2017 Annual Report

Nowadays, it can feel like we live in a world overrun with fake. Fake merchandise. Fake charities. Fake profiles. Fake news. Even fake food.

Fortunately, some things remain true. Your Local Government Federal Credit Union is one of them.

Since the beginning, we’ve stayed true to our roots and the seven cooperative principles that guide credit unions. Indeed, these principles serve as our true north. And because we stay true to the members we serve, our members stay true to us.

Case in point: In 2017, LGFCU continued to expand its presence across the state and grew its membership by 10 percent. The result? We’re now positioned to help more than 320,000 members — in large and small communities — improve their lives in large and small ways.

It’s true; LGFCU is devoted to fulfilling its mission. Scroll through this report and you'll see — the numbers don't lie.

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Chairman's Letter

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Dr. Aaron P. Noble Jr.

Dr. Aaron P. Noble Jr.


To Our Members/Owners:

I am pleased to report that LGFCU has had another strong year of healthy growth and continues to focus on delivering valuable financial services to members. Below is a summary of how we have progressed as a financial institution this past year.

As I complete the second year of my term as Chairman of the Local Government Federal Credit Union Board of Directors, this is my final Chairman’s report to the membership. Your Board of Directors has elected to limit the Chairman’s tenure to two consecutive years. This limitation is important, as it furthers the participatory approach to governance that is a hallmark of the credit union movement.

There are several ways to measure the performance of a financial institution. Many analysts rely on quantitative signs of strength, safety and growth. Industry watchers look at the metrics and ratios that measure profits, capital and market share. These are important indicators for a run-of-the-mill financial institution. Your Credit Union is different — much different.

Focused on you

To be clear, LGFCU has performed well in all economic cycles. Since 1983, LGFCU has endured recessions, rising rate environments, varying inflationary pressures, housing industry changes and fluctuating employment rates. Through it all your Credit Union has continued to offer uninterrupted services to members. How has this been possible? The cooperative model of member ownership and member engagement keeps your Credit Union focused on what’s most important: you.

I hope every member of LGFCU is proud of their Credit Union and our record of helping you live better lives. We are on a mission to facilitate economic development and financial prosperity in every North Carolina community and in every member’s home. Permit me to briefly discuss our mission and why your Board of Directors believes it is important.

As a mission-based institution, it is reasonable for every member to judge the success and commitment of LGFCU by its actions. The success of LGFCU is linked to the security of its members. In other words, the collective progress of the Credit Union is only accomplished if the households of our members thrive. Therefore, it is critical for our institution to be consistently vigilant about what is needed to help our members thrive.

Your success is our success

We believe members thrive when they become savvy financial consumers. There is no shortage of financial information available to the public. There are literally thousands of websites, books, podcasts, videos and providers offering financial advice. Consumers need the right tools to make informed choices. Your Credit Union is committed to being your trusted source for unbiased facts and direction.

We believe members thrive when they are treated fairly. Recent headlines remind us that not every financial services company is consumer friendly or has at heart the best interests of those it serves. Hidden fees, bait-and-switch offers and predatory terms rob communities and households of wealth. Consumers need an institution that is committed to the equal treatment of all members. This is your Credit Union.

Finally, we believe members want to do business with an institution that reinvests in their communities. As a member/owner of LGFCU, you can be assured your money goes to helping your Main Street — not Wall Street. LGFCU members have assurances that their deposits work for the benefit of the membership. The business generated by LGFCU services reverberates across our great state through the market forces generated by 322,000 members.

What comes next

By now you may be wondering what your Credit Union will do to help ensure your financial future. We’ve discussed this at length and have drawn a line in the sand concerning your financial security. Look for your LGFCU to be more innovative with the enhancement of products and services. Expect us to be more collaborative with partners we believe can leverage new opportunities for you to save money. Anticipate a bold new mandate to help you make the most of your finances.

