Gulf States Credit Union








Financials

GSCU Stress Report conducted by BauerFinancial

PRESIDENT'S MESSAGE

I wanted to provide an update concerning the National Credit Union Administration’s (NCUA) corporate credit union stabilization plan.  

 

The NCUA has analyzed the financial positions of all 27 corporate credit unions. They felt that further action needed to be taken to stabilize the corporate credit union structure. Two of the 27 corporates, U.S. Central Federal Credit Union and Western Corporation (WesCorp.), were determined to have higher-than-expected loss estimates. In late March, they were both taken into conservatorship by NCUA, meaning NCUA took direct control and supervision of both institutions to maintain the confidence of member credit unions given the expected impairment of assets and credit rating downgrades. Both corporate credit unions are now being operated by new CEOs and Boards of Directors appointed by the NCUA. U.S. Central and WesCorp both opened for business as usual on Monday, March 23rd with no interruption in service to their member credit unions.

 

Although Gulf States CU does not have any deposits or investments with either U.S. Central or WesCorp, we are members of and utilize services offered by Southeast Corporate FCU headquartered in Tallahassee. The NCUA's analysis indicated the portfolio risk at Southeast Corporate is manageable. Southeast Corporate has pledged to continue serving its member credit unions, including Gulf States, with an ongoing commitment to safety and quality.

 

You can have peace of mind knowing that:

  • Gulf States Credit Union's capital ratio is over 14%. A credit union is considered adequately capitalized if their ratio is 7%.
  • Gulf States deposits are insured to at least $250,000 and are backed by the full faith and credit of the United States government. No one has ever lost a penny of federally insured deposits in any credit union.
  • 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. BauerFinancial has rated us a 5 star institution, the highest rating you can earn.

It is of the utmost importance to keep our members informed about what is occurring in the industry. I will continue to update the membership as news becomes available.

Sincerely,

Gary E. Teramae
President / CEO

STATEMENT OF FINANCIAL CONDITION  

PERIOD ENDING February 28, 2010

ASSETS

Regular Loans

      $

7,252,652

Leases

 

- - -

Educational Loans  

 1,609

Real Estate Loans  

2,983,142

Commercial Real Estate Loans  

938,400

ODP Loans  

4,547

Visa Loans  

 642,453

Loans In Liquidation  

 - - -

Total Loans

 

 11,822,802

Allowance For Loan Loss  

 (74,830)

Allowance For ODP  

 (5,865)

Net Loans

 

11,742,107

Cash On Hand  

516,515

US Government Obligations  

 - - -

Federal Agency Securities  

 - - -

Other Certificates  

7,697,990

Other Investments  

22,061

Certificates In Corp CU  

100,000

Shares In Corp CU  

2,543,714

Total Cash / Investments

 

 10,880,280

Land 9405 S. Highway 17-92  

 458,000

Building (NET)  

 342,828

Furniture & Equipment (NET)  

23,868

Accounts Receivable  

 174,512

Prepaid / Deferred Expense  

42,897

Accrued Income  

61,765

NCUA Share Insurance Fund

 

 166,152

Assets Acquired In Liq / Loan  

34,000

Other Assets  

42,316

Total Other Assets  

 1,346,338

Total Assets

 

 23,968,725

 

 LIABILITIES / EQUITY
Accounts Payable $

6,317

Accrued Dividends Payable  

- - -

NCUSIF Stabilization
 

- - -

Other Liabilities  

55,650

Notes & Interest Payable  

 - - -

Total Liabilities

 

61,966

Share Accounts  

7,188,793

Checking Accounts  

3,239,238

Club Accounts  

106,891

Escrow Deposit Accounts  

32,459

Money Market Accounts  

3,478,019

IRA Share Accounts  

433,704

HSA Share Accounts  

 280,155

Certificates  - IRA  

 2,089,323

Certificates 3-6 Months  

595,560

Certificates 12 Months  

 1,559,148

Certificates over 12 Months  

 1,260,039

Total Member Savings

 

 20,263,328

Reserves  

 702,342

Undivided Earnings  

 2,938,526

Net Income (Loss)  

2,564

Total Capital / Equity

 

 3,643,431

Total Liabilities / Equity

 

 23,968,725

CONTINGENT LIABILITIES

   
VISA  

942,205

Home Equity (350)  

127,802

Unsecured LOC (10)  

 44,680

Total

 

 1,114,687

Capital  

 15.20%

Home Equity Rates Auto Rates Savings Rates

home equity - as low as 7.0%
heloc - 1% over Prime

new - as low as 3.99%
used - as low as 4.99%

savings rates - 0.50% 
money markets - up to 1.00%

> view more rates > view more rates > view more rates
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