Our Mission

Our Vision

Improving the Qualityof Financial Lives

Be number one in hearts and minds of Greater Cincinnatians through our mission to Improve the Quality of Financial Lives for employees, members, and our community.

Cheryl Hill2nd Vice Chairperson

Timothy D. Ballinger Jerry Cabe

Supervisory CommitteeKaren Jordan, ChairpersonJeanenne Denzler & Clifford Hackney

Nominating CommitteeJerry Cabe, Chairman

Annual Meeting CommitteeJill Lingo & Angela Bachmann CPA FirmBKD, LLP

Legal CounselWood + Lamping LLP

Executive ManagementTimothy Ballinger, President & CEO Diane Huelsman, Executive Assistant Kevin Motley, Chief Financial Officer

Mary Cay VessellsChairperson

Richard IlleSecretary/Treasurer

Robert Peak

Michael Johnson1st Vice Chairman

Perry Engstrom Gayle Nyswonger

COMMITTEES & SENIOR MANAGEMENT

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BOARD OF DIRECTORS

I am pleased to report another successful year for your Credit Union in terms of financial health and continued growth. As our mission states, we want to Improve Members’ Financial Lives; it’s an important aspect of who we are and is our innate desire to be a lifetime partner to assist you in achieving your dreams. The foundation for our approach to this year’s Annual Meeting, and efforts throughout the year, revolve around this very concept in that, “Together We Will.” I like that. It reminds me that together we form a community, a financial community, not just a financial institution.

Recently, my husband and I downsized to a condo. The Homeowner’s Association not only welcomed us to our new home, but to the community we joined. Their board consists of members with diverse talents, such as: insurance, finance, property management, and engineering, all working together. I equate their broad range of expertise to our professional financial services within the GECU financial community of: investment, legal, real estate, and insurance services. With these services, we support and offer educational seminars to members on estate, retirement, and tax planning, to name a few—when partnered with our traditional products,

this demonstrates that together we will connect to build strong financial futures and relationships for our members.

Taking a look at the impact made last year in our community, your Credit Union provided:

• 19,658 new Auto Loans for $464,080,544;

• 707 new First Mortgage Loans for $263,202,993; and

• 335 new Home Equity Loans for $19,638,600

Additionally, various new competitive deposit products were successfully offered, such as Bump Certificates and Amplified High-Yield Checking, adding to a year with strong deposit growth. In 2018, we opened 8,241 new certificates for nearly $575,000,000 and we also opened over 3,300 new checking accounts. We are always looking to improve our products and the service we deliver to further enhance the lives of our members. Our loans and deposits have helped to Improve the Quality of Financial Lives and sustained the foundation of General Electric Credit Union to flourish and grow. With your continued support, Together We Will.

CHAIRPERSON REPORT

Mary Cay VessellsChairperson

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Together we will

connect

The primary responsibility of the Supervisory Committee is to protect the welfare of the Credit Union’s: members, officials, and employees. Safety of funds, protection of members’ balances, and the determination of accuracy in maintenance of accounts and records are all under our authority. Your role is to inform the committee of any transaction which you consider unusual or not in agreement with your records. Together we will connect to ensure the continued protection of funds.

In 2018, the Credit Union’s financial records were audited. We found them to accurately represent the true financial condition of the Credit Union. Additionally, we conducted several member account verification audits by

randomly selecting member accounts for validation and asking members to verify the accuracy of the Credit Union’s records against their own.

Under the direction of the Supervisory Committee, the certified public accounting firm of BKD, LLP assisted us by performing our annual audit. The annual examination by the State of Ohio and the National Credit Union Administration was also performed and the Credit Union was found to be in compliance with the laws and regulations set forth by the Ohio Division of Financial Institutions and the National Credit Union Administration.

Based on the results of these audits, I am pleased to report your Credit Union is financially sound and well-managed.

Karen JordanSupervisory Committee

Chairperson

SUPERVISORY COMMITTEE REPORTAs your Treasurer, I am pleased to report we remain one of the most financially sound Credit Unions in the country. In 2018, we continued to grow at a significant pace.

Our Credit Union is over $3 billion in total assets and we hold our place as a leading financial institution in the Greater Cincinnati area. We experienced significant growth in 2018, as we expanded our product and service lineup and continued to improve and positively affect your member experience.

In 2018, we maintained both our strong loan and deposit portfolio. Our loan portfolio finished the year at $2.64 billion and our share portfolio was at $2.74

billion. We continue to pay some of the highest deposit rates in the area to attract and retain new members. Moving forward, we will continue to create new, best-in-class products and services allowing us to deepen relationships with members. Together we will grow our opportunity for future financial success.

While our growth is exciting, the safety and soundness of our Credit Union is also important. Our financial strength can be seen within our capital and retained earnings, or our net worth. Our value is strong, both in the sense of financial security and in importance to the community. I am pleased to report the financial condition of our Credit Union is solidly secure and very healthy.

