Georgia’s Own at a Glance
Letter to Our Members
2011 Highlights
Community Involvement
Board Photos
Financials
Products & Services
Branch Locations
Contact Information
iamgeorgiasown
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Table of
Contents
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Georgia’s Own at a Glance
Georgia’s Own Credit Union is a full-service, not-for-profit financial institution founded in 1934. With over 180,000 members and $1.6+ billion in assets, Georgia’s Own has grown to become one of the strongest, largest and most trusted financial institutions in the state.
In addition to the 563 premier partners served by Georgia’s Own, residents of Chatham, Cherokee, Cobb, Columbia, DeKalb, Douglas, Effingham, Forsyth, Fulton, Gwinnett, Hall, Henry, Newton, Richmond, Rockdale, and Walton counties are part of the Credit Union field of membership. The Credit Union is the official partner of Junior Achievement of Georgia and Georgia State University Athletics, and is proud to have recently partnered with the Atlanta Braves. Currently, Georgia’s Own has 25 branch locations, provides free, 24/7 online banking, phone service and bill pay, features three comprehensive call centers and offers over 71,000 surcharge-free ATMs. The Credit Union is also part of the CU Service Center Network, which enables members to conduct their credit union transactions at 4,474 locations throughout the country. Deposits at Georgia’s Own are federally insured by the NCUA for up to $250,000 with retirement accounts being insured separately up to the same limit.
Much of the Credit Union’s resources are organized around fostering innovation, providing continuous learning opportunities, developing lifelong relationships with members, proactively identifying new market opportunities, ensuring financial stability and exemplifying social and environmental responsibility. The Credit Union operates according to our mission statement:
We stand for the prosperity of our members.
For more information on Georgia’s Own Credit Union, please visit georgiasown.org.
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Letter to Our Members
2011 was another triumphant year for the Credit Union, as we reached new milestones in membership, assets, and loan growth, and continued to build upon our platform of unmatched member service. In addition, we grew in number of employees, number of branches and service capacity, and embarked on a conversion to one of the most progressive operating systems in the market. As you’ll see throughout our Annual Report, Georgia’s Own has once again weathered the current economy and emerged as a world-class financial institution that is constantly adapting and responding to the challenges of the market to meet the evolving needs of our members.
One thing that remains completely unchanged, is the core of Georgia’s Own Credit Union and the fundamental principles that have guided us in helping countless members realize financial prosperity through our work: We Invest in You, Member Value Accounts for Our Success, Corporate and Personal Integrity is Our Currency, Our Interest is Social Responsibility, and We Bank on Innovation. We are about turning the key in that first home, preparing for the day your child gets into their dream school, the view from your retirement home on the coast, and the peace of mind that comes with financial security. At our core, we are a set of five fundamental values that drive every business decision and calibrate our focus each day to provide what is in the best interest of our members. At our core, we are Georgia’s Own Credit Union - an institution that remains proud of the results in this report, but is defined by the people we serve.
We Invest in You
In 2011, we fulfilled each value in multiple ways, starting with our pledge to our employees and our members, We Invest in You. Because we believe that our brand is nothing without our employees, we take great measures to hire and retain the very best in the industry, thereby maximizing member value. Additionally, to increase convenience for our members, we opened two branch locations in Buford and Cumming, extended Member Service Call Center hours, and introduced several new products including Balance, a free and confidential financial counseling and education service, the Loan Saver Calculator, and Resolution Checking for those members looking to re-establish credit. By embodying honesty, enthusiasm and integrity in our people and our
products, we feel assured that we are ultimately putting you, our member, in the very best hands to help you achieve your goals.
Member Value Accounts for Our Success
More than ever, consumers expect and deserve to get the very most out of their money. At Georgia’s Own, we are constantly searching for ways to increase member value, and over the past year, we delivered that value through better loan rates, fewer and lower fees, and an investment in our infrastructure that will continue to improve the member banking experience. We also returned over $12 million in dividends to our members and increased our membership and assets by 10.5% and 3.4% respectively, which translates into even more savings as we grow. Additionally, we made it easier than ever to accumulate points on our credit and debit cards, and continued to offer conveniences like our payment holiday, free online banking and bill pay, and access to over 71,000 surcharge-free ATMs.
