Annual Report 2010 - Georgia United Credit Union

Ta b l e o f C o n t e n t s & S t a n d a r d s
A Message to Our Members
1
About Georgia United
2-3
President’s Report
4-5
Chairman’s Report
6-7
Supervisory Committee Report
8-9
Treasurer’s Report
10-11
Consolidated Financial Statements
12-13
Credit Unions have served Americans for over 100 years.
Georgia United Credit Union marked our 52nd year of
service to members in 2010 and strives to follow these
guidelines every day:
Our Core Values
• Respect
• Integrity
• Empathy
• Trust
Our Core Business Principles
• Knowledgeable Employees
• Exceptional Service
• Innovation
• Financial Strength
Our Vision
“To become the financial institution and employer of
choice by consistently exceeding member and employee
expectations.”
Know someone who would benefit from Georgia
United membership?
• Refer family members
• Refer a co-worker
• Refer your friends
• Refer your employer or company
Send an email to [email protected] or call
(770) 493-4328, and ask to speak with an E-Branch
representative today!
A Message to Our Members
From Cigar Box to Laptop ... Changing with the Times
In 1958, seven DeKalb County school teachers deposited $5.00
each into a cigar box to fund DeKalb County Teachers Federal
Credit Union. The idea of offering financial services at fair rates
through a cooperative was well-received, and our credit union
grew like the communities we served.
The financial services industry continues to experience many
challenges and consolidations. The transition from Georgia
Federal Credit Union to Georgia United is an example of how a
strong, healthy credit union can take pro-active steps to position
our organization for continued success and growth in the years
to come. We look forward to offering our services to additional
communities, expanding our service offerings, adding locations,
and partnering with other credit unions that share our vision.
In 1983, the credit union decided to expand and offer their
services to additional school systems and member groups and
became Georgia Federal Credit Union. Our first branch office was
opened that year and the number of county school systems served
increased to 10 and the number of companies who joined GFCU
soon increased to 450.
Our new state charter doesn’t change the fact that your funds are
federally-insured for up to $250,000 by the full faith and credit of
the United States government. IRAs are separately insured up to
an additional $250,000. Plus, you can structure account ownership
to insure more than $250,000.
In the fall of 2010, your credit union made another change
to position ourselves for future growth. We requested a
membership vote to allow us to convert from a federallychartered credit union to a state charter. Our 85,000 members
overwhelmingly approved this change and our name changed to
Georgia United Credit Union in December, 2010.
Because we are a member-owned, not-for-profit financial
institution, you have access to higher savings yields, lower loan
rates and lower fees than commercial banks. So, when you have
a financial need, always think of your credit union first. As a
member-owner, you will be helping yourself and other members
each time you do business with Georgia United Credit Union!
Just as technology and popular culture changes, your credit union
is constantly evolving and adapting to today’s competitive financial
environment to deliver the financial products you want, in the
manner you want them! A lot has changed since those early
days — but not our commitment to you!
1908 First U.S. credit union, St. Mary’s
Bank, opens its doors to serve
members, Manchester, N.H.
1934 The Federal Credit Union Act
is signed into law by President
Franklin D. Roosevelt.
1920 State credit union leagues
are organized in Alabama,
Georgia, Illinois, Indiana, Iowa,
Minnesota, Missouri, North
Carolina, and Virginia.
1958 Our credit union was founded
as DeKalb County Teachers
Federal CU in Decatur, GA by
DeKalb principal Vernon Carne
and six other educators with
$35 total deposits on March 27.
The NCUA granted our charter
on April 8, 1958.
Membership fee of 25 cents
was charged to join and par
value of shares was $5 with a
maximum deposit of $1,000.
The DCTFCU office was located
in a one room office at 116
Clairmont Road in the DeKalb
Federal Savings and Loan
Building. Open every Tuesday
4 p.m. to 7 p.m.
1967 DeKalb County Teachers FCU
passes $1 million in assets,
purchases house on North
Indian Creek Drive in Clarkston
to move into own facility.
According to Doris Morrow,
former long-term employee,
“Members were told to go into
the pink room or the green
room to close their loans, our
files were in the kitchen and our
vault was in the pantry."
1
About Georgia United
Thank you for choosing Georgia United Credit Union for your financial services.