Richard IlleSecretary/Treasurer

TREASURER REPORT

Together we will

grow

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STATEMENT OF FINANCIAL CONDITION

STATEMENT OF INCOME

FINANCIAL HIGHLIGHTS

SHARES

2016

2016

2016

2016

2017

2017

2017

2017

2018

2018

2018

2018

LOANS

ASSETS

MEMBERS

$2,363,303,049

$2,518,205,727

$2,817,870,743

171,168

$2,511,793,553

$2,531,117,535

$2,795,898,562

181,464

$2,744,250,353

$2,643,744,196

$3,042,623,650

187,869

Assets 2018 2017Cash and Equivalents $14,466,662 $11,856,143Investments 314,473,665 209,764,977Loans to Members 2,643,744,196 2,531,117,535Less: Allowance for Loan Losses (18,117,912) (20,027,950)Deferred Income 9,364,659 7,259,856Other Assets 78,692,380 55,928,001Total Assets $3,042,623,650 $2,795,898,562

Liabilities and Members’ Equity 2018 2017Share Accounts $2,744,250,353 $2,511,793,553Other Liabilities 18,575,097 18,199,199Total Liabilities $2,762,825,450 $2,529,992,752Members’ Equity: Statutory Earnings $13,346,094 $13,346,094 Retained Earnings 266,922,756 252,927,266 Net Unrealized Gain/Loss on Investments (470,650) (367,550) Total Members’ Equity $279,798,200 $265,905,810Total Liabilities & Members’ Equity $3,042,623,650 $2,795,898,562

Income 2018 2017Total Interest Income $98,214,414 $88,337,738Total Interest Expense (43,236,391) (35,302,471)Net Interest Margin $54,978,023 $53,035,267Loan Loss Provision Expense ( 13,134,866) (21,520,894)Net Interest Income $41,843,157 $31,514,373

Non-interest Income $14,290,986 $15,193,579Non-interest Expenses (42,138,654) (34,444,442)Net Income $13,995,489 $12,263,510

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General Electric Credit Union’s Board of Directors is comprised of volunteers elected by its membership. The dedication and volunteerism of our board is what truly makes this Credit Union great. It is the responsibility of the committee to nominate at least one member for each vacancy on the board.

In January, the Secretary of the Board, Mr. Richard Ille, caused a mail ballot to be sent to all members of record, in accordance to our by-laws, as of January 5, 2019. Those voting needed to complete their ballot and send it for receipt by our credentials committee, the CPA firm of BKD, LLP, by midnight March 7, 2019.

On behalf of the nominating committee, we’d like to thank the candidates for participating in this election process. Their willingness to serve in this volunteer capacity shows their active interest in the Credit Union and its membership.

Together we will learn from each other and combine our expertise to offer our breadth of knowledge in supporting the direction of the Credit Union.

The results of our election were announced at the Annual Meeting.

Jerry CabeNominating Committee

Chairperson

NOMINATING COMMITTEE REPORT

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Together we will

learn

Timothy D. Ballinger

2019 STRATEGIC DIRECTIONFamilies and relationships are the centerpieces of our lives. At the heart of each, is the drive to improve the quality of someone’s life. As with families and relationships, the Credit Union’s mission is to Improve the Quality of Financial Lives. In 2018, while conducting a member survey, we asked you how you wanted us to serve you better, and we listened because you are part of our family. Together we care about the importance of financial health and happiness, as it’s as essential to us as it is to you and your family.

Bottom line, you told us how together we could enlarge and improve our financial relationships. Important services like giving you free access to over 57,000 additional ATMs, a Kentucky branch, and the highest deposit rates possible, are just a few steps demonstrating our commitment to you. We’ll continue conducting member surveys as together we will learn how to confidently move forward and create a better tomorrow.

As you read this, we are also building extraordinary branches in Oakley and Montgomery and have our sights set on a location on the west side of Cincinnati, with another in northern Kentucky. Together we will grow as we expand our footprint and further embrace our

technology focus with Interactive Teller Machines (ITMs) that do so much more than provide you cash, like an ATM. They will enable you to conduct nearly every possible transaction you can conduct with a live teller, 24 hours a day, 7 days a week.

We’ve recently launched our new checking accounts, which include free access to the previously mentioned network of over 57,000 ATMs, as well as a new option for overdraft protection. For the business community, we will be providing a complete suite of Treasury Management products. These are just two examples, with many more to come. As you can expect, your General Electric Credit Union “financial home” will provide you the comforts you have come to deserve and expect, and the best products, with the best service, that are in your financial best interest to help you thrive.

In 2019, together we will make your financial home the best in the neighborhood, a place you want to bring family and friends, and where you want to build special relationships. Thank you for your continued trust and support as home is where the heart is.

Together we care about the importance of financial health and happiness, as it’s as essential to us as it is to you and your family.

Introducing...Our new logo.

Our Credit Union is evolving and so is our brand. As a part of our commitment to innovation and technology, we’re unveiling a refreshed brand to reflect the values we were founded upon while showcasing our position as the area’s largest credit union.

TOMORROW’S GECUExperience one-on-one service, financial resources, and access to our products, while managing your own transactional banking. It will be where you’re invited in for a discussion of your needs, challenges, dreams, and desires; a space where we know how we can do more for you.

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10485 Reading Road l Cincinnati, OH 45241513.243.4328 l gecreditunion.org l 800.542.7093

Equal Opportunity LenderGECU NMLS #449875

Insured by NCUA

Through the eyes of one of our younger members. A special thank you to the Domroy family for

allowing us to share their son’s drawing.