2018 Annual ReportLiability Management, By-Laws, Policy, Facilities, Marketing and Nominating...
Transcript of 2018 Annual ReportLiability Management, By-Laws, Policy, Facilities, Marketing and Nominating...
2018 Annual Report
VA C AT I O N L A N D F E D E R A L C R E D I T U N I O N
Federally Insured by NCUA
INSURED DEPOSITS
Member depository accounts are insured up to $750,000. The fi rst $250,000
of insurance is provided by NCUA’s National Credit Union Share Insurance Fund.
The remaining $500,000 is provided by private insurance from Excess Share
Insurance Company, paid for by VacationLand Federal Credit Union.
ANNUAL MEETING
The Annual Meeting of the Credit Union’s owners will be held at 8:00 A.M. on
Wednesday, March 13, 2019 at our Corporate Headquarters, 2911 Hayes Avenue,
Sandusky, Ohio.
CORPORATE HEADQUARTERS
VacationLand Federal Credit Union
2911 Hayes Avenue
Sandusky, Ohio 44870
Telephone: 419.625.9025/800.691.9299
INDEPENDENT AUDITORS
Doeren Mayhew, CPAs and Advisors
305 West Big Beaver Road
Troy, Michigan 48084
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Corporate Profi le
In 2010, the Credit Union extended its membership into
Huron County, Ohio by merging with School Employees
Federal Credit Union (SEFCU) to include employees of
the Boards of Education who work in Huron County and
employees of the Board of Education of EHOVE Joint
Vocational School in Erie County.
In 2017, the Credit Union expanded its membership through
the merger with the Sandusky Ohio Edison Employees
Federal Credit Union. Membership eligibility extends to
employees of the Ohio Edison Company who work in
Sandusky, Bellevue, Port Clinton or Norwalk, Ohio; spouses of
persons who died while within the fi eld of membership of this
credit union; retired persons, members of their immediate
families; and organizations of such persons.
Today, VacationLand Federal Credit Union is a member-
owned, not-for-profi t fi nancial cooperative dedicated to
being the lifetime fi nancial institution of its members, by
providing services at lower or no fees, or loans with lower
rates plus deposit products with higher dividend rates.
VacationLand Federal Credit Union is a federally chartered
credit union, regulated by the National Credit Union
Administration (NCUA), an agency of the federal government.
Credit unions are the only democratically controlled fi nancial
institution in the U. S. Members elect a volunteer board of
directors to govern the credit union. In contrast, banks are
for-profi t entities, governed by a paid board of directors, with
all profi ts benefi ting the bank shareholders.
The Credit Union off ers its members a full suite of fi nancial
products including mortgage, home equity, consumer,
student and credit card loans and a wide array of savings,
checking, money market and certifi cate deposit products.
The Credit Union supports community employment
opportunities by funding local small businesses. Business loan
products include equipment, auto, truck, lines of credit and
commercial real estate loans.
With $231 million in assets, VacationLand Federal Credit
Union, headquartered in Sandusky, Ohio serves over 19,400
members, businesses and organizations at fi ve branch offi ces
and 11 ATMs in the cities of Sandusky, Huron, Norwalk and
Vermilion. We serve our members at over 5,000 plus CO-OP
Shared Branches and at over 32,000 MoneyPass and over
5,000 Alliance One surcharge-free ATM locations in the United
States. Through 24-hour online banking, Remote Deposit
Capture and CU*Talk Telephone Account Access, we serve
members wherever they are.
VacationLand Federal Credit Union is a member of
Corporate One Federal Credit Union, National Credit Union
Administration’s Central Liquidity Facility, Federal Reserve
Bank of Cleveland’s Discount Window and the Federal Home
Loan Bank of Cincinnati. VacationLand Federal Credit Union is
an Equal Opportunity Employer and an Equal Housing Lender.