Corporate and Personal Integrity is Our Currency
One of the primary reasons Georgia’s Own has not only survived the financial crisis of recent years, but maintained its status as a premier financial institution, is the integrity with which we’ve been operating since 1934. We have been proud to offer responsible, up-front lending since our inception, and we attribute the long-standing relationships with our members to our commitment of doing what’s right. As a result, we’ve long maintained capital levels far above what our regulators consider ‘well-capitalized’, including an 11.3% net worth capital ratio as of year end 2011.
Our Interest is Social Responsibility
Banking may be our business, but we understand that we are charged with a higher standard. We realize that financial prosperity is a means to better schools, a greener earth, greater opportunities, and a more vibrant economy - and we want to be a part of building those things in our communities. As such, we increased our community involvement efforts more
than ever before in 2011, helping organizations that mean the most to our members through donations of both money and time, giving over 5,000 hours and over $100,000. A complete list of organizations that we supported throughout the past year can be found on page 13.
We also made significant strides in educating our youngest members about the importance of making smart financial choices. A new kids’ club, Coindexter, was unveiled, and our financial literacy program for young adults, i[x]ga, was expanded, thus fulfilling our goal of spreading financial literacy among Georgia’s youth. Among other perks given to i[x]ga members, we gave away a total of $15,000 in college scholarships to eight exemplary applicants.
We Bank on Innovation
J.C. Penney once said, “Change is vital; improvement is the logical form of change.” This thought is certainly in step with our business model, particularly over the previous year. Like most industries, the banking world has seen dramatic changes in everything from distribution channels to access points, to marketing strategy and pricing - all stemming from the rapid development of technology. The massive amount of innovation that has occurred, in the past decade alone, is staggering, and it is not showing signs of stopping any time soon. This was the impetus for the conversion of our core operating system, which will bring about a host of improvements and added convenience to our membership.
The change to our new software platform will add a myriad of benefits including increased online banking functionality, payment and transfer enhancements, a more customized member relationship capability, and other numerous progressive enhancements. Staff training is already underway to prepare for this exciting transition, and we are confident that this new platform will mesh seamlessly into our fifth value of We Bank on Innovation.
On behalf of the Board and Staff of Georgia’s Own Credit Union, we’d like to thank you for being a part of our family; our core. It is our distinct honor to serve you, and we appreciate your business.
Sincerely,
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2011 Highlights
Reached $1,663,262,421 in assets, up 3.4% over 2010
Maintained a healthy net worth capital ratio of 11.3% as of December 31, 2011, well above what regulators classify as well-capitalized
Was among the industry leaders in terms of membership growth at 10.5% for a year-end total of 182,585
Increased outstanding loan balances, net of allowance for loan losses, by 16.9% to end the year at $1,105,871,548
Returned $12,019,170 in superior deposit rates Awarded $15,000 in college scholarships
Merged The Thrift Credit Union into our membership
Added 42 Premier Partners, as well as Newton and Walton Counties into our field of membership
Opened a new branch in Buford, Georgia Opened a new branch in Cumming, Georgia
Participated and contributed to various community and charitable causes (see p. 13)
Expanded the i[x]ga program and maintained our official partnership with Junior Achievement of Georgia
Sponsored Georgia’s Own Battle - the historic football rivalry between Georgia Tech and the University of Georgia
Maintained our status as the Official Credit Union of Georgia State University Athletics
Community Involvement
Fulfilling our core value of Our Interest is Social Responsibility is a charge that we take very seriously and will always work hard to foster. Below is a list of organizations that we were proud to support in 2011.
