To Our Members/Owners:
I am pleased to report that LGFCU has had a pivotal year of serving members and supporting our North Carolina communities. We are happy to share with you how we measure success as your member-owned Credit Union.
LGFCU is no ordinary financial institution. The characteristics that single us out from the pack represent the fundamental makeup of being a cooperative. Our philosophy, core values and financial structure are all purposeful, for the benefit of the membership. The results are evident in how you benefit from being an owner of LGFCU.
Being a Credit Union is more than just offering services. Our products must be affordable and attainable for all members. Our policies must give members an opportunity to appeal loan decisions they don’t like and advocate for improved user experiences. Members should feel valued and know they are part of a cooperative of owners. It is these ideals that can give you hope, and help you know that your Credit Union is truly here for you.
In 2018, the total assets of LGFCU exceed $2 billion. Our membership now totals approximately 340,000 members. This means one in every 30 North Carolinians is a member of LGFCU. This growth in membership and assets makes LGFCU one of the largest credit unions in North Carolina.
Member deposits continue to grow, rising to $1.8 billion last year. We value your trust in bringing your hard-earned nest eggs to LGFCU, and consider it a sacred duty to act prudently with your deposits. This compels us to maintain an investment policy that is disciplined and focused on safety. We know the daily news about stock market changes can seem unnerving. These events do not apply to your Credit Union. We only invest in safe government-backed instruments.
Last year, we made over 113,000 loans to you and your fellow members, totaling over $1.1 billion. Loans to members are for all kinds of purposes. We helped you buy homes, get the keys to vehicles, weather storms and get back on your feet, send your children to college (or return to school yourself), make needed repairs, take vacations and live your best lives. More importantly, LGFCU made loans to members in all 100 counties throughout the state.
Alone, these numbers are impressive, if keeping score seems most important. It’s not. The real determinant of success for us is how well you are doing. In other words, what do you and your family talk about around the kitchen table? We want to influence that conversation — to be about making your future a promising prospect.
The world is changing. Today, we talk about the advent of financial technology upstarts and non-traditional financial institutions that offer newfangled financial products. We’ve seen the development of novel mobile apps and payment services. We agree on the allure. But there is no substitute for a financial partner which has proven its steadiness during changing economic cycles.
LGFCU members can look forward to their Credit Union continually evolving to meet their needs. We have new features on the drawing board to empower you financially. We realize you want more options for moving money and accessing your accounts. They’re on the way.
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 reality.
It is a pleasure to serve you as chairman of your Credit Union’s Board of Directors. I work with an amazing group of talented and dedicated directors. On behalf of the entire board, thank you for your membership/ownership. We look forward every day to serving you.
David Dear
Chairman, LGFCU Board of Directors
