Al Richardson, Chairman
LGFCU Board of Directors
As the Chairman of the Board of Local Government Federal Credit Union, it is my pleasure to report that your Credit Union is healthy and strong. In a year of national political and economic uncertainty, LGFCU continued to expand and grow. Membership grew by six percent, and our assets increased seven percent.
From the beginning, LGFCU has sought to offer our members fair, honest and equal services. Not all institutions follow this rule. Some engage in relationship pricing. This means that the more profitable business you bring, the better you are treated.
As a cooperative, we think all members should be treated equally, from Credit Union policies to the interest rates on loans. This seems like a cooperative-like thing to do.
Another decision we stand by is not turning our back on members. Over the past several years, there has been a lot of talk about how the recession led to a credit crunch. Some institutions were reluctant to provide credit. But here at LGFCU, we figure that during a downturn is when members need us most. We continued to make loans so our members could purchase vehicles, buy homes, pay for college and finance other wants and needs. Today, your Credit Union remains ready and available to help.
This year's Annual Meeting took place on Friday, April 26, 2013 at the LGFCU Conference Center in Raleigh, NC.