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2019 Annual Report

In 1983, LGFCU was born when town, city and county employees scattered across North Carolina needed a trusted source to help them save, borrow and plan for a better financial future.

One by one, new members joined LGFCU, sharing with others the message of a Credit Union that was designed just for them. Members appreciated the variety of products and services that helped them live their lives affordably.

Today, more than 350,000 members across the state strive to reach their dreams, buoyed by LGFCU mortgages, loans, deposit accounts, and more. But dig deeper and you’ll see that we’re not just helping members accomplish their goals or improve their financial conditions.

We’re changing lives.

Chairman's Letter

To Our Members/Owners,

It is my pleasure to present this Chairman’s Letter and 2019 Annual Report for Local Government Federal Credit Union. Our Credit Union Annual Report serves a two-fold purpose. First, we want you to understand the financial performance results of your cooperative. Secondly, we want to be intentional about emphasizing the unique value proposition LGFCU offers its members.

By most accounts, 2019 was a good year for LGFCU.

The Credit Union succeeded in accomplishing its fiscal and market targets. Assets exceeded $2.2 billion. Your Credit Union is now the ninth largest depository financial institution in North Carolina. This distinction includes a count of all banks and credit unions statewide. Membership has grown to over 356,000 owners. It is important to restate that all members are owners of LGFCU. Statistically speaking, one in every 30 North Carolinians is a member of LGFCU. More often, you share a common bond with a growing population of folks who consider your Credit Union their financial home.

Throughout the past year, your Credit Union financed over 6,200 mortgages for nearly $500 million in lending. When we think about home loans, we imagine the lives we’ve helped to change. Children have safe backyards in which to play. New homes are purchased to provide expanded living spaces. Homeownership is often a path to building wealth through equity. This is all made possible with home lending services that feature low rates and affordable terms.

We focus on growth because this is an important barometer of how we are doing. Growth tells us how well we are meeting your needs for financial services. Too much growth can be a challenge. Too little growth could signal a lack of confidence. Growth for a financial institution should be planned and manageable. We must ensure the Credit Union has adequate reserves and funding, and the ability to meet the growing needs of our membership.

Growth is not the only measure of success for your Credit Union. As a member-owned cooperative, we take our commitment to improve your lives personally. We recognize the connection between financial success and social well-being. We know you want the best for your family and community. We share these dreams for our families as well.

When you judge our performance, we encourage you to look beyond the numbers. Ask yourself how well you are doing. After all, a financial partner should help you live better. You deserve to have the expectation that your Credit Union will provide respectful and responsible services.

As Credit Union members, we sometimes take for granted that all financial service providers treat their customers with fair dealings. Some of your testimonies convince us this is not always so. Many of you have asked us to refinance, trade and unwind bad services you have received elsewhere. We regret the challenges you occasionally deal with. We are happy to have the opportunity to save you money.

It is particularly relevant to find that Credit Union membership is supposed to mean something special. Our core philosophy of democratic control is in sync with our basic societal norms. Our principles of diversity and inclusion convince us to regard all members as equals. Our not-for-profit mandate steers our primary attention to members.

For the reasons stated above, doing business with your Credit Union is more than an ordinary transaction. Your choice of LGFCU as your financial provider signals that you enjoy being recognized for the individual you are.

Finally, I have been the Chairman of your Board of Directors for the past two years. It has been my honor and pleasure to serve you in this capacity. It is our long-standing custom to rotate the Chairman’s seat every so often. As a result, I will step down from the chair position at the Annual Meeting to give other directors an opportunity to lead. However, I look forward to remaining on the Board and working on your behalf.

I serve alongside a team of dedicated volunteers who share a deep commitment to the membership. Speaking on behalf of the entire Board, thank you for your membership. We greatly appreciate the trust you place in us. We look forward to a future of helping you fulfill your dreams.

With best regards,

David Dear
Chairman, Board of Directors

Changing lives

Most of us face challenges at some point in our lives. It’s what we do about them that makes the difference, and who we have in our corner to help. For the determined members below, that’s been LGFCU.

Tamara Faulkner was confronted by a series of obstacles, but her commitment to making adjustments helped her to turn those challenges into successes. Tamara says LGFCU played a big part in helping her to get things back on track.

