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Annual Report

Board of Directors
Board Member Term Expiration
Ms. Reba Allison 2017
Mr. Eddie Cannon 2018
Mrs. Shirley Downs 2018
Mr. Joel Hale 2017
Mr. James Johnson 2017
Dr. Rutledge McClaran 2016
Mr. Bobby Moore 2016
Mrs. Maylene Neal 2016
Dr. Marty Warren 2018


Senior Management
Mr. William Byron Norton President / CEO
Mr. John Griffin Senior VP / Lending Operations Manager
Mr. Scot Haines Senior VP / Operations Manager
Ms. Deborah Pearce Senior VP / Accounting Department Manager
Mr. Gregory Gani VP / Member Business Lending
Mr. Chris Graham VP / Card & Fraud Department Manager
Mr. Greg Jeffery VP / Teller Department Manager
Mr. Flip Kraus VP / Real Estate Manager
Mrs. Sandy Krell VP / Branch Operations Manager
Mr. Doug Martin VP / Indirect Lending Department Manager
Mr. Kevin Wasson VP / Information and Technology
Credit Union Services
Board of Directors' Report

It gives me great pleasure to welcome you to the 62nd annual meeting of East Texas Professional Credit Union. I am proud of and humbled by the level of trust you have placed in me and my fellow board members.

In fact, I’d like to take this opportunity to thank my fellow board members for their dedicated service, commitment, and passion, because they have contributed greatly to the success of East Texas Professional Credit Union.

As you see in the Annual Report, East Texas Professional Credit Union performed well in year 2014.

?You, the members and owners of this institution, have borrowed more than $115.8 million in consumer loans, adding more than 8,531 new loans.

?Whether you were a new homebuyer or a property pro, I’m thrilled that you turned to your credit union for your mortgage needs. In 2014, East Texas Professional Credit Union, wrote nearly 422 home loans, worth more than $42 million.

?Favorable interest rates and a strengthening economy motivated many of you to buy vehicles. In 2014, East Texas Professional Credit Union wrote 4,916 loans worth more than $91.2 million.

?The median delinquency ratio in East Texas Professional Credit Union is now .24 percent, which tells me you’re staying on top of your debt obligations, and that’s a sure sign of a recovering economy.

Your ongoing participation in East Texas Professional Credit Union means that we will remain in a strong ?nancial position to continue meeting your ?nancial needs.

I think you all recognize that as not-for-pro?t cooperatives, credit unions are different than banks. Though we have to make a pro?t to keep the doors open, we don’t have shareholders waiting with their hands out—there are no shareholders. When we can, we distribute those pro?ts back to you.

By exercising sound business and service strategies, we can help you navigate your life-cycle challenges, weather these uncertain economic periods, and recognize the true bene?ts of your membership. We hope and plan for a bright future for us all, and in reaching for the stars, we want to look at new and better ways of de?ning and rede?ning our success as we grow and learn and change.

For instance . . .

?We want to offer more and better resources that allow us to focus more attention on our members using the most ef?cient and safe use of technology available;

?We want to grow our community impact through basic payouts, ?nancial capability programs, payment deferral during community emergencies, and working with members facing the challenges of the life phase they might be in;

?We want to target particular segments of our community where we can make the greatest impact—for example, helping with ?nancial literacy and account management for our members who are most vulnerable, such as pre-high school children, young adults, retirees, and our elderly;

?As members focus more on use and less on ownership, we will consider how our credit union can responsibly ?nance life activities, such as education, small businesses, and transportation; and

?We want to be a knowledge hub that places the credit union at the center of our members’ ?nancial lives by allowing them to trade peer advice and insights about budgeting, buying, retiring, and saving.

?As a ?nancial cooperative, we understand that we can most effectively serve you and strengthen the credit union movement by working through local, regional, national, and even international structures. That is why we seek to be involved in our local chapter of credit unions, taking advantage of the training, tools, and resources available through our trade association, the Cornerstone Credit Union League.

?We are very supportive of Cornerstone’s advocacy efforts because we understand the impact legislation has on our ability to serve your ?nancial needs. Unfortunately, tax reform is not yet off the table, and as federal legislators consider tax reform in 2015, we want to reiterate that a federal tax on your credit union is equivalent to a tax on you. Against a massive banking lobby doing its best to convince our lawmakers that the credit union tax exemption puts them at an unfair disadvantage—since they only hold about 92 percent of the ?nancial services market—we will need to remain vigilant in our advocacy efforts.

My friends, with the continued success of East Texas Professional Credit Union, we can offer a wealth of savings tools and other ?nancial products and services that enhance your life, improve our delivery channels, and expand our outreach in the community and beyond.

