Federally Insured by NCUA

Transcription

1 Federally Insured by NCUA

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3 At Our Core

4 We Stand for the Prosperity of Our Members.

5 Table of Contents Georgia s Own at a Glance Letter to Our Members 2011 Highlights Community Involvement Board Photos Financials Products & Services Branch Locations Contact Information iamgeorgiasown Page 4 Page 5 Page 9 Page 13 Page 14 Page 15 Page 18 Page 19 Page 20 Page 21 page 2

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7 Georgia s Own at a Glance Georgia s Own Credit Union is a full-service, not-for-profit financial institution founded in With over 180,000 members and $1.6+ billion in assets, Georgia s Own has grown to become one of the strongest, largest and most trusted financial institutions in the state. In addition to the 563 premier partners served by Georgia s Own, residents of Chatham, Cherokee, Cobb, Columbia, DeKalb, Douglas, Effingham, Forsyth, Fulton, Gwinnett, Hall, Henry, Newton, Richmond, Rockdale, and Walton counties are part of the Credit Union field of membership. The Credit Union is the official partner of Junior Achievement of Georgia and Georgia State University Athletics, and is proud to have recently partnered with the Atlanta Braves. Currently, Georgia s Own has 25 branch locations, provides free, 24/7 online banking, phone service and bill pay, features three comprehensive call centers and offers over 71,000 surcharge-free ATMs. The Credit Union is also part of the CU Service Center Network, which enables members to conduct their credit union transactions at 4,474 locations throughout the country. Deposits at Georgia s Own are federally insured by the NCUA for up to $250,000 with retirement accounts being insured separately up to the same limit. Much of the Credit Union s resources are organized around fostering innovation, providing continuous learning opportunities, developing lifelong relationships with members, proactively identifying new market opportunities, ensuring financial stability and exemplifying social and environmental responsibility. The Credit Union operates according to our mission statement: We stand for the prosperity of our members. For more information on Georgia s Own Credit Union, please visit georgiasown.org. page 4

8 Letter to Our Members 2011 was another triumphant year for the Credit Union, as we reached new milestones in membership, assets, and loan growth, and continued to build upon our platform of unmatched member service. In addition, we grew in number of employees, number of branches and service capacity, and embarked on a conversion to one of the most progressive operating systems in the market. As you ll see throughout our Annual Report, Georgia s Own has once again weathered the current economy and emerged as a world-class financial institution that is constantly adapting and responding to the challenges of the market to meet the evolving needs of our members. One thing that remains completely unchanged, is the core of Georgia s Own Credit Union and the fundamental principles that have guided us in helping countless members realize financial prosperity through our work: We Invest in You, Member Value Accounts for Our Success, Corporate and Personal Integrity is Our Currency, Our Interest is Social Responsibility, and We Bank on Innovation. We are about turning the key in that first home, preparing for the day your child gets into their dream school, the view from your retirement home on the coast, and the peace of mind that comes with financial security. At our core, we are a set of five fundamental values that drive every business decision and calibrate our focus each day to provide what is in the best interest of our members. At our core, we are Georgia s Own Credit Union - an institution that remains proud of the results in this report, but is defined by the people we serve. We Invest in You In 2011, we fulfilled each value in multiple ways, starting with our pledge to our employees and our members, We Invest in You. Because we believe that our brand is nothing without our employees, we take great measures to hire and retain the very best in the industry, thereby maximizing member value. Additionally, to increase convenience for our members, we opened two branch locations in Buford and Cumming, extended Member Service Call Center hours, and introduced several new products including Balance, a free and confidential financial counseling and education service, the Loan Saver Calculator, and Resolution Checking for those members looking to re-establish credit. By embodying honesty, enthusiasm and integrity in our people and our page 5

9 products, we feel assured that we are ultimately putting you, our member, in the very best hands to help you achieve your goals. Member Value Accounts for Our Success More than ever, consumers expect and deserve to get the very most out of their money. At Georgia s Own, we are constantly searching for ways to increase member value, and over the past year, we delivered that value through better loan rates, fewer and lower fees, and an investment in our infrastructure that will continue to improve the member banking experience. We also returned over $12 million in dividends to our members and increased our membership and assets by 10.5% and 3.4% respectively, which translates into even more savings as we grow. Additionally, we made it easier than ever to accumulate points on our credit and debit cards, and continued to offer conveniences like our payment holiday, free online banking and bill pay, and access to over 71,000 surcharge-free ATMs.