Amy Jones says change has been a familiar companion over the past decade. From moving across the state, to shifting jobs, to tying the knot, Amy’s life has been a series of changes. The one constant? LGFCU and its support of her financial goals.

Police Chief Mike McNeill met his fiancee Judy Freeman in high school, but it took the couple decades to circle back and plan a wedding. Lots of changes took place for both of them during those years, but Mike credits LGFCU with helping him find the financial footing he needed. Today, Judy is a member, too. That’s a true love story.

Read more about these members who inspire us.

Tamara Faulkner

Tamara Faulkner makes people happy.

As senior outreach coordinator for the Hickory Public Library, she delivers books, DVDs and other materials to those no longer able to visit the library. In doing so, she lives the Credit Union philosophy of “people helping people.”

But it took Tamara quite a while to see that LGFCU could make her happy too.

“It took me a long time to realize what the Credit Union could do for me. Then I opened an account and it’s been fabulous since,” Tamara said. “You can list all the statistics and wonderful things LGFCU does, but there’s nothing like a real story.”

Tamara credits LGFCU with helping her improve her credit following a divorce, from refinancing her car at a better interest rate to learning how to pay bills online. She also enjoys collaborating with fellow LGFCU members as part of the Advisory Council.

“Being able to work with the people at LGFCU has made me a better person,” she said. “It’s great having help with money management and people making sure everything is going right.”

One of the many local government employees LGFCU serves, Tamara’s 25-year tenure at the library speaks to her commitment to community. She connects with residents at eight senior facilities and others who are homebound, and she’s working to develop a program for people with Alzheimer’s disease.

“I love what I do, getting out into the community and making connections,” Tamara said. “People are always waiting for me, and it makes me feel good to see how it helps them.”

Tamara recently bought a camper home with LGFCU’s help, another way her life is better than before.

“I’ve changed a lot and am learning as I go. It’s good for me to be independent,” she said. “I’m very happy with my life.”

Member since 2013
Hickory, NC
LGFCU Advisory Council member, Lake Hickory Region

Amy Jones

Amy Jones knows what she wants from life and with help from LGFCU, she’ll get it.

The Credit Union has been a constant for Amy as she’s married, moved across North Carolina, and revamped her career.

“LGFCU is making my life easier,” she said. “Using mobile Member Connect to check my account is extremely convenient, and we keep all of our savings at LGFCU because the interest rates beat [commercial banks].”

Amy joined LGFCU on the recommendation of her father, David Cooper, an elected member of the Woodland Town Council and a small business owner.

“The Credit Union does a lot of business in our area, and that’s a good thing for all of my children,” David said. “At the Credit Union, you feel like you’re among friends.”

Last fall, Amy and her husband, Tyler, seized the opportunity to move into a family home in Cherryville, tucking the proceeds of their Raleigh townhome into an LGFCU Money Market Account to save for a future home of their own.

And when the couple needed a truck to pull their camper on a cross-country trip to the Grand Canyon, they looked to LGFCU for a loan.

“We shopped around, then went to the Credit Union,” Amy said. “We enjoyed the ease of the loan process, and the interest rate was much better than what the dealership was offering. I love how trustworthy the Credit Union is.”

Entrepreneurial-minded, Amy has also changed the way she works: She’s now a freelance dental hygienist, filling short-term staff absences in dental offices and enjoying new flexibility in her daily schedule.

“Managing money is important in marriage,” Amy said. “This is all a tremendous help to us and gives us the opportunity to save. Moving forward, Tyler and I want freedom — to be happy and not stressed over money.”

Member since 2011
Cherryville, NC

David Cooper
Member since 2011
Woodland, NC

Police Chief Michael McNeill & Judy Freeman

Like all good love stories, theirs starts with “Once upon a time.”

That’s when Lumberton Police Chief Mike McNeill and retired educator Judy Freeman first met, in high school. Years later, they finally reconnected. Now engaged to be married, the couple has learned along the way that life is full of surprises — and how to prepare for them financially.

“The Credit Union has changed my life for the better,” said Mike, who was struggling to restore his credit when he first joined LGFCU more than 30 years ago. He’s since progressed to using LGFCU loans to refurbish two of his rental properties.

