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Table of Contents CELCO Community Federal Credit Union 2019 Annual Meeting Table of Contents page 1 Agenda page 2 Minutes of 2018 Annual Meeting page 3 President’s Report page 4 Treasurer’s Report page 5-7 Supervisory Committee Report page 8 Loan Review Committee Report page 9 Marketing & Education Committee Report page 10 Chief Executive Officer Report page 11 Elected Officials Board of Directors page 12 Celco Community Federal Credit Union Staff page 13

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CELCO Community Federal Credit Union 2019 Annual Meeting Agenda

Our Slogan “Once a Member, Always a Member” gives the membership the freedom to live anywhere role in the communities it serves by providing high quality, personal services in a friendly environment. Mission Statement Celco Community Federal Credit Union is a member, non-profit organization providing quality financial services while maintaining financial stability. The Credit Union will continually play a leadership

❖ Welcome, Call to Order

President, Jeff Morris William E. Snidow

❖ Opening Prayer & Moment of Silence

❖ Presentation of Flags American Legion Post 68 ❖ National Anthem Giles High School Symphonic Chorale ❖ Business a. Establish Quorum b. Approval of 2018 Annual Meeting Minutes c. Review of President’s Report d. Elections Board of Directors- Nominations & Elections

❖ Entertainment

Giles High School Symphonic Chorale Giles High School Women’s Chorus Marketing & Education Committee

❖ Drawing for Prizes

❖ Adjournment ❖ Dinner

Country Kitchen

in the world and Celco Community Credit Union can still meet their financial needs.

Always ON

Accounts

Checking

Savings

Loan

My Mortgage Account

Line Of Credit

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2019 Annual Meeting Minutes April , 2018

Board President Jeff Morris called the 62nd Annual Meeting of the Celco Community Federal Credit Union to order. President Morris welcomed the members and asked Mr. William Snidow if he would give the invocation. American Legion Post 68 presented the Flag and lead the Pledge of Allegiance. We then had the pleasure of The Spirits of Joy to sing the National Anthem. President Morris asked the Secretary, Anne Chambers if a quorum was present so the meeting could continued. Anne replied yes. President Morris then directed our attention to the minutes from the previous year. He asked if there were any corrections to the minutes. Treasurer Connie Copeland made the motion to accept the minutes as presented, Vice President Jeff Williams seconded. All in favor and the motion carried. President Morris then thanked the Marketing and Education Committee for their work in planning and preparation for the Annual meeting. Mr. Morris then recognized the Board of Directors and Supervisory Committee member, William Snidow.

Next on the agenda was the elections. The members that were to be voted on was Connie Copeland and Jeff Williams. President Morris asked if there were any nominations from the floor. Hearing none, he moved that the nominations be closed. President Morris moved that the members be elected by acclamation. Members were asked to say Aye if in favor. Motion carried. Attention was directed to the Treasurer’s report. President Morris told members if they had any questions, that they were encouraged to contact the board. After The Spirits of Joy sang a beautiful selection of songs, President Morris spoke about all of the Credit Union employees, about the excellent jobs they perform and thanked each one. Mr. Morris also encouraged the members to take advantage of the large amount of money we have to loan. The Marketing/Education Committee then took over the remainder of the meeting to award the give aways and then instructed the members to go to the cafeteria to eat dinner prepared by Country Kitchen Caterers.

Respectfully Submitted, Jeff Morris , President Anne Chambers , Secretary

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President’s Report

more user friendly. Plus, our on-hold message system keeps our members informed of holiday closings, new promotions, and security information. These are just a few of the services we offer to Our newest services that we have implemented are: mobile banking, it gives you convenient, on the go access that your busy schedule demands. Move money, make your loan or credit card payment, monitor your accounts and much more, all from your favorite mobile device. Just visit your “app store” and search for Celco Community Credit Union. We have updated and replaced our free ATM’s for extra security, located at both our Pembroke and Narrows offices and inside Carilion Giles Community Hospital in Pearisburg. Also, check out our “NEW CELCO WEBSITE” it’s Welcome to the 63rd Annual Meeting of Celco Community Credit Union. 2018 was an outstanding year on many counts, with continued improvement in our financial results and significant progress made in fulfilling our mission of making life better for our members with incredible financial solutions, anywhere, anytime. We hope this evening you will enjoy our program along with fellowship amongst family and friends.

