|
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Members of Telco Plus Credit Union are provided the following information: the most recent Balance Sheet, Income and Expense Report; Annual Report, a list of board members and their terms, changes to the credit union's bylaws and articles of incorporation, financial conditions, membership size and services offered since the credit union's last report. Other documents are available to members upon request: a summary of the most recent annual audit, the most recent statement of financial condition, IRS Form 990 and other documents. Members may request any of these by calling 903-753-5588, at either credit union location, or by written request mailed to Telco Plus Credit Union, P.O. Box 3099, Longview, TX 75606-3099. |
||
Board members: Dan Tucker -- current term expires in 2012 |
||
Annual Report given at Annual Meeting 2009 |
Chariman's & Treasurer's Report 2009 |
|
Financial Statistics Balance sheet as of Dec. 31, 2008 ASSETS Loans................ $21,938,110 Allow. For loans...... (327,471) Accts. Receivable.......... 10,756 Cash accounts ........1,859,055 Investments ..........24,133,640 Prepaid expenses......... 53,935 Fixed assets .............1,387,350 Accrued income ............114,663 Other assets ..................584,984 Total assets............$49,755,022 Liability & Equity Accts. Payable............ $283,320 Dividends payable......... 103,185 Accrued expenses......... 111,849 Taxes payable.................... 2,478 Reg. shares.............. 11,811,692 All other shares......... 28,696,372 Reserves..................... 6,497,255 Undivided earnings .............2,248,871 Total Liability & Equity.. $49,755,022 Income & Expense for the year 2007 INCOME Income from loans....... $1,857,285 Income from investments.. 894,096 Fee income .......................872,761 Misc. income ......................92,767 Total income ..............$3,716,909 EXPENSES Emp. Comp/benefits...... $1,070,650 Other oper. Expenses...... 1,216,883 Dividend/interest expense.. 977,723 Non-oper. Expense.................... -0- Total Expenses..............$3,265,256 Transfer to reserves ............451,653 |
Our economy has declined this past year, but Telco Plus Credit Union has remained strong. Your member savings is insured to at least $250,000 for each account. Credit unions continue to be capable of meeting financial obligations without requiring taxpayer bail-out funds. Telco Plus Credit Union has continued to offer very competitive loan rates and paid out $977,723 in dividends to our members in 2008. We also opened 1,036 new accounts this past year. We are continually looking for ways to improve services to our members. New ATMs were added at Walmart gas stations in Longview , Tyler and Lindale. Other new services added include free online bill pay (Free2Pay), and text banking from your cell phone. In-house home mortgage loans will soon be offered and we have added a mortgage loan expert to our lending staff. Our management, board of directors, and staff are proud to serve the owners of the credit union – our members. We invite you to be a part of our continued growth in 2009 by inviting your family and friends to also become members of Telco Plus. Dan Tucker Chairman of the Board
Treasurer's Report During the past year, Telco Plus Credit Union has demonstrated growth in several areas. Total shares increased from $36. 244 million in 2007 to $40.508 million in 2008. Total assets climbed to $49.755 million in 2008, which represents an increase of over $4.4 million, compared to 2007. There were over 1,030 new accounts opened in 2008. We look forward to continued stability for the credit union members and an even brighter financial year in 2009. James Pete
|
|