“It’s easy to access the money, no matter what I need, and that opens all kinds of doors,” he said. “It’s been a lifestyle change for me.”

Mike has brought his coworkers, friends and family into the LGFCU fold over the years, including Judy.

“I like to talk about what the Credit Union can do for you, and I believe in its philosophy of ‘people helping people,’” he said. “I’m stuck on LGFCU and would recommend it to anybody.”

Judy said, “The Credit Union goes the extra mile. They take a chance on you and show you the steps to get your finances in order.

“Before, it was just me, working to make ends meet. Now I’ve learned how to budget my money and I’m able to breathe. I believe in the Credit Union. It’s a family.”

This hard-won financial freedom means exciting adventures for Mike and Judy, traveling to new places and exploring their culinary passions.

As for the future? They expect to live happily ever after.

Police Chief Michael “Mike” McNeill
Member since 1985

Judy Freeman
Member since 2017

Lumberton, NC
LGFCU Advisory Council members, Eastern Sandhills Region

Positive impact

We’re always gratified to hear the stories of members whose lives have changed since they’ve worked with LGFCU to help them achieve their financial goals. Every individual story is meaningful and poignant.

But what’s the Credit Union’s impact on a group of members? Could we add up the savings for our members over the course of a single year?

We did the math, and the impact of LGFCU loans in just a single year was substantial.

In 2019, all the members who received loans from LGFCU instead of other financial institutions paid a whopping 42% less in interest as a group in that one year alone. What is that in dollar value?

About $9.5 million.*

But that’s not the end of the story.

The people who helped save members money are not the staff at LGFCU, or the executives, or even the Board.

It’s YOU – our members. You are the heroes of this story, because it’s your membership and your participation that allow your fellow members to receive loans for roofs over their heads, cars in their driveways, college diplomas on their walls, and more – all while saving them money.

That’s positive impact.

*Based on external benchmarking, interest rates were computed for LGFCU members who opened a loan in 2019. The total interest they would have paid with another financial institution was compared to the interest they paid with LGFCU (as of December 31, 2019). The total savings was about $9.5 million.

There are more stories of LGFCU making impacts across the state.

In 2019, we continued to award scholarships, help fuel economic development, support the initiatives of local governments and donate our resources to communities. Here are some of the details we’re proud to share.

Scholarships

  • Professional Development Scholarships: $60,000 in professional development scholarships awarded to more than 70 members in nearly 60 North Carolina counties.
  • Student Scholarships: 120 students in 55 counties received a total of $120,000 in scholarships.

Out in the community

In 2019, our staff traveled across the state to promote LGFCU and the benefits of membership.

  • Participated in nearly 6,000 unit visits and community events
  • Represented LGFCU at nearly 200 benefit fairs and conferences
  • Attended 224 orientations to share LGFCU message with thousands of attendees
  • Sponsored 32 shred events – totaling 100,000 pounds of paper recycled by 1,400 community members

Donations

  • Volunteer hours: 804.5 volunteer hours provided by staff, saving organizations about $20,460
  • Cash donations: Nearly $5,000 for various organizations
  • Canned food drive: Donated 11,470 cans – about 4.5 tons of food

Leadership

Member volunteers from across the state play a crucial role in the success of LGFCU. Volunteers serve on our Board of Directors and on committees, including the Supervisory and Loan Review Committees, as well as on the Advisory Council. LGFCU relies on volunteers to be the liaisons between existing and potential Credit Union members and LGFCU management, and to perform various audit and decision-making functions.

Our volunteers demonstrate leadership by example, and exemplify the cooperative foundation on which credit unions are based.

Board of Directors

To lead is to honor the trust bestowed upon us by our fellow members.

Chairman

David Dear

Shelby

Vice Chair

Lin Jones

Durham

Secretary

Ruth Barnes

Atlantic Beach

Treasurer

Ken Noland

Wilkesboro

 

Dr. Aaron P. Noble Jr.