Georgia United is a not-for-profit financial cooperative that
serves over 85,000 member-owners from the following
eligible member groups:
• Select school systems including: DeKalb, Forsyth,
Rockdale, Newton, Henry, Dawson, Whitfield, Laurens,
Clarke, and Madison counties; Dalton City, Dublin
City, Georgia Perimeter College, Agnes Scott College,
DeKalb Technical College, Mercer University, Oglethorpe
University, American Intercontinental University, DeVry
University, Dalton State College; and numerous private
and parochial schools
• 450+ select companies
• Members and employees of the Archdiocese of Atlanta
• The communities of Clarke and Laurens counties, and the
cities of Norcross and Cumming
• Faculty, Staff, Students and Alumni of The University
of Georgia
• Retirees, volunteers and family members of the
above groups
We pride ourselves on providing great service, community
support and convenience. We offer financial products to
help you through every stage of life — from setting up your
very first savings account and buying your first new car
to financing your retirement home on the lake. And, our
people are here to make the process as easy as possible.
2
Savings
• Share Savings Accounts
• Christmas and Vacation Savings Clubs
• “You Name It” Savings Accounts
• Individual Retirement Accounts –
Traditional, Roth and Education
• Sterling Fund Money Market Account
• Share Certificates
Checking
• Checking Accounts with Identity Theft 911 protection
• Free Checking (with Direct Deposit or e-statements)
• Student Checking
• Thrifty Checking
• Premier Checking
Life Stage Accounts
• Super Saver Kids Club
• CU Succeed Teen Club
• CU College Club
• Upper Class Account for Seniors
Convenience Services
• ATM & Visa® Check Cards
• Direct Deposit/Payroll Deduction
• E-Branch Call Center
• Instant Access 24 Hour Telephone Teller Service
• Web Site www.georgiaunitedcu.org
• Georgia United Online PC Banking
• Georgia United Bill Pay
• Georgia United Mobile Banking
• CU Service Center Network Access
• Supplemental Insurance
Loans for Real Life
• Visa Gold & Platinum Credit Cards
• Consumer Loans
• Vehicle Loans
• Car Locator/Buying Service
• Boat & RV Loans
• Mortgage Loans — including FHA, First Time Homebuyers
• Home Equity Lines of Credit
• Universal Loans “for anything in the world”
• Real Estate & Land Loans
Investments and Insurance
• The MEMBERS Financial Services Center*
*Representatives are registered through, and securities are sold through, CUNA Brokerage Services, Inc. (CBSI), member NASD/
SIPC, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (866) 512-6109. Insurance sold through licensed CUNA Mutual Life
Insurance Company representatives, and in New York, licensed representatives of other companies. Non-deposit investment
products are not federally insured, involve investment risk, may lose value, and are not obligations of, or guaranteed by, the
Credit Union.
1970 Legislation creates the National
Credit Union Administration
(NCUA) and the National Credit
Union Share Insurance Fund
(NCUSIF) is created.
1974 Credit Union National
Association (CUNA) starts a
pilot program for share drafts
(checking accounts) for credit
unions and selects DeKalb
County Teachers FCU as one
of the first four credit unions in
U.S. to offer checking accounts.
1977 DCTFCU builds and opens
two-story office with ATM and
drive up lanes at North Indian
Creek property.
Top Scholarship Winner
Congratulations to Shelly Anne Evans of Starr’s Mill High School, our top high
school scholarship winner. Georgia United awarded $12,500 in scholarships in our
Vernon E. Carne and Archbishop Donoghue Scholarship programs in 2010.
1981 Interest rates reached their
highest levels in history and
many banks and savings and
loans lose billions. DCTFCU
remains profitable and
introduces Saturday hours.
1983 DeKalb Teachers FCU celebrates
25 years in business by reaching
$25 million in assets and
changes name to Georgia
Federal Credit Union.
GFCU opens first branch
office same year in Lithonia,
and introduced money market
accounts and Individual
Retirement Accounts.
GFCU also accepted the Carpet
Capital Credit Union in Dalton
through a merger and opened
a Dalton Branch this same
year. Warren Butler joined us
as Dalton Manager (footnote:
Warren is now our CEO!);
1984 Third location opens at
4448 Tilly Mill Road in north
DeKalb County.
3
President's Report
“We’re united in our commitment to serve you.”
