IMPACT REPORT. Federally insured by NCUA.

Transcription

1 IMPACT REPORT Federally insured by NCUA.

2 OUR STORY We are a not-for-profit, member-owned financial cooperative benefiting all who belong. Established on August 6, 1948, each of our ten founding members invested $5.00 to create an initial deposit base of $ Our community credit union provides financial services to businesses and anyone who lives, works, worships, or attends school in the 16 counties of East Tennessee: Anderson, Blount, Campbell, Claiborne, Cocke, Grainger, Hamblen, Jefferson, Knox, Loudon, Monroe, Morgan, Roane, Scott, Sevier, and Union. As a cooperative, we do not have stockholders; we have memberowners, who elect a volunteer Board of Directors each year. Our Board of Directors consists of nine members, each elected by the membership to serve three-year terms. We rely on our volunteer Board to represent the best interests of all ORNL FCU members. They guide our strategic decisions, grow our organization, and respond to member needs while maintaining and ensuring our financial soundness. 2

3 OUR PURPOSE TOGETHER, WE THRIVE. OUR CORE BELIEFS We make managing money easy so together, we thrive. We put people before profits so together, we thrive. We invest in new ideas and new technologies so together, we thrive. We invest in our communities so together, we thrive. 3

4 OUR COMMUNITY CORE COMMUNITY VALUES We know being a good corporate citizen means being involved and making a positive difference. We are as passionate about issues, ideas, and helping organizations in our community thrive as we are about helping our own members. We understand that the only way we truly thrive, as individuals, as neighborhoods, and as communities, is together. In 2018, we invested over $500,000 into the community supporting organizations and causes that aligned with our Core Community Values: Financial Education, Community Improvement, and S.T.E.A.M. Advancement. Over $95,000 was donated to United Way by employees. Employees volunteer hundreds of hours annually to nonprofit organizations in our community through our Volunteer Time Off program. ORNL fcu 4

5 MURAL DESIGN COMPETITION DOGWOOD ARTS PRESENTING SPONSOR SUMMER SESSIONS FREE CONCERT SERIES HABITAT FOR HUMANITY BUILD $500,000+ ORNL FCU s 2018 total investment in the community. 5

6 OUR DIFFERENCE PHILOSOPHY CREDIT UNIONS Not-for-profit; not for charity...for service BANKS For-profit; exist to earn a profit for stockholders OWNERSHIP Member-owned Stockholder-owned GOVERNANCE PROFITS WHO IS SERVED PURPOSE Member-elected volunteer (unpaid) Board of Directors Directors reflect the diversity of the membership Profits paid back to members in the form of higher savings rates and lower loan rates Members; each has an equal membership share and vote Credit unions are local and are organized to serve the interests of the membership Credit unions focus on consumer loans and member savings, as well as services needed by the membership Shareholder-elected (paid) Board of Directors Profits paid only to stockholders Customers; each have no say in their institution s operations or Board of Directors Banks are open to the general public Banks focus on commercial loans and accounts and services that generate significant income COLLABORATION Credit unions cooperate with other credit unions and share resources to bring convenience and savings to members Credit union service organizations and the CO-OP ATM Network are just two examples of this cooperation between credit unions Competition between banks prohibits a sharing of resources 6 SAFETY/INSURANCE NCUA, a federal agency; accounts insured up to $250,000 FDIC, a federal agency; accounts insured up to $250,000

7 RETURNING VALUE $70,000 GIVEBACK & INVESTMENT For over 70 years, serving our members has been an honor. We are equally honored to invest in the communities where our members and employees live, work, worship, and attend school. To commemorate our anniversary, we gave back in a big way by donating $10,000 each to seven non-profit organizations in the East Tennessee community. SPECIAL MEMBER DIVIDEND For the first time since 2005, we paid a Special Dividend to members. The volunteer Board of Directors approved the $3 Million Special Dividend as a way of thanking the members for an exceptional

8 OUR PHILOSOPHY As an organization, we strive to uphold the seven principles of the cooperative movement. We are committed to supporting the credit union philosophy of people helping people and aligning our Purpose and Core Beliefs with the cooperative movement. principles of the 7 cooperative movement Voluntary and open membership Democratic control Member economic participation Autonomy and independence Financial education and training Cooperation amongst cooperatives Concern for the community

