offered them again that fall. The face-to-face interaction allowed senior management to learn about members’ business and discover ways to better serve them.
During the meetings, one of the things members asked for was a wider variety of
investment products, and we responded quickly
Delivering New Products. In 2002, new and restructured investment products
were introduced to members, including Floating Rate Certificates, Fixed Callable Share
Certificates, Step-up Share Certificates and an Amortizing Certificate Program (ACP).
We also made changes to several of our existing investment tools to ensure member
value in every rate environment. The popular Fed Funds Floater certificate was
converted to a new type of share account. The changes were designed to make this
investment vehicle even more convenient for credit unions to use. In addition, we
enhanced the Compensating Balance Account by increasing the rate and tying it to the
Advantage Account.
Being Present for Our Members...delivering
professional service.
Being Present for Our Members... hitting the
road to offer insight during uncertain economic
times.
Another important addition to the Investments Department in 2002 was the
Corporate Brokerage Service. Credit unions nationwide hold 35 percent of their
investment funds in Agency Securities, a demand that Georgia Central responded to by
offering a credit union-network solution. Late last year, Georgia Central began offering
marketable securities directly to its member credit unions through a unique program
presented by Credit Union Investment Solutions, Inc. (ISI), a wholly owned subsidiary of
U.S. Central. The Corporate Brokerage Service employs a licensed dual employee, Cory
Johnston, who resides in-house at Georgia Central and can broker the sale of Agency
and Treasury securities.
In addition to new investment options, Georgia Central researched ancillary products to assist members in selecting vendors for services outside the corporate’s core
competencies. Included in this group are MemberStreet, a line of bill-payment services
designed to level the playing field for credit unions seeking to offer this option to their
own members; and eBoardroom, which enables credit unions to save significant
resources by distributing board materials and holding board discussions from remote
locations.
Being Present for Our Members...offering a
dedicated investment team.
11
Georgia Central also began looking for a replacement for the CCUN core system and Open Door
user-interface, which will no longer be available beginning in 2005. Over the course of a year, a
team of product development and information technology staff explored several alternatives.
Ultimately, the team identified a solution that offers technological sophistication, enhanced functionality and a sound business opportunity. The recommended solution was presented to Georgia
Central’s Board of Directors and they approved moving forward with the vendor, OSI, and with the
formation of a joint partnership (CUSO) with other corporates early in 2003. As a result, members
will enjoy numerous benefits, including greater efficiency and a better front-end interface.
Being Present for Our Members...
Giving members a voice through
committed staff.
Offering Financial Insight. In the midst of all the changes, Georgia Central continued to
provide the caliber of educational opportunities that members have come to expect. The
corporate’s first ever Networking and Security Seminar was held in April to provide smaller credit
unions without dedicated IT staff a better understanding of networking issues, especially
surrounding the critical matter of security. Georgia Central brought in expert speakers from
Securadigm, as well as our own Director of Information Technology, Jeff Ashe. Program participants
were so responsive that the session was offered again at the Annual Meeting and at the Georgia
Credit Union Executive Society’s summer meeting.
Georgia Central also offered the 2002 Economic Symposium last fall. This one-day event
provided credit unions with information they needed about the future of the economy for strategic
planning. As a result of the catastrophic events of September 11, 2001, the downturn in the stock
market, and the rising levels of distrust for “big business,” credit unions were facing an unfamiliar
dynamic for tackling strategic and budgetary planning. Through the expert commentary of
Drs. Jeffrey Rosensweig and Don Ratajczak, nationally known authorities on international and local
economics, Georgia Central was able to unravel some of the mystery surrounding future
expectations for credit union executives.
Being Present for Our
Members...educating members on
a range of issues that affect their
business.
Georgia Central provided additional education for members during the Summer Investment Tour.
President/CEO, Greg Moore, and AVP of Investment Services, Cory Johnston, spoke on the
economy, investing and maximizing return on excess liquidity during a series of ten roundtables
held in various locations throughout Georgia. The lingering low interest rate environment left many
executives uncertain as to how they should invest their credit union’s funds. By providing information on investment fundamentals and recommending specific alternatives, Georgia Central was able
to support its members once again through education. The roundtables also proved to be a solid
introduction to investment vehicles for new investors.
Giving Back. After an outstanding year, despite the unfavorable interest rate
environment that hampered the performance of the investment portfolio, Georgia
Central was able to reward members with a Patronage Divided and the introduction of
Relationship Pricing. In December, Georgia Central distributed a year-end patronage
dividend to member credit unions which totaled $460,000. Realizing that credit unions
have many options for financial services, the corporate awarded the dividend to show
appreciation for its member relationships. In addition, Georgia Central developed
Relationship Pricing to reward users of both fee-based and investment services by
discounting their overall cost. Staff devoted a lot of time to planning this program in a
way that ensures credit unions at every asset size will benefit.
Being Present for Our Members...ensuring
members receive the support they need.
Georgia Central supports its members through indirect channels as well. Georgia
Central is a longtime benefactor of the Georgia Credit Union Foundation. Support for this organization is
ongoing, with a budgeted annual financial contribution of $12,000. At the beginning of this year, we took
our charitable contributions to a new level by becoming a sponsor of the National Credit Union
Foundation, and through donating $15,000 to the Georgia Credit Union League’s Credit Union Progress
Fund. The purpose of this fund is to increase awareness of credit union issues among government
officials, media and civic organizations. In addition, Georgia Central sponsors employee fundraising
efforts and helps raise funds for CUPAC by sponsoring golf tournaments. We know our success
depends on the strength of our member-owners, and we’re proud to support initiatives that positively
impact them.
Creating Value. Regardless of the many programs, products and processes we put into place to
support member credit unions last year, Georgia Central is not a successful organization unless our
members find value in their relationship with the company. Each year we attempt to measure whether or
not Georgia Central creates value and meets credit union needs through the Annual Member Survey.
2002 was no exception. Survey respondents were given the opportunity to rank our performance in a
variety of areas – level of satisfaction with organization, Open Door, web site/electronic communication,
Investment Services and member contact. We’re proud to say that ratings increased from the previous
year in almost every category. Members’ overall satisfaction ranked an average of 6.17 on a 1-7 scale.
The survey results speak volumes about members’ perception of how Georgia Central performed in
2002 – much more so than a list of new products or even the financial statements. Member input, along
with the feedback that our relationships generate from credit unions throughout the year, will enable
Georgia Central to continue to be present for its members in 2003 and beyond.
Being Present for Our Members...providing
energetic leadership.
12
13
Georgia Central Credit Union
Assets
Cash Equivalents
Loans
Investments
Available for Sale
U.S. Central Credit Union
Other
Central Liquidity Facility Shares
Other Assets
Total Assets
Notes Payable
Other Liabilities
Credit Union Deposits
Capital Shares
Retained Equity
2002
$80,348,587
1,294,845
2001
$49,606,333
18,792,583
105,540,553
1,006,537,657
14,096,470
20,365,222
3,690,288
64,950,160
971,236,181
14,002,470
18,822,544
3,094,326
$1,231,873,622
$1,140,504,597
$22,034,280
80,555,182
1,047,897,499
51,777,963
29,608,698
$18,822,544
55,306,820
984,294,960
55,124,645
26,955,628
$1,231,873,622
$1,140,504,597
INCOME STATEMENTS
Income
Interest on Loans
Interest Income
Other Income
$96,634
25,299,267
749,217
$529,065
43,969,915
702,538
Total Income
$26,145,118
$45,201,518
Expenses
Interest on Borrowed Funds
Interest & Dividends on
Members’ Accounts
Personnel
Shared Services
Travel
Office Expenses
Professional Services
Marketing/Promotion
Other Expenses
$419,533
$676,451
19,936,123
1,624,539
96,009
126,788
597,345
481,874
98,157
178,223
38,023,166
1,420,220
98,002
96,247
552,073
599,423
70,163
204,178
Total Expenses
$23,558,591
$41,739,923
Net Income Before Reserve Transfer
2,586,527
3,461,595
Reserve Transfer
1,125,469
259,013
$1,461,058
$3,202,582
Net Income After Reserve Transfer
14
The economic environment for 2002 was a continuation of declining interest rates as a result of
the Federal Reserve lowering Fed Funds rates to stimulate the economy. This was reflected in
Georgia Central’s spread income, which declined from $5.799 million in 2001 to $5.040 million
in 2002. As a percent of net average assets, the spread declined from 55 basis points in 2001
to 43 basis points in 2002.
NOTES TO GCCU’S FINANCIAL STATEMENTS
BAL ANCE SHEETS
Organization
Georgia Central Credit Union (the Credit Union)
serves as a central credit union for its members.
Membership is limited to credit unions organized
under the provisions of the Financial Institutions
Code of Georgia and the Federal Credit Union Act,
credit unions organized under the credit union
laws of other states, and affiliated associations
and corporations of these credit unions.
Substantially all transactions, except banking
transactions, are with other credit unions and
related organizations, some of which are affiliates
through common membership and directors.
Transactions with members include the borrowing
and lending of money and investing in various
deposit instruments.
Total assets continued to increase in 2002, but not at
the rapid pace experienced in 2001. At the end of
2002, total assets were $1.232 billion compared to
$1.141 billion at the end of 2001. This was a 8.01%
increase. Total credit union deposits grew $63.6 million
to $1.048 billion at December 31, 2002.
$1,231,873,622
$1,140,504,597
$841,623,455
$750,571,463
$822,183,056
Income Taxes
No provision has been made for income taxes in
the accompanying financial statements because
the Credit Union is exempt from federal and state
income taxes under Section 501(C)(14) of the
Internal Revenue Code and Section 48-7-25 of the
Offical Code of Georgia Annotated, respectively.
2. Investments
Investments in U.S. Central Credit Union are stated at cost. Investments classified as available for
sale are carried at estimated market value, with
unrealized gains and losses excluded from earnings and reported as a separate component of
retained earnings. Estimated market value is
determined using quoted market prices.
3. Related Parties
Each year, the Credit Union enters into a management contract with the Georgia Credit Union
Affiliates, Inc. and Georgia Credit Union Services.
Under this contract, the Credit Union is provided
with administrative support services and the use
of facilities and related equipment. The Affiliates
is a subsidiary of Cooperative Services, Inc. (33
1/3 percent), the League (33 1/3 percent) and the
Credit Union (33 1/3 percent). On September 23,
1988, the board of directors approved a $125,000
investment which, at the time, represented oneseventh ownership in Cooperative Services, Inc.,
a processing center used initially by Georgia
credit unions.
