Celco Annual Report 2023

TOGETHER WE THRIVE 2023 ANNUAL REPORT

Mission Statement

Celco Community Federal Credit Union is a member owned, non-profit organization providing quality financial services while maintaining financial stability. The Credit Union will continually play a leadership role in the communities it serves by providing high quality, personal services in a friendly environment.

“Once a Member, Always a Member” gives the membership the freedom to live anywhere in the world and Celco Community Credit Union can still meet their financial needs. Our Slogan

Table of Contents Mission Statement /Our Slogan…….2 2022 Annual Meeting Minutes…….. 3 2023 Annual Meeting Agenda………3 President’s Report………………….. 4

YEARS 6 6

Financial Statements……….5 Committee Reports…………6 Board of Directors..…………7 CEO Report………………….8

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2022 Annual Meeting Minutes, November 18, 2022

President Je f Morris called to the order the Annual meeting of the Celco Community Federal Credit Union in the auditorium at Giles High School. Board members in attendance were Connie Copeland, Jerry Eaton, Alvin Crotty, Anne Chambers and Karen Turner. The President welcomed all members and asked Mark Clemons to please give the invocation and to lead the members in the pledge of allegiance. The President then asked the Treasurer if there was a quorum present

to proceed with the meeting. The Treasurer replied yes. The President then spoke about the volunteers and how with their help allowed the meeting to be held. Mr. Morris then thanked the employees for their help in making the credit union an excellent fnancial institution. The President then spoke about the improvements that were to begin on the inside of the Narrows o f ces. President Morris then asked if there were any corrections to the minutes of the November 18, 2021 annual meeting. Hearing none, Connie Copeland makes the motion to approve the minutes as presented. Alvin Crotty seconds the motion. All members voted to approve the motion, motion carried. President Morris then said the meeting was to be short this year. Next on the agenda was to elect two members to the Board of Directors for a three year term. There were no nominees from the foor, so Connie Copeland moved that the nominations be closed and that Alvin Crotty and Je f Morris be elected by acclamation. Anne Chambers seconded the motion. Before the President called upon the Marketing/Education to have the drawings for door prizes, he asked that the members please allow the elderly and handicapped to be allowed to exit frst for the meal. After the drawings were held, the drawing for the 50/50 was won by member Cindy Dowdy. Anne Chambers made the motion that the meeting be adjourned, Karen Turner seconds the motion. All members voted in approval, motion carried.

2023 Annual

Meeting Agenda 1. Welcome, Call to Order President, Je f Morris 2. Prayer 3. Business a. Establish Quorum

b. Approval of 2022 Annual Meeting Minutes c. Review of President’s Report d. Elections Board of Directors - Nominations & Elections

5. Drawings for Prizes

Marketing & Education Committee

6. Adjournment 7. Dinner

Respectfully submitted, Jeff Morris , President Anne Chambers , Secretary

Country Kitchen

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President’s Report Welcome to the 66th Annual Meeting of Celco Community Credit Union. Thank you to all of our members for allowing us to continue to serve you. We are always looking for ways to provide our members with the best products and services and to help our members to build a better future. In the last year our Narrows office has underwent a major renovation. As we continue to remodel we would like to thank our members for their patience. These changes are part of our continued commitment to ensuring our future for both our members and to our surrounding communities. To offer our members more convenience we have added an ATM in Rich Creek at 250 Virginia Avenue. The ATMs at our Narrows office, Pembroke branch and Carilion Giles Community Hospital are available for your convenience as well. We are keeping up with current pay systems participating in Apple Pay and Google Pay with our Debit Cards. We continue to offer services at the Credit Union including online banking, mobile banking, card control, debit cards, credit cards, various loan products and financial counseling. We strive to offer low loan rates and competitive dividend rates. Celco Community FCU continues to remain a major contributor to programs in our community such as the A.C.C.E. Program (Access to Community College Education), local school programs, Police and Fire Departments, local festivals, and other community projects. On behalf of the Board of Directors, I would like to thank the office staff and our volunteers for their hard work and continued dedication to the Celco Community Credit Union. Respectively, Jeff Morris , President

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Operating Statement for the Year 2022 Assets: Total Loans $56,567,190 Less: Allowance for Loan Losses (89,148) Net 56,478,042 Cash 2,148,040 Vizo Financial Corp CU 34,470,327 Held to Maturity Securities 35,090,000 MASS Mutual Investment 5,183,191 NCUA Share Insurance Cap. Deposit 1,106,261 Prepaid Post Ret. Benefit 3,203,490 Land and Building (Net of depreciation) 471,528 Other Fixed Assets 188,356 Accrued Income on Investments 108,064 Other Assets 1,602,427 TOTAL ASSETS $140,049,726

Operating Statement for the Year 2022 Income & Expenses Interest on Loans $2,745,353 Income from Investments 1,057,400 Fee Income 1,054,559 Other Operating Income 333,278 Total Gross Income $5,190,590