VacationLand Federal Credit Union received Low-income
Designation through the NCUA, providing benefi ts to
VacationLand to help serve members who have challenges
accessing fi nancial products and services. Low-income
designation benefi ts include:
Accepting non-member deposits from any source
A gateway to community development fi nancial institution
(CDFI) certifi cation
Opportunities to apply for grants and low-interest loans
This is Your Credit Union
VacationLand Federal Credit Union, (the Credit Union), was founded in 1956 by employees of the Sandusky, Ohio General Motors Plant. In 2001, the Credit Union expanded its fi eld of membership including anyone who lives, works, and worships, attends school or has a business or organization in Erie County, Ohio.
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VacationLand Federal Credit Union is much more than a place for banking. We live and work in northern Ohio, and we’re dedicated to helping our members and our communities prosper and thrive. Every member of VLFCU is part of our family. We care about you and your well-being instead of the bottom line.
When you become a member, you become a shareholder of VacationLand Federal Credit Union. We’ll work for you as we work with you to manage your fi nances, invest in a new home or business, or save for retirement. Working together, we can all succeed.
OUR VISION
To be our members’ chosen
lifetime fi nancial partner and
to improve our communities
for future generations.
OUR MISSION
Guided by our core values,
we exist as a not-for-profi t
cooperative to serve and
surpass by providing value
and fi nancial freedom.
How Your Credit Union Succeeds
About Your Credit Union
3
WE ARE MEMBER-OWNED
As a member-owner, regardless how much you
save or borrow, you determine who serves on the
Board of Directors. You have one vote for each
open Board of Director seat. Also, as a member-
owner, annual meetings are open to you. We
encourage you to att end.
WE ARE A COOPERATIVE
Cooperatives pool resources for the common
good. In like fashion, depositors of VacationLand
Federal Credit Union pool funds to lend to
one another. Through our structure and
operation, credit unions carry out the credit
union philosophy of “people helping people.”
At VacationLand Federal Credit Union, you’re
not just an account number—you’re a member
helping other members.
WE ARE NOT-FOR-PROFIT
We are out to protect your wallet, not fi ll our
own! We return profi ts to you, the members, in
the form of lower loan rates, higher dividend
rates, and low or no fees for services.
WE ARE VOLUNTEER DRIVEN
Each member of our Board of Directors is an
unpaid volunteer you have elected to work in
your best interest. Directors serve on Asset/
Liability Management, By-Laws, Policy, Facilities,
Marketing and Nominating committ ees, assisting
management in making decisions on how
to improve member products, service and
operational effi ciencies.
Put another way, VacationLand Federal Credit Union is diff erent. We are not a bank. We’re not a payday lender. We are a low cost fi nancial institution that you will want to be affi liated with for a lifetime. We appreciate the opportunity to serve you, and we value your membership. If you have experienced the VacationLand Federal Credit Union diff erence, please encourage your family and friends to discover the benefi ts of membership.
Many people may not know what makes VacationLand Federal Credit Union diff erent from
other fi nancial institutions. Here are just a few ways that demonstrate our uniqueness:
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Governing Bodies of Your Credit Union
The 2018 Board of Directors is comprised of seven volunteers, elected by you, the members,
who are responsible for the governance, direction and control of the aff airs of VacationLand
Federal Credit Union in accordance with National Credit Union Administration rules and
regulations and sound business practices.
The Board of Directors dedicates its time and talent to make VacationLand Federal Credit
Union a premier credit union. It delegates the day-to-day activities through policies to Senior
Management of the credit union.
Directors serve for a term of three years with terms expiring at the end of each annual
meeting. The Director positions expire as follows: three Director Positions expire in one year
and two Director Positions in each of the succeeding two years.
Monthly meetings are held by the Board of Directors to conduct the business of the credit
union by reviewing its performance and policies. Once per year the Board of Directors also
meets with Senior Management for a full day session to develop the three-year strategic plan.
Top Row, Left to Right: Jude Hammond: Chairman – 2019 (Asset/Liability Management, By-Laws)
Jan Sadoski: Vice Chairman – 2021 (Nominating, Policy)
Marcia Renande: Secretary – 2020 (Asset/Liability Management, Marketing)
Tracy Luc: Treasurer – 2021 (By-Laws, Nominating)
Bottom Row, Left to Right:Joel Hassinger: Director – 2019 (Facilities)
Christine Giardina: Director – 2020 (Asset/Liability Management)
Elmer Lippert: Director – 2021 (Asset/Liability Management, Nominating)
TERM EXPIRATION (COMMITTEE MEMBERSHIP)
BOARD OF DIRECTORS
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SUPERVISORY COMMITTEE
WILLIAM STAUDER Chairman
The Supervisory Committ ee consists of members appointed by the Board of Directors to serve one
to three year terms. These volunteers are responsible for assuring the safety of the credit union’s
assets and deposits, the soundness of management and compliance with various fi nancial and
regulatory requirements.
