Educators Credit Union

Educators Credit Union
P.O. Box 081040, Racine, WI 53408-9984
www.ecu.com
76th Annual Report
Educators Credit Union Locations
1400 N. Newman Road
Racine, WI 53406
2243 N. Prospect Avenue
Milwaukee, WI 53202
3525 Rapids Drive
Racine, WI 53404
4000 W. Loomis Road
Milwaukee, WI 53221
1300 90th Street
Sturtevant, WI 53177
7139 N. Port Washington Road
Glendale, WI 53217
4215 Green Bay Road
Kenosha, WI 53144
15350 W. Howard Avenue
New Berlin, WI 53151
UW-Parkside
900 Wood Road, Student Center
Kenosha, WI 53141
High School Locations
448 Falcon Ridge
Burlington, WI 53105
611 E. Geneva Street, Suite A
Elkhorn, WI 53121
1201 Marquette Avenue
South Milwaukee, WI 53172
150 W. Ryan Road
Oak Creek, WI 53154
1600 Summit Avenue
Waukesha, WI 53188
Badger High School
200 E. South Street
Lake Geneva, WI 53147
Bradford High School
3700 Washington Road
Kenosha, WI 53144
Hamilton High School
6215 W. Warnimont Avenue
Milwaukee, WI 53220
South Division High School
1515 W. Lapham Boulevard
Milwaukee, WI 53204
7025 W. Appleton Avenue
Milwaukee, WI 53216
10811 W. Park Place
Milwaukee, WI 53224
Contact Educators
Racine (262) 886-5900
Kenosha (262) 657-5626
Burlington (262) 763-6252
Elkhorn (262) 743-1800
Waukesha (262) 547-6888
Milwaukee (414) 325-2500
Elsewhere (800) 236-5898
“Always treated like royalty.”
Citlali M.
Educators Credit Union
P.O. Box 081040
Racine, WI 53408-9984
www.ecu.com
myEducators.ecu.com
www.facebook.com/myEducatorsCU
twitter.com/myEducatorsCU
Chair and President’s Letter
Dear Members,
Some philosophers say loyalty is strictly an interpersonal concept — something that
can only be felt between two people.
At Educators Credit Union, we know that’s not true.The loyalty of our members is the
backbone of every success Educators has achieved in its 76-year history.
The loyalty was on display again in 2012. Educators had a record year for new
accounts — gaining more than 18,000 new accounts last year.
Many of those new accounts come from our members telling their family, friends, coworkers and neighbors about the credit union.
Our way of saying thank you — the Loyalty Pay Back Reward — was up 43 percent
in 2012. The reward goes up with each Educators service you use, meaning more of
our members used the credit union for more of the services they need. At the end of
2012, we gave $1.6 million back to you, our members-owners.
We believe that in order to inspire loyalty in our members, we need to do one thing:
put each member’s best interests first.
We do that by providing first-class service, by educating and advising and by providing
competitive rates.
Last year, we did it by saving our members more than $37 million in interest payments
with our Fast Lane Financing program. That program continues in 2013.
We are also continuing the Loyalty Pay Back Reward in 2013 — our way of saying
thank you.
We know that in shaky economic times, people look long and hard for a financial
institution that they can trust and we are honored that you continue to choose
Educators Credit Union.
Sincerely,
Eugene Szymczak, President
Mary Lueneburg, Chair
“You helped me get back on track.
I appreciate your kind service to
me and my family. Outstanding.”
- Gladis W.
“Love the service. Love the diversity. Great organization that I have
recommended to dozens …”
- Brian V.
Educators Credit Union Board of Directors
Mary Lueneburg, Chairperson
Serving 33 years on the Board
Mary is a retired Business and Computer Technology Teacher from Park High School in Racine
and UW-Parkside Outreach. She has been on the Board since 1980 and is the Chairperson.
She serves on all Board Committees.
David Holle, Secretary
Serving 28 years on the Board
David is a retired Assistant Vice Chancellor for Budget from UW-Parkside. He has served
on the Board since 1985. David is the Chairperson of the Asset Liability Management
Committee and is also on the Audit and Budget & Insurance Committees.
