WEB ADDRESSwww.pecutx.org
MAILING ADDRESSP.O. Box 2205Austin, TX 78768-2205
CENTRAL TEXAS PHONE NUMBER512.474.1955
PECU LOCATIONSMain Office306 E. 10th St.P.O. Box 2205Austin, TX
78768-2205
Central Branch1200 W. 42nd St.Austin, TX
Walnut Creek Branch8013 Centre Park Dr.Austin, TX
Oak Hill Branch5838 Hwy. 290 WestAustin, TXDrive Thru Branch
Round Rock Branch15800 RM 620 NorthAustin, TX
Beaumont Branch4215 Eastex FreewayP.O. Box 7430Beaumont,
TX77726-7430Tel: 409.892.3171
PECUTX.ORG
INCOME STATEMENTBALANCE SHEET
INCOME 2016Interest on Loans 6,391,567 Income from Investments
1,349,852 Fee and Other Income 1,710,461 Non-Operating Income
601,019 TOTAL INCOME 10,052,900 EXPENSES Employee Compensation and
Benefits 3,739,896 Travel and Conference Expense 24,358 Office
Occupancy Expense 743,061 Office Operations Expense 1,391,169
Educational and Promotional Expense 276,152 Loan Servicing Expense
299,059 Professional & Outside Services 457,756 Provision for
Loan Losses 545,170 Supervision & Examination 30,500
Miscellaneous Expenses 104,576
TOTAL EXPENSE 7,611,697 INCOME BEFORE DIVIDENDS 2,441,202
Dividends & Interest Expense 615,076 NET INCOME $1,826,126
(as of December 31, 2016)
ASSETS 2016Loans
Personal Loans 151,026,661
Real Estate Loans 44,334,979
Allowance for Loan Loss (467,278)
Net Loans 194,894,362
Cash, on hand 1,031,354
Investments
Marketable Securities 95,071,089
Catalyst Corporate Credit Union 23,003,102
Nat’l Credit Union Share Insurance Fund 2,669,405
Other Investments 1,713,429
Total Investments 122,457,025
Other Assets
Land and Building 5,769,925
Other Fixed Assets 834,518
Accrued Interest 678,644
Deferred Assets 478,494
Other Assets 584,649
TOTAL ASSETS $326,728,971
LIABILTIES
Accrued Interest and Dividends 63,920
Accounts Payable 505,397
Accrued Expenses 280,492
Other Liabilities 57,119
Dormant Accounts 27,108
SHARES AND DEPOSITS 300,080,192
EQUITY
Reserves & Undivided Earnings 25,714,743
TOTAL LIABILITIES AND EQUITY $326,728,971
(as of December 31, 2016)
2 0 1 6 a n n u a l r e p o r t
On the cover L-R:Members
Richard Odiboh,Lizet Alaniz,
and Jerry Jensen win various prizes
during PECU contests.
Dale Brandstetter wins an iPad in a Walnut Creek Branch
contest.
AT-A-GLANCETOTAL ASSETS
TOTAL MEMBER DEPOSITS
TOTAL LOANS
NET WORTH EQUITY
2011 268,015 2011 114,1702012 281,151 2012 131,0952013 285,446
2013 134,7842014 295,584 2014 164,0972015 310,089 2015 175,1002016
326,729 2016 195,362
2011 245,969 2011 20,9772012 258,585 2012 21,4302013 264,560
2013 22,7082014 271,515 2014 23,9362015 285,328 2015 24,9802016
300,080 2016 26,806
250,000260,000270,000280,000290,000300,000310,000320,000330,000
2011 2012 2013 2014 2015 2016
in$1000's
TOTALASSETS
200,000
220,000
240,000
260,000
280,000
300,000
320,000
2011 2012 2013 2014 2015 2016
in$1000's
TOTALMEMBERDEPOSITS
100,000110,000120,000130,000140,000150,000160,000170,000180,000190,000200,000
2011 2012 2013 2014 2015 2016
in$1000's
TOTALLOANS
19,000
20,000
21,000
22,000
23,000
24,000
25,000
26,000
27,000
2011 2012 2013 2014 2015 2016
in$1000'S
NETWORTHEQUITY
2011 268,015 2011 114,1702012 281,151 2012 131,0952013 285,446
2013 134,7842014 295,584 2014 164,0972015 310,089 2015 175,1002016
326,729 2016 195,362
2011 245,969 2011 20,9772012 258,585 2012 21,4302013 264,560
2013 22,7082014 271,515 2014 23,9362015 285,328 2015 24,9802016