Burlington

 

Jeanne Erwin

Cary

 

Paul Miller

Snow Hill

Director Emeritus

  • Al Richardson – Black Mountain

Supervisory Committee

  • Lee Smiley, Chairman – Apex
  • Amy Bason – Raleigh
  • Ryan Draughn – Sanford
  • Emily Lucas – Wake Forest
  • Michelle Price – Cary

Loan Review Committee

  • Tony King, Chairman – Louisburg
  • Jim Baker – Retired, Chapel Hill
  • Nancy Held – Retired, Clayton
  • Pam Hurdle – Hertford
  • Dale Johnson – Retired, Raleigh
  • Caroline Lee – Retired, Raleigh
  • Wilbert McAdoo – Retired, Efland
  • Nancy Medlin – Clayton
  • Charles Murray – Louisburg
  • Cheryl Perry – Cary
  • Jean Stowers – Pine Level
  • Sam Tingler – Pittsboro
  • Charles Weber – Retired, Olympia, WA
  • Mark Williams – Retired, Wake Forest

Advisory Council

The Advisory Council members serve as advocates in their communities and regions, acting as ambassadors to potential members and a source of information to existing members. As of December 31, 2019, there were 588 members.

See members

Albemarle Sound
Brenda Algood
Eddie Buffaloe
Darlene Carter
Monica Cole
Anthony Dickinson
Philip Donahue
Katherine Felton
Jay Fortenbery
Jackie Frierson
Mary Hunnicutt
Pam Hurdle
Stephanie Jackson
Chuck Jones, Jr.
Clarann Mansfield
Montique McClary
Barry Overman
Amy Powers
Debbie Reed
Fred Spruill, Sr.
Keith Throckmorton
Tammy Woodley
Biltmore
Danna Ball
Dan Barron
Bob Boyette
Kathy Coco
Theresa Coletta
Jonathan Feldman
David Foster
Brian Franklin
Tonia Hampton
Josh Harrold
Rickey Hensley
Brad Holmes
Steve Jones
Jake Klodt
Dean Luebbe
Joe McKinney
Cheryl Mitchell
Angie Murphy
Kate O'Hara
Kevin Owenby
Anthony Penland
Avril Pinder
Stefan Stackhouse
Joey Webb
John Wilson
Danielle Wittekind
Central Coast
Michael Avery
Grace Barbour
Rosie Brinson
Dorothy Brown
Amy Burdulis
Jayne Calhoun
Leigh Ann Cook
David Cox
Megan Daub
Teresa Fulk
Shirley Gabbert
Natalie Gibble
Thurman Hardison
Don Hardy
Karla Johnson
Valeria Johnson
Tharesa Lee
Lynn Lewis
Jaime Long
Chad Mann
Lea Mills
Susan Nixon
Kirk Peterson
Vickie Phillips
Timothy Pike
Denise Powell
Sherry Riggs
Tony Sears
Chad Smith
Garland Terry
Lee Tillman
Harvey Walker
Ed Weigl
Mary Weigl
Central Mountain
Ellie Avery
Sheila Blalock
Tommy Burleson
Darlene Butler
Richard Canipe
Jackie Cornette
Amy Davis
Angie Eggers
Chris Grace
Scott Hurley
Bobby Powell
Dale Presnell
Amy Shook
Cindy Turbyfill
Blake Vance
Central Piedmont
Gerald Anderson
Nancy Boyden
Nikki Carswell
Richard Cooke
Ken Deal
Ti Farmer
Carol File
John Gallimore
Franklin Gover
Grayson Gusa
Michelle Hepler
Robin Howard
Hilda Keeney
David Ketner
Wayne Krimminger, Jr.
George Lanier
Jay Lowe
Melody Moxley
Patti Price
Jessica Reid
Chad Ritchie
Loran Schulte
Josh Smith
Kim Stine
David Taylor
Nick Turner
Sylvia Turnmire
Josh Watkins
Sarah Wilkinson
Mark Wilkinson
Chowan River
Carolyn Brown
Joleatha Chestnutt
David Clary
Bill Early
Bobby Eure
Troy Fitzhugh, Sr.
Earnest Howard
Evelyn Howard
Alvin Lewis
James Peele
Scott Sauer
Stephanie Simpson
Belinda Smith
Mike Stalls
Marion Thompson
Dominique Walker
Kathleen Wright
Donna Zube
Coastal Plain
Jonathan Allen
Shelvia Ashford
Susan Baptist
Kathy Bond
Pamela Brame
Regina Bryan
Audrey Bryant
Amy Davis