I have seen many changes in the financial services
industry since I joined Georgia United, formerly Georgia
Federal, in 1983. Product offerings, technology and
automation have evolved greatly to enhance our members’
lives. Almost every year brings something new and
improved from the year before.
Warren Butler
President & CEO
In 2010, the economy affected all of us, as our school
systems and member groups experienced furloughs and
layoffs. Not since the Great Depression have we seen
such turmoil in our economy, resulting in life changing
implications for almost every American. We take comfort in
the fact that difficult economic times come and go, but how
we respond to them determines our future. And, Georgia
United Credit Union has faced the current recession with
character – continuing to lend money when other lenders
tightened or reduced lending activities. We have stood
by our members and helped those who have lost jobs
or experienced work reduction with alternative payment
plans and budgeting assistance. Also on a positive note,
the lingering recession has caused many consumers to reexamine their banking relationships, and these consumers
are beginning to discover the value of not-for-profit credit
unions and are making the switch to a “kinder and gentler”
financial institution.
Even though there have been many external pressures
on our business, we continue to be a strong and
well-capitalized financial institution. And, we remain
safe, sound and well-positioned for future success. While
economists debated whether our economy could be
heading toward recovery, we followed the positive trends
such as the federal stimulus priming the pump, low interest
rates and a pickup in housing construction. Unfortunately,
there continues to be some powerful downward pressures
4
such as declining commercial real estate values, high
unemployment numbers, and a worsening outlook for
mortgage defaults and foreclosures around us. At best, it
will be a slow recovery.
Despite the economy, Georgia United Credit Union
continued to make progress as we positioned ourselves for
2011 and beyond. Here are a few of the highlights:
• Perhaps the biggest change was converting from a
federal-charter to a state-charter credit union to allow us
to add county residents as eligible members. The resulting
name change from Georgia Federal to Georgia United
will also allow us to rebrand and update.
• We surpassed the $600 million milestone in assets, ending
the year at $636,541,836 with 11.62% capital.
• We returned $6.6 million in dividends to our members
as we saw members grow shares by 10.13% or $51.11
million. Members sought the safety and soundness of
federally-insured funds, and we thank them for choosing
their credit union.
• Our loan volume grew $30.86 million or 9.89% this
year with the most significant growth occurring in home
equity loans.
• The State Employees Credit Union signed a letter of
intent to merge with Georgia United in early 2011. We are
excited about combining resources with this $205 million
credit union which will offer three additional locations for
members to use in the coming year.
• Thanks to our members for referring family members
and co-workers to Georgia United in record numbers
through their participation in our Refer-a-Member and
Refer-a-Checking account programs throughout the year,
which pushed our membership to 85,773, and checking
accounts to 34,993.
Georgia United Credit Union also continues the tradition of being an active
part of the many different communities we serve. You can find our employees
participating in and volunteering for numerous community projects such as our
Partners in Education programs, The March of Dimes’ Walk America, Children’s
Miracle Network fundraising and our own programs including the Christmas
Wish Tree Program, Community Speakers Bureau and High School Scholarship
programs. And, all 186 of our employees gathered together on Veterans Day this
year to produce 2,000 meal and hygiene kits donations for the Gateway Center of
Atlanta, to assist homeless individuals.
Credit Unions have never looked better. Our cooperative principles and wise
money management products make us a top choice by consumer advocates.
But, this will not cause us to take our members for granted or stop looking for
ways to improve. We realize you have a choice where you conduct your financial
transactions. We want to continually give you reasons to choose Georgia United.
Let us know how we can better serve you today and in the years to come!
Making A Difference
All Georgia United employees worked
together on Team Day to produce
meal and hygiene kits for donation to
Atlanta’s largest homeless shelter.
1985 $2,706,108 paid in dividends
to members and we became
the first credit union in the
state to participate in “Adopt a
School” program (now called
Partners in Education) with
Atherton Elementary.
We also had mergers with
the Gulf Oil Credit Union of
Atlanta and the Henry County
Teachers Federal Credit Union
in McDonough which gained
us an office located in a school
service center facility.
Management Team
Front: Debbie Smith, Vice President, Human Resources; Kevin Durrance, Executive
Vice President & Chief Financial Officer; Warren Butler,
President & CEO; Doug Foote, Chief Operating Officer.
