Annual Report 2008 - Georgia United Credit Union
Transcription
Annual Report 2008 - Georgia United Credit Union
A Message to Our Members G eorgia Federal Credit Union celebrated 50 years of successful service to members in 2008 during a time of great volatility and turmoil in the financial services industry. Our country was entrenched in a year-long recession. The media headlines were full of negative news. Financial mortgage giants, Fannie Mae and Freddie Mac, failed. Bear Sterns, Lehman Brothers, Indy Mac, Merrill Lynch, and Washington Mutual experienced takeovers. The banking industry received a $700 billion government bailout. And the stock market recognized the largest decline in years. With the rise in “mega mergers” in the banking industry and the demise of many local community banks, the personal service and attention offered by credit unions received much positive press in 2008. Although credit unions were recognized as “safe havens” during this time of fiscal unrest, it became apparent that the time-honored credit union values of prudent money management needed to be shared with the public now more than ever before. And GFCU will need to continually change and adapt our products to meet consumers’ ever-changing needs and financial concerns in these tough economic times. As GFCU stands ready to begin the next 50 years of service to our members, now is an appropriate time to remind you of our core values and core business principles that will be our cornerstones for future success. Our Core Values •Honesty •Integrity •Empathy •Trust Our Core Business Principles •Respect •Exemplary Service •Innovation •Financial Strength Our Vision To become the financial institution and employer of choice by consistently exceeding member and employee expectations. Thank you for choosing Georgia Federal Credit Union for your financial services. Through the Years – Significant milestones in GFCU history G eorgia Federal Credit Union, along with the entire credit union movement, has celebrated many milestones throughout the years. Take a look back at some of the accomplishments we’ve achieved together. The Credit Union and our membership have weathered many storms over the years, but the GFCU family stands strong and is positioned for a bright future. 1908 – First U.S. credit union, St. Mary’s Bank, opens its doors to serve members, Manchester, N.H. 1920 Teachers Federal Credit Union office is located in a one-room office at 116 Clairmont Road in the DeKalb Federal Savings and Loan Building and is open every Tuesday 4 p.m. to 7 p.m. 1967 – DeKalb County Teachers FCU passes $1 million in assets and purchases house on North Indian Creek Drive in Clarkston to move into its own facility. 1970 – Legislation creates the National Credit Union Administration (NCUA), and the National Credit Union Share Insurance Fund (NCUSIF) is established. – State credit union leagues are organized in Alabama, Georgia, Illinois, Indiana, Iowa, Minnesota, Missouri, North Carolina, and Virginia. 1934 – The Federal Credit Union Act is signed into law by President Franklin D. Roosevelt. 1958 – GFCU is founded as DeKalb County Teachers Federal Credit Union in Decatur, Georgia by DeKalb Principal Vernon Carne and six other educators with $35 total deposits on March 27. The NCUA grants our charter on April 8, 1958. • Membership fee of 25 cents is charged to join and par value of a share is $5, with a maximum deposit of $1,000. The DeKalb County 1974 Credit Union National Association (CUNA) starts a pilot program for share drafts (checking accounts) for credit unions and selects DeKalb County Teachers Federal Credit Union as one of the first four credit unions in United States to offer checking accounts. 1977 DeKalb County Teachers Federal Credit Union builds and opens a two-story office with ATM and drive-thru lanes on North Indian Creek Drive property. 1981 Interest rates reach their highest levels in history, and many banks and savings and loans lose billions. DeKalb County Teachers Federal Credit Union remains profitable and introduces Saturday hours. 1 About GFCU G FCU is a not-for-profit financial cooperative that serves over 81,000 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, Dalton 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. 