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Annual Report

Board of Directors
Board Member Term Expiration
Ms. Reba Allison 2020
Mr. Eddie Cannon 2018
Mr. Joel Hale 2020
Mrs. Wilma Jamerson 2018
Mr. James Johnson 2020
Dr. Rutledge McClaran 2019
Mr. Bobby Moore 2019
Mrs. Maylene Neal 2019
Dr. Marty Warren 2018


Senior Management
Mr. William Byron Norton President / CEO
Mr. John Griffin Senior VP / Lending and Account Resolutions
Mr. Scot Haines Senior VP / Operations Manager
Ms. Deborah Pearce Senior VP / Accounting Department Manager
Mrs. Kerri Dalme VP / Branch Operations Western Division
Mrs. Kelly Evans VP / Branch Operations Eastern Division
Mr. Gregory Gani VP / Member Business Lending
Mr. Greg Jeffery VP / Teller Department Manager
Mr. Flip Kraus VP / Real Estate Manager
Mr. Doug Martin VP / Indirect Lending Department Manager
Mr. Kevin Wasson VP / Information and Technology
Credit Union Services
Board of Directors' Report

Welcome to the 64th annual meeting of East Texas Professional Credit Union. It's wonderful to see so many people in attendance. I can see you not only care about your financial future, but the future of your Credit Union as well. I applaud you.

I'm delighted to speak to you today and humbled by the trust you've placed in me and my fellow board members whose leadership, dedication, and passion for credit unions are integral to our success.

As a Credit Union member, you can take comfort in knowing that, unlike for-profit financial institutions such as banks, your board of directors serves on a volunteer basis and doesn't profit from that service. Though the credit union needs to make a profit to keep the doors open, we don't work for shareholders demanding to collect high profits. Our sole interests are in your interests. We are the stakeholders in this Credit Union, and we all share in its future.

Your board of directors also has a responsibility to ensure that we have a capable, competent, qualified, and trustworthy management team, and I can say unequivocally that we do.

I'm proud to say that your Credit Union is not just one financial institution, but one of thousands in a credit union movement that spans the globe. We each serve as a supporting pillar in this movement, and that means that the success of one credit union is a success for the entire movement.

As a financial cooperative, we understand that we can most effectively serve you and strengthen that movement by engaging in the vast network of organizations and service groups available.

As you can see in the Annual Report, East Texas Professional Credit Union performed well in 2016. Some of the highlights of that report include:

As our CEO will note: membership at East Texas Professional Credit Union now stands at 65,048, representing an increase of 3.6 percent over the prior year.

In total, our 65,048 members have added more than $6.4 million to their savings accounts.  When we see people putting money away for the future, we hope our efforts to enhance the financial literacy of our members has contributed to this increase.

You, the members and owners of this institution, have borrowed more than $195 million, which added more than 13,900 new loans in the 2016 year and reflects the continued optimism in our economy and trust in our Credit Union.

I'm delighted that so many of you are turning to your Credit Union for your mortgage needs. In year 2016, East Texas Professional Credit Union wrote nearly 383 home loans totaling $33,944,536.

Favorable interest rates and a strengthening economy motivated many of you to buy new vehicles. In 2016, East Texas Professional Credit Union wrote 5,236 auto loans worth more than $110 million.

The delinquency ratio is now .44 percent. This is a strong indicator that our members are diligently staying on top of their debt obligations. This is also more evidence of a strengthening economy, something for which we can all be grateful.

In addition to establishing policies and ensuring that the credit union adheres to pertinent laws, regulations, and sound business practices, we are also charged with making sure new products and services are developed as needed. With the continued success of East Texas Professional Credit Union we can offer beneficial savings and wealth-building tools and other financial products and services that enhance your life, improve our delivery channels, and expand our community outreach.

Our highest and best purpose in serving you includes some of the following objectives:

We want to target particular segments of our community where we can make the greatest impact.  Helping with financial literacy and the account management for our members who are most vulnerable, such as pre-high school children, young adults, retirees, and our elderly is one way we can do that.

We want to be a knowledge hub that places the Credit Union at the center of our members' financial lives, allowing them to trade peer advice and insights about budgeting, buying, retiring and saving.

We want to offer more and better resources that ensure our members are using the safest, most secure, and most convenient technology available.

We want to grow our community impact through basic interest payouts, financial capability programs, payment deferral during community emergencies, and working with members that face challenges in whatever life phase they might be in; and

We want to help you finance life activities, such as education, small businesses, and transportation in a responsible way.

In closing, I'd like to express my confidence in the leadership of Byron Norton, the wisdom and guidance of our esteemed board of directors, the commitment of our dedicated staff, and the support and loyalty of our members. We are extremely optimistic about the future because East Texas Professional Credit Union is well positioned to face any challenge and seize any opportunity that presents itself in 2017.

Thank you, ladies and gentlemen. I wish you and your families the very best in 2017.


President's Report

Good afternoon and welcome to our 2017 Annual Membership Meeting. On behalf of both the management and the staff of East Texas Professional Credit Union, let me say how happy we are to be here at the 64th annual meeting since our credit union was chartered back in 1953.