Back: Rene’ McDaniel, Assistant Vice President & Controller;
Mark Bartholomew, Vice President, Information Services; Thomas Garrett,
Assistant Vice President, Branch Operations; Kim Wall, Vice President, Community
Development; Jay Jones, Assistant Vice President, Finance;
Jason Halperin, Vice President, Lending.
1986 GFCU relocated the Henry
County office to the Mays
Crossing Shopping Center in
Stockbridge. Mortgage loans
and home equity credit line
programs begin.
1987 The mergers continued with
other smaller credit unions
joining GFCU and helping us
expand our branch network –
including the Rockdale-Newton
Federal Credit Union in Conyers
and the Northwest Community
Credit Union in LaFayette.
We added Lithonia Lighting as
a member group which gave us
a small plant location at Lithonia
Lighting in Cochran, Ga.
1988 GFCU celebrates 30 years of
service. Visa credit cards and
Instant Access telephone teller
are introduced.
5
Chairman's Report
“Georgia Federal Credit Union becomes Georgia United in 2010.”
What an exciting time to serve you as Chairman of Georgia
United Credit Union’s Board of Directors. Although it
has been an extremely challenging economic time in our
nation’s history, your Credit Union remains well-capitalized
and financially strong. Because of our strength in a market
where other financial institutions continue to falter, this is an
ideal time to position ourselves for the future. Our recent
charter change is vital to maintaining the health of our
Credit Union. The conversion from a federal charter to a
state charter necessitated a name change and the process
of rebranding.
Thomas Dickson
Chairman
Our new name reflects where we came from, with solid
roots right here in Georgia. It represents who we’ve
become – an organization united in helping Georgia
families build stronger futures. And it supports the future
of this Credit Union as we look to connect with others who
share our values. Our new name and charter will allow us to
grow and continue to provide more products, services and
conveniences to all our members.
You'll start to see our new name and logo more and more
as we complete the re-branding process. However, your
accounts – deposits or loans – will not change, nor will the
great service you’ve come to expect.
Legislators continue to explore the need for regulatory
reform in the banking and financial services industry.
Regardless of party affiliation, I think we can all agree that
there are lessons to be learned from our current economic
situation that we should apply to prevent the same problems
from reoccurring. Credit Unions aren’t perfect, but we have
avoided the errors and lapses in judgment that contributed
to the severity of the recession. Our cooperative business
model is sound.
6
Our industry continues to experience consolidation and the
additional challenges from the corporate credit union system
nationally. However, due to years of prudent planning and
responsible capital levels at Georgia United, the impact has
been minimal. You’ll read more about this in the Treasurer’s
Report, but as I witnessed the way the natural person credit
unions shored up their corporate credit union brothers
without any federal bailout money, I was proud once again
of the self-sufficiency of our credit union system.
Whether the economy is doing poorly or growing at a
robust rate, chances are you will be better off financially if
you consolidate more of your financial services at Georgia
United Credit Union. Here’s why:
1.Safe and Secure. Your savings at Georgia United
Credit Union are insured by the National Credit Union
Administration (NCUA), a federal government agency,
for up to $250,000 for regular accounts and separately
for up to $250,000 per IRA. Not one penny of insured
savings has ever been lost by a member of a federallyinsured credit union. To see how NCUA insurance applies
to you, check out the NCUA Insurance Estimator at
http://webapps.ncua.gov/ins.
2.Not-for-Profit and Member-Owned. Unlike commercial
banks, your Credit Union is a not-for-profit financial
cooperative. We owe our loyalty to our members. Banks,
on the other hand, use their customers to generate
income to keep their stockholders happy. This is a big
difference that impacts your financial well-being.
3.Low Fees. Credit Union fees are generally lower than
comparable fees at commercial banks. By moving more
services to the Credit Union, your savings could really
add up.
4.The Experts Agree: Credit Unions mean Smart Money Management. Research
from USA Today, SmartMoney.com and leading consumer magazines show
that credit unions typically offer members better financial deals than are
available elsewhere.
When you add it all up, taking greater advantage of credit union products and
services can greatly improve your financial situation. You can pay lower loan rates,
earn higher yields on your savings and pay lower fees. And by doing so, you’ll be
benefitting not only yourself, but also directly helping the Credit Union and your
fellow members prosper.