Sandra Janssen
Hans Kalwitz
Brian Kelly
Jackie Nicholson
Brenda Reece
Chris Roberson
Kathy Wallace
Anna West
Marina Williams
Deep River
Justine Buxton
Percy Crutchfield
Stacy Griffin
Alice Lloyd
Krista Lowe
Gary McGee
Greg Patton
Mike Roberson
Amelia Varner
Thomas Wassack
Jill Williams
Eastern Carolina
Tammy Blake
Delbert Bryant
Theresa Cieslinski
Dennie Dale
Vivian Davis
Wanda Dixon
Debra Dunn
Scott Godefroy
Rosalie Grimes
Doris Hill
Sherry Howell
Angie Leggett
Barbara Lipscomb
Alice Manuel
Shelton Nelson
Glen Newman
Jasman Smith
Ellen Walston
Eastern Sandhills
Laticia Black
Annette Bryant
Cathy Buie
Therman Cherry
Chad Deese
Debbie Disbrow
Judy Freeman
Lemark Harris
Debra Holcomb
Justin Hunt
Patricia M. Jenkins
Jody Jernigan
Angela Jones
Kayla Lee
O'Ryan Lowry
Michael McNeill
Ti Morrill
Marion Morrisey
John Rankins
Katrina Tatum
Annie Williams
Larry Williams
Angel Wright-Lanier
Eastern Triangle
Veloris Allen
Felicia Brown
Jeremey Daughtry
Gordon Joyner
Tim Kerigan
Billy Langston
Valerie McLamb
Shelia Morton
Jordan Piper
Melanie Proctor
Amy Shearin
Connie Sorrell
Matt Sutphin
Jennifer Turner
Foothills
Chris Beddingfield
Heather Black
Erica Bobo
Jeff Brittain
Debra Brown
Rich Chuvala
Jeff Clevenger
Vontella Dabbs
Gary Foster
Adrienne Hall
Laura Hamilton
Betsy Harnage
Amy Heavner
Justin Merritt
Chuck Moore
Bryant Morehead
Zach Ollis
Judy Smith
Judy Toney
Lisa Wassen
Phil Welch
Rachel Whitaker
Hatteras
Charlene Allen
Ellen Bell
Becky Breiholz
Gary Britt
Melody Clopton
Melissa Dickerson
Mike Eubank
Fred Featherstone
Bonita Hurdle
Lynn Morris
Elizabeth Reilly
Karen Sawin
Kermit Skinner
Kevin Zorc
Lake Hickory
Winfield Abee
Sherri Bradshaw
Kimberly Campbell
Seth Eckard
Brandon Elrod
Tamara Faulkner
Patricia Gabriel
Paul Hedrick
Carson Hendrix
Danny Hester
Darlene Huffman
David Huffman
Louise Humphrey
Charles Ingold
Debbie Jones
Teresa Laffon
Claudia Main
Todd Money
Johnny Overby
TJ Patton
Molly Phipps
Wayne Rash
Donald Robinson
Crystal Smith
Betty Jean Stinson
Addie Williams
Michael Willis
Mecklenburg
Bill Blackwelder, Jr.
Aaliyah Cupil
Craig Cupil
Chanyne Cupil
Anna Ellis
Christina Fath
Charvetta Ford
Brian Gott
Andrew Holland
Heather James
Barbara Lansche
Tony Long
Roger McCoy
Mike McLaurin
Steve Roberson
Jordan Steady
Laura Wasson
Barry Webb
Nantahala Forest
David Adams
Terry Ashe
Elise Bryson
Kyra Doster
Tina Galloway
Sheila Jenkins
Pam Ledford
Chuck Norris
Dustin Pendergrass
Ruth Sitton
Chuck Young
Northern Mountain
Connie Bauguess
Gary Bell
Breanna Creed
Bill Hancock
Carol Hermann
Steve Hutchens
Stephen Mahaffey
Denise Monahan
Michael Pardue
Larry Phillips
Miranda Roupe
Lizabeth Roupe
Sandra Snow
Vic Spencer
Monroe Wagoner
Susan White
Northern Piedmont
Jackie Astrop
Carla Banks
Joseph Brady
Debra Bronson
John Capes
Chamreece Diggs
Stacy Farlow
Valarie Halvorsen
Antuan Hawkins
Matthew Johnson
Brenda Jones Fox
Jimmy Marley
Kendrick Mayes
Tim McKinney
Carolyn Nimmons
Eric Olmedo
David Parrish
Chris Phillips
Teri Sentiff
Keith Volz
Jason Wood
Janice Wyrick
Northern Triangle
Angelia Alston
Sandra Catherwood
Joyce Dickerson
Kelly Faulkner
Coy Floyd
Jon Franklin
Cheryl Hart
Joyce Howard-Fritz
Argretta Johen
Holt Kornegay
Elgin Lane
Donna Lee
