PRESIDENT'S MESSAGE
GULF STATES REMAINS STRONG IN DIFFICULT TIMES
First and foremost, I want to thank you for your trust and confidence in us with the important responsibility of protecting your money. It seems every week we hear about another major crisis in the financial industry from the failure of the mortgage company Countrywide to the government bailout of Freddie Mac and Fannie Mae to the recent failure of Indymac Bank and finally the massive reported losses of some of the most respected banks in the country. I want to assure you that we continue to be financially strong by consistently maintaining responsible lending policies, conservative investment practices, a keen eye on expenses and a strong capital base.
In addition to this, your deposits are fully insured by the full faith and credit of the U.S. Government through our regulator the National Credit Union Association (NCUA). Your funds are insured up to $100,000 for regular accounts and up to an additional $250,000 for individual retirement accounts (IRA’s). In fact, depending on the structuring of your accounts, you may be insured for even greater sums of money. Visit the NCUSIF (Share Insurance) page to fully understand how you can accomplish this. This is information that is distributed through NCUA so you can be assured of its authenticity.
You can have peace of mind knowing that:
-
Gulf States Credit Union’s capital ratio is over 16%. A credit union is considered adequately capitalized if their ratio is 7%.
-
Gulf States’ most recent regulator examination and CPA audit was highly rated for safety and soundness. State examinations are very strictly enforced.
-
Gulf States has never been involved in sub-prime mortgage lending practices.
-
Gulf States is highly rated by some of the most respected financial rating companies in the country. Bauer Financial has rated us a 5 star institution, the highest rating you can earn.
We encourage you to call us and ask questions because we want to make sure that you are comfortable with where you do your banking.
Sincerely,
Gary E. Teramae
President / CEO
| STATEMENT OF FINANCIAL CONDITION |
|
PERIOD ENDING June 30, 2008
|
|
ASSETS
|
|
Regular Loans
|
$
|
8,606,339
|
|
Leases
|
|
- - -
|
| Educational Loans |
|
18,222
|
| Real Estate Loans |
|
3,222,971
|
| Commercial Real Estate Loans |
|
635,092
|
| ODP Loans |
|
7,923
|
| Visa Loans |
|
606,818
|
| Loans In Liquidation |
|
- - -
|
|
Total Loans
|
|
13,097,363
|
| Allowance For Loan Loss |
|
(49,110)
|
| Allowance For ODP |
|
(2,515)
|
|
Net Loans
|
|
13,045,738
|
| Cash On Hand |
|
375,972
|
| US Government Obligations |
|
- - -
|
| Federal Agency Securities |
|
- - -
|
| Other Certificates |
|
3,698,990
|
| Other Investments |
|
13,390
|
| Certificates In Corp CU |
|
1,100,000
|
| Shares In Corp CU |
|
2,564,900
|
|
Total Cash / Investments
|
|
7,753,252
|
| Land 9405 S. Highway 17-92 |
|
458,000
|
| Building (NET) |
|
377,825
|
| Furniture & Equipment (NET) |
|
24,194
|
| Accounts Receivable |
|
51,321
|
| Prepaid / Deferred Expense |
|
34,047
|
| Accrued Income |
|
77,226
|
|
NCUA Share Insurance Fund
|
|
151,822
|
| Assets Acquired In Liq / Loan |
|
- - -
|
| Other Assets |
|
47,402
|
| Total Other Assets |
|
1,221,838
|
|
Total Assets
|
|
22,020,828
|
|
LIABILITIES / EQUITY
|
| Accounts Payable |
$ |
13,057
|
| Accrued Dividends Payable |
|
- - -
|
| Other Liabilities |
|
48,072
|
| Notes & Interest Payable |
|
- - -
|
|
Total Liabilities
|
|
61,129
|
| Share Accounts |
|
7,287,837
|
| Checking Accounts |
|
3,151,812
|
| Club Accounts |
|
131,227
|
| Escrow Deposit Accounts |
|
41,646
|
| Money Market Accounts |
|
1,528,627
|
| IRA Share Accounts |
|
399,528
|
| HSA Share Accounts |
|
199,350
|
| Certificates - IRA |
|
1,916,610
|
| Certificates 3-6 Months |
|
358,424
|
| Certificates 12 Months |
|
1,896,005
|
| Certificates over 12 Months |
|
1,495,541
|
|
Total Member Savings
|
|
18,406,608
|
| Reserves |
|
702,342
|
| Undivided Earnings |
|
2,850,750
|
| Net Income (Loss) |
|
- - -
|
|
Total Capital / Equity
|
|
3,553,092
|
|
Total Liabilities / Equity
|
|
22,020,828
|
|
CONTINGENT LIABILITIES
|
|
|
| VISA |
|
864,341
|
| Home Equity (350) |
|
145,520
|
| Unsecured LOC (10) |
|
74,529
|
|
Total
|
|
1,084,390
|
| Capital |
|
16.14%
|
|