In fulfi lling these responsibilities, the Supervisory Committ ee recommends to the Board of Directors for
ratifi cation the appointment of an independent audit fi rm to annually examine the fi nancial statements
of the credit union.
An audit of the 2018 fi nancial statements was conducted by Doeren Mayhew CPAs and Advisors. The audit
report stated that VacationLand Federal Credit Union’s fi nancial statements present fairly, in all material
aspects, our statements of fi nancial position, results of operations and cash fl ows. The audit report for
2018 will be available around March 13, 2019 and you may request a report from:
Mitchell J. Fallis, CPA, CGMA, MBA, CCUIP
Chief Financial Offi cer
2911 Hayes Avenue
Sandusky, Ohio 44870
419.609.2718
The National Credit Union Association also conducts periodic examinations of the records, policies,
practices and the application of NCUA regulations upon VacationLand Federal Credit Union. VLFCU was
not examined by the NCUA during 2018 and therefore, we do not have anything to report this year.
Just like the Board of Directors, the Supervisory Committ ee also holds monthly meetings to, among
other things, review internal audit services, internal controls and risk management processes, and
examinations by regulatory agencies and the independent audit fi rm.
A representative of the Supervisory Committ ee att ends the monthly Board of Directors meetings
and shares their fi ndings. To date, the Supervisory Committ ee has reported that, in their opinion,
VacationLand Federal Credit Union has operated in a fi scally safe and sound manner and, in all material
aspects, in accordance with applicable accounting, federal, state, and NCUA regulations.
Your Credit Union is Being Led By Example
2018 Supervisory Committee members are: William Stauder,
Theresa Barylski, Christopher Palmer, Lynn Sartor and Jacquelyn
Streng. We are hopeful that 2019 will be another good year for
VacationLand Federal Credit Union as we all work together to
serve you, our members.
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Message From the Chairman of the Board of Directors
Your Credit Union’s Chairman
VacationLand Federal Credit Union is continuing to grow. Our asset size has grown by an additional $15 Million to $230 Million at year’s end. In addition, the credit union has added total equity in excess of $2 Million to a total equity position of $24 Million. The Board continues to be challenged by how we can convert our capital to quality member service. VacationLand is a not-for-profi t collaborative whereby we work together to serve each other.
JUDE T. HAMMONDChairman of the Board of Directors
Service can be defi ned in many ways. Service can be seen in our branches when you are greeted by one of our staff
members or how you are treated with respect and support when applying for a loan. Service can be viewed when
you are using the online banking application. Service can be realized by providing fi nancial products that meet the
needs of our members. Service can be measured by off ering competitive interest rates. Service can be hidden from
sight and behind the scenes when our staff works diligently in making sure we are in compliance with the federal
and state laws with the goal of providing a safe and secure fi nancial institute that you can rely on without fear.
Service can be maximized when we have the resources to meet your needs.
Another way that we serve our members is by providing goodwill support to our community. We have been involved
in Coats for Kids, developed food drives, provided fi nancial education programs for our local students, conducted
Easter Egg Hunts, and donated to a number of charitable organizations. We will continue to explore opportunities
to support our local community as part of our way of giving back.
This year we will be developing plans to give back more to our members. We will be looking at ways to reward our
members for their loyalty and for making good fi nancial decisions. We also want to hear from you to determine if
we are meeting your expectations. We want to be your primary fi nancial institution. We also want to sustain our
relationship with you. Please feel free to contact us to provide your thoughts on how we can best serve you!
In closing, we wish all our members the best for 2019! We are here to serve you!
