Statement of Financial Condition at December 31, 2015 and 2014: Unaudited
ASSETS
2015
2014
Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $41,223,762. . . . . . . . . . . . . $39,953,533
Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $56,866,006. . . . . . . . . . . . . $50,793,865
Other Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,832,694. . . . . . . . . . . . . . $4,074,857
TOTAL ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $100,922,462. . . . . . . . . . . . . $94,822,255
LIABILITIES & EQUITY
Payables. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,007,169. . . . . . . . . . . . . . $4,627,500
Member Deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $87,424,592. . . . . . . . . . . . . $81,406,957
Reserves & Undivided Earnings . . . . . . . . . . . . . . . . . . . . . . . . . $9,490,701. . . . . . . . . . . . . . $8,787,798
TOTAL LIABILITIES & EQUITY. . . . . . . . . . . . . . . . . . . . . . . . . $100,922,462. . . . . . . . . . . . . $94,822,255
Statement of Income For the twelve months ended December 31, 2015 and 2014: Unaudited
2015
2014
Interest on Loans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,028,699 . . . . . . . . . . . . . . $2,092,041
Interest on Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $683,527 . . . . . . . . . . . . . . . . $801,685
Other Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,633,262 . . . . . . . . . . . . . . $1,688,717
TOTAL INCOME. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,345,488 . . . . . . . . . . . . . . $4,582,443
Non-operating Gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ($11,685). . . . . . . . . . . . . . . ($391,124)
Operating Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ($3,242,082). . . . . . . . . . . . . ($3,315,756)
Dividends and Interest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ($388,821). . . . . . . . . . . . . . . ($420,674)
NET INCOME. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $702,900 $454,889
VITAL STATISTICS For the twelve months ended December 31, 2015
2015
2014
Members. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,497 . . . . . . . . . . . . . . . . . . 10,469
Capital Ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.40%. . . . . . . . . . . . . . . . . . 9.27%
Delinquency Ratio. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.67%. . . . . . . . . . . . . . . . . . 2.04%
2015 Annual Report
Message to Our Members
First Choice Credit Union (FCCU) continued to make great strides in 2015 toward our goal of
providing outstanding value and service to our membership. Financial strength is the foundation for
a provider of financial services such as FCCU. During the year, we were awarded the Bauer Financial
5 Star rating. This is the highest rating for bank safety and we are very proud to attain that status
for the membership.
While financial strength is critical, the purpose of our existence is to provide value back to the
membership. Every year we work to expand and improve that value and service. In 2015, we
accomplished this in multiple ways. Here are the highlights. We added the following new services
and products:
• Mobile Banking – new convenient access to your account
• Debit Card Reward Program – a cash back reward program using your FCCU debit card at select
merchants
• Young Adult Car Loan – a loan designed specifically to address the unique financial status for young
members and to help them build financial independence
• Quinceañera Loan – a loan designed specifically to take away some of the financial worry so
families can more easily enjoy one of life’s special moments
In 2015, we began to make a concerted effort to utilize social media, primarily through Facebook,
to reach our existing members and as a means to promote the benefits of membership to the
community. Also in 2015, we continued our outreach efforts to the growing Hispanic population
in our local community.
It was a very successful year. The Chairman and the CEO would like to acknowledge the Directors,
the Supervisory Committee, and staff for their service to FCCU. As always, we thank you for your
membership and we wish you a happy, healthy, and prosperous 2016. “Tell Your Friends and Family
About First Choice Credit Union”.
Ann Vitunac
Chairman, Board of Directors Michael J. Welte
President/CEO
Federally insured by NCUA
Report of the Supervisory Committee
The Supervisory Committee provides the oversight function for First Choice Credit Union (FCCU). This
is accomplished through the direct performance of audit procedures and the review of other outside
exams, audits, and reviews. In addition, the Committee fulfills the oversight function by engaging
independent Certified Public Accountants (CPAs) to perform an annual certified audit. In this effort, the
Committee caused our annual external audit to be performed by Ewart &Associates, LLC and CPA for
the period ending June 30, 2015. This audit resulted in a “clean opinion” that our financial statements
fairly represent in all material respects, the financial position of the Credit Union.
Genevieve Ferguson, Chairman, Supervisory Committee
Report of the Nominating Committee
The Nominating Committee is pleased to submit the following qualified members as nominees to serve
on the Credit Union Board of Directors.
Carlos Megias, Currently serving as a Board member
Delores Gray, Currently serving as a Board Member
In accordance with Article XII, Section 1 of the Credit Union’s bylaws, the Nominating Committee has
submitted one name per position and as such there will be no balloting, unless nominees are proposed
through the petition process described herein. Otherwise, at the Annual Meeting the Chair of the Board
shall declare the nominees as duly elected.
Nancy Roberts, Chairperson, Nominating Committee
Report of the Credit Manager
First Choice Credit Union (FCCU) disbursed approximately $13.1 million in loans to its members in
2015. This was 18% higher than the previous year. The largest category of loans was car loans which
accounted for 66% of the loans. Second mortgage loans made up 27% of total loans. Unsecured and
other types of loans made up 7% of loans. As always, FCCU is committed to providing convenient low
cost loans to its members.
Michael J. Welte, Credit Manager
Minutes of the 85th Annual Meeting
The 85th Annual Meeting of the First Choice Credit Union was held March 23th, 2015 at the
Main Office of First Choice Credit Union located at 1055 S. Congress Ave. The meeting began
at 6:10 p.m. and was presided over by Chairman Ann Vitunac.
Chairman Vitunac began the meeting with the Pledge of Allegiance. The Board of Directors
were introduced and it was determined that a quorum was present. The following Directors
were in attendance: Robert Delancy, Rhonda Diffenbach, Delores Gray, Anthony Marasciullo,
Carlos Megias, Nancy Roberts, Ann Vitunac and Mike Welte. Chairman Vitunac thanked each
of the Board Members for volunteering their time each month. Genevieve Ferguson and Robin
Gendreau, currently serving on our Supervisory Committee were also recognized. Natalie
Pickrell, currently serving on the Supervisory Committee was not in attendance.
Chairman Vitunac asked members to review the minutes for the 84th annual meeting then
Ken Soule, a member, moved to approve the minutes as read and Mark Blount, a member
seconded this motion.
The Nominating Committee submitted the following names for positions available; Robert
Delancy, Anthony Marascuillo and Mike Welte. With no balloting, Chairman Vitunac declared
all nominees elected.
Treasurer Welte referred members to the annual report to read the Chairman and President’s
Message to the Membership. He reported that 2014 was a successful year. He also noted
we were in a good economic climate noting the stock market, low gas prices, improvement
in the housing market, and lower unemployment rate in Palm Beach County. He announced
the Royal Palm Beach office had been sold. And, the Credit Union is going to explore mobile
banking in the upcoming year. There were no questions from the audience.
Treasurer Welte requested members read the Credit Managers and Supervisory Committee
reports. Committee members, Genevieve Ferguson and Robin Gendreau were present and
recognized again. There were no questions or comments.
There was neither unfinished business nor any new business.
There being no further business to conduct, Robin Gendreau, a member, moved to adjourn
the meeting. Elvin Lanier, a member, seconded the motion and Chairman Vitunac adjourned
the 85th Annual Meeting. Immediately following, there were door prizes and the reception
continued. The flower center pieces were door prizes given to members; Dorothy Fagan,
Helen Merkel, Phyllis Jones and Sara Northard.
Nancy Roberts, Secretary
Ann Vitunac, Chairman