2A0N21NUAL REPORT
MISSION STATEMENT The mission of Associated Credit Union of Texas is to offer progressive, quality financial services responsive to its member-owners. The Credit Union is dedicated to providing these services in a caring, professional manner while maintaining a strong financial base.
TABLE OF CONTENTS 02 MESSAGE FROM THE CEO 03 PRIOR MEETING MINUTES 04 AUDIT REPORT 04 ELECTION OF DIRECTORS 04 BYLAWS AMENDMENT 05 GROWTH 06 FINANCIAL CONDITION 07 BOARD OF DIRECTORS & EXECUTIVE STAFF 08 SENIOR MANAGEMENT TEAM
MESSAGE FROM THE CEO 2021 was another record year for Associated Credit Union of Texas. While each individual accomplishment can stand on its own, the sum of these steps forward is what made the year truly remarkable. 2021 brought growth in membership, enhancements to our digital banking channels, and a continued focus on giving back to our members. Early in the year, the Board of Directors and Executive Management Team held their strategic planning session and agreed on a sustained effort to position the credit union as a digital services leader and strengthen the organization’s brand recognition. In order to ensure the credit union’s mission is maintained for years to come, a succession plan also became a priority. Our members are at the center of everything we do, and 2021 was no exception. Our continued growth is key to the future of our credit union and allows us to offer competitive rates and innovative products for our members. This year we increased our business service offerings in hopes of providing local businesses a viable option for business banking with ACU of Texas. We will continue to expand our business offerings and look to implement several digital business solutions this year. ACU of Texas has always been focused on giving back to our members, and as we’ve grown, we’ve created more ways to help our members succeed. In 2021, we released multiple digital banking enhancements, which include improved online account opening opportunities and increased account accessibility from the convenience of a mobile device or computer. Each improvement was made in concert with our mission to simplify our members’ banking experience. As we continued our digital-first approach to banking, we moved our computer operations to a secured safe site (EASE) to further ensure the safety of our members’ personal information and to provide best-in-class disaster recovery capabilities. Decisions like these allow us to do more for you in more meaningful ways. For example, we added staff to our Loan Processing and Member Access Center teams who answer questions and provide support to help do more with your money each day. We aim to make the member experience simple and reliable, offering the highest levels of member and digital services. With more than 42,000 members and over $500 million in assets, the credit union has thirteen branch locations located throughout Galveston, Harris, Brazoria, and Washington counties. Our expanded field of membership now includes Brazos, Chambers, Fort Bend, Grimes, Matagorda, Montgomery, and Wharton counties. The credit union owns and operates ACU Insurance Services, Keystone Realty Group, and Keystone Community Development Corporation. ACU of Texas is committed to making continuous improvements, both small and large, to better serve our members, and the credit union’s long-term strategy puts the member experience front and center. It has never been a better time to be a member of ACU of Texas. Jack Click CEO, Associated Credit Union of Texas ACU OF TEXAS ANNUAL REPORT 2021 | 02
PRIOR MEETING MINUTES ASSOCIATED CREDIT UNION OF TEXAS 72ND ANNUAL MEETING MINUTES | FEBRUARY 18, 2021 Chairman Mark Kline called the 72nd Annual Membership Meeting of Associated Credit Union of Texas to order at 6:03 PM on Thursday, February 18, 2021. Due to COVID-19, the Annual Meeting was held via Zoom. Chairman Kline welcomed the members and thanked them for their attendance. Chairman Kline then stated that he had confirmed with Secretary Joel Mueller that a quorum was present. Next item of business was the minutes of last year’s Annual Meeting. Chairman Kline reported that members were furnished with a copy of last year’s Annual Meeting minutes. Chairman Kline asked for any comments or questions concerning last year’s minutes as printed. There were none. The minutes were approved as printed with a motion made by credit union member and COO Jay Coppock and seconded by credit union member and CFO Clay Franks. A vote was then taken and none were opposed. The minutes were approved as presented. Chairman Kline then advised the membership that the Report of the Board of Directors and President as well as the Audit Committee Report were published in the program. Chairman Kline requested that all attendees review the reports. Chairman