TREASURER’S
R E P O R T
Retained Earnings
35,000,000
Due to the growth in assets, the primary capital ratio declined from
3.78% at the beginning of the year to 3.69% at year end. When
the ratio drops below 4.00%, Federal regulations require that a
corporate credit union transfer undivided earnings to reserves.
The total reserve transfer for Georgia Central in 2002 was $1.127
million. Total retained earnings grew $2.653 million to $29.6
million at year end 2002.
29,608,698
30,000,000
26,955,628
23,343,281
25,000,000
19,247,790
20,000,000
16,349,667
15,000,000
10,000,000
5,000,000
1998
1999
2000
2001
2002
Net Income Before Reserve Transfer
and Net Interest Income
6,000,000
5,000,000
Net income before reserve transfer declined $875 thousand to
$2.587 million in 2002. This was due to a decline in spread
income of $759 thousand, an increase in operating expenses of
$163 thousand, but was offset by an increase of $47 thousand in
fees and other income.
4,000,000
3,000,000
2,000,000
1,000,000
0
1998
1999
Net Income Before Reserve Transfers
2000
2001
2002
Net Interest Income
$38,247,117
$13,530,846
$38,675,493
$13,530,846
$38,946,514
$13,530,846
$29,608,698
$26,955,628
$23,343,281
$46,126,623
$19,274,790
$46,131,840
$16,349,667
15
C O O P E R A T I V E S E RV I C E S , I N C .
CHAIR’S
R E P O R T
CUSOs (credit union service organizations) are getting much more attention these days in the credit union press.
CSI is one of the most successful CUSOs in the country, having provided over a decade’s service to the 60 owners
and additional 109 customers in the Georgia credit union community. The fundamental role for CSI is to obtain
leverage in supporting the transaction activities of Georgia credit unions. Key areas of focus include payments
services, network/EFT programs and shared distribution systems. CSI operated profitably again in 2002, boosting
book value per share to $1.68.
I am pleased to report that CSI made major strides in converting its payments infrastructure from being based
on paper documents and magnetic ink to digitized images and Internet retrieval capabilities. The payments world is
moving rapidly in this direction. You will be proud to learn that CSI has partnered with credit unions in the Carolinas
to invest in imaging technologies. A new organization called CU Images was born in 2002 to bring our people and
systems together. This will save money and enhance capabilities. In another area, we can report that the
proliferation of shared branch locations continues across the country. Our shared branch subsidiary, SWIRL,
operated profitably last year and new outlet locations came on stream.
You can be proud of our staff and their accomplishments in 2002. CSI is well positioned to assist credit unions
for many years to come.
We are finally witnessing the long anticipated decline of the paper check as a means of payment at the
consumer level. Same account check writing has begun to fall off. Even with new account acquisition, total item
count declined at CSI in 2002. Debit cards, bill payment and truncation at retail outlets are combining to reduce
volume at CSI’s reader-sorters. We have reacted by moving our attention to the capture, storage and retrieval of
digitized images. In time, it will be these images that are settled between institutions. The paper will be
destroyed early in the process. For us, the transition started by making digitized check copies available to credit
union employees using browser technology. The next step involved making these images directly available to
members, which dramatically reduced operational workload and improved convenience for members. More
recently, we have started offering digitized member statements…a further expense reduction for credit unions.
Additional products using digital technologies are being explored.
EFT volumes continue to grow in CSI’s ATM, debit and credit programs. The fastest growing are the debit
card services. We are watching the national legal battle brewing between retailers and VISA-Mastercard over
who controls the transaction flow at the point of purchase. In the meantime, we expect continued growth in
credit union programs. The network of Georgia shared branch outlets now consists of 54 facilities located
throughout the state. Nationwide there are 968 locations available to participating credit union members. We
performed 1.75 million transactions in Georgia during 2002. I am very proud of the CSI staff and look forward to
serving Georgia credit unions with new innovative services in the future.
CSI and the South Carolina League’s service corporation, Credit Union
Marketing Services (CUMS)*, formed a new jointly-owned company in March
- Credit Union Images, LLC (CU Images). CU Images was formed for the
purpose of providing electronic services via the Internet to PCSI and CSI
credit unions. CU Images offers share draft image retrieval and electronic
statements over the Internet.
Share draft images can be accessed by credit union staff directly over
the Internet and through a credit union’s home banking system by members.
Eighty-five credit unions now use the Internet to look up copies of member
share drafts. By the end of 2002, eleven CSI credit unions were making
images available to their members through home banking. A recent
improvement in check image retrieval is same-day availability of images.
Credit unions can look up images immediately after their share draft files are
received from CSI for posting. Members can also retrieve images right after
their share drafts have been posted.
Electronic statements became available to credit union members
directly from CSI or through the credit union’s home banking system.
Members can receive their statements via an encrypted file that is sent to
their email address or they can come to CSI’s web site and retrieve them.
Eighteen months of eStatements will be available to the members.
Credit union members can now receive CDs - Check Image CDs containing images of all their share drafts cleared in a calendar year. They
can search for images by check number, dollar amount or date including
date ranges. Twelve hundred member CDs were sent out for 2002.
Credit unions began sending their over-the-counter checks to CSI to
be imaged and made available on CD or the Internet. This is particularly
valuable to credit unions that allow members to look up their own share draft
images through home banking. Any share drafts deposited at the credit
union would not be available for image retrieval if they were not sent to CSI
for imaging.
Check printing rebates from Deluxe and Harland continue to provide
credit unions with more than $2.4 million a year in revenue that is used to
offset check processing costs.
One hundred Georgia credit unions use ACH support services from CSI.
These services include receipt, origination and other support of ACH
services. This makes it easier for credit unions to provide ACH services for
their members.
Sincerely,
* CUMS has since changed its name to Palmetto Cooperative Services, Inc. (PCSI).
Respectfully submitted,
Ed Collins
CSI Chair
MANAGEMENT
R E P O R T
Ralph Jones
Executive Vice-President
16
PAYMENTS SERVICES
Being Present for
Our Members…
Financial Institution Data
Match services were developed to
assist credit unions with compliance in child support enforcement
regulations. These file comparison
services made it natural for CSI to
expand in support of OFAC.
OFAC – the Office of Foreign
Assets Control - is a division of the
U.S. Treasury Department that
administers and enforces economic and trade sanctions against targeted foreign countries and their
agents, terrorism sponsoring agencies and organizations, and international narcotics traffickers based
on U.S. foreign policy and national
security objectives.
All financial institutions, including credit unions, are required to
block or "freeze" property and payment of any funds transfers or
transactions involving blocked
countries or individuals, and to
report the "blocks" within 10 days
of occurrence.
CSI began offering a matching
service that will allow credit unions
to comply with the OFAC requirements in 2002. CSI can access the
master list of the SDN/Blocked
Persons from the OFAC Web page
and compare it with the records of
participating credit unions.
Another spin-off benefit has
been CSI’s ability to assist many
credit unions with CUNA’s Project
Zip Code. Each of these programs
has made compliance/participation
easier for Georgia’s credit unions.
(Standing left to right: Jerry Keenan,
Sr. VP/Payments and Betty Prewett,
VP/Check Processing; seated: Lynn
Baker, computer operator.)
17
EFT SUPPORT
SERVICES
Being Present for
Our Members…
After being with one card processor
for more than 25 years, Associated Credit
Union converted to another credit card
processor. It was a major task for the
credit union that required a lot of detail
and attention. Prior to the conversion,
Maureen Bock, director of Card Services
and her staff worked with Executive Vice
President Greg Connor of Associated CU to
analyze the credit union’s needs for card
processing and potential vendors.
CSI experienced continued growth in EFT support services. Working with
a network of business partners, credit unions were assisted in their efforts to
identify business products and services for their members at affordable
rates. Training workshops were sponsored for credit unions to keep them
informed of new programs and opportunities from business partners.
Credit card services had an exceptional year in setting up new credit
and debit card programs for credit unions. Staff assisted six credit unions
in the set-up and launch of debit programs and three credit unions with
credit card programs. Prior to setting up the programs, credit unions were
assisted in setting up financial models, completing necessary paperwork and
providing training. Program launches were often supported with customized
marketing materials developed by Marketing Services.
CSI partnered with the Illinois Credit Union League Service Corporation to
make EZ Launch available to Georgia's credit unions. The program helps
those credit unions interested in selling their credit card portfolios and in setting up new credit card programs. A program that is ideal for credit unions
that do not currently offer credit cards, EZ Launch maintains the program
once it is started.
SHARED DISTRIBUTION
Shared branching continued to grow throughout Georgia in 2002.
In Georgia, outlet locations now out perform stand-alone-centers. There are
more than 50 outlets and four service centers in Georgia. Georgia credit unions operate an additional five outlets in other states.
Transaction volume for shared branching continued its steady, strong growth,
increasing more than 8% over 2001. More than 2.4 million billable transactions were
conducted. Georgia ranks fourth in transaction volume nationwide.
CSI added images of checks deposited at shared service centers to its product
line in 2002. Credit unions can look at images of checks deposited by their members
at SWIRL-owned service centers to help reduce risk and fraud. Before, credit unions
had to request copies of suspicious items from the service centers.
Augusta Metro Federal Credit Union became the first Augusta credit union to join
the nationwide credit union shared branching network offered by CSI.
Ultimately, Associated chose a new
vendor that offered more options and better pricing. Before, during and after the
conversion, Bock worked with the credit
union’s staff to help them through the
process and the documentation.
Following the conversion, Bock was still at
the credit union to assist staff members
with follow-up training. Having the
Affiliates serve as a liaison between the
credit union and the new card processing
company helped to make the conversion a
much smoother process for Associated
Credit Union.
(Standing left to right: Zana Bramlett, ACU
Accounting Supervisor; Lin Hodges, ACU
Executive VP; and Betsy Lynn, ACU
VP/Accounting; seated left to right: Lynn
Reeves, GCUL Supervisor of Credit Cards;
Greg Connor, ACU Executive VP; Cathy Corley,
ACU’s VISA Center Manager; and Maureen
Bock, GCUL Director of Card Services.)
18
CSI Board
Top (l. to r.): Marshall Boutwell, Buck Levins, Greg Moore
Middle: George Clarke
Bottom: Jimmy Huff, Joe Williams, Sherry Thomas, Linda Finch, Warren Butler, and Billy Gibson
Not Pictured: Ed Collins, Don DeCinque, Jerry Maughon and Claude Garrett.
