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2008Annualreport Strengthandstability

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2008Annualreport Strengthandstability 2008 Annual Report Strength and Stability BOARD OF DIRECTORS MANAGEMENT TEAM Manuel R. Ybarra Harriet May Chairman of the Board President/CEO Gregory J. Watters Fermin Acosta, Jr. Vice Chairman Senior Vice President Administrative Services Frank Garcia Secretary/Treasurer Rudolf Kuehne Senior Vice President Harriet May Information Technology President/CEO Crystal Long Yolanda M. Estrada Senior Vice President Consumer Loans and John Fernandez Remote Services Annie Koch Steven G. Lutz Senior Vice President Luis C. Mata Chief Financial Officer Jose I. Quiñonez, Jr. Sarah Newman Senior Vice President General Counsel ADVISORY MEMBERS Musette Bracher Vice President Daniel Anchondo Marketing Guadalupe Giner Ceci Davila Vice President Robert C. Nagel Sales and Service Operations Ricardo Soto Barbara Franco Vice President Internal Audit AUDIT COMMITTEE Arturo Moreno Gregory J. Watters Vice President Chairman Business Services Frank Garcia Janie Shockley Vice President Luis C. Mata Human Resources chairman’s message The year 2008 was a difficult one for millions of hardworking Americans. With the collapse of the housing market, the Wall Street bailout, closures of major financial institutions, corruption and mismanagement at the highest levels of corporate America and increased unemployment across the country, our country faced one of the worst years in recent memory. Long shielded from the sharp ups and downs of the national economy, El Paso was one of 58 cities in the United States that continued to grow during 2008. And, the same was true for GECU. While many financial services organizations throughout the country struggled, 2008 was a year of growth, strength and financial stability for your credit union as we ended the year with over $1.42 billion in assets and 281,983 members. Nevertheless, GECU was presented with challenges including a decrease in loan demand. But, as Yogi Berra once said, “If you donʼt know where youʼre going, you might wind up somewhere else.” Thanks to a proactive professional staff and the safe and sound business practices put in place to protect the money youʼve entrusted to us, we met those challenges head on, adapted to a changing environment and stayed the course. While itʼs fair to say we operated more conservatively in 2008, we didnʼt change our commitment to our members. When many troubled financial institutions made it difficult, GECU continued to provide loans for members purchasing or remodeling homes and buying automobiles. We never wavered from the philosophy on which we were founded 76 years ago – people helping people – not just in good times, but when times are tough. In 2008, we also celebrated the grand opening of GECUʼs Operations Center, “our diamond in the desert.” Built to house GECUʼs administrative functions, the striking design of our building is a symbol of stability and a testament to the strength of El Pasoʼs largest, locally-owned institution. Your board of directors is proud of what it represents for GECU and El Paso and congratulates GECUʼs management and staff team for keeping the vision alive. We may be in for a rough road ahead as the full effects of the economic crisis continue to unfold. But one thing you can count on, GECU is solid as a rock. Weʼve been here for 76 years and plan to be around for another 76. Rest assured your money is safe and it will be business as usual in 2009. Thank you for placing your confidence in GECU. Manuel R. Ybarra Chairman of the Board (left to right, front to back) Manuel R. Ybarra - Chairman of the Board , Harriet May - President/CEO , John Fernandez, Yolanda M. Estrada, Frank Garcia - Secretary/Treasurer , Luis C. Mata, Ricardo Soto, Guadalupe Giner, Jose I. Quiñonez, Jr., Gregory J. Watters - Vice Chairman , Daniel Anchondo, (not pictured) Annie Koch, Robert C. Nagel president’s report I Del Valle High School Branch Iʼm happy to report it was a good year GECU experienced for your credit union. At the end of 2008, numerous achievements In October 2008, we opened our second membership climbed to over 281,000. We in-school branch at Del Valle High School used to say that meant one out of three and accomplishments providing numerous financial opportunities El Pasoans were GECU members; today, throughout the year, to students in another underserved area of that percentage is even higher. And, thanks including: El Paso County. to you, GECU reached $1.29 billion in deposits I GECU Horizon Branch and $1.42 billion in assets with a return on I Savings Challenge '08 assets of 1.28%. What did that mean for you? GECUʼs Horizon branch opened in July 2008 Simply put, we made loans, served our membersʼ As El Pasoans continued to look for ways to to great fanfare and much anticipation