Federal Credit Union Federally Insured By NCUA. 1
Annual Meeting of the Membership of United 1st Federal Credit Union March 10, 2015 2014 Annual Report 1. Chairwoman s Report 2. 2014 Annual Meeting Minutes 3. Supervisory Committee Report 4. Secretary s Report 5. Treasurer s Report 6. Statement of Condition VISION STATEMENT: United 1st will be our members recommended source for financial solutions, through our continued investment in our respected employees and the communities we serve. MISSION STATEMENT: Our mission is to improve the financial condition of our members and maintain the security of the credit union while providing personal service with integrity. 2
Chairwoman s Report YVONNE HAWKINS It has been a great pleasure to serve as your United 1st Federal Credit Union Board of Directors Chairwoman over the course of 2014. I have served on the Board of Directors since 2006 and feel privileged to be able to serve the membership. My family has a long tradition of credit union membership starting with my father, John P. DuBose, who was one of the first members of St. Marys Kraft Employees Federal Credit Union, continuing to my grand-nephews who became members when Bundles of Joy accounts were opened for them at United 1st when they were born. My husband, Jerry Hawkins, is also a longtime United 1st member. Jerry and I enjoy cheering for my alma mater, The University of Georgia, and in our spare time enjoy gardening, fishing, and traveling. Yvonne Hawkins Chairwoman We are excited to enter our 73rd year of Helping People Afford Life. On behalf of the United 1st family, we hope to continue to exceed your expectations with your financial needs for many years to come. United 1st has a very dedicated Board of Directors and Supervisory Committee who are diligent in overseeing the direction of the credit union on behalf of our members. Our staff is very dedicated and professional and, quite frankly, a blessing to work with each and every day. Most importantly, we have a very loyal group of members for which we are very thankful. With that said it is our intent to provide positive personal financial solutions and customized quality service to all of our members. We value our relationship with each one of you. We hope that the credit union s services and product offerings, not only exceed your expectations, but make it a little easier for you to afford life. Pat Conn CEO United 1st continues to add new members every day as more and more people realize the benefits of United 1st membership. We had a very successful year in 2014. With the opening of our newest United 1st Member Service Center in Waycross, we continue to grow our deposits and loans. Also notable in 2014 was the expansion of our Folkston Member Service Center. Please stop in to meet the new Waycross staff or visit our beautiful new office in Folkston. We continue to monitor our position in the marketplace in terms of competitive loan and deposit rates to consistently assure our members are receiving the best rates available in our region. The staff of United 1st is grateful for your loyalty and we remain committed to providing you the best service available. We are more than happy to help you in any way that we can to achieve your financial goals for your lifestyle. 3
We also strive to serve our members communities. I am pleased to announce that we received National placing and recognition by winning the Desjardins Adult Financial Education Award which recognizes model credit union efforts to teach personal finance concepts and skills to members and nonmembers ages 18 and older. The award is specially designated for credit unions that go beyond serving the member by focusing on the member and the communities in which they live. This national recognition follows our four state-wide first-place wins for both Youth and Adult Financial Education along with our community outreach efforts and Scholar Dollars program for our youth members. Again, thank you for your support and loyalty to United 1st FCU and the opportunity to serve you. Please help us continue to be successful by mentioning us to your friends and family and share with them the benefits of United 1st membership. Yvonne Hawkins Pat Conn 4
Annual Meeting Minutes of MARCH 11, 2014 Master of Ceremonies, Ed Walker called the meeting to order at 6:00 p.m. Secretary Malcolm Fuller indicated there was a quorum of at least fifteen (15) members present. Kim Mitchell was appointed Recording Secretary. Attorney Bert Guy was appointed Parliamentarian. The minutes of the 2013 meeting were approved on a motion by Jacques Cutuil, seconded by Malcolm Fuller and carried. The minutes were in the Annual Report. There were approximately 163 members and staff present. During the meeting, two videos were shown: Year in Review and Vision Statement/Member Appreciation. The first highlighted our achievements and extracurricular events at United 1st. Two staff members were recognized for their 25 year Anniversaries in 2013: Ann Harrell and Rosalind Inman. In the Treasurer s Report and Supervisory Committee Report, the safety and financial stability of United 1st were emphasized. Terry Brown, Gordon Phillips and Ginny Dickey Caldwell were reelected without opposition. At the request of any new business, three members stood to make comments: Mike Alford regarding his displeasure with the new Personal Assistant Tellers in Kingsland; Dianne Alford with a check cashing policy issue; and Karen Edwards regarding credit disability insurance age limits. The meeting was adjourned at 6:33 p.m. Over 20 prizes were drawn including (2) 42 televisions (winners Dean Slusser and Wanda Brown), (1) 10 and (1) 7 tablet, $100 cash, $50 cash, Cumberland Island Ferry tickets, movie theatre tickets, and other miscellaneous prizes. Refreshments were served after the meeting such as: cupcakes, sodas, and water. Attest: Kimberly Mitchell, Recording Secretary Ginny Dickey Caldwell, Chairman 5
