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@gfcuonline.org or (770) 493-4328 and ask to speak with an E-Branch representative today!