Georgia United also wants to make sure that our member service standards
remain high, as our staff continually receives specialized sales and service training
throughout the year. We survey our members continuously to monitor our
progress. Constant upgrades to our technology and systems ensure delivery of
your financial services in the most expedient manner possible – while constantly
protecting both member data and your privacy.
Your board of directors works closely with Credit Union management to set
strategy and serve the collective interest of all members. And, this Credit Union
exists to provide member-owners caring service and superior value on the financial
products and services you need to achieve your individual goals. We want to be
your financial partner for life.
Board of Directors
Front: Dot Dusenberry, Secretary; Thomas S. Dickson, Chairman;
Dr. James H. Williams, Vice-Chairman; Robert Smith, Treasurer;
Back: Dr. Steven Whatley, Director; Monsignor Stephen Churchwell, Director;
Geraldine Tilson, Director; Jack Lavender, Director; Tom Cochran, Director.
We will continue to strive to exceed your expectations by providing the products,
services, convenient access and superior service you expect from Georgia United
Credit Union. Now and in the future, we’re here for you.
1989 Full service mortgage loan
department is added.
1990 We began the 1990s with $81.4
million in assets. We introduced
an in-house car locator/
buying service for members
and a choice of three different
checking accounts. GFCU joins
national ATM networks CIRRUS,
PLUS and AVAIL. Upper Class
Club is offered to members over
age 55.
1991 GFCU receives Dora Maxwell
Community Service Award
for the first time. Recession
hits, and GFCU commits
“not to participate.” We add a
Cumming location through our
merger with the Forsyth County
Federal Credit Union. Dividends
to members in 1991 were
$4,227,862.
1992 GFCU surpasses $100 million in
assets and now has 100 select
employee groups.
1993 We introduce our Super Saver
Kids’ Club for members, birth
through age 12.
1994 GFCU joins the Credit Union
Service Center Network to allow
members more locations across
the country.
1995 Merger with the Dublin
Employees Federal Credit Union
gives us an additional location
in middle Georgia. First Annual
Scholarship program for high
school seniors is introduced.
7
Supervisory Committee’s Report –
“Through the years, Georgia United’s financial condition is consistently sound and well managed.”
The Supervisory Committee of your Credit Union has
been appointed by the Board of Directors to oversee the
accuracy of record keeping and the protection of your
deposits at Georgia United Credit Union. In compliance
with the Federal Credit Union Act and Georgia United’s
By-Laws, the Supervisory Committee provides an
independent appraisal of the safety and soundness of
Credit Union operations and activities. The Committee
ensures that Georgia United’s financial statements provide
a fair and accurate representation of its financial condition
and that management establishes and maintains sound
internal controls to protect the assets of the Credit Union.
Bruce Hoyer
Supervisory Committee
Chairman
The Supervisory Committee meets its responsibility of
safeguarding member accounts in several ways. One way
is through employing an internal auditor who is responsible
for the day-to-day monitoring of operations and procedures.
The Committee also acts as the members’ representative by
maintaining open lines of communication and ensuring the
members are given appropriate service in a timely manner.
Under the direction of the Supervisory Committee, the
independent accounting firm of Nearman, Maynard & Vallez
helps assist in meeting its responsibilities. The Committee
meets with our CPAs to evaluate audit results. They conduct
audits of selected operations and perform a comprehensive
6
8
unqualified opinion audit of the Credit Union’s year-end
financial statements. In all of our meetings with Nearman,
Maynard & Vallez throughout the year, they have indicated
that the management of Georgia United consistently
maintains the highest standards of fiscal soundness.
Supervisory examinations are also performed periodically
by the National Credit Union Administration (NCUA), the
regulatory agency for all federally-chartered credit unions.
The NCUA evaluates Georgia United’s financial condition,
safety and soundness. After our most recent examination,
the Supervisory Committee is pleased to announce that
Georgia United has maintained one of the highest ratings
given by the NCUA in the areas of capital, asset quality,
management, earnings, and asset liability management.
Based on the excellent results of the NCUA examination
and reports from our independent accountant, it is the
opinion of the Supervisory Committee that the financial
condition of Georgia United Credit Union continues to be
financially sound and well managed. Your best interests
are continually safeguarded by appropriate guidance and
supervision, and your Credit Union’s foundation is safe
and sound.