—————————————————— Employee Compensation and Benefits Training and Conference Expenses Office Occupancy Expenses Office Operation Expenses Marketing & Education Expenses Loan Servicing Expense Professional & Outside Service Federal Supervision & Exam Total Cash (Over) & Short Annual Meeting Expenses Miscellaneous Operating Expense Visa Expenses Association Dues

$1,997,055

5,499 29,976 74,146 294,521 130,327 52,654 469,353 7,704 66,770 1,136 12,543 28,284 33,656 521,630 (9,981) 2,446 256,156

LIABILITIES & EQUITY Total Liability

$ 282,925

Share Draft Expenses ATM / VISA Expense Provision for Loan Loss

Regular Shares Share Drafts

96,693,823 16,642,361 4,259,669 117,595,853 6,831,012 3,356,997 15,036,834 (3,053,896)

I.R.A.’s

Other Expenses

Total Shares of Members

Dividends

Regular Reserve

Total Expenses

$3,993,837

Reserve for Contingencies Undivided Earnings

(Gain) / Loss

Net Income 2022

$1,196,753

TOTAL LIABILITY & EQUITY

$140,049,726

Distributions of Income for 2022 1st Qtr 2nd Qtr 3rd Qtr

TREASURER’S REPORT For sixty-six years, Celco Community Federal Credit Union has been an intricate part of Giles County offering our members help with all their financial needs. The Credit Union strives to update our programs and services to meet our members every financial need with courteous and helpful services. We thank you, our members for using the Credit Union for all your financial needs. Remember, the Credit Union belongs to “YOU”, our members. Respectfully Submitted, Connie Copeland , Treasurer

4th Qtr

Shares

$95,368,737 $17,895,737

$96,620,186 $16,618,237

$98,803,111 $17,820,672

$96,693,823 $4,259,669

IRA’s Total

$113,264,474 $113,238,423

$116,623,783 $100,953,492

Total Share Dividends Total I.R.A. Dividends

$230,524 $ 25,631 $256,155

Grand Total (Returned of Members)

Total Assets as of December 31, 2022 Total Assets as of December 31, 2021 Total Assets as of December 31, 2020 Total Assets as of December 31, 2019

$140,049,725 $135,181,196 $122,056,490 $108,807,300

There were 1,315 loans made in 2022 in the amount of $21,487,848. After all expenses were paid the membership received $256,155 in dividends. Jeff Morris , President

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Supervisory Committee Report The Supervisory Committee consists of three Credit Union members, appointed by the Board of Directors, who volunteer their time to perform the necessary duty of overseeing the Credit Union. The primary duties of the Committee are to ensure the effectiveness of internal controls for financial well being, to ascertain that established policies and procedures are followed, that policies are established when needed, and to assist in maintaining the overall safety and soundness of the Credit Union. The Committee also meets monthly to monitor new loans and review closed accounts. An outside auditing firm that is fully familiar with Credit Union operations and procedures performs an audit annually. We are satisfied that your Credit Union is in compliance with federal laws and is following sound and generally accepted good accounting practices. There is a suggestion box in the lobby of the Credit Union Office and this Committee welcomes any suggestions, comments or complaints that will help our Credit Union to better serve our members.

Loan Review Committee Report

The Board of Directors appoints the Loan Review Committee to review loans as needed. The committee’s objective is to ensure that the members whose loans have been denied have a fair opportunity to appeal the denial. We at Celco Community Federal Credit Union understand the importance of timely decision making regarding our members lending needs. That is why the Board of Directors have empowered the loan officers at Celco Community to make lending decisions up to their respective lending authority, without making our membership wait for the Loan Review Committee to meet to approve loans. In the event a loan is denied, the member can appeal the loan to the Loan Review Committee for consideration, at which time the committee would meet to review the loan application. The committee considers each appeal on an individual basis and makes a decision on whether or not the Credit Union will reconsider the denied loan.

Marketing & Education Committee Report

On behalf of the Marketing and Education Committee, we would like to welcome you to the 2023 Annual Meeting. Our committee is made up of volunteers from the Celco Community Credit Union staff, Credit Union members, and appointees from our Board of Directors. Our committee is designed to keep you, our members, informed about Credit Union news and events. In addition to planning the Annual Meeting, we also are involved in planning and organizing different events through out the year. We are proud to be part of this community and we would not be successful without you. We thank you for your continued support. We are so grateful that you are here with us today and we hope you enjoy this year’s meeting.