1983 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 and Visa® Check Cards •Direct Deposit/Payroll Deduction •E-Branch Call Center •Instant Access 24 Hour Telephone Teller Service •Web site www.gfcuonline.org •GFCU Online PC Banking •GFCU Bill Pay •CU Service Center Network Access •Supplemental Insurance DeKalb Teachers Federal Credit Union celebrates 25 years in business by reaching $25 million in assets and changes name to Georgia Federal Credit Union. GFCU opens first branch office and introduces money market accounts and Individual Retirement Accounts. GFCU accepts the Carpet Capital Credit Union in Dalton through a merger and opens a Dalton Branch. Warren Butler joins us as Dalton Manager. Warren is now GFCU’s CEO. 2 1984 Third location opens at 4448 Tilly Mill Road in north DeKalb County. Loans for Real Life •Visa Gold and Platinum Credit Cards •Consumer Loans •Vehicle Loans •Car Locator/Buying Service •Boat and RV Loans •Mortgage Loans – including FHA, First-Time Homebuyers •Home Equity Lines of Credit •Universal Loans “for anything in the world” •Real Estate and 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. 1985 We welcome the Gulf Oil Credit Union of Atlanta and the Henry County Teachers Federal Credit Union in McDonough, which gains us an office in a school service center facility. Members are paid $2,706,108 in dividends, and we become the first credit union in the state to participate in the “Adopt-a-School” program (now called Partners in Education) with Atherton Elementary. 1986 GFCU relocates the Henry County office to Stockbridge. Mortgage loans and home equity credit line programs begin. President’s Report – Our nation’s financial crisis highlights the value of your Credit Union. T he year 2008 will not soon forgotten in our nation’s history. As the year started, our country was already in a recession, and we watched the stock market spiral downward as the year progressed. Warren Butler President & CEO In a time when the financial world was constantly changing – bank failures on top of a mortgage industry crisis, government interventions, and a national credit crunch – Georgia Federal Credit Union remained a safe and sound harbor from the rest of an uncertain financial world. Here are just a few reasons why. •The Cooperative Principle Protects You: Putting your money into GFCU makes you an owner. And, as with any business, we make decisions for the best interest of all our owners. •Budgets Aren't Just for Consumers: We operate with a conservative and well-positioned budget. This budget is reviewed each month with our Board of Directors, which is a group of volunteers elected by you. They make sure we are fiscally responsible so that we can return the most money back to our member-owners in the form of lower loan rates and higher savings rates. •Your Funds Are Federally Insured: The word “Federal” is actually a part of our name and a 1987 great reminder that GFCU is federally insured and backed by the full faith of the National Credit Union Share Insurance Fund (NCUSIF) to the maximum limits allowed. And insurance limits were increased to $250,000 in 2008. But, perhaps most assuring of all, no one has ever lost a single penny in a federally-insured credit union. •We Save for Rainy Days Too: Over the years, we’ve prudently saved a portion of our earnings to help us weather the ups and downs of the economy. This strong capital position of over 14% allows us to also offer great rates even in tough financial times. •Strategic Asset/Liability Management: GFCU constantly evaluates and measures our financial health. We look for ways to minimize risk in every area, and that’s a good thing for you too – as that keeps us from offering products like sub-prime mortgages. •Consistent and Confident Pricing: We constantly monitor rates in our market to make sure we offer fair and competitive deposit and loan rates. In fact, the rates offered to our members are calculated to provide the credit union safety and maintain financial strength. We won’t jeopardize our financial health to be the highest or the lowest, but rather consistently offer fair prices so our membership can feel confident they will get a great deal every day. The mergers continue with other smaller credit unions joining 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 also added Lithonia Lighting as a member group, which gives us a small plant location at Lithonia Lighting in Cochran, Georgia. 