2012 Report to the Membership

Al Richardson, Chairman
LGFCU Board of Directors

Full 2012 Report PDF View Board of Directors View Advisory Councils

To my fellow members:

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.

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2013 Annual Meeting Videos

This year's Annual Meeting took place on Friday, April 26, 2013 at the LGFCU Conference Center in Raleigh, NC.

Annual Meeting Part I
  • Chairman's Report, Al Richardson
  • Supervisory Committee Report, Emily Lucas
  • Loan Review Committee Report, Tony King
  • Nominations and Elections Committee Report, Ruth Barnes
Annual Meeting Part II
President's Report by Maurice Smith. Topics include the Credit Union's growth in 2012 and what is envisioned for the coming year.

Statements of Financial Condition

Year to Date as of 12/31/12 and 12/31/01

LGFCU 2012 Statements of Financial Condition

Statements of Income

Year to Date as of 12/31/12 and 12/31/02

LGFCU 2012 Statements of Income

2012 Investment Portfolio

LGFCU 2012 Investment Portfolio

2012 Loan Portfolio Mix

LGFCU 2012 Loan Portfolio Mix

2012 Membership Total (in thousands)

LGFCU 2012 Assets Total

2012 Assets Total (in millions)

LGFCU 2012 Membership Total
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