Jordan McMillen
Lauren Newlin
Javier Plummer
Donna Stearns
Curtis Tyndall
Dianne White
Research Triangle
Brian Andrews
Kendra Beard
Randy Beeman
Germaine Brewington
Deborah Craig-Ray
Tara Fikes
Reginald Johnson
Kevin Locklear
Lenora Minion
Craig Page
Alice Sharpe
Diane Shepherd
Stevon Strudwick
Deborah Taylor
Lee Worsley
Roanoke River
Mary Anderson-Faison
Christie Avens
James Avens, Jr.
Starlin Beatty
Tony Brown
Denise Cherry
Wanda Clark
Tyree Davis
Barbara Davis
Walter Gardner
C. Shane Lynch
Mark Macon
Ginny Orvedahl
Bryan Pierce
Bruce Robistow
Marcenda Rogers
Kristin Scott
Robin Williams
Southern Coast
Regina Alexander
Michelle Babson
Tommy Batson
Ken Bogan
Micki Bozeman
Marty Cooke
Joy Easley
Bob Grant
Mary Green
John Grimes
Warren Lee
Travis Mitchell
Chris Nelson
Teresa Parker
Gregory Sibbett
Shannon Slocum
Deshondra Smith
Kim Ward
Lynnine Webb
Justin Whiteside
Southern Mountain
Herbert Blake
Sheila Cozart
Kelley Craig
Johnny Duncan
Jim Fatland
Susan Frady
Ken Garrett
Wallace Hollis
Rocky Hyder
Cathy Justice
Jessica McCall
Holly Metcalf
David Nicholson
David Reid
Glenda Sansosti
Heather Smith
Southern Piedmont
Ben Bailey
Crystal Gilliard
Nyki Hardy
Scott Hopkins
Bonnie Huntley
Brian Matthews
Franco McGee
Shawn Oke
Kimberly Parker
Donald Patera
Brady Ross
Teresa Ross
Tar River
Tim Bilderback
Elton Daniels
Gordon Deno
Jessica Etheredge
Grant Goings
John Hunt
Cynthia Jones
Anison Kirkland
Troy Lewis
Nancy Nixon
Scott Parker
Robbin Pridgen
Wendy Rose
Pat Saunders
Dallas Shackleford
Andy Williams
Donna Wood
Wake
Bryan Alexander
Tony Beasley
Kanika Brown
Jason Cannon
TJ Cawley
Bennie Collins
Shonda Corbett
Michelle Daniels
Marchell David
Sandra Dixon
Michael Edmonds
Gregge Efird
Cecelia Farrell
Felex Gathings
Hannah Gathings
Cheryl Gay
Celeste Goddard
Eleanor Green
Diana Harris
Randall Heath
Scottie Hinton
Denise Hogan
Dale Johnson
Forrest Jones
Kim Kenny
Eric Keravuori
Fontae Kilpatrick
Mike Latta
Laura McLaughlin
Donald Monah
Wendy Moody
Carla Morgan
Tanner Morrison
Betty Pearce
Geoffrey Pearson
Erika Phillips
Jason Pleasant
James Purington
Sherry Scoggins
Aileen Staples
Ike Wheeler
Kenneth Wilkins
Todd Wright
Chandra Wright
Western Mountain
Shaun Adams
Victor Davis
Daphne Dockery
Mike Sheidy
Andy Williams
Western Piedmont
Scott Buffkin
Gray Cassell
Kimberly Dennings
Megan Garner
Martha Hancock
Stephen Hawryluk
Matti House
Dolly Hulin
Tony Jarrett
Andrew Lance
Chris Mack
Lynn McKinnie
Dora Moore
Ben Neal
Susan O'Brien
Hank Perkins
Ann Stroud
Jean Thompson
Cory Tobin
Western Sandhills
Bob Bridwell
Alisha Brown
Denise Cannon
Dena Cook
Jamie Dockery
Betty Galloway
Dawn Gilbert
Amanda Hart
Brandon Holland
Angie Kantor
Meta McCune
Joyce McGehee
Ebony McLean
Dee Ann Purvis
Judy Rhyne
Jason Robinson
Melanie Rodgers
Regina Rosy
Marian Savage
Terry Tapp
Theresa Thomas
Sheila Trotter
Donna Wright
Western Triangle
Michael Adkins
Shelton Burnette
Katherine Cathey
Tommy Cole
Lindsey Davidson
Bill Davis
Carol Dorsey
Lisa Edwards
Dylan Galloway
Diana Harris
Tamara Hayes
Sylvia Johnson
Anita Jones-McNair
Frankie Maness
Ernest Mangum
Wilbert McAdoo
Todd Norman
Dale Norris
Whitney Powell
Angela Satterfield
Steven Stewart
Sean Tencer
Shannon Watkins
Susanna Williams