4 1988 GFCU celebrates 30th anniversary. Visa® credit cards and Instant Access Telephone Teller are introduced. •We’re Not for Profit: Our not-for-profit status ensures that your selected and appointed officials take their positions seriously and stay accountable to you. We believe in the importance of serving our communities and delivering value to you – every day! Despite the economic turmoil around us, here are some additional positive highlights from GFCU in 2008. •We returned a record $9.65 million in dividends to our members as we saw members grow shares by 13.43%, money market accounts by 49.04%, and certificates by 14.24%. •We continued to lend money to members while other lenders reduced available credit, and GFCU actually grew loans by over 10% from the previous year. •We made preparations for the relocation of our South DeKalb Branch and broke ground for a new, expanded facility on Panola Industrial Way. The new branch will be completed and open in early 2009. •We expanded and remodeled our North Atlanta branch on Tilly Mill Road and added a drive-up ATM to this location as well. •We continued to make improvements in our electronic services area – by rebuilding our Web site and making enhancements to our home banking and online bill pay products. Yes, credit unions have never looked better, and GFCU remains one of the strongest credit unions in the country. 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 GFCU. Let us know how we can serve you today and in the years to come! 1989 Full service mortgage loan department is added. 1990 Management Team Front: Kevin Durrance, EVP & Chief Financial Officer; Warren Butler, President & CEO; Doug Foote, Sr. Vice President & Chief Operations Officer. Back: Kim Wall, Vice President, Marketing; Mark Bartholomew, Vice President, Information Services; Rene McDaniel, Assistant Vice President & Controller; Jason Halperin, Assistant Vice President of Lending; Debbie Smith, Vice President, Human Resources. We begin the 1990s with $81.4 million in assets. We introduce an in-house car locator/buying service for members and a choice of three checking accounts. GFCU joins nationwide ATM networks CIRRUS®, PLUS®, and AVAIL®. Upper Class club is offered to members over age 55. 1991 GFCU wins the 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 are $4,227,862. 5 Chairman’s Report – After 50 years of service to you – GFCU is still safe, secure, and ready to lend. G Geraldine Tilson Chairman eorgia Federal Credit Union celebrated 50 years of service to members during an interesting and exciting time in our country’s history. We witnessed a historic presidential election and gyrating financial markets. And, with every decision we made at GFCU, we tried to keep you, our member, in mind. As the news media reported of the collapse and consolidation of financial institutions around us, we wanted you to know that your Credit Union was safe, secure and ready to lend money. And we appreciate the positive response from many of you each time our President corresponded with you. As we observed our 50th anniversary, we held individual branch birthday celebrations at all 14 GFCU locations throughout the first half of 2008. This gave us an opportunity to visit with members in every market we serve and learn how we can improve in the future. Members also enjoyed a number of contests. From branch drawings to trivia contests to daily winners of $50 cash, we congratulate all the winners. Our Web site also featured many member testimonials and success stories during GFCU’s milestone celebration. As the federal government took steps in the fall to raise insurance limits from $100,000 to $250,000, we wanted to make sure you were aware that all GFCU 1992 GFCU surpasses $100 million in assets and now has 100 select employee groups. 1993 accounts are insured up to the standard maximum share insurance amount. Our correspondence and Web site outlined ways you could increase your federal insurance coverage by adding qualified joint owners and/or qualified beneficiaries. Our goal is to be your financial partner for life. We will continue to strive to keep you well-informed and exceed your expectations by providing the products, services, convenient access, and superior service you expect from Georgia Federal Credit Union. We want to improve our members’ financial well-being through loans to buy new homes or cars; to grow members’ savings; and to help manage daily finances. As we observed many other lenders reduce the amount of loans available to consumers in 2008, GFCU actually increased loans to members by over 10.6% from the previous year. Georgia Federal 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, and our own GFCU programs, including GFCU’s Christmas Wish Tree Program, Community Speakers Bureau, and High School Scholarship programs. This year, We introduce our Super Savers Kids’ Club for members age 0-12. 