We are excited about the future of our Credit Union! However, we are even more excited about what the future of our Credit Union will mean to you. Together, we will work to make your financial goals and dreams a realistic vision.

It has been a pleasure to serve you as Chairman of your Board of Directors. While the gavel is changing hands, what will remain constant is our unquestionable loyalty to our membership. On behalf of the entire LGFCU Board of Directors, thank you for your membership/ownership. You help make it possible for LGFCU to make a difference in the lives of its members.

Aaron P. Noble Jr., Ed. D.
Chairman, Board of Directors

The True in You

At LGFCU, we understand your worth isn’t measured in dollars but rather in hard work, passion and community service. These are your truths.

Because of this, we strive to provide all the financial guidance and products you need to become the best version of your true self. Without question, our members are the genuine article, and the following stories remind us of why we’re so proud to serve you.

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Addul El-Ali

Member Since: 2016

Addul El-Ali is a member of at least a dozen community groups. Yet he won’t take credit for amplifying the voices of Kannapolis' underserved communities.

I don’t do this for the recognition. If our elected officials are willing to serve, we as residents need to find a way to work with them. I believe in active citizen engagement. Working together, we can all be on the same page.”

Dan Barron

Member Since: 2009

One of Dan Barron’s greatest loves is the library. After a 30-year university career in library sciences, Dan retired to Bakersville. He was soon hired as Interim Regional Library Director. That job lasted nine years. Today, he’s a library volunteer.

What I love about the profession and the career is that I’m making a positive difference in the lives of people.”

Thurman Lindsey

Member Since: 2012

Thurman Lindsey’s work as an Electrical Utility Lineman for the City of Wilson allows him to support his community.

When you build a new power line you’re fulfilling somebody’s power needs. When you fix a line, it goes from not working to working. I’ve … found a solution to their problem. I feel like I’m helping people.”

Franco McGee

Member Since: 2008

Franco McGee carries only his phone to pay his way, never his checkbook. Through his community and faith-based groups he’s always in contact with youth, talking about the progress technology can bring to individuals and their community.

I really like to share the benefits of technology, especially mobile pay. It’s through technology that you’re going to reach the next generation of leaders.”

Allie Ptasinski

Member Since: 2003

Allie Ptasinski is a full-time college student and part-time caregiver. A Public Health major, she hopes her studies and her work will prepare her for a future in patient care.

I’ll become an exceptional health professional and provide care to those who need it.”

Jean Thompson

Member Since: 1989

When Jean Thompson looks at her childhood home, she doesn’t see a house in need of repair. It’s a place where her siblings, her children and her grandchildren can connect. Loyal to her family, Jean can’t wait to see the home she’s always loved, restored.

We grew up as a close-knit family, so I don’t know what it's like not to love each other.”

True Impact

Beyond serving the traditional financial needs of our more than 320,000 members in 2017, LGFCU was out in the community making a positive impact in the lives of thousands of others around the state.

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Member and Industry Connections

Sponsoring Education

Awarded nearly


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in professional and student scholarships

Out in the Community

Sponsored, volunteered
or presented at

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Protecting the Environment

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Hosted 29

shred events with county

and municipal partners

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reams of paper icon

Nearly 2,200
community members
recycled more than


pounds of paper

That's Roughly equivalent to

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saving nearly

1,488 trees

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173 pounds

of hazardous air pollutants

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4 garbage trucks

of solid waste

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Energy to power

15 homes

for a year

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Nearly 1,417,000

gallons of water

Helping Communities Thrive

NC School of Government icon

LGFCU contributed $220,500 to the UNC School of Government’s Development Finance Initiative (DFI) and has earmarked $231,525 for the DFI in 2017-2018.

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The DFI partners with local governments in North Carolina to attract private investment for transformative projects by providing specialized finance and development expertise. Most impressive is the projected benefit from these investments: If all projects are completed as scheduled, LGFCU’s financial support of DFI will have seeded over $1 billion of expected investment in North Carolina communities.