Autism Speaks Walk
Atlanta Community Food Bank
Adopt-a-Mile (in honor of Michelle Mendez) AIDS Walk Atlanta
Alpharetta Youth Football Association (AYFA) Alzheimer’s Association
A.R. Staulcup Memorial Golf Tournament
benefitting the Medical College of Georgia Atlanta Special Citizens Party
Augusta Chronicle Newspapers in Education Program Better World Books
Bill Arp Park
Brain Tumor Foundation for Children Champions Made from Adversity Children Without a Voice
Children's Healthcare of Atlanta (Float Sponsor) Children's Miracle Network
CHS Fastpitch Softball Clark’s Christmas Kids
DeKalb County Fraternal Order of Police Shop with a Cop Douglasville Special Olympics
Dunwoody Diamond Club Sponsorship
Fulton County Fraternal Order of Police Shop with a Cop Fulton Flyers
Georgia Credit Union Foundation (Tornado Relief) Georgia State Athletics
Giving 101
Grayson Athletic Association
Greater Buford Athletic Association Park Sponsor Green Day, Alpharetta
GSU Earth Day
Gwinnett County Public Schools Foundation, Inc., Haven House (Hollywood Night sponsorship)
Junior Achievement L.E.A.D.
Light it Up Blue (Autism Awareness) Light it Up Pink (Breast Cancer Awareness)
Light the Night benefitting the Leukemia & Lymphoma Society Live On Fishing Tournament benefitting the Cherokee County
Chapter of the Yellow Ribbon Foundation for Suicide Prevention
March of Dimes March for Babies
Norcross High School Lacrosse Sponsorship
Park Springs Casino Night benefitting the Alzheimer’s Association Partners in Education Program (local schools and school districts) Q100’s The Big Thank You
Relay for Life
Right to Hike (Title Sponsor of Ella’s Run)
Rubber Duck Derby benefitting the Boys & Girls Clubs of Hall County
Second Harvest Food Bank Shred Day, Douglasville Shred Day, Lilburn Shred Day, Marietta
St. Jude Radio-thon Sponsorship Susan G. Komen Race for the Cure Taste of Berkmar
Taste of Marietta
The Brian Jordan Foundation
The Center for Financial Independence & Innovation The National Guard
The St. Baldrick's Foundation The United Way
Thrasher Park Summer Concert Series Tour de Cure Georgia
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Michael Baumgartner
Joseph Mauriello
ChairpersonDave Preter
Richard Burns
Patrick Casey
President & CEO Vice Chairperson Treasurer
William Conine
Larry Fowler
C. Edward Heath
Gary Ludgood
Joan Sims
John White
Secretary
Ervin Walker
Board Photos
Cover Photo - Getty Images Board Photography by Travis Massey
Statement of Financial Condition
Assets
Cash and cash equivalents Investments:
Available for sale Held-to-maturity
Loans - net of allowance for loan losses Loans held for sale
Accrued interest receivable Property and equipment NCUSIF insurance deposit Prepaid expenses and other assets
Total Assets
Liabilities and Members’ Equity
Members’ accounts Accrued interest payable Other liabilities
Total Liabilities
Statutory reserve Undivided earnings
Accumulated other comprehensive loss
Total Members’ Equity
Total Liabilities and Members’ Equity
$ 210,301,449 45,821,181 232,115,381 1,100,985,648 4,885,900 4,320,032 16,110,406 14,589,119 34,133,305 $ 1,663,262,421 $ 1,473,722,379 29,974 23,067,379 1,496,819,732 29,222,710 158,802,782 (21,582,803) 166,442,689 $ 1,663,262,421
December 31, 2011
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$ 56,526,039 6,284,416 62,810,455 12,019,170 50,791,285 9,820,000 40,971,285 9,347,636 3,412,801 3,342,984 1,801,043 973,988 4,394,554 23,273,006 24,499,612 4,293,069 8,922,413 6,223,861 12,465,101 56,404,056 $ 7,840,235
Statement of Income
Statement of Members’ Equity
Interest Income
Interest on loans
Interest on investment securities
Total Interest Income Interest Expense
Dividends/interest on members' accounts
Net Interest Income Provision for Loan Losses
Net Interest Income after Provision for Loan Losses
Non-Interest Income
Fees on checking services Visa debit card income Visa credit card income