Supervisory Committee Report CHARLENE SEARS The Supervisory Committee is pleased to report that United 1st Federal Credit Union continues to maintain its strong financial condition. We can safely assure the membership that the policies, programs, and management practices of their credit union are sound and will continue to be effectively maintained. We use the services of professional outside auditors who work on behalf of our Supervisory Committee. They conduct periodic audits for us to ensure the records are accurate and fairly represent the financial condition of United 1st Federal Credit Union. These auditors continually provide us and the board with interim reports that indicate that United 1st is doing well. The federally required bi-annual verification of member accounts was conducted jointly with the Audit Division of Credit Union Resources, Inc. in early 2014. The statements verified were as of December 31, 2013. The auditors and the committee were satisfied with the results of the verification. The next verification will be done in 2016. Currently our committee is made up of three members which is the minimum required. If you are interested in contributing leadership to your credit union as a volunteer on the Supervisory Committee, please let us know. We would like to have more members involved on the committee if possible. Your comments and/or recommendations for improvement are welcome and will receive our attention promptly. You may contact the Supervisory Committee in writing at the following address: Charlene Sears Charlene Sears Chair Supervisory Committee United 1st Federal Credit Union 162 N. Gross Road Kingsland, GA 31548 6
Secretary s Report MARK STEWART, ED. D. Chairwoman Yvonne Dubose Hawkins appointed directors Ginny Dickey Caldwell, Terry Brown, and Gordon Phillips to the Nominating Committee in August. The terms of Directors Dr. Malcolm Fuller and Dr. Mark Stewart are expiring in 2015. They recommended appointment and re-election of Dr. Malcolm Fuller and Dr. Mark Stewart for three-year terms beginning in 2015. The nominations were included in the October, 2014, edition of the United 1st newsletter. The required disclosures regarding our election procedures were posted in the Member Service Centers and on our website, www.united1stfcu. org. There were sufficient nominations to fill the expiring terms and no petitions for nomination were filed. In accordance with the bylaws of United 1st Federal Credit Union, an election is not needed. The nominees are elected by acclamation. Congratulations to Dr. Malcolm Fuller and Dr. Mark Stewart. Respectfully, MARK STEWART, Ed. D. Secretary of the Board 7
Treasurer s Report MALCOLM FULLER, ED. D. Outstanding loans increased in 2014 by $4.3 million. The provision for loan losses was $318 thousand in 2014 up from $261 thousand in 2013. Member deposits grew during the year to $104.5 million; an annual rate of about 2.9% or $3.0 million. Meanwhile total assets increased $4.8 million. Our addition to reserves was $756 thousand, which allowed us to maintain a strong net worth position of 11.59% of total assets. Delinquent loans were down at.45% of loans outstanding at year end compared to.62% in 2013. Our return on assets for the year was.62% compared to 0.64% for 2013. The National Credit Union Administration (NCUA) Board Stabilization Fund was not assessed for 2014. It was $82 thousand in 2013. There was no assessment for the National Credit Union Share Insurance Fund (NCUSIF) for either year. In addition, due to NCUA s success in minimizing losses at troubled natural person credit unions, NCUA currently projects no assessment in 2015 for the National Credit Union Share Insurance Fund (NCUSIF) assessment. None of this activity affects our members NCUA Federal Insurance coverage for insured shares. Sincerely, Malcolm Fuller Malcolm Fuller, Ed. D. Treasurer Statement of Financial Position as of December 31, 2014 The following tabulation shows the use of 2014 revenues: INCOME $9,279,220 GAIN (LOSS) ON DISPOSAL OF ASSETS ($605) EXPENSES $6,799,360 LOAN/SHARE/INVESTMENT LOSSES $640,808 DIVIDENDS $385,489 RESERVES $756,102 NUMBER OF MEMBERS $19,817 8
Statement of Condition as of DECEMBER 31, 2014 Assets Loans to Members (Net)... 64,310,206 Investments, Receivables, Cash... 46,715,158 National Credit Union Share Insurance Fund... 1,053,455 Prepaid Expenses... 149,714 Furniture, Fixtures, Equipment (Net)... 1,287,313 Land and Buildings (Net)... 4,733,151 Accrued Income... 214,836 Other Assets... 3,678,249 Total Assets... $122,142,081 Liabilities & Equity Accounts Payable... $2,717,303 Dividends Payable... 55,711 Accrued Expenses... 149,262 Other Liabilities... 538,892 Shares (Including Certificates)... 104,529,708 Reserves... 2,203,080 Undivided Earnings... 11,948,125 Total Liabilities & Equity... $122,142,081 9
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The MEMBERS Financial Services Program Partnering in Your Financial Future Serving Your Financial Services Needs Office Phone: 912-660-4658 Cell Phone: 912-604-0159 Address: 506 W. Jones Street Savannah, GA 31401 Daniel S. Robertson, CRPC (Chartered Retirement Planning Counselor) I am a Financial Advisor with The MEMBERS Financial Services Program located at United 1 st FCU. The MEMBERS Financial Services program is a full-service financial advisory program offering members retirement, insurance and investment services that complement those offered by the credit union. My goal is to help our members achieve their financial goals for themselves and their families. For most people, achieving and maintaining financial strength is a lifetime pursuit. It involves planning, preparation, performance and follow-through at all three stages of the financial life-cycle. Whether the member is already retired, getting ready to do so or is just beginning to save for retirement, our program has sophisticated planning software and a wide array of investment products to help them fund the retirement lifestyle they are seeking. *Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677 toll-free (866) 512-6109. Non-deposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. **Representative is not a tax advisor or attorney. For information regarding your specific tax situation, please consult a tax professional. For Legal advice, consult an attorney. CRPC is a registered service mark for the College for Financial Planning. FR111229-55E5
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