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Message From the CEO
Your Credit Union’s CEO
I would like to take this time to express my gratitude to you, our members, for your continued support and trust in VacationLand Federal Credit Union, and for choosing us as your lifetime fi nancial partner. Our vision is clear: together we will strengthen our communities for future generations.
BRYAN P. MYERSChief Executive Offi cer
2018 was an exceptional year for VacationLand Federal
Credit Union, fi lled with change and progress. It’s
gratifying to look back at our achievements. Two major
accomplishments included continuation of work on our
non-interest revenue opportunities, and increasing our
deposit insurance coverage from $500,000 to $750,000.
The latt er assured us of being the only fi nancial institution in
Ohio to off er this level of deposit protection to its members.
2018 was also an excellent year in terms of member
satisfaction. Increased membership numbers are always
a good sign of customer satisfaction, and our team
members are always striving to meet or exceed our
customers’ expectations. Increased membership means
more opportunities for us to grow. Earlier in the year we
petitioned the NCUA for a fi eld- of- membership expansion
into other surrounding counties. And, although our request
was denied due to federal court rulings and considerations,
we remain committ ed to providing current members the
highest quality service, products, and expertise, all for your
convenience and peace of mind.
I am pleased to report that the credit union remained
fi nancially healthy in 2018, facing all the changes and
challenges imposed upon us head-on. Our 2018 fi nancial
statement conveys a 7.34% asset growth, compared to
6.01% in 2017; loan growth, 11.08%; our ROA increased to
.99%; our capital ratio was 10.80%; and membership grew
by 3.12%, an increase of 588 discerning new partners.
We can all take great satisfaction in knowing that our credit
union still remains in the top tier of Ohio credit unions.
I’m excited about what 2019 holds for us. Specifi c
plans include:
Streamlining internal operations to include improvements
in staffi ng to ease member service hiccups
Seamless succession planning, pending key retirements
Continuing to identify and implement non-interest
revenue streams; i.e., Member Business Lending, a credit
union service organization which provides national
comprehensive business lending services to credit unions
Supporting small businesses by providing loan products
which match their specifi c needs
Providing continual fi nancial education workshops online
Off ering new, ever-changing technologies to our
members as soon as they become available
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FINANCIAL HIGHLIGHTS (*Unaudited)
December 31, 2018 2017 2016 2015 2014
AssetsCash and Equivalents $ 9,733,483 $ 5,835,484 $ 9,101,403 $ 9,653,004 $ 5,489,726 Investments 51,427,697 56,137,363 57,592,517 48,062,711 48,012,878Loans 162,656,691 146,429,833 129,820,630 119,736,934 109,310,640(less) Allowance for Loan Loss (1,648,114) (1,354,463) (1,170,428) (1,093,271) (1,029,382)Land, Building and Equipment, net 6,535,928 5,577,607 5,957,890 6,084,740 5,590,614Other Assets 2,285,395 2,573,771 1,697,424 1,518,500 1,898,344Total Assets $ 230,991,080 $ 215,199,595 $ 202,999,436 $ 183,962,618 $ 169,272,820
LiabilitiesOther Liabilities $ 1,306,826 $ 1,069,740 $ 2,512,169 $ 1,788,988 $ 1,546,239 Notes Payable 23,656,249 21,384,043 17,770,367 15,299,243 15,807,477Total Liabilities 24,963,075 22,453,783 20,282,536 17,088,231 17,353,716
Share Drafts 30,880,958 27,186,456 25,486,130 23,611,021 19,671,665Shares 110,429,982 112,274,208 106,426,776 96,791,820 89,922,809Certificates 35,506,709 28,411,579 28,682,992 26,075,914 24,621,183Non-member Certificates 4,459,104 2,278,128 1,340,000 1,092,606 0Total Deposits 181,276,753 170,150,371 161,935,898 147,571,361 134,215,657