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The LGFCU Fellows program awarded over $170,000 in tuition to a select number of local government professionals to participate in the Leading for Results learning experience at the UNC School of Government (SOG). Participants graduated from this program with a deeper understanding of their individual leadership strengths, skills for improving their organizations, and a renewed passion for public service.

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The UNC Innovation Fund provided by LGFCU grants a budget for specific School of Government projects. In 2017, this Fund provided nearly $160,000 toward government employee education through the financing of podcasts, courses, simulations and research at the UNC SOG. The Fund also helped an impoverished nation update its public health laws by sponsoring UNC faculty members’ involvement.

True 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 lead by example and exemplify the cooperative foundation on which credit unions are based.

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Board of Directors

Dr. Aaron P. Noble Jr.


Dr. Aaron P. Noble Jr.


David Dear

Vice Chairman

David Dear


Ken Noland


Ken Noland


Lin Jones


Lin Jones


Ruth Barnes


Ruth Barnes

Atlantic Beach

Jeanne Erwin


Jeanne Erwin


Willie Best


Willie Best

Chapel Hill

Paul Miller


Paul Miller

Snow Hill

Kellie Blue


Kellie Blue


Directors Emeriti

  • Frances Efird – Cary
  • Al Richardson – Black Mountain
  • Jack Scoville – Cary

Supervisory Committee

  • Ryan Draughn – Sanford
  • Emily Lucas – Wake Forest
  • Michelle Price – Cary
  • Lee Smiley – Apex