better serve our members. Our Staff at the Narrows and Pembroke offices are available to help you with any questions concerning your financial transactions and our new services. At Celco Community we understand everyone has a special need, a need that requires financial assistance; a car, a home, an appliance or maybe some repair work that needs to be done. Whatever the need is, Celco Community Credit Union can provide the financial support to help you. We continue to offer the lowest loan rates and the most competitive dividends to our members. Everything we do in the future will be clearly focused on providing the highest level of service and convenience while providing quality products for our members. We couldn’t do it without you (our members), so thank you for allowing Celco Community Credit Union to serve your financial needs. On behalf of the Board of Directors, I would like to say thank you to the office staff and the volunteers for their diligent work and dedication in helping to make Celco Community Credit Union a number one success. Respectively, Jeff Morris , President

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Distributions of Income for 2018

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Shares

IRA's

Shares

$45,336

$55,053

$55,808

$55,728

0 15000 30000 45000 60000

IRA’s

$9,316

$10,093

$10,157

$9,913

Totals

$54,652

$65,146

$65,965

$65,641

Total Share Dividends

$211,925

Total I.R.A. Dividends

$ 39,479

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

Grand Total (Returned to Members)

$251,404

Assets

Total Assets as of December 31, 2018

$107,397,624

0 30000000 60000000 90000000 120000000

Total Assets as of December 31, 2017

$106,375,102

Total Assets as of December 31, 2016

$103,861,310

Total Assets as of December 31, 2015

$101,047,345

2015 2016 2017 2018

There were 2,935 loans made in 2018 in the amount of $20,553,322. After all expenses were paid the membership received $251,404 in dividends. Jeff Morris , President

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Operating Statement for the Year 2018

Assets: Total Loans

$54,282,355 (189,521) 54,092,834 1,922,742 15,386,542 26,166,000 6,152,397

Less: Allowance for Loan Losses

Net

Cash

Vizo Financial

Held to Maturity Securities CUNA Mutual Investment

NCUA Share Insurance Cap. Deposit

873,838 1,698,908 452,685 144,924 106,289 400,465

Prepaid Post Ret. Benefit

Land and Building (Net of depreciation)

Other Fixed Assets

Accrued Income on Investments

Other Assets

TOTALASSETS

$107,397,624

LIABILITIES & EQUITY: Total Liability

$ 96,510

Regular Shares Share Drafts

72,372,373 10,530,365 6,009,800 88,912,538 6,831,012 3,356,997 11,846,390 (3,645,823)

I.R.A. ’s

Total Shares of Members

Regular Reserve

Reserve for Contingencies Undivided Earnings

(Gain)/Loss

TOTAL LIABILITY & EQUITY

$107,397,624

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Operating Statement for the Year 2018

Income & Expenses Interest on Loans Income from Investments

$ 2,774,606

872,006 742,741 226,853

Fee Income

Other Operating Income

Total Gross Income

$ 4,616,206

—————————————————————————————- Employee Compensation and Benefits

$ 1,699,458

Training and Conference Expenses

18,638 35,013 61,419 192,086 149,098 101,551 509,491 31,020 18,302 1,365 9,305 16,722 39,160 429,343 325,000 16,064 251,405

Association Dues

Office Occupancy Expenses Office Operation Expenses Marketing & Education Expense Loan Servicing Expense Professional & Outside Service Federal Supervision & Exam

Visa Expenses

Total Cash (Over) & Short Annual Meeting Expenses

Miscellaneous Operating Expense

Share Draft Expenses

ATM Expense

Provision for Loan Loss

Other Expenses

Dividends

Total Expenses

$3,904,440

Non-Operating Income (Gain)/Loss

(45,683)

————————————————————————————— Net Income 2018

$ 757,449

For sixty-two 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 service. 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

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Supervisory Committee Report The Supervisory Committee consists of four 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 foyer 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. Respectfully Submitted Jack L. Kellison , Chairman

SUPERVISORY COMMITTEE

Jack L. Kellison Chairman

Benjamin Pennington Member

William Snidow Member

Richard Alvin Crotty Member

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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 membership 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. Respectfully, Dana Yost , Chairman LOAN REVIEW COMMITTEE