10 Corporate and Personal Integrity is Our Currency One of the primary reasons Georgia s Own has not only survived the financial crisis of recent years, but maintained its status as a premier financial institution, is the integrity with which we ve been operating since We have been proud to offer responsible, up-front lending since our inception, and we attribute the long-standing relationships with our members to our commitment of doing what s right. As a result, we ve long maintained capital levels far above what our regulators consider well-capitalized, including an 11.3% net worth capital ratio as of year end Our Interest is Social Responsibility Banking may be our business, but we understand that we are charged with a higher standard. We realize that financial prosperity is a means to better schools, a greener earth, greater opportunities, and a more vibrant economy - and we want to be a part of building those things in our communities. As such, we increased our community involvement efforts more page 7

11 than ever before in 2011, helping organizations that mean the most to our members through donations of both money and time, giving over 5,000 hours and over $100,000. A complete list of organizations that we supported throughout the past year can be found on page 13. We also made significant strides in educating our youngest members about the importance of making smart financial choices. A new kids club, Coindexter, was unveiled, and our financial literacy program for young adults, i[x]ga, was expanded, thus fulfilling our goal of spreading financial literacy among Georgia s youth. Among other perks given to i[x]ga members, we gave away a total of $15,000 in college scholarships to eight exemplary applicants. We Bank on Innovation J.C. Penney once said, Change is vital; improvement is the logical form of change. This thought is certainly in step with our business model, particularly over the previous year. Like most industries, the banking world has seen dramatic changes in everything from distribution channels to access points, to marketing strategy and pricing - all stemming from the rapid development of technology. The massive amount of innovation that has occurred, in the past decade alone, is staggering, and it is not showing signs of stopping any time soon. This was the impetus for the conversion of our core operating system, which will bring about a host of improvements and added convenience to our membership. The change to our new software platform will add a myriad of benefits including increased online banking functionality, payment and transfer enhancements, a more customized member relationship capability, and other numerous progressive enhancements. Staff training is already underway to prepare for this exciting transition, and we are confident that this new platform will mesh seamlessly into our fifth value of We Bank on Innovation. On behalf of the Board and Staff of Georgia s Own Credit Union, we d like to thank you for being a part of our family; our core. It is our distinct honor to serve you, and we appreciate your business. Sincerely, Joseph M. Mauriello, Chairperson David A. Preter, President & CEO

12 2011 Highlights Reached $1,663,262,421 in assets, up 3.4% over 2010 Maintained a healthy net worth capital ratio of 11.3% as of December 31, 2011, well above what regulators classify as well-capitalized Was among the industry leaders in terms of membership growth at 10.5% for a year-end total of 182,585 Increased outstanding loan balances, net of allowance for loan losses, by 16.9% to end the year at $1,105,871,548 Returned $12,019,170 in superior deposit rates Awarded $15,000 in college scholarships Merged The Thrift Credit Union into our membership Added 42 Premier Partners, as well as Newton and Walton Counties into our field of membership Opened a new branch in Buford, Georgia Opened a new branch in Cumming, Georgia Participated and contributed to various community and charitable causes (see p. 13) Expanded the i[x]ga program and maintained our official partnership with Junior Achievement of Georgia Sponsored Georgia s Own Battle - the historic football rivalry between Georgia Tech and the University of Georgia Maintained our status as the Official Credit Union of Georgia State University Athletics Became a proud partner with the Atlanta Braves page 9

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14 It s Your Future

15 ...Own It!