1994 GFCU joins the Credit Union Service Center Network in 1994 to allow members more locations across the country. 3 6 our efforts in fund raising for Children’s Miracle Network helped raise a total of $62,000 for Children’s Healthcare of Atlanta through the CMN Bowl-a-thon, and we manned the phones for Star 94 Radiothon to help raise over $800,000 to benefit the same cause. Our Christmas Wish Tree Program was also a success, with more than 500 gifts donated for deserving children in our communities. Our scholarship program for high school seniors had an exciting new addition this year when GFCU awarded the first-ever Archbishop John Francis Donoghue Scholarship of $2,500. Combined with the Vernon E. Carne scholarships we offer, we were able to grant a total of $15,000 to students pursuing higher education in 2008. Thank you for your support. We appreciate having the opportunity to serve you. And we appreciate you sharing the “good news” about your Credit Union with your family, friends, and co-workers. You are the reason we are here! 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. GFCU Board of Directors Front: Geraldine Tilson, Chairman; Monsignor Stephen Churchwell, Director; Tom Cochran, Director. Back: Robert Smith, Treasurer; Dr. James H. Williams, Director; Dorothy Dusenberry, Secretary; Thomas S. Dickson, Vice Chairman; Jack Lavender, Director. Not pictured: Dr. Steven Whatley. 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 with an ATM. Administrative and operations employees move into Northlake Office Park. We launch our first Web site on the Internet at www.gfcu4u.org and upgrade computers to the Windows environment. Banking industry files a court injunction to prohibit growth of credit unions. Credit unions continue to thrive. 7 Supervisory Committee Report – It’s a relief in these economic times to know your funds are safe and sound — and are federally insured to the maximum amounts allowed. T Bruce Hoyer Supervisory Committee Chairman he 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 GFCU. In compliance with the Federal Credit Union Act and GFCU’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 GFCU’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. 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 that 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 1997 results. They conduct audits of selected operations and perform a comprehensive unqualified opinion audit of the Credit Union’s year-end financial statements. In all of our meetings with Nearman, Maynard & Vallez throughout 2008, they have indicated that the management of GFCU 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 GFCU’s financial condition, safety, and soundness. As a result of our most recent examination, the Supervisory Committee is pleased to announce that GFCU has maintained one of the highest ratings given by the NCUA in the areas of capital, asset quality, management, earnings, and asset liability management. The support and cooperation from the management and staff of GFCU has assisted the Supervisory Committee in the performance of its duties and is greatly appreciated. Based on the excellent results of the NCUA examination and reports from our independent accountant, it is the 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 in metro Atlanta at DeVry Tech. Bankers’ court injunction is lifted, and credit unions are allowed to serve additional employee groups. Our founder, Mr. Vernon Carne, remains active on GFCU’s Board of Directors serving as President or Treasurer until he retires this year. 8 1998 We celebrate our 40th year of service with almost $200 million in assets. GFCU introduces Roth and Education IRAs and PC home banking. opinion of the Supervisory Committee that the financial condition of Georgia Federal Credit Union continues to be sound and well-managed. Your best interests are continually safeguarded by appropriate guidance and supervision. NCUA – FAQ’s A credit union is a member-owned, not-for-profit, cooperative financial institution. Federal credit unions are chartered and regulated by The National Credit Union Administration (NCUA), and member accounts are insured by the National Credit Union Share Insurance Fund (NCUSIF). Share accounts in federally insured credit unions are insured up to the Standard Maximum Share Insurance Amount (SMSIA) of $250,000 as of October 3, 2008. NCUSIF – Additional information: •NCUSIF was voluntarily capitalized by credit unions in 1985 and has never received taxpayer dollars. •NCUSIF, like FDIC, is backed by the “full faith and credit” of the U.S. Government. •NCUSIF equity ratio is 1.27% based on June 30, 2008, estimated insured shares of $601.6 billion. Supervisory Committee Left to right: Bruce Hoyer, Supervisory Committee Chairman; Dan Jones, Committee Member; William Silvey, Committee Member. NOTE: Information obtained at ncua.gov and current as of December 2008. 