Owners Equity (Capital)Regular Reserves 2,928,513 2,928,513 2,870,959 2,870,959 2,870,959Accum. Unrealized Gain/(Loss) - AFS (184,962) (135,957) (153,424) 10,693 15,073Undivided Earnings 22,007,701 19,802,885 18,063,467 16,421,374 14,817,415Total Equity 24,751,252 22,595,441 20,781,002 19,303,026 17,703,447Total Liabilities & Owners Equity $ 230,991,080 $ 215,199,595 $ 202,999,436 $ 183,962,618 $ 169,272,820
IncomeLoan Interest $ 8,204,527 $ 7,153,717 $ 6,626,475 $ 6,204,942 $ 5,735,483 Investment Interest 1,849,357 1,651,407 1,460,049 1,226,712 1,210,797Non-interest Income 3,442,985 3,207,838 3,183,913 3,166,518 2,944,045Gain/(Loss) on Sale of Assets 63,197 2,303 55,781 0 0Total Income 13,560,066 12,015,265 11,326,218 10,598,172 9,890,325
ExpensesStaffing 4,704,023 4,373,026 4,165,893 4,042,169 3,989,375Dividends 848,661 579,889 566,475 505,285 529,012Interest Expense on Borrowings 476,969 427,075 346,420 265,160 195,251Provision for Loan Losses 845,000 700,000 565,000 360,000 267,000Operating Expenses 4,480,597 4,266,529 4,040,338 3,821,598 3,382,841Total Expenses 11,355,250 10,346,519 9,684,126 8,994,212 8,363,479
Net Income $ 2,204,816 $ 1,668,746 $ 1,642,092 $ 1,603,960 $ 1,526,846
Financial RatiosReturn on Average Assets (ROAA) 0.99% 0.80% 0.85% 0.91% 0.94%Net Interest Margin 3.91% 3.73% 3.71% 3.77% 3.83%Operating Expenses to Average Assets 4.12% 4.13% 4.24% 4.45% 4.54%Efficiency Ratio 68.05% 71.92% 72.81% 74.25% 74.58%Loans to Shares 89.75% 86.08% 80.17% 81.74% 81.44%Allowance for Loan Loss to Total Loans 1.01% 0.92% 0.90% 0.91% 0.94%Net Charge-offs to Average Loans 0.36% 0.37% 0.39% 0.27% 0.40%Delinquent Loans to Total Loans 0.49% 0.63% 0.61% 0.54% 0.74%Capital to Assets 10.80% 10.56% 10.31% 10.49% 10.45%
Distribution of IncomeOperating Expenses $ 9,184,620 $ 8,639,555 $ 8,206,231 $ 7,863,767 $ 7,372,216 Dividends 848,661 579,889 566,475 505,285 529,012 Capital 3,049,816 2,368,746 2,207,092 1,963,960 1,793,846
Number of Members 19,435 18,847 18,113 17,533 16,833Number of Employees 72 72 71 65 64
* Copies of audited Financial Statements are available upon request
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Message From the CFO
VacationLand Federal Credit Union achieved another year of strong fi nancial growth in 2018 with total assets climbing to $231 million. Four key measures of fi nancial strength continued in 2018: Net Income, Loans, Deposits, and Capital.
MITCHELL J. FALLIS, CPA, CGMA, MBA, CCUIPChief Financial Offi cer
2018 IN REVIEW
Net Income eclipsed the $2 million mark for the fi rst time reaching
$2,204,816 in 2018, compared to 2017 net Income of $1,668,746. Loan
growth surged 11.1% in 2018. Loan quality showed modest improvement
with net charge-off s to average loans decreasing from .39% for 2017 to
.36% for 2018 coupled with a decrease in delinquent loans to total loans
from .63% from 2017 year-end to .49% at 2018 year-end.
Return on Average Asset (ROAA) is a key measure of a credit union’s
fi nancial health. The 2018 ROAA rose 19 basis points from 2017
reaching .99% compared with a 2017 ROAA of .80%. Net Interest
Margin improved to 3.91% for 2018 compared with 3.73% for 2017,
supported by higher loan and investment yields.
Revenues in 2018 increased by $1,544,801 and totaled $13,560,066,
compared with $12,015,265 in 2017. Loan Interest Income increases lead
the revenue growth at 14.7% along with increases in investment income
of 12.0%, followed by increases in non-interest income of 7.3%.
Total Expenses increased by $1,008,731 in 2018 to $11,355,250,
supported by increases in staffi ng costs of $330,997, dividends of
$268,772, interest of $49,894, operating expenses of $214,068, and
provision for loan losses of $145,000.