Loan Review Committee

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

Advisory Council

The Advisory Council members serve as advocates in their communities, acting as ambassadors to potential members and a source of information to existing members. As of December 31, 2017, there were 529 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
Barry Overman
Amy Powers
Debbie Reed
Fred Spruill, Sr.
Keith Throckmorton
Tammy Woodley
Dan Barron
Bob Boyette
Brian Franklin
Tonia Hampton
Rickey Hensley
Brad Holmes
Steve Jones
Dean Luebbe
Ray McDaniel
Joe McKinney
Cheryl Mitchell
Kate O'Hara
Kevin Owenby
Anthony Penland
Sheila Pike
Jason Robinson
Stefan Stackhouse
Danna Stansbury
Joey Webb
John Wilson
Central Coast
Michael Avery
Grace Barbour
Rosie Brinson
Dorothy Brown
Amy Burdulis
Jayne Calhoun
Leigh Ann Cook
David Cox
Shirley Gabbert
Natalie Gibble
Thurman Hardison
Wendy Jenkins
Karla Johnson
Valeria Johnson
Tharesa Lee
Jaime Long
Chad Mann
Lea Mills
Susan Nixon
Vickie Phillips
Denise Powell
Sherry Riggs
Tony Sears
Chad Smith
Garland Terry
Lee Tillman
Harvey Walker
Ed Weigl
Mary Weigl
Central Mountain
Ellie Avery
Peggy Bailey
Sheila Blalock
Tommy Burleson
Darlene Butler
Richard Canipe
Jackie Cornette
Amy Davis
Angie Eggers
Chris Grace
Scott Hurley
Amy Shook
Jordan Steady
Cindy Turbyfill
Central Piedmont
Gerald Anderson
Nancy Boyden
Nikki Carswell
Richard Cooke
Ken Deal
Ti Farmer
Carol File
John Gallimore
Michelle Hepler
Robin Howard
Hilda Keeney
David Ketner
Wayne Krimminger, Jr.
George Lanier
Melody Moxley
Patti Price
Jessica Reid
Chad Ritchie
Loran Schulte
Kim Stine
David Taylor
Nick Turner
Sylvia Turnmire
Josh Watkins
Mark Wilkinson
Sarah Wilkinson
Angel Wright-Lanier
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
Kathleen Wright
Donna Zube
Coastal Plain
Susan Baptist
Pamela Brame
Audrey Bryant
Amy Davis
Kathy Hubbard
Sandra Janssen
Hans Kalwitz
Brian Kelly
Jackie Nicholson
Brenda Reece
Chris Roberson
Kathy Wallace
Anna West
Marina Williams
Deep River
Stacy Griffin
Krista Lowe
Alice Lloyd
Gary McGee
Greg Patton
Mike Roberson
Amelia Varner
Thomas Wassack
Eastern Carolina
Tammy Blake
Delbert Bryant
Theresa Cieslinski
Denise Dale
Vivian Davis
Wanda Dixon
Debra Dunn
Scott Godefroy
Rosalie Grimes
Doris Hill
Sherry Howell
Barbara Lipscomb
Alice Manuel
Shelton Nelson
Glen Newman
Jasman Smith
Eastern Sandhills
Melissa Adams
Michelle Babson
Laticia Black
Annette Bryant
Cathy Buie
Therman Cherry
Debbie Disbrow
Judy Freeman
Lemark Harris
Jody Jernigan
Angela Jones
Kayla Lee
O'Ryan Lowry
Michael McNeill
Ti Morrill
Marion Morrisey
John Rankins
Katrina Tatum
Annie Williams
Larry Williams
Eastern Triangle
Veloris Allen
Elton Daniels
Gordon Joyner
Tim Kerigan
Billy Langston
Valerie McLamb
Melanie Proctor
Amy Shearin
Connie Sorrell
Jennifer Turner
Amy Abernathy
Chris Beddingfield
Heather Black
Erica Bobo
Jeff Brittain
Debra Brown
Rich Chuvala
Jeff Clevenger
Vontella Dabbs
Gary Foster
Laura Hamilton
Chuck Moore
Bryant Morehead
Judy Smith
Judy Toney
Lisa Wassen
Barry Webb
Phil Welch
Charlene Allen
Ellen Bell
Becky Breiholz
Gary Britt
Melody Clopton
Mike Eubank
Fred Featherstone
Bonita Hurdle
Karen Krafft
Lynn Morris
Elizabeth Reilly
Kermit Skinner
Kevin Zorc
Lake Hickory
Winfield Abee
Laura Anderson
Sherri Bradshaw
Seth Eckard
Brandon Elrod
Tamara Faulkner
Patricia Gabriel
Kimberly Green
Paul Hedrick
Carson Hendrix
Danny Hester
Louise Humphrey
Charles Ingold
Debbie Jones
Teresa Laffon
Claudia Main
Todd Money
Johnny Overby
Wayne Rash
Donald Robinson
Crystal Smith
Betty Jean Stinson
Michael Willis
Bill Blackwelder, Jr.
Aaliyah Cupil
Chanyne Cupil
Craig Cupil
Anna Ellis
Christina Fath
Charvetta Ford
Brian Gott