300,080 2016 26,806
250,000260,000270,000280,000290,000300,000310,000320,000330,000
2011 2012 2013 2014 2015 2016
in$1000's
TOTALASSETS
200,000
220,000
240,000
260,000
280,000
300,000
320,000
2011 2012 2013 2014 2015 2016
in$1000's
TOTALMEMBERDEPOSITS
100,000110,000120,000130,000140,000150,000160,000170,000180,000190,000200,000
2011 2012 2013 2014 2015 2016
in$1000's
TOTALLOANS
19,000
20,000
21,000
22,000
23,000
24,000
25,000
26,000
27,000
2011 2012 2013 2014 2015 2016
in$1000'S
NETWORTHEQUITY
2011 268,015 2011 114,1702012 281,151 2012 131,0952013 285,446
2013 134,7842014 295,584 2014 164,0972015 310,089 2015 175,1002016
326,729 2016 195,362
2011 245,969 2011 20,9772012 258,585 2012 21,4302013 264,560
2013 22,7082014 271,515 2014 23,9362015 285,328 2015 24,9802016
300,080 2016 26,806
250,000260,000270,000280,000290,000300,000310,000320,000330,000
2011 2012 2013 2014 2015 2016
in$1000's
TOTALASSETS
200,000
220,000
240,000
260,000
280,000
300,000
320,000
2011 2012 2013 2014 2015 2016
in$1000's
TOTALMEMBERDEPOSITS
100,000110,000120,000130,000140,000150,000160,000170,000180,000190,000200,000
2011 2012 2013 2014 2015 2016
in$1000's
TOTALLOANS
19,000
20,000
21,000
22,000
23,000
24,000
25,000
26,000
27,000
2011 2012 2013 2014 2015 2016
in$1000'S
NETWORTHEQUITY
2011 268,015 2011 114,1702012 281,151 2012 131,0952013 285,446
2013 134,7842014 295,584 2014 164,0972015 310,089 2015 175,1002016
326,729 2016 195,362
2011 245,969 2011 20,9772012 258,585 2012 21,4302013 264,560
2013 22,7082014 271,515 2014 23,9362015 285,328 2015 24,9802016
300,080 2016 26,806
250,000260,000270,000280,000290,000300,000310,000320,000330,000
2011 2012 2013 2014 2015 2016
in$1000's
TOTALASSETS
200,000
220,000
240,000
260,000
280,000
300,000
320,000
2011 2012 2013 2014 2015 2016
in$1000's
TOTALMEMBERDEPOSITS
100,000110,000120,000130,000140,000150,000160,000170,000180,000190,000200,000
2011 2012 2013 2014 2015 2016
in$1000's
TOTALLOANS
19,000
20,000
21,000
22,000
23,000
24,000
25,000
26,000
27,000
2011 2012 2013 2014 2015 2016
in$1000'S
NETWORTHEQUITY
Eugenia Alba wins an iPad in a PECU contest.
2017 Annual Meeting Agenda I. Call Meeting to order II.
Ascertain that a quorum is present III. Appoint Recording Secretary
and establish rules and
procedures for Meeting IV. Minutes of the 2016 Annual Meeting V.
Reports A. Board of Directors — David Burrell B. President — Gary
Whitcomb VI. Unfinished Business, if any VII. New Business VIII.
Report of Nominating Committee IX. Elections X. Door Prizes XI.
Adjourn
2016 Annual Meeting MinutesThe annual meeting of Public
Employees Credit Union (PECU) was held at the Embassy Suites North
in Austin, Texas on March 7, 2016 with 110 members present. It was
called to order at 7:00 p.m. by the Chairman of the Board of
Directors, David Burrell. Chairman Burrell welcomed all members and
guests to the annual meeting and introduced himself as the Board
Chair. He confirmed with Merrily Porter, PECU’s General Counsel,
that a quorum was present. After ascertaining that a quorum was
present, he appointed Merrily Porter as Recording Secretary.
ReportsChairman Burrell presented the minutes from the 2015
Annual Meeting. Winston Anderson made a motion to dispense with the
reading of the 2015 Annual Meeting minutes. Jesus Franco seconded
the motion and the motion carried with a voice vote of the
membership.