19
NOTES TO CSI'S FINANCIAL STATEMENTS
BAL ANCE SHEETS
Assets
Cash
Accounts Receivable
Prepaid Expenses
Furniture & Equipment
Investments in Subsidiaries
Accrued Income
Other Assets
2002
$ 1,137,767
73,274
196,105
303,252
1,602,752
980,820
12,313
2001
$ 2,553,331
92,281
45,321
715,747
1,000,679
1,286,217
75,242
Total Assets
$ 4,306,283
$ 5,768,818
$
344,582
684,822
370,763
5,494
2,060,269
(385,560)
122,527
1,103,386
$ 1,348,823
1,282,428
531,466
13,787
2,060,269
(385,560)
122,527
795,078
$ 4,306,283
$ 5,768,818
Accounts Payable
Accrued Expenses
Notes Payable
Deferred Income
Common Stock
Treasury Stock
Additional Paid-In Capital
Retained Earnings
INCOME STATEMENTS
Revenue
Payment Systems
Shared Distribution Systems
Interest Income
$ 3,371,102
1,026,583
10,547
$ 3,539,716
928,679
32,518
Total Revenue
$ 4,408,232
$ 4,500,913
Expenses
Personnel
Operations
General Administration
$ 1,909,672
1,955,980
194,305
$ 2,367,407
1,762,859
178,664
Total Expenses
$ 4,059,957
$ 4,308,930
Income from Operations
$
$
Equity in Subsidiaries
Taxes
Net Income
20
348,275
1,572
(75,000)
$
274,847
191,983
67,949
( 116,001)
$
143,931
Description of Operations
Cooperative Services, Inc. (the Company) was formed
on December 15, 1988, and began offering services
to credit unions throughout the state of Georgia in
July, 1989. The Company is owned by 60 credit
unions doing business in Georgia and Georgia Central
Credit Union. The Company performs check processing and other services for various Georgia credit
unions, including its owners.
Fixed Assets and Depreciation
Furniture, equipment and computer software are stated at cost. Depreciation and amortization are computed using the double declining balance method for furniture and equipment and the straight-line method for
computer software over the estimated useful lives of
the assets.
Income Taxes
Income taxes are accounted for in accordance with
Statement of Financial Accounting Standards No. 109,
which was adopted as of January 1, 1992.
2. Related Parties
Each year, the Company enters into a management
contract with Georgia Credit Union Affiliates and
Georgia Credit Union Services, Inc. Under this contract, the Company is provided with general management and administrative support services and the use
of related equipment. The League, Georgia Central
Credit Union and Cooperative Services, Inc. each have
a one-third ownership interest in the Affiliates.
3. Investment in Subsidiaries
The Company maintains ownership interest in the following companies as of December 31, 2002:
GCUL Acceptance Corp. - 50%
CU Images, LLC - 50%
Georgia Credit Union Affiliates - 33%
SWIRL, LLC - 31%
Credit Union Service Corp. - <20%
The past year proved to be another challenging, but successful year financially for Cooperative Services,
Inc. (CSI). Credit union check clearing volumes - the core processing activity performed by CSI - declined for
the first time since the company’s inception. In response to this trend, CSI has positioned itself for future
growth in electronic payment system processing activities, including Internet delivery of member account statements and storage and retrieval of check images. CSI effected an investment in a new company called CU
Images, LLC in order to enhance service delivery to credit unions in this area. CU Images, LLC is a jointly
owned company with the South Carolina Credit Union League services corporation.
TREASURER’S
R E P O R T
CSI ended the year with total assets of just over $4.3 million. From a liquidity standpoint, financial trends
appear to be solid, with a current ratio of 1.99 to 1 and positive working capital of almost $1.2 million. These
two ratios are an indication that CSI has the liquidity necessary to meet debt obligations that will come due
during 2003.
CSI realized total revenues during 2002 of just over $4.4 million, while managing expenses to just under
$4.1 million, resulting in a net operating margin of $348,275. CSI maintains equity investments in Georgia
Credit Union Affiliates, GCUL Acceptance Corp., Swirl, LLC and CU Images, LLC. CSI recognized net income for
the year of $274,847.
The December 31, 2001 financial statements were audited by the Atlanta, Georgia independent accounting
firm of Mayer, Hoffman McCann, PC. The firm issued an opinion that the financial statements were in accordance with generally accepted accounting standards in all material respects. In addition, the data processing
system controls and procedures were examined by the Georgia Department of Banking and Finance.
Linda Finch, Treasurer
Financial Highlights
4. Capital Stock
The Company’s authorized, issued and outstanding
shares of capital stock are as follows:
Class A voting common stock
Par Value: $1.00
Authorized: 10,000,000 shares
Issued and Outstanding: 1,316,318
Class B non-voting common stock
Par Value: $1.00
Issued and Outstanding: 28,598
Class C voting common stock
Par Value: $1.00
Issued and Outstanding: 715,353
21
Combined Credit Union Financial Statement
Combined Credit Union Financial Statement
FOR THE YEAR ENDED DECEMBER 31, 2002
ASSETS
2002 Assets
Change From 2001 Percent of Assets
2001 Assets
Cash
Cash on Hand
Cash on Deposit
$127,758,672
$1,419,994,282
N/A
N/A
1.18%
13.09%
$112,438,884
$1,364,066,857
TOTAL CASH
$1,547,752,954
4.83%
14.27%
$1,476,505,741
STATEMENT OF INCOME AND EXPENSE
Dollars of Assets
Income From Assets
Interest On Loans
Income From Investments
$458,756,815
132,534,545
TOTAL INCOME FROM ASSETS
$591,291,360
Cost of Funds
Dividend On Shares
Interest On Deposits
Interest On Borrowed Money
193,895,907
37,140,287
1,037,881
Change From 2001
Percent of Assets
-0.94%
5.45%
Loans
4.68%
3.74%
2.66%
-0.50%
552,605,831
412,539,200
302,983,249
(46,241,727)
TOTAL LOANS, NET
Loans Held for Sale
$5,651,427,132
$25,149,192
-0.12%
N/A
52.09%
0.23%
$5,658,045,781
0
Investments
Federal Agency Securities
Commercial Banks, Savings & Loans and Mutual Savings Banks
Credit Unions
Corporate Central Credit Union
Other Investments
US Government Obligations
Mutual Funds and Common Trust Investments
$1,963,208,528
502,735,032
11,367,354
692,612,364
31,699,070
5,386,400
6,062,733
39.93%
19.90%
-96.56%
182.88%
2.34%
-53.33%
-19.89%
18.10%
4.63%
0.10%
6.38%
0.29%
0.05%
0.06%
$1,403,039,268
419,297,061
330,691,631
244,847,385
30,975,336
11,541,444
7,567,747
TOTAL INVESTMENTS, NET
$3,213,071,481
31.26%
29.62%
$2,447,959,872
177,696,862
83,636,253
113,741,319
36,549,427
82.76%
13.76%
5.64%
-0.16%
1.64%
0.77%
1.05%
0.34%
97,230,394
73,521,544
107,669,308
36,608,933
$10,849,024,620
9.61%
99.77%
$9,897,541,573
2.14%
Spread Income
$359,217,285
0.10%
3.31%
Operating Expenses
Less Fee Income
$314,238,594
112,988,115
0.04%
-0.01%
2.90%
1.04%
Net Operating Expenses
$201,250,479
0.03%
1.86%
$42,558,394
-0.05%
0.39%
$115,408,412
0.08%
1.06%
$159,839
(120,403)
1,001,823
-0.12%
0.00%
0.00%
0.00%
0.00%
0.01%
$1,041,259
-0.12%
0.01%
$116,449,671
-0.04%
1.07%
$16,012,715
0.04%
0.15%
$100,436,956
0.01%
0.93%
Provision For Loan Losses
TOTAL EXTRAORDINARY ITEMS
Retained Income
Net Reserve Transfer
RETURN ON ASSETS
Credit UnionsDemographics
Offering Various
Accounts
Miscellaneous
- Accounts
250
200
150
100
50
0
LIABILITIES & EQUITY