Georgia United Delivers Services to Help Make Your Dreams Come True
Two of the largest areas for
product growth was in our
mortgage and home equity
loans. It’s great to be able to
help our members fulfill their
dreams of home ownership.
Supervisory Committee
Left to right: Bruce Hoyer, Supervisory Committee Chairman; Dan Jones, Committee
Member; William Silvey, Committee Member
Our systematic savings programs with
Direct Deposit or automatic payroll
deductions help members reach their
goals more quickly and easily — no
matter if you need a special savings
account, a money market, CD or IRA.
1996 It is the year of the Olympics
in Georgia, and our Clarkston
branch relocates to a new facility
at 500 North Indian Creek
Drive. A new Northlake branch
opens at 3840 LaVista Road.
Administrative and Operations
employees move into Northlake
Office park facility. We launch
our first web site on the internet
at www.gfcu4u.org and
upgrade computers to Microsoft
Windows. Banking industry files
a court injunction to prohibit
credit union growth. Credit
Unions continue to thrive.
1997 We surpass 50,000 members
and introduce Visa Check Cards.
Members are paid $5,508,930
in dividends. GFCU purchases
former bank building at 2695
Panola Road in Lithonia to
relocate South DeKalb branch.
We add first off-site ATM at
DeVry Tech (now University).
Bankers’ court injunction is
lifted, and credit unions are
allowed to serve additional
employee groups. Our founder,
Venon E. Carne, remains active
on GFCU’s Board of Directors,
serving either as President or
Treasurer, until his retirement
this year.
1998 We observed our 40th year of
service with almost $200 million
in assets; Roth and Education
IRAs introduced.
1999 PC home banking, GFCU
Online, was introduced. “After
Hours” Loan-by-Phone service
allows members to talk with
“live” loan officers; Purchased
land in Dalton and Conyers for
larger branches and prepared
for “Y2K”
9
Tr e a s u r e r ' s R e p o r t
Year End 2010
In 2010, the United States economy struggled to
recover from one of the worst recessions in decades.
The unemployment rate has held its elevated position;
foreclosures have remained at high levels; and housing
prices have yet to regain significant ground. The Federal
Reserve has continued to hold rates near zero in an attempt
to revive the economy back to life as well as to implement
programs to help restore the credit markets, revive the
housing market, and further stimulate the economy.
Throughout this monumental year, Georgia United Credit
Union has remained a pillar of financial strength and stability
necessary to meet our members’ expectations.
Robert Smith
Treasurer
Georgia United Credit Union is committed to maintaining
our growth potential through careful management of its
core competencies — innovation, responsiveness, prudence,
and efficiency. These unique strengths sustain our financial
performance and enhance our ability to reinvest in new
technology, products, and people so that we may better
serve you, the member. Without losing sight of these
characteristics, we are determined through our strategic
plan to deliver new, added value to your Credit Union
experience. We recognize that the shifting economic and
financial landscape of the coming year will present more
adversities than ever before.
Despite the unrelenting economic slump, loans grew
$30.86 million (or 9.89%) in 2010. Our deposits grew
$51.11 million (or 10.13%) to close total shares at nearly
$556 million. This is a continued testament of our members’
faith in their Credit Union as a vehicle for safe and sound
investments. With $636.54 million in assets, we closed the
year on a highpoint with strong, consistent performance in a
weakened economy.
10
Consumer credit unions continue to shore up the National
Credit Union Share Insurance Fund (NCUSIF) as the NCUA
assesses premiums to ensure the insurance fund remains
safe and sound after the turmoil of the corporate credit
union system. This is an expense beyond our control
that will reoccur for the next several years. Georgia United’s
portion of the assessment for 2010 was $1.35 million. In spite
of this expenditure, Georgia United remains fiscally strong.
As we continued to monitor our operating expense and
look for ways to constantly improve efficiencies, total
operating expense for the year was 7% under budget with
net operating expense ratio closing at 2.54%. Net income
closed for the year at $3.36 million after returning over $6
million to members in the form of dividends on deposits in
light of historically low market interest rates. Our profitability
ratio (ROA) closed at 0.55%.