By The Numbers

Membership Total

Graph: LGFCU's 2019 Total membership numbers

Loan Portfolio Mix

Investment Portfolio Mix

 LGFCU's 2019 Mortgage Loan chart

Corporate CU Capital

LGFCU's 2019 Auto Loan chart

Federal Home Loan Bank Stock

Assets Total

Chart: LGFCU's 2019 Total Assets

Statements of Financial Condition

Assets2019 2018
Cash and Investments $218,660,343$189,978,320
Mortgage Loans $813,828,823$735,155,854
Personal Loans $259,624,362$222,597,857
Member Business Loans $133,556,655$104,709,558
Home Equity Loans $105,796,944$95,719,975
Auto Loans $517,333,056$517,812,672
Credit Card Loans $100,080,297$95,820,695
Allowance for Loan Losses ($21,999,894)($18,932,280)
Net Loans $1,908,220,243$1,752,884,330
National Share Insurance $19,318,232$17,635,660
Other Assets $125,861,193$113,279,460
Total Assets $2,272,060,010$2,073,777,770
Liabilities 2019 2018
Payables $15,770,360$46,704,706
Share Accounts $491,316,384$485,026,349
Share Draft Accounts $363,617,163$341,294,190
Money Market Accounts $667,874,861$560,812,040
Individual Retirement Accounts $204,071,361$184,101,195
Share Certificates$313,379,562$257,958,831
Total Deposits $2,040,259,332$1,829,192,605
Total Reserves &
Undivided Earnings
$216,030,319$197,880,460
Total Liabilities & Equity $2,272,060,010$2,073,777,770

Statement of Income

Operating Income 20192018
Investment Income $3,905,715$3,306,370
Mortgage Loans $33,821,568$27,896,980
Personal Loans $25,831,039$21,948,867
Home Equity Loans $4,931,531$4,089,613
Auto Loans $25,286,153$24,612,715
Credit Card Loans $10,718,304$10,167,110
Member Business Loans $3,762,196$2,866,834
Total Loan Income $104,350,791$91,582,118
Other Operating Income $44,807,383$41,919,591
Total Income $153,063,889$136,808,080
Operating Expenses20192018
Operating Expenses $115,179,460$100,532,437
Interest on Borrowed Funds $111,499$167,735
Share Accounts $2,789,025$2,432,767
Share Draft Accounts $509,954$465,916
Money Market Accounts $8,848,354$4,485,926
Individual Retirement Accounts $4,681,737$2,850,948
Share Certificates$5,286,975$3,457,660
Total Deposit Expense $22,116,045$13,693,218
Total Expenses $137,407,003$114,393,389
Net Operating Income $15,656,886$22,414,691