"One member, one vote." That's the foundation of our unique cooperative business model, and it empowers every single member to have a voice in your financial institution. When you participate in your credit union's voting process, you're contributing to its growth year after year. In return, because of our cooperative structure, we're able to return our profits to you in the form of competitive rates, new products, enhanced services, and additional points of service.

It is my special privilege to provide a "State of Our Credit Union" address at this time.

Let me begin by saying that 2016 was one of the most significant years in recent memory for the nation, and for the credit union movement as well. In addition to the headline-grabbing election cycle, the credit union movement weathered another round of banker attacks, not only regarding our tax exemption, but field of membership rules. Bankers went so far as asking a federal court to nullify the regulations, which are based on the Federal Credit Union Act and give the National Credit Union Administration the authority to implement and modify such membership rules to mitigate regulatory burden.

Through our advocacy efforts, we will continue to push back when the bankers lobby tries to undermine our cooperative system. In fact, we will encourage Congress to do more to expand consumer access to credit unions.

With continued data breaches in the headlines, cyber security ranked high on our list of 2016 priority items, under the heading of advocacy. Some of the other items we watched with interest include financial regulatory improvement, capital access for small businesses, member business lending, overtime rules, the Truth in Lending Act and Real  Estate Settlement Procedures, and payday alternative loans.

All of those issues demanded we allocate time and resources to advocating with our lawmakers on behalf of credit unions. The good news is that, in 2017 we have excellent opportunities to see credit union advocacy victories on the regulatory relief front. With CUNA and credit unions joining forces like never before, we intend to be engaged and help drive the Campaign for Common-Sense Regulation.

You know, whether you're a member or not, credit unions benefit all consumers. The reason is competition. Our very presence in the financial services industry helps to drive down the cost of financial services for everyone. To compete effectively, other financial institutions are forced to offer quality products and services at a reasonable cost.

As our credit union membership grows, so do our assets, which is one of the primary indicators of how well our members are receiving the products and services we offer. Our current assets, as of 12/31/2016, are $564,097,844. Membership at East Texas Professional Credit Union increased 3.6 percent in 2016 and now stands at 65,048.

I'm happy to report that during 2016, we were able to increase our loan portfolio by 11.8 percent and delinquencies remain low at .44 percent. This is a reflection of two things: the competitive rates we're able to offer and your strong commitment to honoring your financial obligations with us.

I'm very pleased to announce that again this year, East Texas Professional Credit Union is a well-capitalized financial institution, with a strong net worth ratio of 19.08 percent. To put that in perspective, a net worth position above 7 percent is considered well capitalized by our regulators.

Just as you are committed to your financial institution, we are committed to you. The following few high points from 2016 demonstrate our dedication to providing products and services that benefit you and your families:

Launched Project F.I.T. (Financial Independence Training) for young members ages 12-22 with the following offerings:  Financial Independence Training course, special 5% Term Share Certificate, First Time Auto Program and a Micro Loan Program

Opened two new branch locations serving Hallsville and Carthage

Debit cards were upgraded to feature an additional level of security in the form of EMV Chip & Signature Technology

Enhancement to mobile banking to include mobile enrollment, password reset, picture pay and card controls

Our 2016 results illustrate that we're a strong, sustainable, and efficient financial institution. That financial well-being enables us to maintain an integral presence in our community. Community involvement is just one of the things that make credit unions different from other financial institutions. The following activities were just some of the things that embodied our commitment to the community during 2016:

Awarded 16 educational scholarships totaling $20,000

Delivered more than 29,000 academic planner calendars to more than 100 area schools and daycares

Hosted 2 shred days for members to bring in documents containing sensitive information for safe disposal - and at no charge

Launched 11 new products or services and conducted 12 system upgrades

Organized and hosted Reality 101, a financial reality fair designed to simulate the types of financial decisions young people will make as adults through hands-on experience

Contributed to more than 100 philanthropic organizations and community affairs

Participated in and/or supported more than 20 area events

Conducted 4 Financial Independence Training courses for young members

Assisted with the collection of school supplies that were donated to the Hiway 80 Rescue Mission on behalf of the East Texas Chapter of Credit Unions

Hosted a flu shot clinic as a service to our members

We have an excellent team of professionals who report to work every day with the intention of helping our members meet their financial goals. This credit union's many accomplishments would not have been possible without their energy, optimism, commitment, and wholehearted belief in our cause. Their passion is inspiring, and I thank them for their loyal service.

We also have a highly capable volunteer board of directors that shares an enormous amount of time, knowledge, and expertise in guiding this organization. They have a strong desire to be a well-skilled and educated governing body. In 2016, our board of directors completed a combined total of 371 training hours.

As we move into 2017, my commitment to you today is that East Texas Professional Credit Union will continue to:

Grow responsibly while listening and responding to your needs;

Explore innovative product and service solutions to enhance your financial life, and

Develop our staff and board so they can confidently and wisely serve you.

We are sincerely grateful that you are an integral part of our credit union family. I'm highly optimistic about our future, and on behalf of the entire staff, we look forward to a happy and successful 2017.

Credit Union Bylaws
Statistical Information
Statement of Income
Statement of Financial Condition