Thank you for sharing your special moments
with us during our 80 years of service.
TREASURER’S REPORT
Financial results for the year ending December 31,
2014 were very positive. Assets grew $224 million or
7.9% while member deposits grew $177 million or 7.2%.
This level of deposit growth compares favorably
with peer averages and reflects strong acceptance by
members. Membership grew 11,263 or 7.8% to a total
of 155,004 members at December 31, 2014.
Growth was experienced in all loan classifications.
Total loans grew $231 million or 10.8% to $2.36 billion
at December 31, 2014. Consumer loan growth ($103
million or 17.7%) exceeded $100 million for the first
time in history. Mortgage loans grew $97 million or
8.9%. Loan losses in 2014 were again at near historic
low levels, well below industry averages.
ECU Branches
CREDIT COMMITTEE REPORT
LOANS
TOTAL
in Millions
GROWTH GROWTH
in Millions
Consumer
$ 686
$ 103
Mortgage
1,177
97
Home Equity
207
6
Visa
76
5
Member Business Loans
216
20
TOTAL
$2,362
$231
The loan approval rate is 76%.
Loan delinquencies over 60 days are at 0.18%.
Percentage
17.7%
8.9%
3.2%
6.8%
10.2%
10.8%
Of $177 million in total deposit growth, $104 million
or 16.7% was in member shares. Checking account
balances grew $67 million or 25.0% and insured
money market accounts (IMMA) increased $27
million or 7.3%. These increases were partially offset
by decreases in investment certificates totaling
$21 million or 1.8%. The certificate decline is a
continuation of a multi-year trend. As interest rates
decline, members tend to shorten deposit maturities
in anticipation of higher rates (usually driven by an
improving economy).
Return on assets (ROA) from continuing operations
was 1.47% as compared to 1.44% the previous year.
The interest rate environment in 2014 continued to
create an attractive spread between interest earned
on loans and investments versus cost of funds. The
effects of an attractive gross margin coupled with
low loan losses, expense management, and improved
non-interest income were key 2014 ROA drivers.
Net worth was 12.74% at December 31, 2014, an
increase from 12.50% at year-end 2013. Net worth
continues to be exceptionally strong by
regulatory standards.
City/State
Abingdon, VA
Blountville, TN
Bristol, TN
Bristol, VA
Duffield, VA
Gate City, VA
Gray, TN
Johnson City, TN
Jonesborough, TN
Kingsport, TN
Longview, TX
Mount Carmel, TN
Rogersville, TN
ANNUAL REPORT
AUDIT COMMITTEE REPORT
The Audit Committee is appointed by the Board of Directors
to assist the Board in fulfilling its oversight responsibilities
related to the integrity of the financial statements, the Credit
Union’s system of internal controls, and the independence
and performance of the Credit Union’s internal and external
auditors. Review of audits performed by ECU’s internal and
external auditors helps fulfill the Audit Committee’s oversight
responsibility. Based on these reviews, the Audit Committee
believes ECU is operating in a safe and sound manner.
A difference you just
don’t find anywhere
Address
Hours (Mon. – Fri.)
159 East Valley Street
9:00 am - 5:30 pm
3306 Highway 126
7:30 am - 5:30 pm
1237 Volunteer Parkway
7:30 am - 5:30 pm
16501 Highlands Center Boulevard
7:30 am - 5:30 pm
127 Tempur Pedic Drive (U.S. Highway 58)
7:30 am - 5:30 pm
265 Jones Street
7:30 am - 5:30 pm
384 Roy Martin Road
7:30 am - 5:30 pm
113 Broyles Drive
7:30 am - 5:30 pm
255 Marketplace Boulevard
7:30 am - 5:30 pm
421 North State of Franklin Road
7:30 am - 5:30 pm
4307 North Roan Street (Boones Creek)
7:30 am - 5:30 pm
301 West Jackson Boulevard
7:30 am - 5:30 pm
130 West Ravine Road (Holston Valley Hospital) 10:00 am - 4:00 pm
170 Wendover Drive (Colonial Heights)
7:30 am - 5:30 pm
201 South Wilcox Drive
7:30 am - 5:30 pm
216 West Ravine Road
9:00 am - 5:30 pm
2021 Meadowview Lane
7:30 am - 5:30 pm
2631 East Stone Drive
7:30 am - 5:30 pm
Eastman Chemical B147
7:30 am - 5:30 pm
Eastman Chemical B230 (Restricted Access)
7:30 am - 1:00 pm
Highway 149, Kodak Boulevard
7:30 am - 5:30 pm Drive Up
8:00 am - 5:30 pm Lobby
3066 North Eastman Road
7:30 am - 6:00 pm Drive Up
8:00 am - 5:30 pm Lobby
166 Main Street
7:30 am - 5:30 pm
4003 Highway 66
9:00 am - 5:30 pm
Toll–Free Nationwide
800.999.2328
Internet Access
www.ecu.org
2014
Your savings federally insured to at least $250,000 and backed by the full faith and
credit of the National Credit Union Administration, a U.S. Government Agency.