We are dedicated to helping our members prosper by
providing financial services that meet their needs, exceed
their expectations, and enhance their lives. Thanks to our
members, we are prepared to overcome the obstacles that
face each of us in the rapidly changing financial services
environment. I believe Georgia United Credit Union has
built a dynamic organization that will continue to safely
insulate our members against the fluctuations of the
economic cycle. This, in turn, has readied our institution to
successfully meet the challenges of 2010 and beyond.
Equity Growth
$ 32,904,474
$ 32,339,832
$ 11,044,956
$
169,879
$ 1,535,286
$ 3,620,329
$
894,643
$ 1,059,606
$
234,800
$ 1,825,000
$
1,351,274
$
136,357
$
267,463
$ 11,044,089 $
199,032
$ 1,388,086
$ 3,920,596
$
843,580
$
994,942
$
197,616
$ 2,438,378
$
(439,002)
$
115,759
$
225,553
$ 22,139,593 $ 20,928,629
$
$
$
$
$
10,764,881
(800,797)
9,964,084
-
6,607,094
$ 22,247,642 $
548,633
$ 11,959,836
$
$ 8,533,448 NET INCOME
$
3,356,990
$
Total Operating Expense
Income from Operations
Non-Operating Gains (Losses)
Income Before Dividends
Interest on Borrowed Money
Dividends
2000 The year starts with $228
million in assets. We gain one
of our largest member groups,
Shaw Industries with 18,000
employees in Georgia. We add
online loan applications to our
web site.
2001 We purchase land for Gwinnett
County location and introduce
VISA Platinum Credit Card with
a rate of 9.9& APR.
2002 GFCU names Warren Butler
as President/CEO. We add
MEMBERS Financial Services
for members investment and
insurance needs. GFCU Bill Pay
is introduced in November.
'06
'07
'08
$70,582,772
Total Operating Income
OPERATING EXPENSES:
Compensation & Benefits
Travel & Conference
Office Occupancy
Office Operations
Marketing / Business Development
Loan Servicing
Professional & Outside Service
Provision For Loan Losses
Member Insurance
Operating Fee
Misc Operating Expenses
2009
$ 20,348,637
$ 2,664,943
$ 9,326,252
$71,000,127
$
$
$
2010
22,145,218
2,211,876
8,547,380
$69,913,670
INCOME
Interest on Loans
Interest on Investments
Non-interest Income
$63,370,733
AS OF DECEMBER 31, 2010 AND 2009 (Unaudited)
'09
$73,831,249
Consolidated Statement of Income & Expense
'10
3,426,388
2003 Gwinnett Branch opens in
Duluth. NCUA approves
charter expansion into Athens –
Clarke County, Georgia. GFCU
celebrates the ground-breaking
for new corporate headquarters
in the Sugarloaf area of
Gwinnett.
2004 GFCU moves corporate offices
into new, three story building
at 6705 Sugarloaf Parkway
with three tenants – Georgia
Credit Union Affiliates, CUNA
Mutual and Georgia Central
CU. The E-Branch call center
opens. Mergers with Educators’
Credit Union in Athens and
the GA Catholic Federal Credit
Union in Atlanta. GFCU adds
CU Succeed Teen Club and
CU College Club services for
students. Purchased a former
bank building at 190 Gaines
School Road for Athens location.
11
'07
'09
'06
'07
'08
$581,949,350
$483,560,739
$437,571,324
$395,243,030
Asset Growth
'09
$342,903,833
$312,048,379
$275,422,855
'08
'10
Consolidated Statement of Financial Condition
AS OF DECEMBER 31, 2010 AND 2009 (Unaudited)
ASSETS
LOANS:
Credit Card Loans
Unsecured Loans
Vehicle Loans
First Mortgage Loans
Home Equity Loans
Other Real Estate Loans
All Other Loans
Notes Receivables
Total Loans
Allowance for Loan Loss
2010
2009
$ 22,564,001
$
8,121,635
$ 68,073,279
$ 59,654,058
$ 58,178,579
$ 18,435,530
$ 35,814,232
$ 72,062,519
$ 342,903,833
$ (3,331,478)
$
$
$
$
$
$
$
$
$
$
$ 339,572,355
$ 309,008,493
$
19,913,253
$
12,028,694 $ 42,824,040
$
13,062,340 $ 190,173,508
$
-
$ 204,706,093
$
- $ 232,997,548 $ 217,768,433
Fixed Assets
$ 23,095,030
$ 23,203,032 Other Assets
$ 20,963,650
$
636,541,836
'06
$248,886,292
$231,325,659
Loan Growth
Cash on Hand
'10
INVESTMENTS:
Federal Agency Securities
Corporate Credit Unions
Other Investments
Total Investments
Net Loans
21,202,328
8,496,230
74,451,872
63,995,724
38,546,228
22,231,649
27,434,532
55,689,816
312,048,379
(3,039,886)
19,940,698 TOTAL ASSETS
$ 636,541,836
$ 581,949,350
12
TOTAL LIABILITIES,
MEMBERS' SHARES, & EQUITY
2005 NCUA grants field of
membership expansion to serve
360,000+ members of the
Catholic Archdiocese of Atlanta.