9 OUR COOPERATIVE SPIRIT 7 Our name is a direct reflection of our commitment to credit unions and the principles on which they were founded: We are a financial partner created by and for credit union people. 7 is a credit union service organization made of experienced professionals with the passion, insight, and skills to help members thrive. At 7, we truly believe there is strength in numbers: By working as partners to credit unions and the community, we re able to offer the best mortgages, title services, and insurance products on the market. CU REVEST 7 TITLE With over 100 years of experience, we help members fulfill their dreams of homeownership. 7 MORTGAGE We are here to help credit unions provide mortgage options to their members. 7 INSURANCE We offer a full line of insurance products, giving credit unions the ability to own their portfolio and gain non-interest income while strengthening relationships with members. CU Revest is a credit union service organization (CUSO) dedicated to supporting members who have fallen on hard times. We assist members in a respectful and compassionate environment as they work to achieve financial soundness, stability, and success. 7 TITLE One of the largest and most productive title companies in the region Closed 1,126 mortgages in 2018 Consistently priced well below the competition; making home buying far more affordable Unique collaboration of ORNL FCU and Y-12 FCU 7 INSURANCE 2,383 active clients / 4,022 total policies $ average annual savings of a new insurance policy holder* *Average savings figure based on new direct auto and home policyholders countrywide who reported savings to us in Individual savings may vary. Savings not guaranteed. 9

10 OUR COMMITMENT TO CREDIT UNION ADVOCACY AND AWARENESS We are committed to raising awareness and advocating for change on legislative and regulatory issues that affect ORNL FCU, our membership, communities we serve, and the financial services industry. Our goal is to keep the entire credit union community strong at federal, state, and local levels. TO THE CREDIT UNION COMMUNITY ORNL FCU is a proud member of the Knoxville Area Chapter of Credit Unions, Tennessee Credit Union League (TCUL), Credit Union National Association (CUNA), and the National Association of Federal Credit Unions (NAFCU). TO THE SENATE AND HOUSE OF REPRESENTATIVES Each Senator represents 140 credit unions across the state and 2,010,300 members, including 158,000 ORNL FCU members. Members of the House of Representatives represent nine districts in Tennessee. ORNL FCU has members located in each of the districts. 10

11 VOLUNTEERS 9 Board Members 5 Supervisory Committee Members TOTAL ASSETS $2.15 Billion Largest in East Tennessee Third Largest in State MEMBERSHIP Over 165,000 Members Second Largest in East Tennessee Fourth Largest in State BRANCHES & SERVICES Branches in 10 Counties Local network of 200+ Fee-Free ATMs (including Deposit ATMs and ITMs) Nationwide network of over 30,000 Fee-Free ATMs Online, Mobile, and Telephone Banking SERVICE AREA ORNL FCU Serves 16 Counties in East Tennessee EMPLOYMENT 466 Employees FEDERALLY INSURED Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government Agency. AWARDS & RECOGNITION Forbes - Top 100 Best-in-State Credit Unions in Tennessee (#2) Financial Brand - Power Top Credit Unions Using Social Media (#38) 2018 Callahan Credit Union Directory 200 Largest Credit Unions in Nation by Membership (#112) Leaders in Nation for Branch & ATM Network (#41 out of approx. 5,800) CityView Magazine, Best of the Best 2018 Banking Business (#2) Banking Personal (#2) Mortgage Company (#2) Credit Union (#2) Knoxville News Sentinel, Best of 2018 Awards Best Insurance, 7 Insurance: Auto, Home, and Business Best Credit Union Favorite for Mortgage Companies 2019 Book of Lists, a publication of the Greater Knoxville Business Journal Knoxville-Area Credit Unions, ranked according to membership (#2) Knoxville-Area Major Employer (#91) Anderson County Major Employer (#14) Knox County Mortgage Lender, ranked according to dollar volume (#2) Knoxville-Area Credit Unions, ranked according to assets (#1) 11

12 Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government National Credit Union Administration, a U.S. Government Agency 221 S. Rutgers Avenue, Oak Ridge, TN or Toll Free PROUD MEMBER: tennessee Credit Union League Equal Opportunity Employer Federally insured by NCUA.