Accounts Payable & Other Liabilities
Accrued Dividends Payable
Promissory Notes
TOTAL LIABILITIES
$88,254,790
7,180,731
2,018,992
9.73%
-46.24%
-42.29%
0.81%
0.07%
0.02%
$80,427,523
13,357,259
3,498,223
$97,454,513
0.18%
0.90%
$97,283,005
$5,306,480,937
13.99%
48.91%
$4,655,317,496
Shares & Deposits
Regular Shares
Tax Deferred Accounts
IRA/KEOGH & Retirement Accounts
10.07%
7.50%
739,526,095
Market Sensitive Accounts
Share Certificates
Money Market Accounts
1,491,003,764
540,294,441
-7.66%
32.70%
13.74%
4.98%
1,614,761,926
407,146,678
Transaction Accounts
Share Drafts
1,127,866,054
6.59%
10.40%
1,058,109,696
TOTAL SHARES & DEPOSITS
Equity
Regular Reserves
Other Reserves
Accumulated Unrealized Gains (Losses) on Investments
Undivided Earnings
22
ew
N
814,000,119
Other
Other Member Shares
Non-Member Deposits
TOTAL EQUITY
TOTAL LIABILITIES & EQUITY
Total
119,493,378
9,863,666
26.90%
-27.42%
1.10%
0.09%
94,165,662
13,589,552
$9,409,002,359
9.63%
86.73%
$8,582,617,105
$303,119,108
6,588,672
16,001,268
1,016,858,700
3.84%
-4.54%
131.65%
11.51%
2.79%
0.06%
0.15%
9.37%
$291,910,232
6,901,810
6,907,601
911,921,820
$1,342,567,748
10.26%
12.38%
$1,217,641,463
$10,849,024,620
9.61%
100.00%
$9,897,541,573
to
Au
s
an
Lo
Au
to
TOTAL ASSETS
Extraordinary Items
Gain On Investments
Loss On Disposition Of Assets
Other Non-Operating Income
U
se
d
Other Assets
Other Assets
Share Insurance Capitalization Deposit
Land and Building
Other Fixed Assets
Operating Income
M
ar
ke
tA
cc
ou
nt
s
-8.21%
-1.60%
-4.68%
16.78%
1.04%
M
on
ey
507,242,571
405,934,992
288,809,474
(53,999,855)
$232,074,075
C
er
tif
ica
te
s
1,385,110,247
555,263,736
TOTAL COST OF FUNDS
D
ra
ft
Ac
co
un
ts
13.80%
5.27%
$1,391,069,706
1,093,540,734
11,174,805
Sh
ar
e
8.13%
2.94%
13.20%
9.15%
0.08%
Bu
sin
es
sL
oa
ns
Other Loans
Unsecured Loans
Credit Card Loans
Other Loans
Allowance for Loan Losses
1,497,695,672
571,585,808
2.98%
-9.21%
-20.33%
C
re
di
tC
ar
ds
Real Estate-Secured Loans
First Mortgage Real Estate Loans
Other Real Estate Loans
$1,432,457,221
992,798,168
8,903,081
Lo
an
s
Auto-Secured Loans
Used Auto Loans
New Auto Loans
Leases
Miscellaneous Demographics Percent
Percent of Credit Unions Offering Various Accounts
100%
80%
60%
40%
20%
0%
w
Ne
Percent
s
an
Lo
to
u
A
s
an
Lo
to
u
A
ed
Us
ds
ar
it C
ed
r
C
ts
ns
un
oa
co
sL
Ac
es
t
n
af
si
Dr
Bu
e
ar
h
S
ts
un
co
Ac
t
ke
ar
yM
e
on
M
es
at
fic
rti
e
C
23
Credit Union Statistics — Chapter Data
Credit Union Statistics — Chapter Data
Augusta
Stacy Tallent
President
Number of Credit Unions
Coosa
Valley
Leah Broadaway
President
Middle
Georgia
Roy Bibb
President
Northeast
Georgia
Bob McCartney
President
District 1
Greater
Atlanta
Joe Beckner
President
District 2
Chattahoochee
Valley
Doug Putnam
President
Coastal
Empire
Don Hill
President
South
Georgia
Janie Sheffield
President
Southeast
Georgia
Ivalene Miles
President
Southwest
Georgia
Ted Simpson
President
District 3
All Credit
Unions
11
16
21
22
70
77
77
12
18
13
11
11
65
212
68,092
51,388
175,194
45,453
340,127
1,097,993
1,097,993
97,410
58,312
32,577
53,993
43,441
285,733
1,723,853
Assets ($ million)
Percent of Total Assets
249
2.3%
228
2.1%
857
7.9%
178
1.6%
1,513
13.9%
8,131
74.9%
8,131
74.9%
356
3.3%
249
2.3%
157
1.4%
309
2.9%
135
1.2%
1,205
11.1%
10,849
100.0%
Loans ($ million)
Percent of Total Loans
151
2.6%
135
2.4%
465
8.1%
110
1.9%
860
15.1%
4,109
72.0%
4,109
72.0%
208
3.6%
159
2.8%
87
1.5%
205
3.6%
77
1.3%
736
12.9%
5,705
100.0%
Shares ($ million)
Percent of Total Shares
214
2.3%
199
2.1%
742
7.9%
151
1.6%
1,305
13.9%
7,053
75.0%
7,053
75.0%
307
3.3%
214
2.3%
138
1.5%
267
2.8%
116
1.2%
1,041
11.1%
9,399
100.0%
Net Worth ($ million)
Percent of Total Ret. Capital
30
2.3%
28
2.1%
105
7.9%
26
1.9%
189
14.2%
987
74.4%
987
74.4%
47
3.5%
31
2.3%
18
1.3%
38
2.9%
18
1.3%
151
11.4%
1,327
100.0%
Employees
Percent of Total Employees
Percent of Total Members
177.0
4.8%
3.9%
119.5
3.2%
3.0%
431.5
11.7%
10.2%
95.0
2.6%
2.6%
823.0
22.3%
19.7%
2,140.5
57.9%
63.7%
2,140.5
57.9%
63.7%
192.0
5.2%
5.7%
176.0
4.8%
3.4%
89.5
2.4%
1.9%
172.0
4.7%
3.1%
102.5
2.8%
2.5%
732.0
19.8%
16.6%
3,695.5
100.0%
100.0%
Average Assets ($ million)
Average Assets per Member
Annual Asset Growth
23
$3,663
8.8%
14
$4,446
5.0%
41
$4,892
14.4%
8
$3,917
3.2%
22
$4,449
10.6%
106
$7,405
10.1%
106
$7,405
10.1%
30
$3,652
8.4%
14
$4,265
3.5%
12
$4,812
8.9%
28
$5,728
3.5%
12
$3,100
0.3%
19
$4,218
5.2%
51
$6,293
-41.8%
Average Loan per Member
Loan to Asset
Loan to Share
Annual Loan Growth
2,211
60.4%
70.5%
5.4%
2,636
59.3%
68.2%
-5.5%
2,652
54.2%
62.6%
1.4%
2,414
61.6%
72.6%
-3.0%
2,529
56.9%
65.9%
0.3%
3,742
50.5%
58.3%
0.0%
3,742
50.5%
58.3%
0.0%
2,132
58.4%
67.7%
4.4%
2,735
64.1%
74.4%
-0.5%
2,673
55.6%
63.2%
2.4%
3,795
66.3%
76.8%
-5.2%
1,767
57.0%
66.3%
0.9%
2,576
61.1%
70.7%
-0.1%
3,310
52.6%
60.7%
-46.5%
Average Share per Member
Share to Asset
3,137
85.6%
3,863
86.9%
4,236
86.6%
3,325
84.9%
3,838
86.3%
6,423
86.7%
6,423
86.7%
3,148
86.2%
3,675
86.2%
4,230
87.9%
4,938
86.2%
2,662
85.9%
3,644
86.4%
5,452
86.6%
Retained Capital to Asset
Annual Ret. Capital Growth
12.0%
1.2%
12.2%
2.9%
12.3%
4.7%
14.5%
3.0%
12.5%
3.6%
12.1%
6.5%
12.1%
6.5%
13.1%
9.3%
12.5%
-2.9%
11.3%
2.3%
12.3%
0.5%
13.1%
0.1%
12.5%
2.5%
12.2%
-43.9%
385
430
406
478
413
513
513
507
331
364
314
424
390
466
108
0.2%
-782
-1.5%
8,930
5.4%
267
0.6%
8,523
2.6%
13,121
1.2%
13,121
1.2%
2,417
2.5%
570
1.0%
1,433
4.6%
-1,206
-2.2%
463
1.1%
3,677
1.3%
25,321
1.5%
7,384
4,111
926
1,084,872
328
199
43
94,993
144
85
17
31,144
299
216
38
55,199
Members
Members to Employees
Total Membership Growth
Percent of Membership Growth
2001 STATISTICS
Assets ($ million)
Loans ($ million)
Retained Capital ($ million)
Members
24
229
143
30
67,984
218
143
27
52,170
749
458
100
166,264
173
113
25
45,186
1,369
857
182
331,604
7,384
4,111
926
1,084,872
240
160
32
57,742
134
76
18
42,978
1,145
736
148
282,056
9,898
5,704
1,256
1,698,532
25
Credit Union Statistics — By Individual Credit Union
CREDIT UNION*
MEMBERSHIP
Members
Rank by assets
All dollar amounts in thousands ($000)
26
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
Delta Employees CU
Atlanta Postal CU
Georgia Telco CU
Associated CU
Robins FCU
Lockheed Georgia Employees' FCU
Georgia FCU
TIC FCU
CDC FCU
Powerco FCU
The Southern FCU
State Employees CU
MACO Educators FCU
Glynn Teachers FCU
AFLAC FCU
The Coca-Cola Company Family FCU
State Farm Southern FCU
Emory FCU
Coosa Valley FCU
MidSouth FCU
Excel FCU
Georgia Heritage FCU
Pinnacle CU
United 1st FCU
Gwinnett FCU
Tara CU
Southeastern FCU
GEMC FCU
Fulton Teachers’ CU
Fort Stewart Georgia FCU
Georgia Power FCU
C-MAR FCU
Doco School Employees’ FCU
Mutual Savings CU
CSRA FCU
Augusta Metro FCU
NorthWest Georgia CU
Augusta VAH FCU
GPC Credit Association
Petroleum Associates FCU
GP Brunswick Emp. FCU
Rich's Emp. CU
MEA FCU
Circle 10 FCU
Health Center CU
Southern Pine CU
Atlanta City Employees' FCU
Coats FCU
Phenix FCU
Altamaha FCU
Georgia Power Northwest FCU
Fort Gordon FCU
CORE CU
B.O.N.D. Community FCU
Sea Island Employees' CU
Members Alliance FCU
Georgia DOT CU
Hallco Community FCU
Atlanta Kemba FCU
Annual
Growth
ASSETS
Amount
Percent
Change
($000)
174,088
91,381
89,345