Paul Pelzek, Board Member
Serving 27 years on the Board
Paul is a retired Diagnostic Special Education Teacher who spent 42 years in the Milwaukee
Public School system. He has been on the Board since 1986 and has served as Treasurer,
Secretary, Vice Chairman and Chairman of the Board of Directors. Paul is currently chairman of the Audit Committee and the Member Satisfaction Committee. He also serves on
the Asset Liability Management, Leadership Transformation and Technology Committees.
Kristine Diener, Board Member
Serving 23 years on the Board
Kristine is a retired Principal of IQ Academy, a charter school of the School District
of Waukesha, and is currently a faculty member at Cardinal Stritch University. She has
served on the Board since 1990 and currently serves on the Building, Budget & Insurance,
CUSO, and Technology committees.
Mary Ann Smith, Board Member
Serving 23 years on the Board
Mary Ann is retired from the School District of Kettle Moraine and Milwaukee Public
Schools and has served as a Board member since 1990. Mary Ann serves on the Asset
Liability Management, Audit and Technology Committees and is also Chair of the Leadership
Transformation Committee.
Bill Halsey, Board Member
Serving 20 years on the Board
Bill volunteers his services as the attorney for Educators and has been an attorney for
Racine County. In addition to maintaining a private practice in Racine, he provides legal
advice on issues that arise in the day-to-day business operations of the credit union. He
has served on the board since 1993. Bill is the Chairperson of the Building Committee and
Budget & Insurance Committee and also serves on the Credit and CUSO Committees.
Brad Zautcke, Treasurer
Serving 7 years on the Board
Brad is the Utility District Administrator and Land Development Coordinator for the Town
of Salem and serves on the Asset Liability Management, Building, Member Satisfaction and
CUSO Committees. Brad has served on the Board since 2007.
Cheryl Kothe, Vice Chairperson
Serving 7 years on the Board
Cheryl is a Business and Information Technologies teacher and School to Career Coordinator for Wilmot Union High School. Cheryl serves on the Budget & Insurance, Member
Satisfaction, Trustees and CUSO Committees and is also Chair of the Technology Committee.
Milton Dockery, Board Member
Serving 4 years on the Board
Milton teaches American History at Milwaukee Area Technical College (MATC) in Milwaukee. He has served on the Board since 2009. Milton is on the Member Satisfaction, Building
and Leadership Transformation Committees.
Janet Days, Associate Board Member
Serving 5 years as Associate Board Member
Janet became an Associate Member in August 2008. Her background includes work in both
the University of Wisconsin System and Wisconsin Technical College System. Janet currently
serves as Gateway Technical College’s District Coordinator for Multicultural Programs. Janet
serves on the Member Satisfaction and Technology Committees.
Clarence Allen, Associate Board Member
Serving 2 years as Associate Board Member
Clarence became an Associate Member in August 2011. His background includes work as
both a counselor and coach at Racine Unified School District. Clarence is currently a School
Counselor and Coordinator of the Student Assistance Program at Starbuck Middle School in
Racine. He serves on the Leadership Transformation and Technology Committees.
Educators Credit Union
76th Annual Meeting Agenda
Saturday, April 20, 2013
Welcome to the 76th Annual Meeting of Educators Credit Union. For 76 years, our
continued growth and success is attributed to you, our members. We hope you enjoy
the Annual Meeting that we have prepared for you today.
8:30 to 9:15 — Breakfast
Southeastern Wisconsin Non-profit information tables
9:30 — Voting Closes
9:30 to 11:15 — Annual Meeting
Call to order — Mary Lueneburg, Chair
Determination of Quorum
Introduction of Directors and Guests
Minutes of 2012 Annual Meeting — David Holle, Secretary
Reports of Directors and Committees
Chair of Board, Mary Lueneburg
President, Eugene Szymczak
Treasurer, Brad Zautcke
Old Business/New Business
Non-profit Organization Stories
Door Prizes Awarded
Nominating Committee Report & Election — Mary Ann Smith
Election Results
Adjournment
Thank you for your participation in today’s events and for your support!