16 Community Involvement Fulfilling our core value of Our Interest is Social Responsibility is a charge that we take very seriously and will always work hard to foster. Below is a list of organizations that we were proud to support in Autism Speaks Walk Atlanta Community Food Bank Adopt-a-Mile (in honor of Michelle Mendez) AIDS Walk Atlanta Alpharetta Youth Football Association (AYFA) Alzheimer s Association A.R. Staulcup Memorial Golf Tournament benefitting the Medical College of Georgia Atlanta Special Citizens Party Augusta Chronicle Newspapers in Education Program Better World Books Bill Arp Park Brain Tumor Foundation for Children Champions Made from Adversity Children Without a Voice Children's Healthcare of Atlanta (Float Sponsor) Children's Miracle Network CHS Fastpitch Softball Clark s Christmas Kids DeKalb County Fraternal Order of Police Shop with a Cop Douglasville Special Olympics Dunwoody Diamond Club Sponsorship Fulton County Fraternal Order of Police Shop with a Cop Fulton Flyers Georgia Credit Union Foundation (Tornado Relief) Georgia State Athletics Giving 101 Grayson Athletic Association Greater Buford Athletic Association Park Sponsor Green Day, Alpharetta GSU Earth Day Gwinnett County Public Schools Foundation, Inc., Haven House (Hollywood Night sponsorship) Junior Achievement L.E.A.D. Light it Up Blue (Autism Awareness) Light it Up Pink (Breast Cancer Awareness) Light the Night benefitting the Leukemia & Lymphoma Society Live On Fishing Tournament benefitting the Cherokee County Chapter of the Yellow Ribbon Foundation for Suicide Prevention March of Dimes March for Babies Norcross High School Lacrosse Sponsorship Park Springs Casino Night benefitting the Alzheimer s Association Partners in Education Program (local schools and school districts) Q100 s The Big Thank You Relay for Life Right to Hike (Title Sponsor of Ella s Run) Rubber Duck Derby benefitting the Boys & Girls Clubs of Hall County Second Harvest Food Bank Shred Day, Douglasville Shred Day, Lilburn Shred Day, Marietta St. Jude Radio-thon Sponsorship Susan G. Komen Race for the Cure Taste of Berkmar Taste of Marietta The Brian Jordan Foundation The Center for Financial Independence & Innovation The National Guard The St. Baldrick's Foundation The United Way Thrasher Park Summer Concert Series Tour de Cure Georgia Walton Fence Sign Program

17 Board Photos Dave Preter President & CEO Joseph Mauriello Chairperson Michael Baumgartner Vice Chairperson Patrick Casey Treasurer John White Secretary Richard Burns William Conine Larry Fowler C. Edward Heath Gary Ludgood Joan Sims Ervin Walker Cover Photo - Getty Images Board Photography by Travis Massey page 14

18 Statement of Financial Condition December 31, 2011 Assets Cash and cash equivalents Investments: Available for sale Held-to-maturity Loans - net of allowance for loan losses Loans held for sale Accrued interest receivable Property and equipment NCUSIF insurance deposit Prepaid expenses and other assets Total Assets $ 210,301,449 45,821, ,115,381 1,100,985,648 4,885,900 4,320,032 16,110,406 14,589,119 34,133,305 $ 1,663,262,421 Liabilities and Members Equity Members accounts Accrued interest payable Other liabilities Total Liabilities Statutory reserve Undivided earnings Accumulated other comprehensive loss Total Members Equity Total Liabilities and Members Equity $ 1,473,722,379 29,974 23,067,379 1,496,819,732 29,222, ,802,782 (21,582,803) 166,442,689 $ 1,663,262,421 page 15