CHAIRMAN AND CEO’S REPORT
EASTMAN CREDIT UNION CONSOLIDATED FINANCIAL STATEMENTS
In 2014, Eastman Credit Union continued building relationships with members. Thanks to the loyalty of our members, we achieved
and surpassed 2014 goals including membership, loan growth, checking account growth, and asset size. ECU’s asset size grew by 7.9%
to a total of $3.06 billion dollars, and our membership increased by 7.8% ending the year with 155,004 members. Members continued to
share their special moments with us, and we’re happy to say that we gained record consumer loan and checking account growth.
Our members know the more they put into a relationship with us, the more they get out of it, and we’re proud of the relationships we’ve
built with you over the last 80 years.
Our members tend to agree that there’s an extraordinary difference when they trust ECU.
Here are some of the highlights you made possible in 2014:
Announced a record-breaking $8 million extraordinary dividend totaling almost $70 million in payouts since 1998
Recognized by Nerd Wallet for best credit union for free checking, high-yield savings, and ATM/branch access
Asset Growth
in Millions
$224
$160
2014
2013
$231
$185
2014
2013
$160
2012
BOARD OF DIRECTORS
(Standing Left to Right)
Stacey E. Pomrenke
Kyle P. Macione
E. Wayne Kirk (Vice Chairman)
Jeff W. Anderson
Olan O. Jones, Jr. (CEO/President)
Norris P. Sneed (Treasurer)
(Seated Left to Right)
B. Fielding Rolston (Chairman)
Lisa A. McConnell (Secretary)
Steve G. Crawford (not pictured)
Achieved record consumer loan growth of $103 million
Celebrated a milestone achievement of $3 billion in assets
Surpassed a milestone achievement of 100,000 Beyond Free Checking accounts
MagnifyMoney study reported ECU had one of the highest rated mobile apps in the nation
$174
Commemorated 80 years of service
Achieved highest member satisfaction score on the member survey results
Contributed over $445,000 to more than 125 charitable and community organizations
Loan Growth
in Millions
2012
Compensation & Management
Development Committee
Olan O. Jones, Jr.
B. Fielding Rolston, Chairman
Norris P. Sneed
With a net worth of 12.74%, ECU is a financially sound and strong organization. The accomplishments above would not be possible if it
were not for you, our loyal members. We are proud to offer a difference that you don’t find just anywhere.
Sincerely,
B. Fielding Rolston
Chairman
Olan O. Jones, Jr.
Chief Executive Officer
Membership
Growth
Audit Committee
Jeff W. Anderson
Kyle P. Macione, Chairman
Stacey E. Pomrenke
11,263
10,370
10,195
2014
2013
2012
Credit Committee
Lisa A. Broadwater
Thomas W. Kennedy
Dolly T. Linkous
Tammy A. Latture
Finance Committee
David W. Atkinson
Olan O. Jones, Jr.
E. Wayne Kirk, Chairman
B. Fielding Rolston
Norris P. Sneed
SENIOR MANAGEMENT TEAM
(Standing Left to Right)
Darrell E. Dinsmore – VP Information Technology
Cherie S. Monson – VP General Counsel
Kelly F. Price – VP Operations
Olan O. Jones, Jr. – CEO/President
Gary M. Tucker – SVP Government
and Business Relations
(Seated Left to Right)
David W. Atkinson – EVP/CFO
Debra C. Bridwell – SVP Marketing/Facilities
Carol S. Cross – VP Human Resources
/Operational Training
Tammy A. Latture – VP Member Services/Lending