Sincerely,
The Board of Directors
“Everyone is so friendly here!
It brightens my day to see your
smiles when I come in!”
Kimberly C.
“Love the way you give back to the
community & members!”
- Lesley D.
Loyalty Pay Back Reward
We were happy to be able to return $1.6 million back to our members in 2012! We’re
here to serve you and make your financial life easier and less stressful. After all, it is
your story — let us be a part of your next chapter.
Believe in your story. As a member/owner, you will share in our profits. The Loyalty
Pay Back Reward is designed to provide the greatest value to those who make the
greatest investment in the cooperative by using the most Educators products and
services. To qualify for the highest Loyalty Pay Back Reward possible, you have until
November 30 to add and use additional services.
Your qualified services include:
q  Direct Deposit
q E-Statements
q  Checking Debit Card
q  Credit Card
q  Mobile Banking
q  Money Market Account
q  Share Certificate
q  Individual Retirement Account (IRA)
q  Investment Service Account
q  Auto Loan or Lease
q  Home Equity Loan
q  First Mortgage Home Loan
q Other Loan — Personal (including Kwik Cash), Student, Boat, Mobile Home
For the most up-to-date list with requirements and the full disclosure, visit our website
at www.ecu.com.
“I’m continuously satisfied with
your service. I’ve recommended
dozens of people here. Thanks!”
Ashley R.
"I've been with Educators 25 years.
They've been great! I'll stick with
them forever!"
- Jill M.
2012 Fast Lane Financing
We challenged our members to save $20 million in interest in 2012 by refinancing ALL their loan products: auto,
credit cards, home loans, home equities and personal loans. We reached that goal and saved members more than
$37 million. How did we do it? Our finance representatives determined how much total interest members would
save if they refinanced by helping them figure out the best loan option for them. Reps also ran credit reports to find
out What’s Your Score? to see if there was a possibility of saving members even more.
With 2012’s Fast Lane success, we’ve expanded the goal for Fast Lane in 2013. Our goal is to save members $30
million before the end of 2013!
Have You Already Saved Money with Fast Lane?
Refer a friend to the Fast Lane Financing Program! If your friend refinances a non-Educators loan/credit card with
a Fast Lane referral card, then you and your friend will both receive $25! Go to www.ecu.com and click on
the Fast Lane Financing counter at the bottom left of our home page for more information and the referral card.
2012 Winners Circle
Our staff works hard to help save you money with Fast Lane Financing. To recognize them for their efforts, we’ve
created the Winner’s Circle. Each Member Finance Representative's savings totals are tracked and tiered in
$250,000 increments.
The 2012 Winners Circle staff are:
Million Dollar tier (more than $1,000,000 in savings)
Cindy Brown
Lori Trevino
Colleen Sunderland
Kou Xiong
3rd tier (more than $750,000 in savings)
Tracie Blue
Marcia Hogan
Lucy Brennan
Katie Klusman
Gayle Dettloff
Bill Kollatz
Ashley Madala
Kelly McDonnell
Polly Skalecki
2nd tier (more than $500,000 in savings)
Juanita Castaneda
Amber Hearn
Raquel Cobbler
Katie Hechel
Sandee Cornell
Kelly Kotowicz
Amanda Hansen
Maria Martinez
Debbie McDonald
Stacie Ramos
Lupita Saavedra
Kaleigh Steberl
Nikki Trobaugh
John Upchurch
Aaron Weiler
Casey Zicarelli
1st tier (more than $250,000 in savings)
Marco Borgogni
Linda Haas
Ross Bores
Christopher Henderson
Sam Davis
David Hoerres
Chuck Duford
Destiny Jerdee
Nick Gates
Sandra Kaufman
Connie Gezvain
Nuemi Murphy
Brandon Guzman
Rachel Nason
Karyn Nelson
Nicole Novine
Natalie Quinton
Enjelica Reyes
Mary Richter
Paige Rodriguez
Melissa Rose
Katie Scamihorn
Pamella Schmuck
Julie Squires
Emily Wentworth
Diana Wilkomm
2012 Pit Crew
All employees are eligible to be recognized as part of the Pit Crew! An employee has to refer 10 members (or new
members) to a Member Finance Representative for a What’s My Score? credit report or Fast Lane opportunity.Their
name is included in the published Fast Lane Stories and they will get special perks throughout the year.