Net gain (loss) on disposal of assets Loan fees
Other income
Total Non-Interest Income Operating Expenses
General and administrative Compensation and benefits Occupancy expense Office operations expense Professional and outside services Other expenses
Total Operating Expenses Net Income
Year Ended December 31, 2011
$ 28,389,583 $ 150,092,294 833,127 870,253 7,840,235 $ 158,802,782 $ 162,275,840 1,519,993 7,840,235 $ 166,442,689
Total
Balance, January 1, 2011 Effects of merger Net income Balance, December 31, 2011Statutory
Reserve
Undivided
Earnings
$ 29,222,710
Year Ended December 31, 2011
$ (16,206,037) (183,387) $ (21,582,803)
Accumulated Other
Comprehensive
Income
(5,193,379) Other comprehensive income, net (5,193,379)Products and Services
Savings AccountsRegular Savings Holiday Savings
Money Market Accounts Savings Certificates
Individual Retirement Accounts Health Savings Accounts
Checking Accounts
All Access Checking i[check] Checking Golden Bell Checking Resolution Checking Visa® Check Card Services Overdraft Privilege
ATMs
Loans
Personal Line of Credit Loans Designer Loans
New & Used Auto Loans Boat, RV & Motorcycle Loans ATV, Jet Ski & Snowmobile Loans Farm Tractor Loans
Savings & Stock Secured Loans CU Student Choice (Student Loans) Day Notes
CreditAble Loans Green Loans Lifestyle Loans
Mortgage Loans
Purchase and Refinances ReadiEquity Line of Credit Loans Home Equity Fixed Rate Loans FHA/VA Mortgages USDA Mortgages Credit Cards Visa® Platinum Student Visa Visa® Classic
Visa® Classic Secured
eZCardinfo.com for credit card information
Special Services
Georgia’s Own Investment and Retirement* Services Golden Bell Program
i[x]ga
Coindexter Club
Free Auto Buying Service GAP Insurance
Extended Warranty Program Payment Protection Insurance Payment Holiday
Electronic Services
Georgia’s Own Website: georgiasown.org i[x]ga website: doyouix.com
Online Banking Bill Pay
eStatements
Electronic Direct Deposit
TELE-TALKPlus: Touch-tone phone service 24-hour Loan Service
71,000+ Surcharge-free ATMs 4,474 Shared Branch Locations
Other Services
Members Advantage Lending Plan Payroll Deductions
Cashier’s Checks Free Notary Service
Safe Deposit Boxes (select locations) Savings Bond Redemption
Signature Guarantee Service Coin Counter (select locations) BALANCETMFinancial Fitness Program
Auto, Home and Life Insurance AD & D Insurance
*Representatives are registered through, and securities are sold through, CUNA Brokerage Services, Inc. (CBSI), member NASD/SOPC, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (866) 512.6109. Insurance sold through licensed CUNA Mutual Life Insurance Company Representatives, and in New York, licensed insurance representatives of other companies. Non-deposit investment products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the Credit Union.
Branch Locations
Alpharetta Branch
5825 Windward Parkway Alpharetta, Georgia
AT&T Midtown Center Branch
Concourse Level
675 West Peachtree Street NE Atlanta, Georgia
Augusta Branch
3830 Washington Road, Suite 34 Martinez, Georgia
Buford Branch
3360 Buford Drive Buford, Georgia
Campanile Branch
Campanile Building, Lobby 1155 Peachtree Street NE Atlanta, Georgia
Century Center Branch
2200 Century Parkway, Suite 4 Atlanta, Georgia
Conyers Branch
620 Sigman Road, Suite 100 Conyers, Georgia
Cumming-Vickery Village Branch
5860 Bond Street Cumming, Georgia Douglasville Branch 7421 Douglasville Blvd., Suite P Douglasville, Georgia Gainesville Branch
475 Dawsonville Hwy, Suite F Gainesville, Georgia
Georgia State University Branch
34 Peachtree Street - 2nd Floor Atlanta, Georgia
GPC Main
133 Peachtree Street, Lobby Atlanta, Georgia Grayson Branch 2437 Loganville Highway Grayson, Georgia Lilburn Branch 4382 Lawrenceville Highway Lilburn, Georgia Lindbergh Branch Atrium Level 575 Morosgo Drive Atlanta, Georgia
Macy’s Systems & Technology
