2018 ANNUAL REPORT Table of Contents
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2018 ANNUAL REPORT Table of Contents In this report, we share From the Chairman........................................................... 2-3 information and pictures from The National Credit Union Administration has added Hamilton, Lafayette, Suwannee, all of the counties SunState and Union Counties to the SunState Federal Credit Union field of membership.The Federal Credit Union serves1. SunState Federal Credit Union field of membership is: From the President............................................................ 4-5 Persons who live, work (or regularly conduct business in), worship, attend school, or Supervisory Committee Report......................................... 6 participate in associations headquartered in the rural district of Alachua, Columbia, Dixie, County Page# Gilchrist, Hamilton, Lafayette, Levy, Suwannee, or Union Counties, Florida; persons Treasurer’s Report................................................................. 7 Alachua.................2-3 participating in programs to alleviate poverty or distress which are located in the rural Columbia...............4-5 district of Alachua, Columbia, Dixie, Gilchrist, Hamilton, Lafayette, Levy, Suwannee, or Statement of Financial Condition...................................... 8 Dixie......................6-7 Union Counties, Florida; incorporated and unincorporated organizations located in or Gilchrist.................8-9 maintaining a facility in the rural district of Alachua, Columbia, Dixie, Gilchrist, Hamilton, Statement of Income and Expense...................................9 Hamilton............10-11 Lafayette, Levy, Suwannee, or Union Counties, Florida; Lafayette...........12-13 Graphs..............................................................................10-11 Levy...................14-15 Suwannee.........16-17 Employee Recognition................................................12-13 Union.................18-19 SunState in the Community....................................... 14-15 Volunteer Appreciation.......................................................16 Around the Branches..........................................................17 Board of Directors................................................................18 Supervisory Committee & Management Team............19 1Information in this report about individual counties was pulled from U.S. Census data, the internet, and other sources. While we are relatively certain the information is true and accurate, we have not exhaustively verified it as such. Readers are cautioned against stating the county specific information as being factual without further verification on their part. 1 From the Chairman... Founded: February 29, 1824 • When Alachua County was created it stretched from the border with Georgia, south to Population: 266,944 As your board Chair, I couldn’t be happier as I look back Physical branches and improved technologies require significant capital expenditures… Charlotte Harbor. The original over 2018 in regards to the accomplishments of our and that brings me to your credit union’s current financial state of well-being, SunState county seat was Wanton (current Median Age: 31.3 SunState Federal Credit Union; nor could I be more excited Federal Credit Union continues to excel financially to the extent that we were recognized day Micanopy). looking forward. nationally in 2018 on multiple levels. We earned a Raddon Financial Group Crystal • In 1828, the county seat was Size: 969 square miles Award due to our continued excellent financials balanced against our outstanding moved to Newnansville, located Topping the list as a huge accomplishment during 2018, record of member service; basically, we were able to generate significant income, while near the current site of the city of was approval by the National Credit Union Administration of our field of membership Cities/Towns: providing our membership with excellent rates and a more affordable fee structure than Alachua. expansion request. Unlike a bank with no specifically regulated limits on who they Alachua, Archer most credit unions. Member growth, loan portfolio growth, and net income for 2018 • In the late 1800s, the citrus can serve or where they can choose geographically to do business, credit unions Gainesville, Hawthorne were all outstanding. We also were recognized as ranking 30th among all credit unions industry thrived in the area. The are limited by the federal government as to who can join and take advantage of High Springs, LaCrosse worldwide in the number of followers/likes on our Facebook page. great freeze of 1894 shut down membership. The definition of who is allowed to join a credit union is known as that Micanopy, Newberry the citrus industry in Alachua particular credit union’s Field of Membership. Since the late 1990’s, the core field I could not be prouder of our credit union, our board, our management team, and our County; before that, six million Waldo of membership of SunState Federal Credit Union has been people and entities staff. While many credit unions seem to have forgotten that a great balance sheet is barrels of fruit were shipped to (basically businesses/organizations) who live, work, worship, attend school, or not the only thing to strive for, SunState, YOUR SunState, has not. As you read through market. County Seat: regularly conduct business in Alachua, Columbia, Dixie, Gilchrist, or Levy County, this report, you will see and understand that we are not just about money. We are about • Micanopy is the oldest inland Gainesville Florida. The expansion request, approved in late 2018, adds Hamilton, Lafayette, people and communities and making a difference every day. town in Florida. Suwannee, and Union Counties to that list. We are excited to now offer SunState • By 1896, there were fourteen membership to those associated with these additional counties. Median Household Income: $45,478 At SunState Federal Credit Union, we make money not because that is our goal; phosphate mines operating but because we need it in order to make your lives, and the lives of others in the near Newberry. The demand For 2019, we are currently planning for two new branches, one in Cross City, and Percent High School Graduate or communities we serve, better. for phosphate ended abruptly in the other in Live Oak. Cross City currently has no credit union branch from any Higher: 92.10% 1914, when war was declared credit union, while Live Oak currently has only one small credit union location, with From myself and the rest of the directors, thank you for electing us and allowing us against Germany, their principal that credit union serving a very limited group of members. The opening of these two Median Housing Value: $167,000 to serve you as part of the outstanding institution and community resource that is customer. branches will bring convenient credit union access to thousands of people in need SunState Federal Credit Union. • Hawthorne was originally called of our affordable products and services. Total Housing Units: 115,282 Jamestown. Both names were in honor of James M. Hawthorne, a In addition to those two physical branch locations, we will continue working to local land owner. Median Rent: $916 improve our online presence and online/mobile banking offerings. We realize that to • Archer started in the 1840s, as stay relevant and to continue being a valuable resource for our members, it will take a frontier village named Deer Households with a Computer: 89% both the convenience of efficient and constantly improving online banking options/ Cynthia S. Brochu Hammock or Darden’s Hammock. services, as well as a continued easy access to our representatives both by phone Chairman • High Springs was originally Orion, and in person. Number of Companies: 20,110 until the local post office changed its name in 1888. Veterans: 15,456 Households with broadband Poe Springs State Park La Chua Trail Devils Millhopper Ben Hill Griffin Stadium Gainesville- Hawthorne Trail internet subscription: 81.4% Hippodrome State Theatre 2 3 From the President... Founded: February 4, 1832 of the matter is that what you see on those pages barely scratches the surface • Lake City first began as the of our community service in 2018. town of Alligator in 1821, near Population: 69,612 Every year, as the holidays wind down and the the Seminole settlement known new year kicks off, the SunState Federal Credit As extensive as the credit union’s support of the many organizations helping out as Alligator Village. Median Age: 40.7 Union management team reflects back over our in our communities has been, and as proud as I am of our staff and volunteers • Alligator became the seat of activities and successes, and yes, in some cases, Columbia County in 1832, in regards to that support, it is just a footnote, an add-on if you will, to our most when it was formed from Size: 801 square miles setbacks, of the previous 12 months. This year is important reason for being. That deepest purpose and obligation we feel towards portions of Duval and Alachua no different. Fortunately, for us as management the communities of North Central Florida, is our direct service to the thousands Counties. Cities/Towns: of the credit union, and you as members, this has of men, women, and children who call themselves members; SunState Federal • In 1858, Alligator was Lake City turned into a routinely pleasant experience year Credit Union Members. Myself and our entire staff, are proud to serve as a incorporated and renamed Fort White after year. Throughout this report, you