147,496
122,886
82,826
69,299
58,238
15,865
19,625
22,123
21,341
23,371
12,561
11,314
10,604
6,279
19,376
14,329
24,797
17,173
9,452
14,572
16,582
13,800
10,884
15,654
10,731
9,329
19,152
9,741
13,264
18,410
6,816
12,825
11,172
13,483
9,093
7,554
6,338
3,343
7,409
4,251
8,438
8,998
2,071
10,975
4,572
14,844
6,661
7,702
9,677
6,547
4,156
2,952
7,766
6,504
9,258
14,021
5,292
1,063
2,970
1,548
7,333
(8,916)
2,534
2,889
1,185
568
(1,015)
(793)
180
(1,640)
1,304
1,002
55
652
(954)
1,492
(1,040)
222
163
735
1,149
840
856
12
571
898
258
797
765
292
206
(628)
(711)
449
(353)
(65)
(361)
345
135
9
358
48
531
(208)
547
78
459
(222)
(66)
143
222
(218)
45
271
644
2,300,104
1,330,898
929,954
685,828
685,479
501,141
289,219
162,808
153,148
152,139
125,943
125,499
104,965
98,629
90,037
89,167
86,998
84,733
84,694
82,846
70,491
70,112
67,281
62,943
60,898
60,188
56,587
53,210
51,449
51,224
50,528
50,020
48,603
47,970
46,948
46,503
46,502
41,911
39,259
38,276
37,848
35,480
35,411
35,072
34,574
33,840
33,547
32,832
32,451
32,327
31,818
31,508
31,014
30,213
29,878
28,425
26,060
25,425
23,848
11.95%
12.99%
8.36%
9.42%
16.41%
7.91%
8.70%
-1.04%
11.75%
10.78%
8.40%
9.98%
7.40%
5.40%
34.68%
5.13%
22.29%
12.90%
8.81%
9.73%
0.21%
-3.39%
6.46%
6.38%
21.30%
15.79%
16.23%
8.56%
21.90%
8.28%
-3.18%
3.94%
0.23%
6.50%
14.91%
3.72%
4.72%
4.63%
5.60%
-1.86%
-9.38%
5.69%
13.20%
1.50%
14.98%
5.81%
7.58%
-2.85%
2.52%
4.82%
-0.70%
9.37%
-2.62%
7.02%
20.06%
1.10%
3.15%
-11.89%
5.57%
LOANS
New &
Used Auto
($000)
286,221
194,225
164,453
179,813
174,927
165,250
68,104
52,321
22,678
26,224
30,690
34,530
29,150
26,069
15,634
25,209
24,509
30,844
19,389
29,442
14,694
10,971
16,959
26,051
21,882
14,352
19,664
13,166
18,063
13,473
16,208
14,812
12,124
15,146
19,311
12,933
9,903
10,007
9,987
14,119
5,442
9,079
12,692
9,890
14,931
5,437
13,891
6,305
10,589
6,360
9,981
6,465
7,726
2,167
1,374
6,074
8,237
9,603
8,729
Real Estate
Secured
($000)
668,480
168,029
89,089
133,108
117,438
118,031
59,174
16,899
46,901
50,803
17,952
15,305
23,804
34,837
0
25,430
0
12,841
25,827
21,870
21,649
23,703
5,513
13,246
16,616
0
9,641
9,979
9,310
6,967
12,817
21,264
3,989
10,190
9,108
10,384
6,930
9,475
6,631
1,091
6,839
3,359
8,394
2,042
7,559
4,147
2,577
8,830
1,280
5,642
2,667
5,344
10,973
17,851
20,309
351
1,882
2,180
235
Total
($000)
1,239,166
459,656
329,402
354,354
353,488
354,778
164,703
97,587
74,161
84,809
64,211
60,279
74,536
69,664
50,362
64,914
39,199
52,083
54,408
60,323
44,351
45,221
32,831
48,616
42,629
20,355
35,126
29,305
32,723
29,642
37,433
41,852
24,134
31,566
33,608
27,601
22,944
24,777
30,441
16,661
14,445
15,465
26,080
15,904
25,553
11,243
19,786
18,996
20,248
15,999
18,185
14,612
24,760
22,121
23,846
9,547
14,608
15,385
10,845
SAVINGS
Loans
to Assets
(%)
53.9%
34.5%
35.4%
51.7%
51.6%
70.8%
56.9%
59.9%
48.4%
55.7%
51.0%
48.0%
71.0%
70.6%
55.9%
72.8%
45.1%
61.5%
64.2%
72.8%
62.9%
64.5%
48.8%
77.2%
70.0%
33.8%
62.1%
55.1%
63.6%
57.9%
74.1%
83.7%
49.7%
65.8%
71.6%
59.4%
49.3%
59.1%
77.5%
43.5%
38.2%
43.6%
73.6%
45.3%
73.9%
33.2%
59.0%
57.9%
62.4%
49.5%
57.2%
46.4%
79.8%
73.2%
79.8%
33.6%
56.1%
60.5%
45.5%
Regular
Shares
($000)
1,597,800
745,837
439,659
201,240
168,955
201,201
104,440
49,542
47,835
36,099
58,860
99,474
37,513
18,452
78,142
50,290
77,251
29,061
19,774
23,908
20,451
28,801
32,840
18,255
32,830
48,221
18,159
24,462
30,151
21,556
14,675
23,316
19,440
16,489
15,882
20,162
17,108
20,885
20,429
15,265
11,084
22,247
18,722
3,562
11,109
19,194
12,702
10,471
12,338
10,449
10,586
17,190
10,863
7,331
15,128
7,714
23,483
13,137
11,916
Share
Drafts
($000)
217,534
30,132
105,096
118,602
78,768
74,092
43,930
18,359
32,232
13,991
18,507
7,520
20,611
8,734
0
24,131
0
16,506
10,194
13,542
10,622
5,555
5,135
11,822
13,492
3,764
9,209
6,655
3,227
12,468
3,739
5,462
8,909
2,031
6,731
4,690
9,774
4,171
5,629
5,446
0
4,759
944
21,733
2,495
668
3,836
2,852
4,101
3,500
3,450
4,276
3,887
14,412
5,450
1,568
0
4,037
1,756
IRAs
EMPLOYEES
($000)
Share
Certificates
($000)
($000)
Total
164,453
153,969
88,849
50,935
40,067
53,826
16,553
12,423
1,824
10,351
9,788
1,493
5,800
12,136
0
1,988
0
1,516
8,062
4,019
4,743
0
4,085
9,169
1,148
0
3,890
6,524
2,647
3,650
3,233
2,798
1,575
2,064
4,330
5,296
2,526
4,470
1,610
3,316
11,362
74
1,841
1,683
1,196
8,885
1,789
5,486
4,511
3,821
3,543
1,680
2,998
1,163
1,634
2,256
0
902
0
0
218,728
160,804
132,800
117,351
91,866
57,826
19,046
34,185
33,306
24,550
0
16,221
33,396
0
2,701
0
13,934
31,210
10,183
14,417
26,222
9,828
15,188
8,322
0
12,489
6,472
7,894
8,750
15,494
12,799
9,373
14,449
7,728
7,457
5,320
6,272
7,643
6,704
7,816
0
6,416
2,819
8,960
0
5,661
7,808
3,974
7,071
9,887
3,811
9,793
3,302
4,771
6,241
0
4,632
5,154
1,986,494
1,149,838
794,408
595,503
595,595
440,654
246,744
141,481
139,616
137,421
111,718
111,932
93,169
86,437
78,508
79,109
77,251
77,403
76,207
71,362
59,901
60,608
58,931
54,434
55,791
52,097
51,177
47,075
43,920
46,424
43,080
44,662
43,800
39,772
40,227
39,958
41,596
35,798
35,512
33,713
30,261
29,577
27,922
29,797
29,401
28,778
27,847
26,972
28,470
27,046
27,467
27,246
27,811
26,538
26,998
24,439
23,483
22,893
19,390
Savings
Per
Member
($)
11,411
12,583
8,891
4,037
4,847
5,320
3,561
2,429
8,800
7,002
5,050
5,245
3,987
6,881
6,939
7,460
12,303
3,995
5,318
2,878
3,488
6,412
4,044
3,283
4,043
4,787
3,269
4,387
4,708
2,424
4,423
3,367
2,379
5,835
3,137
3,577
3,085
3,937
4,701
5,319
9,052
3,992
6,568
3,531
3,267
13,896
2,537
5,899
1,918
4,060
3,566
2,816
4,248
6,386
9,146
3,147
3,611
2,473
1,383
Net
worth
($000)
Net
Worth
(%)
Full - Time
Equivalent
276,173
168,995
128,115
83,830
81,067
56,592
40,189
20,361
12,053
14,451
12,448
13,332
10,177
9,697
10,783
9,052
8,796
6,380
7,936
10,995
7,471
8,445
7,526
7,520
4,969
8,068
4,745
6,072
7,231
4,071
5,486
4,182
4,074
8,072
4,054
5,890
4,476
5,830
3,316
4,113
7,230
5,205
7,442
5,206
3,496
4,955
5,506
5,968
3,472
5,219
4,189
4,047
2,412
2,427
2,474
3,815
2,377
2,414
4,228
12.01%
12.70%
13.78%
12.22%
11.83%
11.29%
13.90%
12.51%
7.87%
9.50%
9.88%
10.62%
9.70%
9.83%
11.98%
10.15%
10.11%
7.53%
9.37%
13.27%
10.60%
12.05%
11.19%
11.95%
8.16%
13.40%
8.38%
11.41%
14.05%
7.95%
10.86%
8.36%
8.38%
16.83%
8.64%
12.66%
9.63%
13.91%
8.45%
10.74%
19.10%
14.67%
21.01%
14.84%
10.11%
14.64%
16.41%
18.18%
10.70%
16.15%
13.17%
12.85%
7.78%
8.03%
8.28%
13.42%
9.12%
9.50%
17.73%
280.5
125.0
231.0
270.5
317.0
184.5
151.5
127.5
62.0
43.0
72.0
24.0
56.5
47.0
10.0
27.0
6.0
47.0
40.5
53.0
45.5
36.0
34.5
56.5
30.0
19.5
43.5
15.0
12.0
60.0
25.0
35.5
51.5
16.5
46.5
38.5
29.5
19.0
13.0
10.5
9.0
15.0
14.0
14.0
22.0
5.5
27.5
12.5
27.5
15.0
16.5
23.0
22.5
10.5
10.5
12.0
4.5
21.5
8.0
27
CREDIT UNION*
MEMBERSHIP
Members
Rank by assets
28
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
MedCom FCU
ECA FCU
Hapeville Auto Employees' CU
Albany Federal Employees’ CU
University Health FCU
Human Services Employees' CU
Flowers Employees Credit League
Fort McPherson CU
Gracewood FCU
HEA FCU
American Heritage CU
Wellstar CU
Rome Kraft Employees’ CU
Interstate Unlimited FCU
Peach State FCU
Chatham FCU
Central Georgia Regional CU
North Georgia CU
1st Choice CU
Rose City FCU
Clarke Community FCU
Hercules Brunswick FCU
Workmen’s Circle CU, Inc.