5985 State Bridge Rd. Duluth, Georgia Restricted Access Marietta Branch 401 Cobb Parkway N Marietta, Georgia Morrow Branch 7197 Highway 54 Morrow, Georgia Norcross Branch 4830 Peachtree Industrial Blvd Norcross, Georgia Northlake Branch
Lakeside Centre Office Park 1979 Lakeside Parkway, Suite 100 Tucker, Georgia
Park Springs Branch
500 Springhouse Circle Stone Mountain, Georgia Restricted Access
Perimeter Branch
1117 Perimeter Center West, Suite E102
Atlanta, Georgia
Savannah Mall Branch
401 Mall Boulevard Savannah, Georgia
Savannah Whitaker Street Branch
10 Whitaker Street, Suite A Savannah, Georgia
Wildwood Branch
4300 Wildwood Pkwy Atlanta, Georgia
Contact Information
Member Services Local (404) 874-1166 Nationwide (800) 533-2062 Monday-Friday 8am-6pm Saturday 9am-1pm General Offices (404) 874-0777 Monday-Friday 9am-4pm Facebook facebook.com/georgiasown facebook.com/ixgeorgia Mortgage Services Local (404) 874-1166 Nationwide (800) 533-2062 Monday-Friday 8am-5pmVisa® Credit Card Services
Local (404) 874-1166 Nationwide (800) 533-2062 Monday-Friday 8am-5pm Twitter twitter.com/georgiasown twitter.com/doyouix 24/7 SERVICES georgiasown.org doyouix.com Loan Services Local (404) 874-1166 Nationwide (800) 533-2062 TELE-TALKPlus Local (404) 874-0242 Nationwide (800) 533-3817
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iamgeorgiasown
“I've been playing and reporting on sports in Georgia for most of my life. And if
there's one thing I've learned it's that you need the right team to succeed.
Join me on the team that has low rates on loans and financial products you can
trust. I'm Chuck Dowdle and I'm one of Georgia's Own” -
Chuck Dowdle
“I've lived in Georgia all my life and had Georgia's Own all my 'banking' life. Loyalty and longevity are priceless these days. Georgia's Own has seen me through the years of my first 'real' job, my first car loan, my first house loan, and everytime there was a new job, new car or new house, they have been there. Amazingly some of the same employees who helped me with my first loan of any kind are still there. Just like a member of the family, they know and ask about my kids and my life - there's a comfort in dealing with a financial institution who cares that much about WHO you are, not just that you are a customer. My sons have accounts with Georgia's Own, including their first car loans! Thanks to Georgia's Own, my family will be a part of their family for a long time to come!!” - Misty, Suwanee
“I am Georgia's Own. As a second generation Georgia Telco/Georgia's Own member having grown up in a "Bell/Military" family, Georgias Own has actually been my only means of financial institution. And as my children grew up, they too are Georgia's Own members. What I have enjoyed over the years is that I am not only a number to Georgia’s Own, but a face, a member of the Georgia’s Own family. I hardly ever go into a branch where the tellers and loan officers don't remember my face, and life events that I have shared with them. As a single mom for over 10 years, I depended on Georgia’s Own to help me Georgia’s Own all aspects of my financial needs. Over the years Georgia’s Own has financed our family's vehicles, investments (CD's), personal loans as I started my Woman Owned Giftware Business that went national, savings, checking,and assisted in my savings and "spending" plans for my two son's college and law school needs. I am a Georgia native, and I know I have options with my financial needs... However, "I am Georgia's Own!" - Susan, Monroe
“I am Georgia's Own, born in Atlanta at the old Piedmont Hospital more than 65 years ago. Boy, has the landscape changed over the decades. But great, friendly service never goes out of style; that's what I have always gotten at Georgias Own. And now, I have a new branch office just three miles from my home. I feel so lucky to be a Georgia's Own!” - Carla, Alpharetta
Please Recycle Proud Partner of the Atlanta Braves
Georgia’s Own Credit Union
georgiasown.org
404.874.1166 800.533.2062
