Gulf States Credit Union








Financials

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%

Home Equity Rates Auto Rates Savings Rates

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

new - as low as 5.0%
used - as low as 5.75%

savings rates - 1.0% 
money markets - up to 2.5%

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