2012 Pit Crew Members:
Minna Dinh
Andrea Archie
Some 2012 Fast Lane Stories
Marge S., Burlington, helped members consolidate their credit card debts into a loan to save a total of $31,502.23
in interest.
Ashley M., Newman, helped a member consolidate credit cards to save $1,506.36 in interest. She also helped a
member with a fast track auto loan to save $7,827.22 in interest. Ashley also helped a member with a home equity
consolidation loan to save a total of $44,403.97 in interest.
Nicole N., Newman, helped a member with a consolidation loan special to
save $15,645.87 in interest. She also helped members with a Platinum card
to consolidate their credit cards and save $7,336.37 in interest.
Barb D., Rapids, helped a member with a credit tool and took the
opportunity to educate her about our lower rates. She was able
to process a fast track auto loan to save our member $432.09 in
interest. Barb also helped a member with a home equity loan to
consolidate all debt into one loan and save $19,462.19 in interest.
Colleen S., Newman, helped a member that Christine V., Newman,
referred to her to save a total of $23,581.05 in interest.
Lupita S., Loomis, helped a member with the consolidation loan
special to pay off high-rate cards and save $8,804.70 in interest.
Giwanda E., Appleton, helped a member
with the 10-year mortgage special to shave 20 years off her
term and save $22,120.35 in interest. Giwanda also helped a member with a
fast track auto loan to save $1,476 in interest.
Allison P., Burlington, helped members with the 10-year mortgage special to pay off Wells Fargo and save $7,630.55
in interest.
Amanda H., Contact Center, helped members with the mortgage special to shave 3.5 years off their loan term and
save $8,977 in interest.
Katie H., Contact Center, helped members pay off Chase Mortgage and save $61,331.40 in interest and cut 11
years off their loan term. She also helped other members with the special to pay off Bank of America and shaved
more than 15 years off the term and saved $24,205.92 in interest. Katie also helped members refinance their PHH
mortgage to Educators to save $25,940.09 in interest and more than 6 years off the term.
Nuemi M., Contact Center, helped a member with the mortgage special to
save $28,236.20 in interest. She also helped a member with a personal loan
to consolidate 3 high rate cards and save $9,811.55 in interest.
Pamella S., Waukesha, helped a member with the mortgage special to save $27,911.31 in interest. She also helped
a member with a fast track loan to pay off Landmark CU and save $203.78 in interest.
Maria M., Kenosha, helped a member consolidate high-rate cards to save a total of $12,646.65 in interest. She also
helped a member with a fast track auto loan to consolidate and save $583.40 in interest.
We believe in and practice our five
core values — passion, integrity, respect,
community and stewardship.
Passion – Julio Roman, Educators employee
Full Name: Julio Cesar Roman Rivera
Born: Puerto Rico, and lived there for 28 years
Personal: Married to Myrcheli González. They have an 11-year-old
daughter, Amanda.
Came to Wisconsin: Sept. 18, 2010
Educators Career: Started as a part-time teller on Nov. 15, 2010.
Became a full-time teller on Feb. 6, 2011. In February of 2012, he
became a Member Service Representative and Member Finance
Representative a few months later …
‘A free bird in the sky’: Julio said he enjoys his work as an MFR because
it gives him more ability to help members. “When I was a teller, I
enjoyed helping the members face-to-face. … Now that I’m on this
side, I feel like a free bird in the sky.”
Julio's Story.
A passion for service. That is what makes Julio Roman a good Member Finance Representative. And the 30-year-old
Puerto Rico native comes by that passion honestly – he gets it from his dad.
“We are all here for a reason, to serve,” he said. “I learned that from my dad. He’s a very caring person and he gives
his all to others.
“I remember seeing him work at Wal-Mart and he would be overwhelmed because so many people were trying to
get him to help them. I said, ‘Dad, don’t worry. I’ll take this side and you take that side.’ And I wasn’t even an employee
there,” he said, laughing.