Dana Yost Chairman

Tanner Carbaugh Member

Chau Gunter Secretary

Selena Shrewsberry Member

Dean M. Marshall Member

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On behalf of the Marketing and Education Committee, we would like to welcome you to the 2019 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 sponsor “Member Appreciation Day” every year in October, to show our members just how appreciative we are for them, by providing refreshments and a gift to each member. We also participate in several festivals throughout the county from June to October. 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. Sincerely, Missy Spangler , Chairperson Marketing & Education Committee Report

MARKETING & EDUCATION COMMITTEE

Missy Spangler Chairman

Savannah Randel Member

Billy Neal Member

Darlene Blankenship Member

Eloise Helms Member

Joan Johnson Member

Phyllis Chinault Secretary

Mason Chinault Member

Rhonda Robertson Member

“I just made a mobile transfer for the first time and I am in love with CELCO’s mobile app.”

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Chief Executive Officer

Welcome to your 63rd annual meeting of Celco Community Federal Credit Union. It is amazing what your credit union has achieved since starting August 1956 in a small office at the Celanese plant. It is due to our dedicated staff, and volunteers, and you the members. I am especially thankful for the volunteers who have dedicated countless hours without compensation to see Celco Community Federal Credit Union be a vital part of our community, helping people with their financial needs. I am glad you could attend to see old friends, and to keep informed of Celco Community Federal Credit Union business. Celco Community Federal Credit Union offers professional consultation for insurance and investment services. Danny Hopkins, a financial professional, assist our members to create insurance and financial strategies to meet their personal needs and goals. Danny has been in the financial services industry for over 30 years and has been an asset to our members and employees of the credit union since 1994. The consultation is free, so call the credit union and set up an appointment soon.

You can have your Credit Union statements emailed to you much faster than receiving them in the mail by submitting for eStatements through NetBranch . Be sure to print them from your email so you will have them for further reference in the future. They are also stored in NetBranch for your convenience for up to three months. I would like to thank the Board of Directors, our volunteers, and especially the staff of Celco Community Federal 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 Federal Credit Union, please contact me at the credit union. Thank you for your confidence in making Celco Community Federal Credit Union your primary financial institution today and into the future. Respectfully Submitted, Dean Marshall , CEO We have replaced and upgraded our free ATM’s for extra security, which are located at both our Pembroke and Narrows offices and inside Carilion Giles Community Hospital in Pearisburg. Our on hold message system keeps our members informed of holiday closings, new promotions, and security information. These are just a few of the many services we provide to better serve our members. Please visit our website at www.celcofcu.org, and access our free and secure online banking feature called NetBranch with BillPay . You can check balances, transactions, deposits and make transfers safely and securely anytime, and pay bills online, which also includes our free app.

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Elected Officials Board of Directors

Jeff Morris President

Harriet Fletcher Vice President

Connie Copeland Treasurer

Anne Chambers Secretary

Patty Crotty Director

Jeff Williams Director

Gerald Eaton Director

The CELCO Community Staff have always gone above and beyond for me and have always been kind and actually care about you and your financial security. “I love my new CELCO app, it makes banking so much easier.”

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Celco Community Federal Credit Union Staff

Chief Executive Officer Dean Marshall

Chief Operations Officer Mark Clemons

Member Service Rep. Sheila Stafford

Loan Administrator Dana Yost

Mortgage Officer Chau Gunter

Loan Officer Selena Shrewsberry

Mortgage Officer Tanner Carbaugh

Collections (L to R) Bridget Newby, Crystal Mann, Supervisor

Accounting (L to R) Kristi Eaton, Supervisor Dianne Gautier, Savannah Randel

Narrows Tellers Back Row (L to R) Lisa Ferrell, Savannah Randel, Debbie Lewis (Teller Supervisor), Kathy Ratcliffe, Melissa Spangler, Front Row (L to R) Leslie Bandy, Rhonda Robertson

Pembroke Staff (L toR) Autumn Snider (Loan Officer), Kathryn Stump, teller, Crystal Burton (Teller Supervisor), Vicky Lucas, teller

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