2019

ANNUAL

REPORT

FEDERALLY INSURED BY THE NCUA

REPORT OF THE SECRETARY

Annual Meeting Credit Union of Richmond March 20th, 2019

The annual meeting/member appreciation was held on March 20th, 2019 at the SCOR Sports center, 1385 Overbrook Rd, Richmond, VA 23220. The meeting was called to order at 6:00 pm by Chairman Strother.

Don Hall gave the invocation.

A quorum was established.

The minutes from March 20th, 2018 meeting was read by the Secretary, Yvonne Baylor.

Chairman Alvin Strother spoke about the reservation of the Board electing two females as CO-CEOs, but they have done a fantastic job, including initiating the rebranding of the Credit Union, from Richmond Postal Credit Union to Credit Union Of Richmond. CO-CEOs Cooper and Williams gave their report, Williams read the financial report.

Supervisor Committee Chairman Shelton gave the Supervisory Committee report. He asked anyone who is interested in joining the Supervisory Committee to please contact him.

The Nominating Committee gave their report on the Board members to be elected for a (3) year term, from 2019 to 2022. They are A D Miles and James (Curt) Davidson. Also to be elected for the remaining two year term from 2019 to 2021 of retiring Directors are Brandize Braxton and Michael Evins. Tanya Judon-Winston asked three times if there were any nominations from the floor. There were none. The nominations were closed. The above named Directors were elected unanimously.

Door prizes were given in the following amounts: (1) $100, (2) $50 and (16) $25. No old Business.

No New Business.

The meeting was adjourned at 6:30 pm.

Alvin Strother Yvonne BaylorAlvin Strother, Chairman Yvonne Baylor, Secretary

REPORT OF THE CHAIRMAN

Let me start out by saying thank you all for having faith in me as your Chairman of Board of Directors. The Board of Direc-tors have a fiduciary responsibility to make and review policy that governs the operation and success of our credit union. It is a position of full accountability to you the member and the Bureau of Financial Institutions. Decisions that are made each month that are voted on and approved truly effect the credit union’s stability and overall financial condition. I wanted to make the above statement only to introduce you (the membership) to our President/CEO, Shirley Cooper. She was part of our Co-CEO duo now she is our sole President/CEO. Shirley has plans to continue to move this credit union in a direction that would make us more competitive with our peers. Congratulations Shirley.

Financially; we had another successful year. Our net worth was over 18.00%, which reflects how stable your credit union is. Our net income was over $121k. All financial institutions are constantly facing challenges including new regulations and compliance. The staff of CUofR has met these challenges as reflected in our financial report.

We will continue to offer quality services to fulfill your finan-cial needs. This includes competitive loan and savings rates, as well as having a knowledgeable staff to serve you. It has been a pleasure to serve the Credit Union of Richmond, I look forward to helping maintain the high level of service you have come to expect. I look forward to another successful year in 2020.

Sincerely,

Alvin StrotherAlvin Strother Chairman, Board of Directors

REPORT OF THE PRESIDENT/CEO

Credit Union of Richmond experienced net earnings of $121,350. We closed out the year at 18.07% capital; which is exceptional for credit unions our size.

Earnings for 2019 reached the level noted by managing income, expenses, and with the continued hard work and support of the staff, board of directors, supervisory com-mittee, and management.

Credit Union of Richmond will continue striving to encourage membership growth by providing lending and saving products to suit the needs of everyday living. Life happens; let us be there for you and your family.

Credit Union of Richmond offers a variety of lending products to include mortgages (purchases and refinances), auto loans (new and used as well as refinances), credit cards with rewards, and other personal loans for most any reason (taxes, vacations, back-to-school).

The below table provides a comparison of loans, shares, assets, and net worth

Year-End 2018 to Year-End 2019

Shares $59,959,644 $ 56,968,081

Assests $ 70,985,508 $ 68,527,551

Investments $ 24,843,504 $ 19,620,816

Net Worth $ 12,847,779 $ 12,388,777

Loans $ 36,026,971 $ 36,083,456

2018 2019

People that live, work, worship, volunteer or go to school in the city of Richmond are eligible to join Credit Union of Richmond. Don’t keep us a secret, tell your family, friends, and co-workers about the benefits of belonging to the Credit Union of Richmond’s family.

Warm Regards,

Shirley G. Cooper Shirley Cooper, President/CEO

The CPA firm of Robert Mann, LLC as well as the examiners from the Commonwealth of Virginia State of Corporation Commission Bureau of Financial Institutions, and the National Credit Union Administra-tion have reviewed the operations of Credit Union of Richmond.

• Supervisory audit – minimal findings• BFI – minimal findings• NCUA – minimal findings

The findings were reviewed by the Board of Directors and Executive management. Actions have been taken to revise, amend and/or correct these findings.

Please thank the staff, management team, CEO, and your board for their continued efforts in keeping your credit union financially sound.

In addition to this report, the committee would like to extend an invitation for those interested in serving on the Supervisory Committee to submit a resume. Please contact Gary Shelton for additional information: gshelton@curich.org.

Sincerely,

Gary Shelton Gary Shelton, Chairman Supervisory Committee

REPORT OF THE SUPERVISORY COMMITTEE

We Have YouCovered Every

Mile of the Way!

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$100 into your savings!

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*Restrictions apply, credit rates based on creditworthiness. Auto loans currently finan-ced through Credit Union of Richmond cannot be refinanced with this offer.

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