View Report - Financial Center Credit Union

The
Path to
Riches
Financial Center makes it easy for members to find the
money they need. X marks the spot for a wide variety of
loans with great rates.
In 2015, we continued simplifying your treasure hunt. We
reached $400 million in assets and gave $4.2 million back
to our members through our Member Loyalty Dividend.
We opened our newest location in the Southside. And
we introduced Fast Cash, a far superior alternative to Pay
Day Loans.
No matter what obstacles you may face on your journey,
we’re dedicated to always helping you reach your
financial goals.
President & Board Message
Financial Center Credit Union set out to become our member/shareholders’ money center
in 2015. From expanding our branch network to simplifying financing, everything we did
throughout the year tied back to benefiting our member/shareholders by increasing their
ability to accomplish their goals while remaining financially secure.
Expanded Branch Network
As the year kicked off, Financial Center was hard at work on our newest branch location
on Airport Way in Stockton. Nestled in the Southside, the branch is providing an easy,
convenient location for Southside residents to gain access to their hard-earned funds. This
branch not only provided money to the residents of South Stockton, it also granted muchneeded access to a trusted financial partner.
Simplified Financing
Our cooperative is much more than a place for your savings—it is a place to finance your
dreams while remaining financially healthy. While the digital age has opened access to
thousands of financing options, many of the options come at a steep price. That is why
Financial Center introduced our Fast Cash loans in 2015. The same-day loans offer the
convenience our members seek with terms that are far superior to those offered by Pay Day
lenders. Members recognized the benefit of Financial Center loans, as shown through the
$82.9 million in loans that were granted through the course of the year ($16.7 million more
than 2014!).
Continued Safety and Soundness
Of course, there’s more to success than adding money to member wallets. It’s also
important that the cooperative remains safe and sound for future generations to enjoy.
Credit union management and the Board of Directors kept Financial Center’s safety and
soundness at the forefront of all decisions in 2015. In doing so, the Credit Union maintained
a level of capital and reserves to assets that placed us in the 99th percentile of large credit
unions in the United States. This was recognizes by three independent bank research
firms: Bauer Financial, BankRate.com, and Deposit Accounts.com; each of whom ranked
Financial Center as one of the safest credit unions in the county.
The Board of Directors sincerely thanks you for your continued support and investment
in the cooperative, helping us in reaching our goal. It’s through your trust and investment
that the cooperative is able to thrive, giving our family, friends and neighbors access to
convenient and affordable funds.
Michael P. Duffy
President/CEO
Returned Net Profits
At the end of the year, the Board of Directors was ecstatic to be able to take an additional
step to secure our status as our member/shareholder’s money center. This step, of course,
was the declaration of a Member Loyalty Dividend that returned the 2015 net profits back
to our member/shareholders. This dividend totaled an impressive $4.7 million. That is
quite a few extra dollars to add back to your wallet!
The Great Titus
Land of the Palms
John Vera
Chairman of the Board
Supervisory Report
Every year, Financial Center Credit Union’s Supervisory Committee is trusted with the
important task of overseeing the Credit Union’s records and accounting policies. The
Committee works closely with Financial Center Credit Union’s staff and the Board of
Directors to ensure policies and procedures are properly implemented.
We are pleased to report that your funds at Financial Center are safe, and your Credit Union
is financially poised and prepared for future progress. As an additional safety measure, the
Supervisory Committee, with the enlisted help of an independent accounting firm, conducted
a meticulous evaluation of our records and deemed Financial Center stable and secure for
future growth. The 2015 McGladrey & Pullen CPA audit and our 22nd consecutive year of
Bauer 5-star rating substantiated Financial Center’s exceptional fiscal soundness.
This positive outcome is a direct result of the Board of Directors’ and President/CEO’s stellar
leadership and vigilant management. We also thank our volunteers, management and staff
for their commitment to service and accuracy. This commitment helps the Credit Union to
prosper and maintain financial soundness for its member/shareholders.
Dead Man’s Valley
Amy Crame
Chairwoman
Salty Sea
Financials 2015
2013
2014
2015
Interest on Loans
11,928,990
10,817,043
10,797,138
Interest on VISA
1,815,003
1,754,222
1,685,809
Investment Income
1,608,344
2,155,403
2,872,344
Miscellaneous
4,885,243
4,840,440
4,943,774
Total Income
20,237,580
19,567,108
20,299,065
6,337,142
5,030,009
6,022,333
Other Expenses
13,900,438
13,745,353
13,726,440
Total Operating Expense
20,237,580
18,775,362
19,748,773
Loans
154,087,683
153,537,352
163,846,045
Cash & Investments
199,067,817
222,389,735
249,871,891
442,938
372,250
556,637
Land & Building
5,269,277
5,564,581
6,975,203
Other Assets
4,678,997
4,476,292
4,856,382
Total Assets
363,546,713
386,340,210
426,106,158
Member Shares
267,042,864
289,334,853
327,833,270
Other Liabilities
9,876,563
9,523,465
10,743,334
Reserves
20,037,132
16,558,104
19,621,757
Undivided Earnings
66,590,153
70,923,788
67,907,797
Total Liabilities/Equity
363,546,713
386,340,210
426,106,158
$400 Million
Income
in
Expense
Dividends
Assets
Wastelands
Assets
Furniture & Equipment
Liabilities & Members' Equity
Annual Meeting Announcement
Financial Center Credit Union will hold its 2016 Annual Meeting and Elections on Thursday,
May 19, at 6:00 p.m., at our Main Office, 18 S. Center Street in Stockton, California.
fccuburt.org
© 2016 Financial Center Credit Union. All rights reserved.