Glynn County Federal Employees’ CU
Mission Partners Employees’ CU
Georgia Power Northeast CU
Piedmont Hospital FCU
Georgia State University FCU
Savannah Schools FCU
The Thrift CU
Savannah Postal CU
Coweta Cities & Co. Emp. FCU
Georgia Methodist FCU
Georgia Power Valdosta FCU
Lanier FCU
Artesian City FCU
Savannah Federal CU
Catoosa Teachers FCU
Georgia Dept. of Public Safety CU
Valdosta Teachers FCU
Stephens-Franklin Teachers FCU
All Star CU
Northside FCU
GTA CU
MARTA Employees' FCU
Nashville CU
Atlanta FCU
RIG Employees' CU
Community United FCU
Combined Employees CU
Etowah Valley FCU
Central State Hospital CU
Tom’s Credit Association
Georgia Peach CU
Atlanta Teachers FCU
Fieldale CU
The Wright FCU
Yard Wide FCU
Valdosta Educators CU
Annual
Growth
ASSETS
Amount
Percent
Change
($000)
7,815
11,262
3,773
3,509
6,991
7,733
4,353
3,969
4,574
3,903
5,605
4,717
1,906
5,548
6,643
4,761
7,037
3,742
7,993
7,400
8,583
3,121
755
1,655
1,568
1,553
4,677
3,424
3,738
3,008
2,640
3,251
2,562
2,118
2,426
2,317
1,859
1,969
2,745
1,757
1,235
1,406
2,296
2,730
3,460
2,219
4,625
861
2,461
2,996
2,865
2,853
1,747
3,833
2,330
1,727
1,313
1,709
1,340
2,118
(1,553)
144
283
(209)
24
(29)
504
103
229
(667)
14
39
80
333
325
209
(20)
95
308
289
(171)
6
41
9
40
289
(323)
(176)
(96)
68
324
163
122
(144)
31
41
58
(59)
57
55
(58)
180
77
90
15
(252)
13
223
84
35
(24)
(241)
59
(90)
45
19
(15)
122
23,043
22,057
20,369
19,445
19,346
19,096
18,943
18,435
18,151
17,350
17,276
17,130
17,102
16,451
16,428
16,396
16,395
16,266
15,511
15,041
14,590
13,977
13,803
13,653
13,508
13,249
13,130
12,935
12,893
12,887
12,273
12,264
11,966
11,865
11,230
11,170
11,135
10,843
10,046
9,993
9,784
9,523
9,520
9,505
9,416
9,382
9,264
9,253
9,235
9,100
9,073
8,656
8,592
8,455
8,371
8,311
8,232
8,062
7,926
26.30%
5.37%
14.07%
6.14%
6.22%
8.80%
-6.05%
18.01%
6.59%
11.17%
0.04%
7.40%
6.98%
-4.68%
4.85%
4.55%
7.79%
13.77%
5.45%
11.04%
14.55%
-2.84%
22.85%
5.67%
2.65%
14.79%
15.55%
8.05%
10.15%
0.03%
11.28%
5.43%
3.70%
0.60%
-6.07%
3.04%
7.18%
-0.02%
2.03%
2.18%
4.39%
2.73%
2.48%
6.66%
9.94%
1.55%
-0.45%
15.27%
12.26%
11.98%
3.48%
6.11%
10.19%
7.56%
3.63%
7.73%
10.89%
-13.71%
19.51%
LOANS
New &
Used Auto
($000)
7,144
8,585
6,316
7,637
5,151
6,698
9,689
6,273
4,901
8,257
5,457
7,895
3,926
5,238
5,097
4,794
7,904
4,583
6,747
4,446
7,232
3,375
996
5,471
3,189
4,750
6,803
3,202
4,548
3,289
4,150
8,457
5,416
5,709
3,902
4,133
3,152
4,068
3,831
3,057
2,610
3,071
3,290
4,383
2,576
2,224
3,388
2,666
3,175
5,800
4,140
704
3,794
3,193
808
2,327
2,052
3,336
1,840
Total
SAVINGS
Real Estate
Secured
($000)
($000)
Loans
to Assets
(%)
Regular
Shares
($000)
4,199
620
0
3,714
617
2,963
0
1,401
2,912
147
784
1,315
1,065
5,656
1,886
4,044
1,262
6,133
409
1,506
1,141
4,337
6,023
1,118
3,102
786
0
3,960
1,677
564
1,438
0
3,297
1,408
309
377
2,405
1,125
603
1,424
2,130
747
0
35
0
1,622
216
0
3,487
0
958
646
371
459
213
676
1,939
815
885
15,103
12,593
8,968
13,871
8,508
11,881
12,205
10,607
9,354
10,342
7,465
9,724
7,775
13,139
9,116
9,770
10,743
12,605
9,360
8,477
9,833
9,248
8,000
7,690
8,178
7,017
7,703
8,899
8,433
5,745
7,901
10,442
9,664
9,555
6,281
6,150
6,330
7,477
7,176
5,190
7,238
4,274
5,315
6,534
3,510
4,822
4,763
3,675
7,599
6,616
6,080
2,121
6,454
4,721
1,753
3,616
4,960
5,374
3,835
65.5%
57.1%
44.0%
71.3%
44.0%
62.2%
64.4%
57.5%
51.5%
59.6%
43.2%
56.8%
45.5%
79.9%
55.5%
59.6%
65.5%
77.5%
60.3%
56.4%
67.4%
66.2%
58.0%
56.3%
60.5%
53.0%
58.7%
68.8%
65.4%
44.6%
64.4%
85.1%
80.8%
80.5%
55.9%
55.1%
56.8%
69.0%
71.4%
51.9%
74.0%
44.9%
55.8%
68.7%
37.3%
51.4%
51.4%
39.7%
82.3%
72.7%
67.0%
24.5%
75.1%
55.8%
20.9%
43.5%
60.3%
66.7%
48.4%
9,247
4,495
10,102
7,034
6,937
14,125
10,752
12,003
8,043
12,004
5,327
8,263
14,211
2,963
8,810
5,698
4,513
8,873
7,013
8,134
7,582
7,057
5,345
7,001
3,074
9,650
8,178
5,416
7,679
6,406
5,761
7,498
5,061
2,105
6,191
5,394
3,226
3,823
4,206
2,218
3,296
7,067
8,281
6,543
4,191
1,866
6,409
7,569
1,684
2,684
3,852
6,713
2,914
7,237
5,547
7,174
3,137
2,333
7,119
Share
Drafts
($000)
2,602
78
193
1,434
2,178
1,595
0
2,001
2,249
1,376
799
917
0
1,896
1,562
2,072
2,804
929
1,645
689
1,707
1,142
0
1,731
0
0
971
1,402
1,341
1,415
1,169
0
1,363
547
676
827
947
264
1,201
461
551
87
0
138
588
189
437
0
706
0
1,552
0
143
0
53
0
655
143
0
IRAs
EMPLOYEES
($000)
Share
Certificates
($000)
($000)
Total
930
2,678
0
1,253
1,051
244
172
0
810
0
2,357
734
0
1,811
903
1,682
390
2,123
924
750
0
2,551
2,546
1,089
387
594
0
619
3
514
744
421
911
1,000
422
0
1,048
188
226
646
392
0
0
1,041
909
3,181
172
0
416
0
720
0
1,851
4
114
0
1,776
802
0
5,267
434
6,004
7,251
6,043
774
4,542
1,551
3,987
2,156
2,460
2,876
0
3,890
3,177
3,630
3,119
1,850
2,266
4,002
2,885
2,078
950
1,360
8,778
1,531
1,882
3,469
978
1,765
2,964
2,620
1,900
4,928
1,928
2,582
3,306
4,645
3,571
3,325
3,527
0
0
401
2,494
2,896
734
0
3,055
1,820
1,157
0
2,366
0
1,329
0
1,246
1,388
0
20,736
20,087
16,893
17,019
16,334
17,068
15,466
15,613
15,421
15,536
14,193
12,931
14,211
14,588
14,537
13,703
14,261
14,092
13,244
13,575
12,735
12,941
11,468
11,181
12,239
11,775
11,031
11,864
10,821
10,510
10,639
10,653
10,782
10,241
9,243
8,803
8,527
9,405
9,205
8,968
7,832
7,155
8,281
8,372
8,210
8,132
7,752
7,569
8,291
7,829
7,280
6,713
7,334
7,241
7,043
7,174
6,813
6,841
7,125
Savings
Per
Member
($)
2,653
1,784
4,477
4,850
2,336
2,207
3,553
3,934
3,372
3,981
2,532
2,741
7,456
2,629
2,188
2,878
2,027
3,766
1,657
1,834
1,484
4,146
15,189
6,756
7,806
7,582
2,359
3,465
2,895
3,494
4,030
3,277
4,208
4,835
3,810
3,799
4,587
4,777
3,353
5,104
6,341
5,089
3,607
3,067
2,373
3,665
1,676
8,791
3,369
2,613
2,541
2,353
4,198
1,889
3,023
4,154
5,189
4,003
5,317
Net
worth
($000)
Net
Worth
(%)
Full - Time
Equivalent
2,198
1,927
3,364
2,325
2,775
1,985
3,258
2,799
2,634
1,757
3,027
4,138
2,851
1,658
1,798
2,823
2,074
1,873
2,216
1,371
1,431
923
2,098
2,465
1,251
1,402
2,057
921
1,959
2,536
1,433
1,591
1,160
1,301
1,905
2,298
2,534
1,424
815
998
1,952
2,306
1,238
1,113
1,137
1,235
1,394
1,610
894
1,165
1,673
1,897
1,240
1,166
1,252
1,134
1,351
1,206
727
9.54%
8.73%
16.51%
11.95%
14.34%
10.40%
17.20%
15.18%
14.51%
10.13%
17.52%
24.16%
16.67%
10.08%
10.95%
17.22%
12.65%
11.51%
14.29%
9.12%
9.81%
6.60%
15.20%
18.05%
9.26%
10.58%
15.67%
7.12%
15.19%
19.68%
11.68%
12.97%
9.70%
10.97%
16.97%
20.57%
22.76%
13.13%
8.11%
9.99%
19.95%
24.21%
13.01%
11.71%
12.08%
13.17%
15.05%
17.40%
9.68%
12.80%
18.44%
21.92%
14.43%
13.79%
14.96%
13.64%
16.42%
14.96%
9.17%
25.0
15.5
5.0
11.0
8.0
9.5
8.0
7.5
11.0
11.0
7.0
7.5
3.0
12.5
10.0
15.5
17.5
7.0
13.0
9.5
14.5
12.0
0.0
6.0
3.5
3.0
6.5
5.5
7.0
6.0
10.0
4.5
4.5
5.0
6.0
5.0
5.0
5.0
6.0
9.0
3.5
3.0
3.0
2.5
6.5
5.0
6.0
1.5
5.0
6.0
7.0
3.5
4.0
3.0
3.0
0.0
4.5
3.0
1.5
29
CREDIT UNION*
MEMBERSHIP
Members
Rank by assets
30
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
G.P.A. CU
Ethicon CU
Platinum FCU
University Employees’ FCU
Augusta Seaboard System FCU
Jeff Davis CU
Three Rivers CU
Habersham County FCU
First Reliance FCU
Genuine Parts CU
BEKA FCU
Mead Employees’ CU
Federal & State Inspectors FCU
HMC Employees FCU
Memorial Medical Center FCU
Walker County Educators FCU
GDC FCU
W & A FCU
Health Employees Chatham County CU
Brosnan Yard FCU
Savannah Seaboard FCU
Multiple Employee Group FCU
Georgia Guard CU