19 Statement of Income Year Ended December 31, 2011 Interest Income Interest on loans Interest on investment securities $ 56,526,039 6,284,416 Total Interest Income 62,810,455 Interest Expense Dividends/interest on members' accounts 12,019,170 Net Interest Income 50,791,285 Provision for Loan Losses 9,820,000 Net Interest Income after Provision for Loan Losses 40,971,285 Non-Interest Income Fees on checking services Visa debit card income Visa credit card income Net gain (loss) on disposal of assets Loan fees Other income Total Non-Interest Income Operating Expenses General and administrative Compensation and benefits Occupancy expense Office operations expense Professional and outside services Other expenses 9,347,636 3,412,801 3,342,984 1,801, ,988 4,394,554 23,273,006 24,499,612 4,293,069 8,922,413 6,223,861 12,465,101 Statement of Members Equity Year Ended December 31, 2011 Statutory Reserve Undivided Earnings Accumulated Other Comprehensive Income Balance, January 1, 2011 $ 28,389,583 $ 150,092,294 $ (16,206,037) Effects of merger Other comprehensive income, net 833, ,253 (183,387) (5,193,379) Net income 7,840,235 Total $ 162,275,840 1,519,993 (5,193,379) 7,840,235 Total Operating Expenses 56,404,056 Balance, December 31, 2011 $ 29,222,710 $ 158,802,782 $ (21,582,803) $ 166,442,689 Net Income $ 7,840,235 page 16

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21 Products and Services Savings Accounts Regular Savings Holiday Savings Money Market Accounts Savings Certificates Individual Retirement Accounts Health Savings Accounts Checking Accounts All Access Checking i[check] Checking Golden Bell Checking Resolution Checking Visa Check Card Services Overdraft Privilege ATMs Loans Personal Line of Credit Loans Designer Loans New & Used Auto Loans Boat, RV & Motorcycle Loans ATV, Jet Ski & Snowmobile Loans Farm Tractor Loans Savings & Stock Secured Loans CU Student Choice (Student Loans) Day Notes CreditAble Loans Green Loans Lifestyle Loans Mortgage Loans Purchase and Refinances ReadiEquity Line of Credit Loans Home Equity Fixed Rate Loans FHA/VA Mortgages USDA Mortgages Credit Cards Visa Platinum Student Visa Visa Classic Visa Classic Secured ezcardinfo.com for credit card information Special Services Georgia s Own Investment and Retirement* Services Golden Bell Program i[x]ga Coindexter Club Free Auto Buying Service GAP Insurance Extended Warranty Program Payment Protection Insurance Payment Holiday Electronic Services Georgia s Own Website: georgiasown.org i[x]ga website: doyouix.com Online Banking Bill Pay estatements Electronic Direct Deposit TELE-TALKPlus: Touch-tone phone service 24-hour Loan Service 71,000+ Surcharge-free ATMs 4,474 Shared Branch Locations Other Services Members Advantage Lending Plan Payroll Deductions Cashier s Checks Free Notary Service Safe Deposit Boxes (select locations) Savings Bond Redemption Signature Guarantee Service Coin Counter (select locations) BALANCE TM Financial Fitness Program Auto, Home and Life Insurance AD & D Insurance *Representatives are registered through, and securities are sold through, CUNA Brokerage Services, Inc. (CBSI), member NASD/SOPC, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (866) Insurance sold through licensed CUNA Mutual Life Insurance Company Representatives, and in New York, licensed insurance 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.

22 Branch Locations Alpharetta Branch 5825 Windward Parkway Alpharetta, Georgia AT&T Midtown Center Branch Concourse Level 675 West Peachtree Street NE Atlanta, Georgia Augusta Branch 3830 Washington Road, Suite 34 Martinez, Georgia Buford Branch 3360 Buford Drive Buford, Georgia Campanile Branch Campanile Building, Lobby 1155 Peachtree Street NE Atlanta, Georgia Century Center Branch 2200 Century Parkway, Suite 4 Atlanta, Georgia Conyers Branch 620 Sigman Road, Suite 100 Conyers, Georgia Cumming-Vickery Village Branch 5860 Bond Street Cumming, Georgia Douglasville Branch 7421 Douglasville Blvd., Suite P Douglasville, Georgia Gainesville Branch 475 Dawsonville Hwy, Suite F Gainesville, Georgia Georgia State University Branch 34 Peachtree Street - 2nd Floor Atlanta, Georgia GPC Main 133 Peachtree Street, Lobby Atlanta, Georgia Grayson Branch 2437 Loganville Highway Grayson, Georgia Lilburn Branch 4382 Lawrenceville Highway Lilburn, Georgia Lindbergh Branch Atrium Level 575 Morosgo Drive Atlanta, Georgia Macy s Systems & Technology 5985 State Bridge Rd. Duluth, Georgia Restricted Access Marietta Branch 401 Cobb Parkway N Marietta, Georgia Morrow Branch 7197 Highway 54 Morrow, Georgia Norcross Branch 4830 Peachtree Industrial Blvd Norcross, Georgia Northlake Branch Lakeside Centre Office Park 1979 Lakeside Parkway, Suite 100 Tucker, Georgia Park Springs Branch 500 Springhouse Circle Stone Mountain, Georgia Restricted Access Perimeter Branch 1117 Perimeter Center West, Suite E102 Atlanta, Georgia Savannah Mall Branch 401 Mall Boulevard Savannah, Georgia Savannah Whitaker Street Branch 10 Whitaker Street, Suite A Savannah, Georgia Wildwood Branch 4300 Wildwood Pkwy Atlanta, Georgia

