LGFCU STRATEGIC BUSINESS PLAN

Investing In You

Introduction from LGFCU President Mark Caverly

Who We Are

Local Government Federal Credit Union (LGFCU) was chartered in 1983 to serve North Carolina's local government employees, elected and appointed officials, local volunteers and their families. From day one, most of LGFCU's products and services have been delivered through a unique operating relationship with State Employees' Credit Union (SECU). Our relationship with SECU has remained strong through the years; so strong, in fact, that our members are served through SECU's network of nearly 1,100 CashPoints® ATMs and 250 branches across North Carolina. Today, LGFCU serves more than 324,000 members — that's right, one in 33 North Carolinians is an LGFCU member. In addition, LGFCU has amassed more than $2 billion in assets, making it the fourth largest credit union in North Carolina.

Starting Point

The success of Local Government Federal Credit Union should not be measured by its size or key metrics, or even the products and services it offers to its membership, but rather its impact on its membership.

"It isn’t so much about the products, or the services, or the programs, or the training and development of things that we do. It’s the result of all those things. People live better lives based on what we do. There are people in North Carolina living better lives today because of the work we do. If that doesn’t get you out of bed in the morning, I don’t know what will."
— Maurice Smith, Chief Executive Officer, LGFCU

As a federally-chartered, not-for-profit financial cooperative, LGFCU is operated for the benefit of the members who collectively own the institution. However, the fact that LGFCU is a Credit Union is not what sets it apart — it is ultimately the Credit Union's core values and core purpose that guide and inspire LGFCU to make a positive, meaningful impact on its members and their fellow North Carolinians.

The Journey

Local Government Federal Credit Union has always worked hard to be more than just the place to safely keep your money or to get a solid loan. We are a key partner in helping members realize their goals and dreams, doing business in ways that support our belief in them as individuals and in the communities they support throughout the state.

Core Values

LGFCU has identified the following set of timeless guiding principles:

Integrity above all else
Members trust us to honestly provide services that move them toward a better financial condition. We do what we say we'll do and treat each member fairly, the way we want to be treated, honoring members as the owners of our Credit Union.

Compassion for our members and the communities where they live
We understand that financially secure members are better able to invest in their communities. So we work hard, starting with the needs of individual members, and build opportunities for them to strengthen their own communities.

Creativity drives our decision-making
Don't tell us it can't be done. That just makes us look harder for ways to tackle our challenges. We welcome opportunities to look beyond the usual way of doing business, to create solutions for our members and their communities.

Celebrate diversity
We know that many things make our members the same, but even more makes them different. We honor these differences, which collectively make us a stronger cooperative.

Pride in supporting local governments and the communities they serve
We were founded to serve employees and volunteers of North Carolina local governments, and 35 years later we are passionate about backing those who keep our communities safely running and provide the things we rely on, like clean water; parks to play in; electricity; law enforcement; waste management; and fire protection.

Core Purpose

The following is LGFCU's reason for being...it reflects our idealistic motivations for doing the work we do each and every day:

To influence members and their communities to achieve their potential to prosper.

Jon Franklin

"The Fellows Program was extremely beneficial. It made me aware of who I was and who I needed to be in regards to my professional development."

— Jonathan Franklin, Louisburg

Cory Tobin

"They don't have to do it. They want to support the communities of the members they serve. That's valuable."

— Cory Tobin, Thomasville

"If it wasn't for Commercial Lending, the Waco Community Volunteer Fire Department would never have been able to build a new building."

— Brent Gordon, Waco Community VFD

Strategic Pillars

LGFCU has identified six strategic priorities to guide our business focus and purpose — these six strategic pillars are considered foundational in that they support our ultimate goals, and will further guide the Credit Union's operational and tactical plans.

Stay member-focused
This journey requires all of us to step out with integrity and creativity, with a clear-cut compassion for the needs of our diverse membership. That's why we seek feedback from the more than 500 volunteers who make up our Advisory Council. Representing counties across the state, our volunteers give us insight as to what products and services they feel will best meet our members' needs for financial success. And because we know that each member is at a different financial point in life and the path can be bumpy along the way, another group of member volunteers makes up a Loan Review Committee which revisits unapproved loans, because we know a member's situation can change in an instant.

Cultivate high performance
We want only the best for our members. So, we require the best from ourselves. Professional certification and ongoing professional development are key in helping our staff enhance their skills and learn the latest in their fields of expertise. We hire the best and the brightest. We make considerable investments in training through The Learning Center, our onsite learning and development facility. We provide incentives to employees who obtain certifications in their field. We're up for the challenge to provide optimal service to all.

Promote innovation
Innovation is about the way you do things. It's about connecting people to resources and connecting people with people. Connecting the dots and identifying new ones works to benefit everyone. This is how we do business at LGFCU. And we're designing to do more. Designing to connect more people and more partners in more ways, to build greater value for our members, our partners and the communities we serve together.

Build strategic partnerships
It takes a village — or more to the point, municipalities and counties — to get the business of local government done. We have joined forces with other local government-invested entities who are laser-focused on supporting those who run the shows at the local level. We are also proud to partner with the UNC School of Government on the Development Finance Initiative, bringing experienced consulting services together with private investment on transformative redevelopment projects that are breathing new life into North Carolina communities.

Leverage technology
Knowing our members. It is important because we want to help them navigate their financial lives, from where they are to where they want to go. We have invested time and resources into gathering data and analytics that allow us to not only recommend products and services to best meet members' needs today, but to see where things could go off the rails for them and offer suggestions to get them back on track.

Nurture intentional culture
Walking the talk. We want to make clear not only the HOW, but more importantly the WHY of the way we do business here at LGFCU. Credit unions are cooperatives, and as such are rooted in seven basic principles of governance . We take these principles to heart, and factor them into our decisions on a routine basis. They are part of our DNA. As such, we make certain that all employees are trained to understand and use them for the benefit of the membership.

Our Destination

Despite our many success stories and positive impacts across North Carolina, we've only just begun. We're now setting a new, bold mission for the next 10 years — we call it our Capstone. In architecture, a capstone sits at the very top of a structure, as its crowning point. It completes the structure and sets it apart. Sure, you could have the structure without the capstone, but it adds the "wow." We have set our sights on a Capstone that will radically impact the lives of each of our members, their families and communities.

Capstone

Securing Financial Freedom for Every Member

Vivid Description

LGFCU members can breathe a sigh of relief — money woes no longer exist. We have filled the financial and advisory voids in their lives. They enjoy the peace of mind and security that come with true financial freedom — opening their mailboxes without dreading the bills inside and spending time doing what they love without worrying about the costs. North Carolina communities are a place for growth and inspiration because LGFCU has united with local government partners to strengthen local services. Main Streets are thriving, and the people who protect and serve us every day have more equipment and resources to do their jobs. Ten years from now, people will know LGFCU invests in a better way of life, making North Carolina families and communities financially secure.

Working Together

This journey requires all of us to walk the talk, to step out with integrity and creativity, with a clear-cut compassion for the needs of our diverse membership. We'll know our hard work has paid off when the big day arrives. The day when all LGFCU members enjoy the peace of mind that comes with true financial freedom. The day when Main Streets across North Carolina are secure and thriving. The day when people everywhere know that LGFCU truly invests in a better way of life for all North Carolinians. With passion and commitment, we're sure to get there.

As we go, we'll leverage data and technologies that will help LGFCU members get — and stay — ahead, and we'll continue to partner with organizations that share our cooperative spirit.

So no matter who you are, what you do or where you live, join us on the journey.