Total Assets rose by $15,791,485 or 7.3%, reaching $230,991,080 at
December 31, 2018. Asset growth was funded by growth in deposits of
$11,126,382, FHLB Borrowings of $2,272,206 and equity of $2,115,811.
Total Loans at December 31, 2018 grew by $16,226,858 as
VacationLand Federal Credit Union worked to satisfy member demand
for mortgages, auto loans, credit card loans, home equity lines of
credit, and member business loans.
Investments decreased by $4,709,666 to $51,427,697 at year-end
primarily to fund loan growth.
Investment Income for 2018 rose 12.0%, to $1,849,357, driven by an
investment strategy of reinvesting maturing securities into higher
yielding longer-term certifi cates, municipal and agency securities.
Deposits rose by 6.5% ending the year at $181,276,753. Deposit
growth was led by increases in certifi cates by 25.0% and Shares
Draft s by 13.60%.
The Credit Union’s Equity position climbed to $24,751,252 at
December 31, 2018. The Capital to Asset Ratio, another key
indicator of the fi nancial strength, rose to 10.80% at December
31, 2018 while the year ago ratio was 10.56%. Both ratios
are well above the 7.00% ratio required to be categorized as
“Well Capitalized” under National Credit Union Administration
regulations for prompt corrective action.
2019 A LOOK AHEAD
The Federal Open Market Committ ee raised the federal funds rate
four times during 2018 by 25 basis points each time. We forecast a
2019 interest rate environment with three increases in the federal
funds rate of 25 basis points, one in the fi rst quarter, one at mid-
year and the third near year-end. We expect the yield curve to
fl att en with short-term rates rising 50 -75 basis and longer-term
rates rising 20 - 25 basis points.
We anticipate a slight decrease in auto and home loan markets in
2019. VLFCU’s fi nancial mix of earning assets, deposits, borrowed
funds and capital coupled with our three-year fi nancial plan
positions us for success in 2019 and beyond.
We will minimize our long-term interest rate risk by funding fi xed
long-term mortgages and member business loans with fi xed long-
term borrowings from the Federal Home Loan Bank of Cincinnati
and member and non-member deposits.
The 2019 fi nancial plan incorporates a solid marketing strategy
coupled with education and training for our employees. We will
continue to focus on building relationships with existing and new
members to assist them in reaching their fi nancial goals.
We thank our employees, Board and Supervisory Committ ees for
their dedication. We thank you, our members, for your continued
support and look forward to a prosperous 2019.
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NET INTEREST MARGIN/AVERAGE ASSETS MEMBERS RETURN ON AVERAGE ASSETS
Message From the Treasurer of the Board of D
2018 EARNINGS AND MEMBERSHIP GROWTH
Thanks to the loyalty of our long-term members and the infl ux of new
members, I am pleased to report another strong year for VacationLand
Federal Credit Union. Net Income for 2018 eclipsed the $2 million mark for
fi rst time ending 2018 at $2,204,816. The 2018 Return on Average Assets
surged to .99%, compared to .80% and .85% in 2017 and 2016, respectively.
Year over year membership growth is 3.1% growing from 18,847 in 2017
to 19,435 at 2018 year-end, a direct result of the eff orts from management
and staff to provide uncommon member service. We have managed the
Credit Union with integrity, protecting its safety and soundness, and thereby
fostering the confi dence of our members and our service communities.
TRACY LUC Treasurer of the Board of Directors
14 15 16 17 18
3.83%
3.77%
3.71%
3.73%
3.91%
14 15 16 17 18
16,833
17,533
18,113
18,847
19,435
14 15 16 17 18
0.94%
0.91%
0.85%
0.80%
0.99%
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EFFICIENCY RATIO CAPITAL/ASSET RATIO
Directors
On behalf of the Board of Directors, we wish to extend our thanks to the staff and management for meeting the fi nancial needs of our members with such great care and commitment.
2019 AND BEYOND
VacationLand Federal Credit Union makes decisions
with our members’ long-term interests in mind.