Before moving to Wisconsin in 2010, Julio worked for 3 ½ years as a teller at Banco Popular de Puerto Rico. He
applied for positions with banks after moving here, but “thankfully nothing happened with them.”
“When I came to this branch to become a member, it was completely different from the bank where I used to work,”
he said. “Since the day I came here with my wife, I said to myself, ‘I would like to work here.’ ”
For Julio, work isn’t about making the million-dollar deal. It’s about what matters to the members.
“Recently this couple stopped by to ask a question about their account and I asked them if they had looked at their
account online,” he said.
The couple said they hadn’t because they were not computer-savvy.
“I explained everything to them and they were blown away,” he said. “Their faces were like little kids’ and they said ‘I
can do all of this’. They were so grateful. … I got an e-mail later, they called and asked for a raise for me.”
Julio said he’s happy he’s found his calling with the credit union.
“I was thinking before that I was envious of people who found their passion,” he said. “And I found mine. I wish
everybody has that opportunity.”
Integrity – Landmark Masonry, Educators business member
About Landmark Masonry
Location: 6425 Riverside Road, Waterford
Owners: Michele Erickson and Michael Botsford, pictured with Victor
Frasher, Educators Business Development Officer (center)
Opened: May 22, 2012
Fun Fact: The company’s colors of blue and gold are a compromise
between Michele, a Packers fan, and Michael, a Bears fan. Plus, Michael
says, “Blue and gold look a lot better together than orange and green.”
The Landmark Masonry Story.
It was a leap of faith for Michael Botsford and Michele Erickson to start their own masonry business in 2012. Michael,
a project manager in masonry for almost 15 years, and Michele, an assistant project manager in general construction
and masonry, worked together for a masonry company for five years.
Both left their previous employer in November 2011 and worked for other companies. When that didn’t work out,
the pair decided “that we wanted to give it a go on our own,” Michael said.
He handles the field and manages the crew and Michele handles the books and the paperwork. It’s a division of labor
that works well for the partners.
The business was officially started May 22, 2012, and for Michele, Educators Credit Union was the obvious choice
to be the business’ financial institution.
“I’ve been with Educators long enough that Gene (Educators President Eugene Szymczak) gave me my first loan,”
she said. “And now he’s president.”
Business Development Officer Victor Frasher has helped the fledgling company along the way, Michele said.
“Victor was so easy to work with, and still is wonderful,” Michele said. “He answers my calls and e-mails and always
has an answer to my questions. Educators has been great for everything.”
Landmark Masonry may be a new business, but that doesn’t mean they aren’t busy.
In addition to the new façade for Apostolic Faith Church on Airline Road and Highway K in Racine County, the
company has recently completed a Buffalo Wild Wings in Brookfield, a remodel on the Oak Creek Aldi’s store and
a retail remodel for a store at Timmerman Plaza in Milwaukee and has work slated through late spring in the fivecounty area.
Both Mike and Michele feel that one reason the company has been successful so quickly is because they make a
point to do things right.
“We both have a lot of good background with a lot of the contractors in the area,” Michele said.
“People know us, they know our background and they know we know how to run the field and we’re
paying our guys a decent wage.”
“I always feel comfortable visiting
and confident investing. Thank you.”
Sandra L.
Respect – Belinda Cronin, Educators member
Belinda Cronin crossed an item off her bucket list recently – she was in
New Orleans for Mardi Gras.
Her family is from Louisiana and the opportunity presented itself. She
and her husband, Jon, stayed in an apartment that faced Canal Street,
the route for many of the Mardi Gras parades and came back to Racine
with beads and many memories.
And memories are what is important to her.
“It’s not about hauling a U-Haul behind the hearse to the cemetery,”
she said. “It’s about the memories that we can gather together.”
Belinda's Story.
If you are a human being, Belinda Cronin wants you to know you are important.
“I have a deep longing and a deep yearning for everybody to feel like they’re somebody,” the retired school administrator and small-business owner said, with emotion cracking her voice.