Identity Theft 911 Protection is
added to all GFCU checking
accounts. Mini branch opened
inside NCR in Duluth.
2006 GFCU reaches $400 million in
$ 636,541,836
assets and 80,000 members.
Merger with University
Employees Credit Union in
Athens improved our ties with
the University of Georgia and
gave us a Campus branch on
South Lumpkin. UGA Alumni
Association members are now
eligible to join as well. Madison
County School System Credit
'09
'06
'07
83,458
Member Growth
$555,627,976
$504,513,388
$409,973,684
'08
'10
85,773
'07
81,425
MEMBERS' EQUITY:
Regular Reserves
$ 10,680,362
$ 10,680,362
Retained Earnings
$ 63,150,887
$ 59,989,092
Total Members' Equity
$ 73,831,249
$ 70,669,454
'06
80,871
LIABILITIES:
Dividends Payable
$
593,465
$
788,162
Other Liabilities
$
6,489,147
$ 5,978,346
Total Liabilities
$
7,082,612
$ 6,766,508
MEMBERS' SHARES & EQUITY
MEMBERS' SHARES:
Shares
$ 129,098,834
$ 122,129,426
Share Drafts
$ 73,785,595
$ 61,432,253
Sterling Funds
$ 121,681,205
$ 103,816,425
Individual Retirement Accounts
$ 49,688,058
$ 44,299,875
Share Certificates
$ 181,374,284
$ 172,835,409
Total Members' Shares
$ 555,627,976
$ 504,513,388
$361,432,829
Deposit Growth
2009
$325,340,168
2010
80,495
Liabilities, Members' Shares & Equity
$ 581,949,350
Union joins the GFCU family.
Our founder, Vernon E. Carne,
passes away at age 87.
2007 E-Branch call center extends
hours to 6 p.m. week nights.
2008 GFCU celebrates 50 years
of service to members and
hits $500 million in assets in
November, returns a record
$9.65 million in dividends to
members, and made 8,460
loans to members totaling over
$100 million.
2009 Relocation of South DeKalb
Branch to 5174 Panola Industrial
Blvd. Credit Unions celebrate
100 years in America.
'08
'09
'10
2010 GFCU surpasses $600 million
in assets and 85,000 members.
Members approve conversion
to State Charter. Georgia
Federal Credit Union becomes
Georgia United Credit Union on
December 10, 2010.
13
Corporate Office
6705 Sugarloaf Parkway
Duluth, GA 30097
(770) 493-4328 or 1 (888) 493-4328
Athens
190 Gaines School Road
Athens, GA 30605
Clarkston
500 North Indian Creek Drive
Clarkston, GA 30021
Conyers
1381 Milstead Avenue
Conyers, GA 30012
Cumming
312 Canton Hwy./Hwy. 20
Cumming, GA 30040
North Atlanta
4448 Tilly Mill Road
Atlanta, GA 30360
Dalton
605 Calhoun Street
Dalton, GA 30720
Northlake
3840 LaVista Road
Tucker, GA 30084
Dublin
2006 Veterans Boulevard
Dublin, GA 31021
Stockbridge
105 North Park Trail
Stockbridge, GA 30281
Gwinnett
2270 Satellite Boulevard
Duluth, GA 30097
UGA
1710 South Lumpkin Street
Athens, GA 30606
South DeKalb
5173 Panola Industrial Boulevard
Decatur, GA 30035
georgiaunitedcu.org
EQUAL HOUSING
We Do Business in Accordance
with the Federal Fair Housing
Law and the Equal Credit
LENDER Opportunity Act.