We will continue our history of giving back to our
members in the form of bett er rates, low or no
fees and more aff ordable fi nancial services. As in
past years, we continue to do our best to deliver
member-driven service as evidenced by continued
capital investments in our information technology
and related soft ware, ATM network, and website.
Thank you for your confi dence and loyalty in our
credit union.
DEPOSIT INSURANCE INCREASED FROM $500,000 TO $750,000
On December 1, 2018, VacationLand Federal Credit Union increased its
deposit insurance from $500,000 to $750,000 on all Depository accounts.
The NCUA’s National Credit Union Share Insurance provides the fi rst
$250,000 of deposit insurance. The remaining $500,000 level of deposit
insurance is provided by private insurance from Excess Share Insurance
Company, paid for by VacationLand Federal Credit Union.
More and more individuals, families and small local businesses are
discovering the benefi ts of a not-for-profi t fi nancial cooperative and are
moving their money from banks to credit unions. This year, our deposits
grew by 6.5% or $11.1 million to over $181.2 million compared with a 5.1%
growth during 2017.
Your Credit Union Thrives
14 15 16 17 18
74.58%
74.25%
72.81%
71.92%
68.05%
14 15 16 17 18
10.46%
10.49%
10.31%
10.56%
10.80%
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Donations
HEATHER GILCHRIST Marketing Director
At the end of November, VLFCU was able to make four donations to area non-profi ts due to monies available
in our candy bar sales and employee jean day funds. Members purchase candy bars throughout the year
from our tellers, while employees donate $1 on Fridays and Saturdays to wear jeans. Aft er consideration by
a committ ee and employee input, donations totaling $5,000 were made to the Salvation Army of Sandusky,
the Humane Society of Erie County, Victory Kitchen, and Serving Our Seniors.
Additional donations were made to many organizations through monetary contributions and sponsorships
including the Foundation for Firelands, Stein Hospice, Cancer Services, United Way of Erie County, OHgo,
Community Youth Mentoring, Safe Harbour Domestic Violence Shelter, Erie Conservation District, Kendra’s
House, Norwalk Parks & Recreational Department, Children’s Miracle Network Hospital, Nehemiah Center,
Caryl Crane Youth Theatre, BGSU Firelands Scholarship Fund, Huron River Fest, Firelands Positive People,
Boys & Girls Club of Erie County, and Remember Crusin’ Car Club.
VLFCU’s community involvement was further demonstrated through our commitment to several other
on-going projects. Our Marketing Director, Heather Gilchrist, continued to co-chair Stuff the Bus Erie
County. Collaborating with the Sandusky Mall, United Way of Erie County, and the Volunteer Center, this
annual fundraiser provided new backpacks fi lled with school supplies to 400 elementary students att ending
Sandusky, Perkins, Sandusky Central Catholic, Margarett a, Edison and Vermilion school districts. A special
thanks goes out to the Sandusky Police offi cers who helped with inventory and bag stuffi ng.
VLFCU also renewed their partnership with BAS Broadcasting to sponsor Coats for Caring. Hundreds, if not
thousands, of coats and warm clothing were donated. Aft er items were cleaned by Maytag Laundry, they
were distributed to area residents in Erie and Huron counties by the Department of Jobs & Family Services.
In conjunction with the coat drive, VLFCU once again hosted our Annual Toy Drive. With the help of our
membership, area residents, and Stefano Dental, we were able to donate several hundred toys to children in
Erie and Huron counties.
The impact we made in 2018 was astounding, but we owe much of the success to our VLFCU members!
Each year members step up to donate money, buy a candy bar or two, and drop off coats, toys, and school
supplies. No matt er the size or shape of the donations, they all add up to ways we help pay it forward in our
local communities.
In 2018 VLFCU did our best to increase our community involvement and membership experience. Management and staff worked together to ensure that we donated, empowered and educated individuals and non-profi ts in an eff ort to promote both individual and community success.