And that respect is what has directed her actions for much of her life – her love of travel and immersing herself in
different cultures, her work as a teacher and school administrator – and the driving force behind her small-business
venture, Legacy Endeavors, an educational empowerment organization she started in 2005.
Belinda’s worldview is one that was handed down from her mother and grandmother. And it plays out in the words
from those women that she frequently shares.
“My mom would always say, ‘Money talks, but wealth is quieter.’ ”
“They always told me, ‘You gotta own your own knowledge.’ So, don’t go buying no papers.”
“I woke up this morning, and as my grandma would say, somebody else didn’t.”
Belinda said the words from her “Sheroes, as I call them,” have an effect on her every day.
“It helps play very powerful tapes in my head that make more of an impression than to just have somebody just say
something to me,” she said. “I can go back to those words and think, ‘Wow, she is so right.’ ”
The expectations she grew up with can be seen in the work she has done as teacher and in the work she is continuing to do through Legacy Endeavors, helping students plan their high school and postsecondary careers and working
with non-violent felons to help them find out where they want to go in life.
Her mother and grandmother “were emphatic about being a wife and mother, about raising good kids,” she said.
“They weren’t expecting the president, but they weren’t expecting a fool, either.
“They said, ‘You’ve got a choice here and I know you have the capacity to do better.’ ”
“Proud member since 1971! ECU
has helped me every step of the
way – education, home, loans, etc.
So proud to be associated with
you! I feel valued here!”
Mona L.
Community – Joe Mooney, Educators member
Joe’s volunteer resume:
§ Harbor Fest board member and president
§ Creator and organizer of Jean’s Jazz series
§ Animal Crackers chairman
§ Co-founder and former general manager of Racine Raiders
§ Actor and volunteer at Racine Theatre Guild
§ Volunteer on several political campaigns
§ Board of directors of Downtown Racine Corp.
§ Downtown Merchants Association
“But, I’m not smart enough to do anything I get paid for,” Joe recently joked.
“But I like it here. I like Racine a lot.”
Joe's Story.
For retired Racine police officer Joe Mooney, volunteer work is about putting the pieces together.
“One of the things that I’ve always liked is to make all this stuff mesh together … I like putting all the pieces together
of the puzzle,” Joe said. “In police work, we used to say that an investigation is like a jigsaw puzzle, only you don’t
know what the picture looks like. With the Raiders and Harbor Fest and all these other things, I like using all the
resources to get everything done.”
“All these other things” is a laundry list of projects and events in which Joe has played an often-significant role: the
Racine Raiders, Animal Crackers, Harbor Fest, the Racine Theatre Guild and the concert series that honors his late
wife, Jean’s Jazz.
Joe’s life as a volunteer started out more as forced labor when he was young. His father, a teacher, organized the
Stage on Wheels program in Racine during the summer and Joe was “volunteered” to help out.
And the life of a volunteer was born.
Racine has seen the benefit of Joe’s work – from his time as a sexual assault and child abuse investigator with Racine
Police Department to his work with the championship semi-pro Racine Raiders football team to serving on the
board of directors of the Downtown Racine Corp.
But it’s Jean’s Jazz that is closest to Joe's heart. The concert series honors his late wife, who died of ovarian cancer
in 2001.
“We were childhood sweethearts, she was the only girl I dated,” he said.
Jean and Joe went to see countless music performances while Joe was working with Racine’s Harbor Fest.
“Whenever we heard a jazz group, we said to each other, ‘Can you imagine how good this would sound on the
stage at the Theatre Guild?’ ”
After Jean’s death, Joe took the donations made to the Theatre Guild in her honor and started the concert series.
The 12th year of the series, which is sponsored by Educators Credit Union, is in progress.
And Joe continues to put the pieces together for the community he loves.
“It’s cool when you get someone who doesn’t think their piece fits and then with a little bit of work, they discover
their piece fits.”
“You have wonderful people working for you. I like coming here.”
Diane T.
Stewardship – Jan Ocker, Educators member
The retired University of Wisconsin-Parkside administrator said he’s
on the 20-50-20 Plan.
“Twenty years of education, 50 years of work and, hopefully, 20 years of
retirement.”