23 Contact Information Member Services Local (404) Nationwide (800) Monday-Friday 8am-6pm Saturday 9am-1pm General Offices (404) Monday-Friday 9am-4pm Facebook facebook.com/georgiasown facebook.com/ixgeorgia Mortgage Services Local (404) Nationwide (800) Monday-Friday 8am-5pm Visa Credit Card Services Local (404) Nationwide (800) Monday-Friday 8am-5pm Twitter twitter.com/georgiasown twitter.com/doyouix 24/7 SERVICES georgiasown.org doyouix.com Loan Services Local (404) Nationwide (800) TELE-TALKPlus Local (404) Nationwide (800) page 20

24 Chuck Dowdle iamgeorgiasown I've been playing and reporting on sports in Georgia for most of my life. And if there's one thing I've learned it's that you need the right team to succeed. Join me on the team that has low rates on loans and financial products you can trust. I'm Chuck Dowdle and I'm one of Georgia's Own - Chuck Dowdle page 21

25 I've lived in Georgia all my life and had Georgia's Own all my 'banking' life. Loyalty and longevity are priceless these days. Georgia's Own has seen me through the years of my first 'real' job, my first car loan, my first house loan, and everytime there was a new job, new car or new house, they have been there. Amazingly some of the same employees who helped me with my first loan of any kind are still there. Just like a member of the family, they know and ask about my kids and my life - there's a comfort in dealing with a financial institution who cares that much about WHO you are, not just that you are a customer. My sons have accounts with Georgia's Own, including their first car loans! Thanks to Georgia's Own, my family will be a part of their family for a long time to come!! - Misty, Suwanee I am Georgia's Own. As a second generation Georgia Telco/Georgia's Own member having grown up in a "Bell/Military" family, Georgias Own has actually been my only means of financial institution. And as my children grew up, they too are Georgia's Own members. What I have enjoyed over the years is that I am not only a number to Georgia s Own, but a face, a member of the Georgia s Own family. I hardly ever go into a branch where the tellers and loan officers don't remember my face, and life events that I have shared with them. As a single mom for over 10 years, I depended on Georgia s Own to help me Georgia s Own all aspects of my financial needs. Over the years Georgia s Own has financed our family's vehicles, investments (CD's), personal loans as I started my Woman Owned Giftware Business that went national, savings, checking,and assisted in my savings and "spending" plans for my two son's college and law school needs. I am a Georgia native, and I know I have options with my financial needs... However, "I am Georgia's Own!" - Susan, Monroe I am Georgia's Own, born in Atlanta at the old Piedmont Hospital more than 65 years ago. Boy, has the landscape changed over the decades. But great, friendly service never goes out of style; that's what I have always gotten at Georgias Own. And now, I have a new branch office just three miles from my home. I feel so lucky to be a Georgia's Own! - Carla, Alpharetta

26 It s Your Future...Own It!

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28 Proud Partner of the Atlanta Braves Please Recycle

29 Georgia s Own Credit Union georgiasown.org Peachtree Street NE P.O. Box Atlanta, GA 30348