Your Credit Union in the Community
15
Investing in Our Membership & Communities
16
Education & Empowerment Financial Literacy and student success continued to be a focal point in 2018. Several managers volunteered for Junior
Achievement in Erie County, as well as Finance 101 in Huron County. Instruction was also provided through classroom
presentations to high school students in Huron and at EHOVE. During Credit Union Youth Month, we engaged with our younger
members by encouraging them to take part in age-appropriate fi nancial skill contests. Additionally, we awarded six scholarships
to member-students graduating from Huron, Edison, Perkins, Margarett a, Sandusky, and Vermilion school districts.
Our educational eff orts, however, were not solely devoted to the younger generation. In fact, VLFCU invested in a new
digital education initiative geared toward every aspect of life. Our Financial Empowerment program provides our members
and community with an engaging learning experience around critical personal fi nance topics such as building emergency
savings, mortgage education and retirement planning.
Highlights of the program include:
Opportunities to apply for grants and low-interest loans
A series of 3-10 minute, interactive learning modules on key fi nancial topics.
Several fi nancial tools and calculators
Mobile and tablet enabled so you can learn anytime, anywhere.
Available in English and Spanish
Your Credit Union in the Community
Your fi nancial well-being is important to us, and we are committed to providing you with resources to manage your money. We encourage you to share this resource with your family, friends, and co-workers. To get started, visit www.vlfcu.org and click on the Financial Literacy page under the Member Center tab.
17
INDEPENDENT FINANCIAL ADVISOR
David Karikas, of Preferred Planning Associates, off ers
more than 29 years of experience in non-deposit
investment products (a), insurance and fi nancial advice.
David’s services are available to VLFCU’s members. David
Karikas serves over 750 members with over $37 million
in invested assets. Additional products include Life
Insurance, Long-Term Care and Fixed Annuities. David is
located at our Perkins Offi ce, 2409 East Perkins Avenue,
Sandusky, Ohio or call 419 625.9025 Extension 1777.
(a) Non-deposit Investment Products: are not FDIC or
NCUA insured, are not obligations of or guaranteed by
VacationLand Federal Credit Union, involve investment
risk and may lose value. David Karikas is a Registered
Representative off ering securities through Cambridge
Investment Research, Inc., a broker/dealer, Member
FINRA/SIPC. Cambridge, VacationLand Federal Credit
Union, and Preferred Planning Associates are not
affi liated companies.
18
PRIVACY POLICY
The Privacy Policy of VacationLand Federal Credit Union
describes how we safeguard our members’ fi nancial privacy.
Your fi nancial privacy is our priority. For more information,
visit us at www.vlfcu.org or call 419.625.9025.
ATM LOCATIONS
All fi ve of our branches are equipped with
ATMs to provide 24-hour access to cash funds.
Additionally, members can access their accounts
at the following business locations:
Firelands Regional Medical Center
1111 Hayes Avenue
Sandusky, OH 44870
2nd Floor – Vending Machine Area
Firelands Hospital – South Campus
1912 Hayes Avenue
Sandusky, OH 44870
Lower Level – Near Elevators
Sports Force Parks at Cedar Point Sports Center
3115 Cleveland Road W
Sandusky, OH 44870
International Automotive Components (IAC)
1608 Sawmill Parkway
Huron, OH 44839
Outside Plant Cafeteria
Vermilion - Main Street Soda Grill
5502 Liberty Avenue
Vermilion, OH 44089
Walk-Up ATM – East Side of Building
LOCATIONS
Hayes Avenue Branch
2911 Hayes Avenue
Sandusky, Ohio 44870
419.625.9025
Perkins Avenue Branch
2409 E. Perkins Avenue
Sandusky, Ohio 44870
419.625.9025
Huron Branch
2402 University Drive
Huron, OH 44839
419.433.3229
CONNECT WITH US
Social Media:
f/VacationLandFCU
t/VacationLandFCU
y/VacationLandFCU
i/VacationLandFCU
l/company/VacationLandFCU
Norwalk Branch
295 Milan Ave, Suite C
Norwalk, Ohio 44857
419.668.6346
Vermilion Branch
1607 State Route 60 N Suite 11
Vermilion, Ohio 44089
440.967.5155
Phone: 419.625.9025 or 800.691.9299
CU*Talk: 419.621.8328 or 877.256.3336
Website: www.vlfcu.org
Federally Insured by NCUA