Jan's Story.
Jan Ocker spent most of his career steering college students through the personal and financial aid landmines that
can derail them.
It was a rewarding career for the father and grandfather.
“Every day I came to work because I enjoyed helping students with their financial aid and with their counseling
problems and helping them graduate,” he said. “Over the years, I was able to help a lot of students secure a college
degree who never would have been able to without a little financial help and counseling to get them through the
rough spots in their lives.”
Helping students graduate is no small responsibility, especially given the ever-growing importance of a college degree
and the ever-changing landscape of the business world.
“Higher education is very important to all young people, and to our economy in our global world,” he said. “Students
that we’re seeing now are looking into new careers, new work that have global aspects to them.”
After retiring early in 2013, Jan said he has no solid plans to fill his time yet.
“For the first few months, I’m going to do as little as possible. Isn’t that the definition of retirement?” he asked.
He and his wife, Patricia, have nine children in their blended family and 12 grandchildren in the area to help him enjoy
his retirement.
And Jan considers himself a collector.
“My kids call it hoarding, but it’s just collecting,” he said with a laugh. “Stamps, memorabilia, round barns. And I enjoy
gardening … even in the condo where we live now, I have plants in containers.”
Jan said he feels he was a part of something important while he was guiding college students to graduation.
“People come and go, but the institution stands,” he said. “Our mission is to help students get a college education.
And I enjoyed it.”
And no matter how he fills his time now that he’s retired, Jan is pretty sure he’s got this thing called life down to a
simple formula.
“ A good mix of family, education and career always makes for a happy fellow.”
“Very thankful for ECU teaching
kids at school about money.”
Cheryl T.
2012 Accomplishments
Celebrated our 75th Anniversary with an [inspire]-ing theme that included creating special history displays and books
that were presented at the 75th Annual Meeting. We collected more than $100,000 at our Educators locations for
local charities, encouraged more members to refer their family and friends, and held a drawing for 75 winners of
$75 every month in 2012.
We helped our members save more than $37 million in interest with Fast
Lane Financing.
Increased membership by 8 percent, equaling 114,500 members (18,000+ new member accounts).
Helped grow loans and shares by approximately 7 percent each in 2012.
Grew our capital ratio to over 10 percent (10.32).
Returned more than $1.6 million in Loyalty Pay Back Rewards to
members at year-end 2012.
Completed our merger with Kyle Central Credit Union to add a South Milwaukee location.
Completed upgrading and adding office space at our Sturtevant and Appleton locations.
Added SaveUp — an online resource that encourages our members to actively save and includes opportunities to
win prizes.
Increased our Contact Center hours to give members greater access to personalized resources.
Educated more than 13,000 members with free What’s Your Score?
credit reports.
Partnered with Green Path Counseling & Debt Solutions to provide local appointments and online tools that help
members with money management resources.
Created a new Hometown Hero Loan to honor and serve our local police and firefighters and current and past
members of the armed forces.
Enhanced our credit cards by upgrading Classic cards to Classic Platinum and re-issuing MasterCard cards to Visa®.
Redefined our core values to: Passion, Integrity, Respect, Community,
and Stewardship.
Offered low rate 10- and 15-year fixed mortgage special.
Continued to provide free community shred days at Educators locations.
Continued to participate in many community events, including Money conferences and local High School Reality
Check Days.
Enhanced Educators Mission Statement to: Passionately help people by
educating, advising and earning loyalty.
Enhanced Educators College Scholarship to assist local high school seniors in 2013.
Provided additional financial workshops and a special Bridging the Gap Seminar to assist laid-off people or the
recently unemployed with resources to help them find employment.
Launched new high school office model to allow more school locations in the future.
Successfully achieved $3.3 million in car loans and acquired 60 credit card accounts with our Black Friday Specials.