In closing, let me express my con?dence in the leadership of Byron Norton, the guidance of our esteemed board of directors, the commitment of a dedicated staff, and the support and loyalty of our more than 60,000 members. And let me also assure you that East Texas Professional Credit Union is well positioned to face any challenge and seize any opportunity that presents itself in 2015.

Thank you ladies and gentlemen, and all the best for the coming year!

President's Report

Good afternoon and welcome. On behalf of the management and staff of East Texas Professional Credit Union, I want to say what a pleasure it is to be here with all of you. Because of your trust and involvement, your credit union is able to thrive and provide so many important benefits, not only to our members but to our community.

As a financial cooperative, our success is your success. When you participate in the credit union, you are contributing to its growth. And because of our cooperative structure, we are able to return our profits back to you, the owners and members, by offering competitive rates, new products, enhanced services, and additional points of service.

As a locally owned and governed financial institution, East Texas Professional Credit Union has a strong connection to the community, and we are well positioned to support East Texas’ growing demand for a financial institution that cares about its community's financial future.

Now, it is my privilege to provide a state of our credit union address at this 2015 annual meeting.

As our membership grows, so do our assets, which indicates that you are taking full advantage of the products and services we have to offer. Our assets as of December 31, 2014 were $535,688,928 and membership at East Texas Professional Credit Union at year-end was 60,637.

I am pleased that as loan demand has grown 18.3 percent in 2014, delinquencies remained low at .24 percent. This tells me that you value the competitive rates we're able to offer and that you have a strong commitment to honoring your financial obligations with your credit union.

Just as you are committed to East Texas Professional Credit Union, we are committed to you, and the following are but a few highlights from 2014 that demonstrate this:

  • Continued enhancement of the infrastructure of our data processing center to support growth
  • Researched and initiated a new Merchant Services credit card product suite for our business members
  • Enhanced our Mobile Banking platform adding many leading edge features such as card control, person to person payment, and quick balance function
  • Opened new office locations in Gilmer and Henderson

I'm delighted to point out that East Texas Professional Credit Union is a well-capitalized financial institution, with a strong capital ratio of 16.81 percent. To put that in perspective, seven percent is the industry standard.

Our 2014 results illustrate that East Texas Professional Credit Union is a strong, sustainable, and efficient financial institution. Indeed, we are confident in our ability to meet all of your financial services’ needs. But we are far more than an institution that offers financial products and services.

Here are but a few differentiators that make East Texas Professional Credit Union special:

  • We have a real presence in this community. In 2014, we:
    • Hosted 2 shred days for members to bring in documents containing sensitive information for safe disposal – and at no charge
    • Contributed to more than 100 philanthropic organizations and community affairs
    • Raised money for the Muscular Dystrophy Association to help send disabled children to summer camp
    • Participated in 17 area events
    • Delivered financial education seminars to a number of schools
    • Assisted Toys for Tots by serving as a collection site for new, unwrapped toys that were distributed as Christmas gifts to disadvantaged children in the community
    • Served as the host for March of Dimes’ Financial Day
    • Distributed $18,500 in educational scholarship funds
    • Employees paid to wear jeans each Friday throughout the year for charity. A portion of the funds was used to fulfill the Christmas wish lists of 22 East Texas children. Donations were also made to the American Heart Association and the American Cancer Society
    • Delivered more than 28,000 academic planner calendars to more than 100 area schools and daycares

  • We have a team of talented professionals who report to work every single day with one objective:  to help you meet your financial goals. Our accomplishments would not have been possible without the heartfelt commitment and unified effort of our dedicated credit union staff, volunteers, board of directors, and committees. Their passion is truly inspiring, and I am continuously moved by their steadfast desire to serve the credit union movement. I thank them for their continuous commitment and I thank you, our members, for having the confidence in these individuals who help drive the success of your credit union.
  • We also have a highly capable volunteer board of directors who share their expertise and knowledge to guide this organization toward continued success. In 2014, our board of directors completed many training hours, and I think that illustrates their strong desire to ensure they are a highly skilled and educated governing body.
  • And, we have a unique business model that empowers every single member to have a voice. One member, one vote.

As we grow, we will keep our focus on doing what’s right. Locally, we will continue to provide better services and more convenience for our members. We will seek to help more people in our community get on solid ground through financial education and our charitable activities. Nationally and on the state level, we will remain vigilant in making sure our elected officials know that a tax on credit unions is a tax on all of our members; and we must be sure they understand the credit union difference.

Through it all, we will continue to focus on people first. It’s what makes your credit union different, and what makes us strong.

As we embark on the year ahead, 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/service solutions to enhance your financial life; and
  • Develop our staff and board so they can confidently serve you.

Many thanks for being an integral part of our credit union family. On behalf of the entire staff, we look forward to a happy and successful 2015 for us all. 

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Statistical Information
Statement of Income
Statement of Financial Condition