IBEW Local 613 CU
Georgia Power Macon FCU
Keebler Employees’ FCU
GEPCO FCU
Hutcheson FCU
South Dekalb Church FCU
Coffee County Teachers FCU
Dixsea FCU
Chevron Southern CU
Flint FCU
RCT FCU
Ware County School Employees’ FCU
Cleaners CU
Locoga FCU
Towns-Union Educators' FCU
City Employees’ CU
Mercy FCU
Macon Firemen’s CU
Oconee CU
Colquitt County Teacher FCU
Flint River Employees FCU
Savastate Teachers FCU
World FCU
Greater Atlanta Catholic FCU
Central of Georgia FCU
ELCO FCU
RICH-SEAPACK FCU
Patterson Pump FCU
Murray County FCU
Floyd County Postal Employees CU
Harris Employees’ CU
Local 461 FCU
GA PA FCU
Coastal Georgia FCU
Grant Park S.A.N.D. Community FCU
Wheat Street Church FCU
Annual
Growth
ASSETS
Amount
Percent
Change
($000)
1,072
1,283
1,652
3,062
1,746
1,415
3,497
1,377
1,275
1,226
994
1,663
799
1,827
2,773
993
1,139
1,649
573
1,142
1,701
1,350
3,198
1,756
1,249
683
782
938
4,209
1,132
1,706
729
680
2,484
674
539
928
482
1,793
1,561
689
1,003
1,004
451
602
1,743
900
837
630
729
449
330
509
350
561
325
435
471
789
55
16
748
42
(22)
(39)
173
(117)
(4)
28
(64)
163
(8)
227
(665)
22
(4)
(48)
(24)
(8)
(66)
(161)
884
(119)
(62)
55
3
19
312
(15)
(224)
1
25
118
27
(121)
(44)
15
355
38
6
(4)
(215)
5
15
34
(116)
(59)
40
(119)
(55)
3
10
3
(27)
(30)
(72)
8
17
7,664
7,247
6,696
6,686
6,684
6,479
6,435
6,263
6,022
5,998
5,933
5,691
5,447
5,369
5,207
5,085
4,786
4,678
4,456
4,411
4,304
4,115
4,081
4,037
3,823
3,810
3,633
3,212
3,209
3,185
3,145
3,123
3,084
3,078
3,078
2,970
2,841
2,801
2,778
2,755
2,679
2,526
2,491
2,324
2,315
2,287
2,272
2,263
2,125
2,100
2,052
1,842
1,769
1,682
1,662
1,528
1,471
1,443
1,369
8.14%
7.75%
190.26%
11.41%
8.60%
-5.79%
0.14%
11.45%
-0.28%
4.99%
-3.32%
-0.86%
-9.09%
-0.99%
7.49%
9.55%
-15.61%
-17.20%
12.42%
0.45%
0.40%
1.09%
111.90%
17.59%
7.10%
-0.19%
4.44%
2.53%
16.08%
4.93%
2.38%
6.21%
15.27%
18.92%
8.85%
-11.11%
0.14%
15.97%
-7.25%
-12.01%
1.38%
4.06%
0.32%
4.79%
14.40%
-0.20%
-11.94%
-7.93%
23.93%
-12.62%
26.42%
21.03%
7.51%
26.55%
-17.12%
2.89%
-2.30%
2.64%
-1.79%
LOANS
New &
Used Auto
($000)
4,806
1,941
2,708
2,913
3,176
687
2,454
3,735
2,375
2,772
2,023
2,511
2,198
2,936
1,663
2,510
1,941
2,492
1,985
1,255
1,133
474
2,337
1,858
1,757
865
2,136
1,528
1,883
676
840
1,141
1,009
1,363
1,403
295
1,260
629
1,047
1,490
1,042
690
619
1,166
993
771
1,126
906
824
971
842
590
855
427
804
711
270
321
492
Total
SAVINGS
Real Estate
Secured
($000)
($000)
Loans
to Assets
(%)
Regular
Shares
($000)
Share
Drafts
($000)
206
2,231
0
62
11
951
684
366
147
0
587
0
1,192
0
0
155
0
25
729
95
433
291
0
0
0
989
0
0
0
0
130
0
364
0
674
31
0
0
97
0
9
153
0
0
0
0
89
0
0
0
0
0
0
70
0
0
0
457
35
6,495
5,190
5,565
3,563
4,053
2,462
4,236
5,120
3,739
3,308
3,964
3,275
4,336
3,837
2,244
3,365
2,566
3,315
3,213
2,400
2,218
936
2,733
2,642
2,380
2,232
2,651
2,316
2,129
1,513
1,950
1,476
1,908
2,243
2,474
1,969
1,811
1,042
1,543
2,183
1,929
1,091
965
1,618
1,531
1,462
1,664
1,160
1,562
1,224
1,164
814
1,290
664
1,175
958
480
887
877
84.7%
71.6%
83.1%
53.3%
60.6%
38.0%
65.8%
81.7%
62.1%
55.2%
66.8%
57.6%
79.6%
71.5%
43.1%
66.2%
53.6%
70.9%
72.1%
54.4%
51.5%
22.7%
67.0%
65.4%
62.3%
58.6%
73.0%
72.1%
66.4%
47.5%
62.0%
47.3%
61.9%
72.9%
80.4%
66.3%
63.8%
37.2%
55.5%
79.2%
72.0%
43.2%
38.7%
69.6%
66.1%
63.9%
73.2%
51.2%
73.5%
58.3%
56.7%
44.2%
72.9%
39.5%
70.7%
62.7%
32.6%
61.4%
64.1%
3,884
3,209
2,595
5,387
3,563
2,467
1,173
3,758
2,382
4,226
3,447
4,062
1,677
3,801
3,139
2,452
2,268
3,618
911
669
2,658
2,231
1,792
2,268
1,481
2,038
1,225
901
2,407
2,943
2,141
2,638
2,480
1,747
887
2,015
1,270
2,514
1,302
1,813
709
2,156
587
730
1,903
985
669
930
945
906
1,795
1,642
1,450
1,414
714
262
871
1,199
1,230
0
261
0
91
156
0
491
0
237
0
0
208
15
0
209
0
0
158
0
0
430
136
272
402
56
0
97
112
280
0
0
0
0
14
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
35
0
0
0
0
0
0
0
0
0
IRAs
EMPLOYEES
($000)
Share
Certificates
($000)
($000)
Total
56
1,010
0
0
1,026
0
1,287
445
1,242
0
334
0
632
0
141
0
1,118
167
0
161
0
0
272
0
33
290
0
0
15
0
175
0
193
39
0
0
0
0
97
0
0
0
0
294
0
0
256
131
0
0
0
0
0
0
30
294
0
0
0
2,780
1,376
3,890
297
1,071
2,262
2,203
22
1,142
0
1,406
0
2,018
502
424
1,339
92
222
2,681
0
397
467
1,108
771
1,847
744
1,924
928
358
0
510
0
0
927
1,920
592
1,083
0
846
509
1,615
0
0
639
0
639
1,151
956
866
753
0
0
0
0
617
439
0
0
0
6,719
5,975
6,485
5,775
5,816
4,966
5,244
4,560
5,024
4,226
5,187
4,270
4,398
4,302
4,038
3,791
3,512
4,164
3,592
3,651
3,485
2,946
3,473
3,483
3,462
3,111
3,247
1,971
3,090
2,943
2,860
2,638
2,674
2,784
2,808
2,607
2,353
2,514
2,245
2,322
2,324
2,156
1,844
1,758
1,903
1,624
2,077
2,016
1,833
1,694
1,795
1,642
1,450
1,416
1,360
1,247
871
1,199
1,230
Savings
Per
Member
($)
6,268
4,657
3,926
1,886
3,331
3,509
1,500
3,312
3,940
3,447
5,219
2,568
5,505
2,355
1,456
3,818
3,084
2,525
6,269
3,197
2,049
2,183
1,086
1,984
2,772
4,555
4,152
2,102
734
2,600
1,676
3,618
3,932
1,121
4,166
4,837
2,536
5,216
1,252
1,487
3,373
2,149
1,836
3,898
3,162
932
2,307
2,409
2,910
2,323
3,998
4,975
2,850
4,047
2,425
3,836
2,002
2,545
1,559
Net
worth
($000)
Net
Worth
(%)
Full - Time
Equivalent
862
1,231
172
853
856
1,511
1,121
1,695
977
1,758
722
1,417
1,036
1,006
1,144
1,274
1,269
484
819
754
784
1,146
586
484
353
677
366
718
116
238
275
469
387
274
270
349
482
274
321
422
330
366
641
550
404
631
146
239
277
405
256
183
282
202
286
267
621
138
132
11.25%
16.98%
2.57%
12.76%
12.81%
23.32%
17.43%
27.07%
16.22%
29.31%
12.17%
24.89%
19.01%
18.74%
21.98%
25.06%
26.51%
10.34%
18.39%
17.09%
18.22%
27.85%
14.36%
11.98%
9.24%
17.76%
10.07%
22.36%
3.61%
7.46%
8.75%
15.00%
12.54%
8.91%
8.78%
11.73%
16.96%
9.79%
11.56%
15.30%
12.33%
14.50%
25.75%
23.65%
17.46%
27.60%
6.43%
10.56%
13.02%
19.31%
12.47%
9.96%
15.96%
11.99%
17.23%
17.49%
42.23%
9.56%
9.63%
2.0
3.5
5.0
5.0
4.0
7.0
7.5
1.0
4.5
2.0
2.5
3.0
3.0
3.0
5.0
1.0
3.0
3.5
1.5
2.0
5.0
4.0
5.0
0.0
2.0
2.0
2.0
3.0
6.0
2.0
3.0
1.5
1.0
3.0
1.5
2.0
2.5
0.5
2.5
3.0
2.0
2.0
1.0
2.0
1.0
2.0
1.0
2.5
2.5
2.0
0.5
0.5
1.5
0.5
2.0
1.5
0.5
1.0
1.5
31
CREDIT UNION*
MEMBERSHIP
Members
Rank by assets
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
Constar CU
Moultrie Employees FCU
PiCo FCU
Ledger-Enquirer FCU
CRMC Employees' CU
Roper Corp. Employees CU
Berrien Teachers FCU
Omega Psi Phi Fraternity FCU
#1 FCU
Glynn-Brunswick Mem. Emp. FCU
HCA Georgia FCU
SPC FCU
Educators' CU
Madison County Georgia FCU
Macon Water Works CU
Engelhard Employees CU
DEA FCU
Richmond Cty. Health Dept. Emp. CU
Rabun-Tallulah FCU
Macon Police CU
Smith and Sons Employees CU
Chattahoochee FCU
MCTEA FCU
Bestwall Brunswick FCU
Nekoosa FCU
PWR FCU
Dairy-Pak Athens CU
Golden FCU
City of Hope FCU
Tabernacle FCU
Big Bethel A.M.E. Church FCU
FAB Church CU
AHAE FCU
Stephens County Community FCU
Piney Grove Community FCU
Totals
32
Annual
Growth
ASSETS
Amount
Percent
Change
($000)
LOANS
New &
Used Auto
($000)
Real Estate
Secured
($000)
SAVINGS
Total
($000)
Loans
to Assets
(%)
Regular
Shares
($000)
Share
Drafts
($000)
($000)
Share
Certificates
($000)
($000)
1,032
1,148
1,035
1,077
1,037
957
972
999
440
738
669
622
740
607
545
405
409
446
381
314
265
70
306
324
308
157
171
151
179
148
128
83
13
53
38
0
0
0
0
0
0
0
0
6
0
35
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
121
0
0
0
0
0
0
0
0
0
92
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