Income Statement*
Year Ending 12-31-12
Income 20112012
Interest – Personal and Other Loans
$ 21,960,535
$ 19,504,013
Interest – Credit Card Loans
4,408,432
4,835,876
Interest – Real Estate Loans
25,431,866 25,225,713
Interest – Business Loans
49,568
175,585
Investments 1,175,698 1,525,204
Fees and Commissions
7,982,077
9,447,997
Interchange Income
6,854,091
7,946,441
Other Income
2,644,991
1,409,136
Total Income
$ 70,507,258
$ 70,069,965
Expenses
Payroll and Benefits
$ 14,143,669
$
Insurance
204,553
Education and Promotion
2,326,161
Cost of Occupied Space
3,644,103
Office Operations
5,986,724
Data Processing
1,367,361
Provision for Loan Losses 10,419,129
Interchange Expenses
5,547,162
Other Expenses
3,481,173
16,073,607
227,542
2,235,349
3,796,555
5,868,048
1,366,263
11,170,887
6,120,981
2,817,762
Total Expenses
$ 47,120,034
$ 49,676,994
Net Income
$ 23,387,224
$ 20,392,970
Distribution of Income
Dividends
$ 11,815,694
$ 8,673,568
Interest Expense00
Reserves before
Regulatory Adjustment
$
NCUA Regulatory
Assessment/Adjustment
Reserves after
Regulatory Adjustment
$
Capital Ratio
Net Worth/Total Assets
11,571,530
$ 11,719,402
-2,912,381
8,659,149
-1,144,809
$ 10,574,594
10.10
10.32
Note: There was a 2011 audit adjustment of $1.4 million additional provision for loan loss that
was made after the 75th Annual Report was produced. The audit adjustment is reflected in the
numbers above.
Balance Sheet*
Year Ending 12-31-12
Assets
2011
2012
Cash and Due from
Deposit Institutions
$23,125,975
$18,873,876
Investments204,622,216198,515,895
Personal Loans (Net)
471,736,032
475,272,468
Real Estate Loans (Net)
568,015,704
646,348,649
Business Loans (Net)
2,518,216
4,248,872
Furniture and Fixtures (Net)
6,438,474
6,434,820
Land and Building (Net)
30,816,197
30,151,989
Other Assets11,001,98030,274,329
Total Assets
$1,318,274,794 $1,410,120,898
Liabilities and Net Worth
Notes Payable
$0
$0
Other Liabilities17,626,72224,266,294
Share Savings166,953,137209,703,139
Share Draft Checking
130,183,029
154,919,564
Share Certificates
298,411,493
268,085,974
Individual Retirement (IRA)
98,922,979
100,402,214
Insured Money Market (IMMS)
473,076,635
507,185,027
Regular Reserves15,709,45215,709,452
Other Reserves00
Undivided Earnings117,391,347129,849,234
Total Liabilities and Net Worth
*Unaudited numbers
$
1,318,274,794
$
1,410,120,898
“I like the way ECU makes you
feel like family ♥ Thank you for
all your help thru the years! And
now my children are part of your
family tree :o)”
- Linda C.
2012 Financials
13.5%
27.8%
11.3%
36.0%
33.70%
14.08%
45.84%
8.7%
8.4%
15.9%
22.9%
Income ( % of revenue)
36.0% Interest — Real Estate Loans
27.8% Interest — Personal and Other Loans
13.5% Fees and Commissions
11.3% Interchange Income
6.9% Interest — Credit Card Loans
2.2% Investments
2.0% Other Income
0.3% Interest — Business Loans
Assets
45.84%
33.70%
14.08%
1.34%
2.15%
2.14%
0.46%
Real Estate Loans
Personal Loans
Investments
Cash and Due from Deposit Institutions
Other Assets
Land and Building
Furniture and Fixtures
Expenses ( % of revenue)
22.9% Payroll and Benefits
15.9% Provision for Loan Losses
8.7% Interchange Expenses
8.4% Office Operations
5.4% Cost of Occupied Space
4.0% Other Expenses
3.2% Education and Promotion
1.9% Data Processing
0.3% Insurance
“Credit Unions serve people BETTER THAN BANKS. I’ve seen Educators grow so much in the last 20
years. KEEP GROWING!!!”
Cynthia K.
Educators Credit Union
P.O. Box 081040, Racine, WI 53408-9984
www.ecu.com
76th Annual Report