Kline called for any unfinished business. There was no unfinished business. Chairman Kline called for any new business. There was no new business. Moving on to the Election of Officers, Chairman Kline gave the Nominating Committee Report on behalf of Nominations Committee Chair John Blair. Chairman Kline reported that there were four positions on the board to be filled. The nominees were given as follows: Kyle Dickson (3-year term), Joel Mueller (3-year term), Bruce Terry (3-year term) and Kent Postma (2-year term). Chairman Kline concluded the report and accepted the motion made by credit union member and COO Jay Coppock and seconded by credit union member and CFO Clay Franks that the four candidates are to be elected by acclamation. Motion carried. Chairman Kline accepted the motion made by credit union member and CFO Clay Franks and seconded by credit union member and COO Jay Coppock to adjourn the meeting and the motion carried. Chairman Kline thanked everyone for attending and the meeting was adjourned at 6:10 pm. 03 | ACU OF TEXAS ANNUAL REPORT 2021
AUDIT REPORT The standard examination of ACU of Texas was completed by the Texas Credit Union Department as of March 31, 2021. All aspects of the credit union’s operations, including the safety and soundness, were covered in the examination. The examination report indicated that ACU of Texas continues to operate in a safe and sound manner. Additionally, we retained the independent CPA firm of CliftonLarsonAllen LLP to perform an annual audit to ensure compliance in all areas of the credit union. The annual audit covered the period of January 1, 2020 to December 31, 2020. CliftonLarsonAllen LLP also performed a member account verification audit for the period ending September 30, 2020. ELECTION OF DIRECTORS The Nominating Committee reviewed the applications submitted and are recommending Mark Kline and Mark Rodriguez for re-election for a three-year term. All board members have completed the Director Application and Agreement to Serve and have indicated a willingness to continue serving on the Board of Directors. BYLAWS AMENDMENT On January 10, 2022, the Bylaws of the credit union were amended to separate the CEO/President position into two positions. ACU OF TEXAS ANNUAL REPORT 2021 | 04
GROWTH 41,583 $519,247,391 LOAN Members in Total Assets $333,849,004 Funded in Loans ASSETS LOANS 2017 $375,781,829 2017 $252,736,336 2018 $398,567,137 2018 $284,741,276 2019 $418,813,341 2019 $316,359,361 2020 $487,526,782 2021 $519,247,391 2020 $312,420,546 2021 $333,849,004 DEPOSITS MEMBERS 2017 $362,860,544 2017 38,577 2018 $352,734,474 2018 40,244 2019 40,879 2019 $371,314,449 2020 $441,626,777 2020 42,242 2021 $469,818,220 2021 41,583 05 | ACU OF TEXAS ANNUAL REPORT 2021
ASSETS FINANCIAL CONDITION 2021 Loans As of 12/31/2021 $333,849,004 Allowance for Loan Loss $(4,669,657) Cash/Investments 2020 $163,196,632 Accrued Income $1,118,300 Other Assets $312,420,546 $25,753,113 $(4,401,662) Total $151,277,230 $519,247,391 $1,128,392 $27,102,276 $487,526,782 LIABILITIES & EQUITY 2020 2021 Accounts Payable $6,052,268 $6,436,668 Members Shares $441,626,777 $469,818,220 Regular Reserves $4,473,410 $4,473,410 Unrealized Gain on Investments $457,774 ($289,352) Undivided Earnings $34,916,553 $38,808,445 Total $487,526,782 $519,247,391 INCOME 2020 2021 Interests on Loans $19,234,811 $18,851,843 Income from Investments $1,327,650 $514,689 Other Income $10,676,975 $11,893,386 Total $31,239,436 $31,259,919 EXPENSES 2020 2021 Total Expenses $26,678,310 $25,344,523 Total Dividends $2,833,994 $2,023,505 Total $29,512,304 $27,368,028 Net Income $1,727,132 $3,891,891 ACU OF TEXAS ANNUAL REPORT 2021 | 06
BOARD OF DIRECTORS Mark Kline John Blair Mark Rodriguez Joel Mueller Chairman Vice Chairman Treasurer Secretary Term Ends 2022 Term Ends 2023 Term Ends 2022 Term Ends 2024 Kyle Dickson Kent Postma Bruce Terry, Jr. Chris Crixell Board Member Board Member Board Member Assoc. Board Member Term Ends 2024 Term Ends 2024 Term Ends 2024 Term Ends 2023 EXECUTIVE STAFF Jack Click Clay Franks Jay Coppock Charis Pollard President Chief Executive Chief Operating Chief Human Officer Officer Resource Officer David DeAnda Chief Legal Officer
SENIOR MANAGEMENT TEAM Corey Lecoq Eilene Markus April Thomson Teri Hayes Senior VP of Senior VP of VP of Branch VP of Branch Member Experience Support Services Operations Operations Cindy Soto Derrick Brown Ryan Del Bello Brian Zornes VP of Accounting Controller VP of Collections VP of Business Development Meghan Posey Russ Gillaspia Jennifer Frederick Keith Tillinger VP of Facilities VP of Lending VP of Compliance & VP of Information Risk Management Technology Tony Sims Kevin Anderson VP of Marketing VP of Mortgage Lending ACU OF TEXAS ANNUAL REPORT 2021 | 08
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