46
0
0
0
0
202
0
14
234
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,075
1,148
1,035
1,123
1,037
957
972
999
649
738
839
856
740
607
545
405
409
446
416
314
357
70
306
324
308
157
171
151
179
148
128
83
13
53
38
$5,306,481 $1,127,866
$814,000
1,062
452
755
438
518
829
290
1,313
420
729
939
1,098
681
250
185
390
216
300
181
289
587
250
303
112
78
223
206
222
424
232
350
287
182
165
79
(48)
40
22
(18)
52
15
9
(77)
(6)
(71)
11
112
(29)
13
(5)
0
4
(27)
0
25
(46)
0
8
0
(1)
2
(1)
(1)
0
(18)
(50)
(1)
(142)
42
2
1,314
1,306
1,274
1,258
1,226
1,140
1,125
1,069
1,047
1,014
918
916
819
694
620
613
554
523
520
517
477
475
458
430
400
334
312
282
245
167
142
112
109
69
47
11.31%
0.37%
-1.57%
-19.03%
26.62%
6.93%
10.74%
6.18%
-8.81%
7.50%
-7.61%
23.27%
11.16%
18.24%
17.94%
24.28%
2.51%
25.97%
6.43%
-3.19%
3.71%
48.55%
4.08%
-16.02%
4.60%
4.50%
-0.18%
-6.09%
N/A
10.80%
5.64%
-26.87%
-91.84%
8.61%
5.30%
583
380
373
591
452
86
633
55
766
456
533
461
416
331
0
85
6
146
173
0
16
77
91
199
210
16
31
80
0
0
0
0
49
0
0
0
0
269
0
0
0
0
49
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
993
766
875
680
643
532
816
380
946
769
754
595
547
408
384
316
150
216
269
143
240
129
285
274
223
206
78
198
0
20
32
63
55
13
11
75.6%
58.6%
68.7%
54.1%
52.4%
46.7%
72.5%
35.6%
90.4%
75.8%
82.1%
65.0%
66.8%
58.9%
62.0%
51.6%
27.1%
41.3%
51.7%
27.7%
50.3%
27.1%
62.4%
63.8%
55.7%
61.8%
25.0%
70.2%
0.0%
11.9%
22.3%
56.3%
50.6%
18.3%
24.3%
1,723,853
28,932
$10,849,025
9.73%
$2,425,255
$2,069,281
$5,705,427
52.6%
IRAs
EMPLOYEES
Total
$1,491,004 $9,399,139
Savings
Per
Member
($)
Net
worth
($000)
Net
Worth
(%)
Full - Time
Equivalent
1,012
2,539
1,371
2,565
2,002
1,154
3,350
761
1,544
1,013
893
779
1,087
2,428
2,947
1,038
1,896
1,485
2,299
1,086
608
280
1,011
2,895
3,947
706
831
681
423
639
367
290
69
320
480
237
150
220
125
187
182
152
67
393
272
73
56
77
85
71
149
138
77
104
201
120
15
150
103
80
174
137
125
4
19
13
28
96
16
9
18.01%
11.51%
17.31%
9.92%
15.25%
15.93%
13.46%
6.23%
37.54%
26.77%
7.96%
6.09%
9.45%
12.27%
11.38%
24.24%
24.94%
14.79%
19.94%
38.89%
25.13%
3.07%
32.76%
23.94%
20.12%
52.15%
43.92%
44.32%
1.47%
11.30%
8.92%
24.60%
88.37%
22.89%
18.54%
2.0
1.5
2.0
1.0
1.0
2.0
1.0
0.5
1.5
1.5
1.0
2.0
1.0
0.5
1.0
1.5
0.5
1.0
0.5
1.0
1.0
1.0
1.5
0.0
0.0
1.0
1.0
1.0
1.0
1.0
0.0
0.0
0.5
0.0
0.5
$1,326,566
3,695.5
33
Index of Rankings by Alphabet
RANK
34
CREDIT UNION NAME
RANK
CREDIT UNION NAME
RANK
CREDIT UNION NAME
RANK
CREDIT UNION NAME
186
#1 FCU
78
1ST Choice CU
190
Educator’s CU
45
Health Center CU
107
RIG Employees' CU
167
ELCO FCU
137
Health Employees Chatham County CU
5
15
Robins FCU
AFLAC FCU
18
Emory FCU
81
Hercules Brunswick FCU
72
Rome Kraft Employees' CU
210
AHAE FCU
193
Engelhard Employees CU
132
HMC Employees’ FCU
183
Roper Corp. Employees’ CU
63
Albany Federal Employees' CU
120
Ethicon CU
65
Human Services Employees' CU
79
Rose City FCU
101
All Star CU
110
Etowah Valley FCU
146
Hutcheson FCU
96
Savannah Federal CU
50
Altamaha FCU
21
Excel FCU
142
IBEW Local 613 CU
90
Savannah Postal CU
70
American Heritage CU
209
FAB Church
73
Interstate Unlimited FCU
88
Savannah Schools FCU
95
Artesian City FCU
131
Federal & State Inspectors FCU
124
Jeff Davis CU
139
Savannah Seaboard FCU
4
Associated CU
115
Fieldale CU
144
Keebler Employees’ FCU
163
Savastate Teachers FCU
47
Atlanta City Employees' FCU
127
First Reliance FCU
94
Lanier FCU
55
Sea Island Employees' CU
106
Atlanta FCU
151
Flint FCU
181
Ledger-Enquirer FCU
168
RICH-SEAPAK FCU
59
Atlanta Kemba FCU
162
Flint River Employees FCU
173
Local 461 FCU
198
Smith and Sons Employees CU
2
Atlanta Postal CU
66
Flowers Employees’ Credit League
6
Lockheed Georgia Employees' FCU
147
South Dekalb Church FCU
114
Atlanta Teachers FCU
171
Floyd County Postal Employees’ CU
155
Locoga FCU
27
Southeastern FCU
36
Augusta Metro FCU
52
Fort Gordon FCU
13
MACO Educators FCU
46
Southern Pine CU
123
Augusta Seaboard System FCU
67
Fort McPherson CU
159
Macon Firemen's CU
189
SPC FCU
38
Augusta VAH FCU
30
Fort Stewart Georgia FCU
197
Macon Police CU
12
State Employees CU
54
B.O.N.D. Community FCU
29
Fulton Teachers' CU
192
Macon Water Works CU
17
State Farm Southern FCU
129
BEKA FCU
119
GPA CU
191
Madison County Georgia FCU
211
Stephens County Community FCU
184
Berrien Teachers FCU
174
GA-PA FCU
104
MARTA Employees' FCU
100
Stephens-Franklin Teachers FCU
201
Bestwall Brunswick FCU
135
GDC FCU
200
MCTEA FCU
207
Tabernacle FCU
208
Big Bethel A.M.E. Church
28
GEMC FCU
43
MEA FCU
26
Tara CU
138
Brosnan Yard FCU
128
Genuine Parts CU
130
Mead Employees' CU
16
The Coca-Cola Co. Family FCU
97
Catoosa Teachers FCU
98
Georgia Dept. of Public Safety CU
60
MedCom CU
11
The Southern FCU
9
CDC FCU
57
Georgia DOT CU
56
Members Alliance FCU
89
The Thrift CU
76
Central Georgia Regional CU
7
Georgia FCU
133
Memorial Medical Center FCU
116
The Wright FCU
166
Central of GA FCU
141
Georgia Guard CU
158
Mercy FCU
125
Three Rivers CU
111
Central State Hospital CU
22
Georgia Heritage FCU
20
MidSouth FCU
8
TIC FCU
75
Chatham FCU
92
Georgia Methodist FCU
84
Mission Partners Employees’ CU
112
Tom's Credit Association
199
Chattahoochee FCU
113
Georgia Peach CU
179
Moultrie Employees’ FCU
156
Towns-Union Educators' FCU
150
Chevron Southern CU
31
Georgia Power FCU
140
Multiple Employee Group FCU
24
United 1st FCU
44
Circle 10 FCU
143
Georgia Power Macon FCU
170
Murray County FCU
122
University Employees' FCU
157
City Employees’ CU
85
Georgia Power Northeast CU
34
Mutual Savings CU
64
University Health FCU
206
City of Hope FCU
51
Georgia Power Northwest FCU
105
Nashville CU
118
Valdosta Educators CU
80
Clarke Community FCU
93
Georgia Power Valdosta FCU
202
Nekoosa FCU
99
Valdosta Teachers FCU
154
Cleaners CU
87
Georgia State University FCU
77
North Georgia CU
136
W & A FCU
32
C-MAR CU
3
Georgia Telco CU
102
Northside FCU
134
Walker County Educators FCU
175
Coastal Georgia FCU
145
GEPCO FCU
37
Northwest Georgia CU
153
Ware County School Employees’ FCU
48
Coats FCU
187
Glynn-Brunswick Mem. Hosp. Emp. FCU
160
Oconee CU
71
Wellstar CU
148
Coffee County Teachers FCU
83
Glynn County Federal Employees' CU
185
Omega Psi Phi Fraternity
177
Wheat Street Church FCU
161
Colquitt County Teachers FCU
14
Glynn Teachers FCU
169
Patterson Pump FCU
82
Workmen's Circle CU, Inc.
109
Combined Employees CU
205
Golden FCU
74
Peach State FCU
164
World FCU
108
Community United FCU
41
GP Brunswick Emp. FCU
40
Petroleum Associates FCU
117
Yard Wide FCU
178
Constar CU
39
GPC Credit Association
49
Phenix FCU
19
Coosa Valley FCU
68
Gracewood FCU
180
PiCo FCU
53
CORE CU
176
Grant Park - S.A.N.D. Community FCU
86
Piedmont Hospital FCU
91
Coweta Cities & County Employees' FCU
165
Greater Atlanta Catholic FCU
212
Piney Grove Community FCU
182
CRMC Employees' CU
103
GTA CU
23
Pinnacle CU
35
CSRA FCU
25
Gwinnett FCU
121
Platinum FCU
204
Dairy-Pak Athens CU
126
Habersham County FCU
10
Powerco FCU
194
DEA FCU
58
Hallco FCU
203
PWR FCU
1
Delta Employees’ CU
62
Hapeville Auto Employees' CU
196
Rabun-Tallulah FCU
149
Dixsea FCU
172
Harris Employees CU
152
RCT FCU
33
Doco School Emp. FCU
188
HCA Georgia FCU
195
Richmond Cty. Health Dept. Emp. CU
61
ECA FCU
69
HEA FCU
42
Rich's Emp. CU

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