1999 GFCU introduces online home banking. “After Hours” Loan-by-Phone service allows members to talk with “live” loan officers. We purchase land in Dalton and Conyers for larger branches and prepare for “Y2K.” 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. 2001 Purchase land for Gwinnett County location and introduce a Visa Platinum credit card with a rate of 9.9% APR. 9 Treasurer’s Report – Despite the worst economy in decades, GFCU remains a pillar of financial stability. I Robert Smith Treasurer 2002 n 2008, the United States economy suffered a recession that saw the worst job losses since World War II, numerous and significant financial institution collapses, dramatic declines in home prices, record high foreclosures, and a crumbling stock market the likes of which have not been experienced since the 1930s. The Federal Reserve attempted to “shock” the economy back to life by cutting interest rates to record lows amidst a near credit freeze, a disintegrating housing market, and unprecedented government intervention. Through this, Georgia Federal Credit Union proved we are a cornerstone of financial stability by maintaining a firm capital position, expanding our membership, and providing the vital services that keep our economy working and growing. members with top rates in the highly competitive market for consumer deposits. As a result, we paid back a record setting $9.65 million to members through dividends despite the Federal Reserve slashing interest rates over 400 basis points during the year. The punishing impact of the housing-related fire storm that swept through the financial services industry with increasing and unpredictable intensity played a major role in creating a historic interest rate environment and presented a real challenge for GFCU. Members continued to shift to higher paying deposit accounts in search of a sanctuary for their funds, which in turn brought pressure to bear on our net interest margin. However, our concrete capital position afforded us the ability to sustain this increase and consistently reward We enjoy a solid balance sheet, ample liquidity, adequate reserves, and strong capital ratios. Through sound underwriting practices and proactive member service, I am proud to report that despite credit quality deteriorating in response to the economy, our net charge-off ratio closed at 0.42%, well below the average for our peer group. Risk management has always been a priority for GFCU especially in a demanding regulatory environment and uncertain economic times. GFCU names Warren Butler as President/CEO. We add MEMBERS Financial Services for members’ investments and financial planning services. GFCU Online Bill Pay is introduced in November. 10 Precipitous declines in market values took a significant toll on earnings in 2008. However, GFCU remained a pillar of financial stability with approximately $71 million in equity and a net worth ratio of 14.60%. This ensures our ability to continue the progress we are making in implementing reinvigorated member value. In these times of economic uncertainty and vacillating markets, GFCU continues to succeed and provide a financial safe haven for our members. 2003 Gwinnett Branch opens in Duluth. NCUA approves charter expansion to under-served community of Clarke County, Georgia (Athens). GFCU celebrates the ground breaking for the new corporate headquarters in the Sugarloaf area of Gwinnett. In 2008, total shares grew $49 million (13.43%) as a result of management’s dedication to be our members’ premier source of financial services. Total loans outstanding grew $27 million or 10.66% for the year. While the mortgage industry was stifled by the non-existence of lending capacity from traditional outlets, a significant portion of our loan growth was obtained by taking market share from our competitors due to our highly competitive mortgage rates. Assets continued to grow, increasing $49 million (11.12%) to close at $486 million. Through disciplined expense control, we were able to end the year with a net operating expense ratio of 2.77%. This provided further efficiencies to deliver the knowledgeable and dependable service our members have come to know and expect. We are