Nyki Hardy
Andrew Holland
Heather James
Barbara Lansche
Roger McCoy
Mike McLaurin
Steve Roberson
Laura Wasson
Nantahala Forest
David Adams
Terry Ashe
Elise Bryson
Mike Decker
Kyra Doster
Sheila Jenkins
Pam Ledford
Chuck Norris
Dustin Pendergrass
Ruth Sitton
Danielle Wittekind
Chuck Young
Northern Mountain
Connie Bauguess
Breanna Creed
Bill Hancock
Carol Hermann
Steve Hutchens
Stephen Mahaffey
Denise Monahan
Larry Phillips
Lizabeth Roupe
Miranda Roupe
Josh Smith
Sandra Snow
Vic Spencer
Monroe Wagoner
Susan White
Northern Piedmont
Carla Banks
Joseph Brady
Debra Bronson
Tommy Cole
John Dean
Chamreece Diggs
Stacy Farlow
Valarie Halvorsen
Antuan Hawkins
Matthew Johnson
Brenda Jones Fox
Karen Lawrence
Jimmy Marley
Kendrick Mayes
Kendrick Mayes
Tim McKinney
Carolyn Nimmons
Eric Olmedo
David Parrish
Chris Phillips
Teri Sentiff
Keith Volz
Melinda Ward
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
Donna Stearns
Curtis Tyndall
Dianne White
Research Triangle
Brian Andrews
Kendra Beard
Germaine Brewington
Deborah Craig-Ray
Tara Fikes
Reginald Johnson
Kevin Locklear
Lenora Minion
Daniel Oguin
Craig Page
Alice Sharpe
Diane Shepherd
Deborah Taylor
Lee Worsley
Roanoke River
Mary Anderson-Faison
Christie Avens
James Avens, Jr.
Starlin Beatty
Tony Brown
Denise Cherry
Wanda Clark
Spinosa Clements
Barbara Davis
Tyree Davis
Heather Joyner
C. Shane Lynch
Mark Macon
Ginny Orvedahl
Marcenda Rogers
Kristin Scott
Robin Williams
Southern Coast
Regina Alexander
Ken Bogan
Micki Bozeman
Russell Conway
Marty Cooke
Joy Easley
Bob Grant
Rachel Johnson
Warren Lee
Teresa Parker
Avril Pinder
Gregory Sibbett
Shannon Slocum
Lynnine Webb
Justin Whiteside
Southern Mountain
Sheila Cozart
Kelley Craig
Johnny Duncan
Jim Fatland
Susan Frady
Ken Garrett
Wallace Hollis
Rocky Hyder
Cathy Justice
Rick Livingston
Heather McGaha
David Nicholson
David Reid
Glenda Sansosti
Southern Piedmont
Ben Bailey
Crystal Crump
Gloria Haney
Scott Hopkins
Bonnie Huntley
Brian Matthews
Franco McGee
Shawn Oke
Donald Patera
Brady Ross
Teresa Ross
Kimberly Parker
Michael Sandy
Mark Watson
Tar River
Tim Bilderback
Gordon Deno
Grant Goings
John Hunt
Cynthia Jenkins
Anison Kirkland
Troy Lewis
Wendy Moody
Nancy Nixon
Robbin Pridgen
Wendy Rose
Pat Saunders
Dallas Shackleford
Jessica Smith
Andy Williams
Bryan Alexander
Tony Beasley
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
Dan Greenhaus
Diana Harris
Randall Heath
David Huffman
Dale Johnson
Forrest Jones
Kim Kenny
Eric Keravuori
John Kuhls
Mike Latta
Laura McLaughlin
Donald Monah
Carla Morgan
Tanner Morrison
Betty Pearce
Geoffrey Pearson
Erika Phillips
Jason Pleasant
James Purington
Sherry Scoggins
Aileen Staples
Ike Wheeler
Kenneth Wilkins
Chandra Wright
Todd Wright
Western Mountain
Victor Davis
Daphne Dockery
Melody Jonhson
Andy Williams
Western Piedmont
Scott Buffkin
Gray Cassell
Kimberly Dennings
Megan Garner
Martha Hancock
Joshua Harrold
Matti House
Dolly Hulin
Tony Jarrett
Fontae Kilpatrick
Chris Mack
James McKinnie
Lynn McKinnie
Dora Moore
Ben Neal
Susan O'Brien
Ann Stroud
Jean Thompson
Cory Tobin
Western Sandhills
Bob Bridwell
Denise Brook
Dena Cook
Jamie Dockery
Betty Galloway
Amanda Hart
Brandon Holland
Angie Kantor
Meta McCune
Joyce McGehee
Ebony McLean
Dee Ann Purvis
Judy Rhyne
Melanie Rodgers
Regina Rosy
Marian Savage
Terry Tapp
Theresa Thomas
Sheila Trotter
Donna Wright
Western Triangle
Michael Adkins
Shelton Burnette
Katherine Cathey
Lindsey Davidson
Bill Davis
Carol Dorsey
Lisa Edwards
Diana Harris
Tamara Hayes
Sylvia Johnson
Anita Jones-McNair
Frankie Maness
Ernest Mangum
Wilbert McAdoo
Todd Norman
Dale Norris
Shari Porterfield
Angela Satterfield
Steven Stewart
Sean Tencer
Shannon Watkins