from needs and earned income during difficult save money and reduce their debt, GECUʼs our Horizon City members. economic times. Thatʼs an extraordinary Savings Challenge ʼ08 continued to be a accomplishment in a year when many source of financial management skills for our GECUʼs roots go deep. It was built on the financial institutions posted record losses. membership. Launched as an experiment in shoulders of a handful of risk takers who cared During 2008, we improved the lives of our 2007, we learned people wanted the tools and for each other, their co-workers, families and members by making over $665 million in loans. practical advice to change the way they handled neighbors. It took courage to get GECU going Representing an increase of $117.8 million their finances. Weʼre proud of the impact Savings and strength to keep us going! In 2008, our (10.23%) in our loan portfolio, we ended the Challenge ʼ08 had on thousands of families who financial health was excellent; our balance sheet year with a loan-to-deposit ratio of 97.5%, followed the journey of our participants, Isabel strong; and our underwriting standards solid. meaning 97.5% of your deposits were invested Castillo, Adrian and Haydee Duran, Keith and GECU is safe, sound and here for the long haul. in loans to other GECU members. Thatʼs the Christine Huse, Peter and Araceli Ortiz, Lorena As Adolfo Loera always asked when making credit union mission and one we took seriously, Quezada and Jerry and Liza Marquez. decisions for our membership, “is this in the best that of people helping people . I Financial Education interest of and for the service to our members?” I On the downside, bankruptcy filings increased am proud to say, every decision weʼve made and by $4.6 million from 2007. As we have in years 2008 was a banner year for GECUʼs financial continue to make is always in your best interest. past, we will continue to monitor the situation and education outreach program. Not only were our step up our financial education and counseling to seminars available in each of our branches, we serve as a proactive measure in bankruptcy took them out into the community. Over 1,200 prevention in 2009. teens, young adults, couples and families learned to manage their finances at free seminars and workshops held in high school classrooms, Harriet May gymnasiums and businesses throughout El Paso. President/CEO GECU’s lending accomplishments during 2008 GECU’s Lending Accomplishments During 2008 I I Indirect lending led the way with $225 million in vehicle loans funded. I SmartCall, GECUʼs in-bound and out-bound call center, funded over $111.6 million in loans. I Mortgage lending funded $77.1 million in home equity loans and $52.7 million in first lien mortgages. GECUʼs Business Services Departmentʼs portfolio was $66 million in business loans at the I close of business December 31. SmartBranch, GECUʼs online banking channel, realized an impressive increase in volume with over $30 million in consumer loans. Consumer Loans by Type Made in 2008 Loan Type Number of Loans Loan Totals New Vehicles (Lobby/SmartCall) 2,797 $ 49,276,407 Used Vehicles (Lobby/SmartCall) 2,815 $ 30,831,152 New Vehicles (Dealerships) 6,662 $ 168,946,849 Used Vehicles (Dealerships) 3,282 $ 56,315,616 Other Installment Loans 15,511 $ 73,313,585 Mortgage Loans (First Lien) 468 $ 52,745,326 Home Equity Loans 1,502 $ 77,100,064 Credit Card Advances 937,679 $ 82,540,059 audit committee report The Audit Committee, comprised of three volunteer member-owners, oversees the Internal Audit Department which conducts comprehensive internal audits throughout the year ensuring 1) accounting records and reports are prepared promptly and accurately reflect operations and results; 2) established internal controls are effectively maintained and adequately protect the credit union, its assets, members, management and employees; 3) each area of the credit union is carrying out the plans, policies and procedures for which it is responsible as directed by the board of directors. The Audit Committee also oversees the annual comprehensive audit conducted by the independent certified public accounting firm of Lauterbach, Borschow & Company, P.C. Their examination was conducted in accordance with generally accepted auditing standards as issued by the American Institute of Certified Public Accountants. As a result of the audits performed, the Audit Committee believes the financial statements included in the 2008 annual report present the preliminary financial condition of GECU for the year ended December 31, 2008, subject to a possible decrease in income resulting from pending accounting pronouncements for an NCUSIF assessment expected by March 31, 2009. Gregory J. Watters, Chairman Frank Garcia Luis C. Mata A full copy of GECUʼs 2008 financial statements may be obtained by contacting
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