dedicated to helping our members prosper by providing financial services that meet their needs, exceed their expectations, and enhance their lives. We are prepared to overcome the obstacles that face each of us in this rapidly changing environment. I believe Georgia Federal Credit Union has built a dynamic organization that will continue to safely insulate our members from the fluctuations of the economic cycle. This, in turn, has readied our institution to successfully meet the challenges of 2009 and beyond. We are proud to be part of an industry that will lead our state and nation, once again, to economic prosperity. GFCU 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 to better serve you, the member. Without losing sight of these characteristics, we are determined to deliver new, added value to your credit union experience through our strategic plan. We recognize that the shifting economic landscape of the coming year will present more adversities than ever before. 2004 GFCU moves corporate office to a new, three-story building at 6705 Sugarloaf Parkway with three tenants – CUNA Mutual, Georgia CU Affiliates, and Georgia Central CU. The E-Branch member care call center opens in this facility the same summer. Two significant mergers are Educator’s Credit Union in Athens and the GA Catholic Federal Credit Union in Atlanta. GFCU adds CU Succeed Teen Club and CU College Club with services for students. We also purchase a former bank building at 190 Gaines School Road for the Athens Branch. 2005 NCUA grants a Field of Membership expansion to serve 360,000+ members of the Catholic Archdiocese of Atlanta. We also add Identity Theft 911 Protection to all GFCU checking accounts and open a mini-branch inside NCR in Duluth. 11 '06 $248,886,292 $181,091,936 '05 $231,325,659 $184,571,016 '04 '07 $275,422,855 Consolidated Statement of Financial Condition Loan Growth '08 AS OF DECEMBER 31, 2008 AND 2007 (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 $486,239,712 $437,571,324 $395,243,030 $374,169,612 $353,555,106 '04 $ 18,782,459 $ 8,675,442 $ 86,993,539 $ 42,805,003 $ 14,451,736 $ 26,695,708 $ 14,195,731 $ 36,286,673 $ 248,886,292 $ (2,415,596) $ 273,119,947 $ 246,470,695 Cash on Hand $ 11,144,628 $ 15,756,816 INVESTMENTS: Federal Agency Securities Corporate Credit Unions Other Investments Total Investments $ 10,157,220 $ 155,157,524 $ - $ 165,314,744 $ 11,087,500 $ 127,199,913 $ 200,000 $ 138,487,413 Fixed Assets $ 22,247,642 $ 20,311,260 Other Assets $ 14,412,751 $ 16,545,140 Net Loans TOTAL ASSETS $ 486,239,712 $ 437,571,324 '05 '06 '07 '08 2006 GFCU reaches $400 million in assets and 80,000 members. Merger with University Employees Credit Union in Athens improves our ties with the University of Georgia and gives us a Campus branch on South Lumpkin. UGA Alumni Association members are now eligible to join as well. Madison County School System Credit Union joins the GFCU family. Our founder, Vernon E. Carne, passes away at age 87. 12 2007 $ 19,250,160 $ 8,497,098 $ 81,943,327 $ 60,337,874 $ 17,535,284 $ 26,291,924 $ 16,607,531 $ 44,959,655 $ 275,422,855 $ (2,302,908) Asset Growth 2008 2007 E-Branch call center opens with extended hours. MEMBERS' EQUITY: Regular Reserves $ 10,680,362 $ 10,680,362 Retained Earnings $ 60,437,681 $ 59,233,308 Total Members' Equity $ 71,118,043 $ 69,913,670 TOTAL LIABILITIES, MEMBERS' SHARES, & EQUITY $ 486,239,712 $ 437,571,324 GFCU celebrates 50 years of service to members and hits $500 million in assets in November. U.S. credit unions celebrate their 100th anniversary. '05 '07 $409,973,684 $361,432,829 $325,340,168 '06 '08 Equity Growth '04 2008 $311,304,375 $298,559,944 '04 '05 '06 '07 $71,118,043 LIABILITIES: Dividends Payable $ 861,817 $ 992,185 Other Liabilities $ 4,286,168 $ 5,232,640 Total Liabilities $ 5,147,985 $ 6,224,825 MEMBERS' SHARES & EQUITY MEMBERS' SHARES: Shares $ 115,114,141 $ 112,517,736 Share Drafts $ 52,850,732 $ 52,047,327 Sterling Funds $ 72,429,745 $ 48,597,221 Individual Retirement Accounts $ 32,906,938 $ 25,358,002 Share Certificates $ 136,672,128 $ 122,912,543 Total Members' Shares $ 409,973,684 $ 361,432,829 $69,913,670 2007 $63,370,733 2008 $56,396,939 Liabilities, Members' Shares & Equity $50,734,601 Deposit Growth '08 Know Someone Who Would Benefit from GFCU Membership? Refer family members • Refer a co-worker • Refer your friends • Refer your employer, company Contact us at: [email protected] or (770) 493-4328 and ask to speak with an E-Branch representative today!
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