By The Numbers

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Membership total

Graph: LGFCU's 2016 Total membership numbers

Investment Portfolio Mix

Chart: LGFCU's 2016 Loan Portfolio Mix

Loan Portfolio Mix

Chart: LGFCU's 2016 Inverstment Portfolio Mix

Assets Total

Chart: LGFCU's 2016 Total Assets

Statements of Financial Condition

Assets 2017 2016
Cash and Investments $200,741,339 $288,140,146
Mortgage Loans $620,273,635 $486,771,024
Personal Loans $190,642,821 $161,239,904
Member Business Loans $83,598,420 $71,064,338
Home Equity Loans $84,816,050 $67,885,023
Auto Loans $529,878,838 $478,014,160
Credit Card Loans $92,522,314 $83,456,328
Allowance for Loan Losses ($15,777,490) ($10,257,352)
Net Loans $1,585,954,588 $1,338,173,425
National Share Insurance $16,687,575 $15,119,597
Other Assets $105,731,095 $110,032,533
Total Assets $1,909,114,597 $1,751,465,701
Liabilities & Equity 2017 2016
Payables $21,527,178 $5,932,178
Share Accounts $429,590,603 $384,476,769
Share Draft Accounts $321,100,843 $295,963,065
Money Market Accounts $511,753,442 $445,744,658
Individual Retirement Accounts $182,574,559 $180,269,386
Share Certificates $271,549,081 $279,335,995
Total Deposits $1,716,568,528 $1,585,789,873
Total Reserves &
Undivided Earnings
$171,018,891 $159,743,650
Total Liabilities & Equity $1,909,114,597 $1,751,465,701

Statement of income

Operating Income 2017 2016
Investment Income $3,037,863 $3,636,093
Mortgage Loans $22,577,046 $17,828,640
Personal Loans $18,743,337 $15,455,698
Home Equity Loans $2,731,871 $2,309,679
Auto Loans $22,831,433 $19,092,667
Credit Card Loans $8,583,445 $7,207,407
Member Business Loans $2,414,592 $2,073,125
Total Loan Income $77,881,724 $63,967,216
Other Operating Income $37,086,428 $33,961,935
Total Income $118,006,015 $101,565,244
Operating Expenses 2017 2016
Operating Expenses $99,859,398 $80,132,881
Interest on Borrowed Funds $18,493 $0
Share Accounts $1,154,763 $998,298
Share Draft Accounts $418,336 $366,997
Money Market Accounts $2,615,033 $1,500,093
Individual Retirement Accounts $1,969,737 $1,865,887
Share Certificates $3,234,382 $3,003,038
Total Deposit Expense $9,392,251 $7,734,313
Total Expenses $109,270,142 $87,867,194
Net Operating Income $8,735,873 $13,698,050

Nature of Operations

Local Government Federal Credit Union (the Credit Union) is a not-for-profit cooperative that serves employees of North Carolina local government units. The Credit Union is organized under the laws of the Federal Credit Union Act and is exempt, by statute, from federal and state income and sales taxes. The Credit Union serves its members through the State Employees’ Credit Union (SECU) network. This network includes more than 250 branches and nearly 1,100 ATMs in all of North Carolina’s 100 counties. The Credit Union’s primary source of revenue is its loan portfolio.

Audited Financial Statements

The financial reports provided here have not been audited. The Credit Union’s accounting firm, CliftonLarsonAllen LLP, has audited financial statements for the annual periods ending June 30, 2017 and June 30, 2016, which are posted on the Credit Union’s website at lgfcu.org. These financial statements include a more in-depth financial analysis and extensive footnote disclosures that provide additional information on the results of the Credit Union for the respective period ends as noted above.