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BOARD OF DIRECTORS

Jeff Morris President

Harriet Fletcher Vice President

Connie Copeland Treasurer

Anne Chambers Secretary

Gerald Eaton Director

Richard Alvin Crotty Director

Karen Turner Director

Loan Review Committee Report Dana Yost, Chairman Chau Gunter, Secretary Selena Shrewsberry, Member Autumn Snider, Member Dean M. Marshall, Member

Follow us on social media! Marketing & Education Committee Report Missy Spangler, Chairman

Supervisory Committee Clay Bane, Chairman Jack L. Kellison, Member Robert Claytor, Jr., Member Debbie Lewis, Secretary

Joan Johnson, Member Phyllis Chinault, Secretary Mason Chinault, Member Sheila Stafford, Member

Savannah Randel, Member Billy Neal, Member Eloise Helms, Member Darlene Blankenship, Member

Narrows Office Dean Marshall, CEO Mark Clemons, COO

Pembroke Office Missy Spangler, Lead Teller Kathy Ratcliffe, Teller Vickie Lucas, Teller Selena Shrewsberry, Loan Officer

Dianne Gautier, Accounting Savannah Randel, Accounting Crystal Burton, Head Teller Lisa Ferrell, Teller Kathryn Lambert, Teller Kimberly Meadows, Teller Christina Reed, Teller Jerrica Baker, Teller Abigail McGlothin, Part-Time Teller

Bridget Newby, Member Service Rep Dana Yost, Loan Administrator Chau Gunter, Real Estate / Loan Officer Autumn Snider, Real Estate / Loan Officer Leslie Bandy, Loan Clerk Crystal Mann, Collections Supervisor Ethan Spencer, Collections Kristi Eaton, Accounting Supervisor

Toll-Free Nationwide 888.921.2701 Internet Access www.celcofcu.org Follow us on social media!

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Chief Executive Officer

Welcome to the 66th Annual Meeting of Celco Community Credit Union. We strive to provide exceptional service and commitment to our members which allows Celco Community Credit Union to continue to grow and succeed. We aspire to provide members with the best products and services, support growth in our community, and help our members build a better future. Our members are the driving force behind what we do every day, and because of their commitment to Celco Community Credit Union, we experienced another excellent year. We hope this evening you will enjoy our program along with fellowship amongst family and friends. Here’s a look at some of the latest highlights: ✦ Added our 4th ATM location at 250 Virginia Avenue in Rich Creek, VA (The Rich Creek Town Office). Celco ATM’s are located at Carilion Giles Community Hospital, the Pembroke Office and the Narrows Office for your convenience. ✦ Updated our Debit Cards, they are now compatible with Google Pay and Apple Pay. ✦ Introduced our New App, Celco Card Control, you have complete control over your debit card so you can easily turn your card on or off, set restrictions based on amount, location, or merchant type. ✦ Introduced the New Mobiliti App (mobile banking), move money, make your loan or credit card payment, monitor your accounts anytime and anywhere. ✦ Virtual Branch, is our new and improved online banking platform. ✦ Held several events in our field of membership, including shred day, participated in local school programs, and other community activities. These achievements wouldn’t be possible without the unwavering support of our members. We thank you for your loyalty and dedication, and we look forward to providing you with extraordinary service in the years to come. I would like to thank the Board of Directors, our volunteers, and especially the staff of Celco Community Credit Union for their continued dedication and support. Working together we can provide the quality service our members deserve. If you have any questions, concerns, or need more information about any service of Celco Community Credit Union, please contact me at the credit union. Thank you for your confidence in making Celco Community Credit Union your primary financial institution today and into the future. Respectively, Dean Marshall , CEO ✦ Renovations to our Narrows branch. ✦ Conversion to a New Data Processor. ✦ Instant issuance of VISA debit cards in branches.

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Notes

Services Provided By Your Credit Union

✦ Savings Accounts ✦ Checking Accounts ✦ Loans - Real Estate, Boats, Automobiles, Personal, ATV ✦ Home Equity Lines of Credit ✦ Personal Lines of Credit ✦ Visa Debit & Credit Cards ✦ Safe Deposit Boxes ✦ IRA’s - Traditional & Roth ✦ Credit Life & Credit Disability Insurance ✦ ATM’s ✦ Courtesy Pay ✦ Visa Gift Cards ✦ Mobiliti APP (mobile banking)

✦ Insurance Programs though TruStage Insurance Group ✦ On-Line Services: Bill Pay ✦ E-Statement & Virtual Branch ✦ Overdraft Protection ✦ Direct Deposit & Payroll Deduction ✦ Extended Vehicle Warranties ✦ GAP Vehicle Insurance ✦ ACH Automatic Payments ✦ Money Orders ✦ Notary Public Service ✦ Investments & Insurance ✦ Financial Planning with Dan Hopkins

Locations

Narrows Office 3381 Virginia Avenue Narrows, Virginia 24124 PH. 540.921.2700 Fax 540.921.4635

Pembroke Office 5862 Virginia Avenue Pembroke, Virginia 24136

PH. 540.626.2700 Fax 540.626.2703

Toll Free: 888.921.2701

“People Helping People”