Chairman Burrell referred to the Board of Directors report as
printed in the Annual Report. He commented that 2015 was another
good year for PECU, in terms of loans. Member deposits, total
assets and outstanding loans all increased from December 31, 2014
to December 31, 2015. The credit union continued to offer new and
improved electronic services in the form of PECU e-Services,
allowing our members access to free, web-based products that allow
a wide variety of functions to be performed remotely. In closing,
he congratulated staff for their accomplishments of 2015 and
recognized the Board for their efforts in providing for quality
financial products and services while also maintaining the
financial stability and strength of the credit union. No questions
were asked from the floor.
Gary Whitcomb, PECU President, was unable to attend due to
illness. Chairman Burrell presented the President’s Report. He
began by welcoming everyone to PECU’s 63rd annual
meeting and thanking the members for their continued support of
their credit union. He then proceeded to introduce the senior
management team and thanked staff for working hard to meet the
needs of the members and for making 2015 a successful year.
Chairman Burrell also noted that long-time member and past board
member, Richard Vander Straten recently passed away; that his
service was much appreciated and that he will be missed.
Public Employees Credit Union performed well financially in 2015
and all members, whether they were savers, borrowers, or both,
contributed to the growth of the credit union. By being members
they make a statement of trust in their credit union. Chairman
Burrell discussed the new Round Rock branch, noting the increased
convenience and space for our members. The new branch has walk up
and drive through ATM’s and offers deposit automation, allowing
members to deposit cash or checks at all hours of the day. In
closing, on behalf of Mr. Whitcomb, Chairman Burrell thanked the
Board for their dedication and talent.
Marc Broddrick, PECU Chief Financial Officer, gave a brief
financial statement review. He began by referencing the 2015 Annual
Report. Total assets increased nearly 5% to $310M with strong
earnings allowing the credit union to maintain its well-capitalized
position. Favorable rates and a strengthening economy were a
catalyst for borrowing money and the members responded by borrowing
over $80.5M in 2015 allowing PECU’s loan portfolio to top $175M for
the year. Low delinquency was an indicator of PECU’s member resolve
to stay on top of their obligations to the credit union. In
closing, he thanked the Board for their guidance in mapping the
direction of the credit union and for their service and commitment
to staff and members.
Unfinished BusinessThere were no items of unfinished
business.
New BusinessThere were no items of new business.
Report of the Nominating CommitteeChairman Burrell called upon
Jennifer Soldano, to give the report of the nominating committee.
She reported that there were two vacancies on the Board and that
current board members Lanny Wadle and Claire McGuinness were
standing for re-election for three year terms. No other nominations
were received for a position on the Board of Directors.
ElectionsChairman Burrell presented the incumbents Wadle and
McGuinness for re-election. Member Winston Anderson moved that the
nominees be accepted by acclamation.
Robert Ramirez seconded and the nominees were accepted with a
voice vote of the membership.
Door PrizesTwenty door prizes of $25 each in PECU zipper bags
were given to members whose tickets were drawn.
Meeting AdjournedThe meeting adjourned at 7:37pm.
Board of Directors ReportWelcome to the Annual Meeting of PECU.
We have provided financial services to State of Texas employees and
other eligible members since 1952. We are extremely proud to be a
part of the communities that we serve. We continue to deliver
quality financial service products and strive to provide
exceptional member service to our members at all times. Our mission
and vision is to be the premier financial institution in the
communities that we serve and enable members to reach their
financial goals. Public Employees Credit Union exists to serve its
members and to help with their financial service needs.
2016 was another good year for PECU. Interest rates remained low
and we continued to provide a variety of loans to our members at
record low rates. Total assets on December 31, 2016 totaled
$326,728,971, an increase of $16,639,578 since December 31, 2015.
Member deposits on December 31, 2016 totaled $300,080,192, an
increase of $14,752,618 since December 31, 2015. We loaned over
$95.9 million to our members in 2016, enabling total outstanding
loans to grow to $195,361,640 on December 31, 2016, an increase of
$20,261,224 since December 31, 2015. We are very pleased with the
performance and growth of our loan portfolio, and that we could
help many of our members with their lending needs.
The products and services of financial institutions continue to
evolve with advances in technology. Members want services to be
readily available in the palm of their hand through their mobile
phone and easily accessible electronically. Members also want to be
able to get exceptional personal service face to face in a branch
office through knowledgeable employees. We strive to excel in both
electronic services and in person branch services. We continue to
invest in technology increasing our product and services offerings,
and improving our service levels for our members.
The use of our e-Services continues to be popular with members
as we improve and add functionality to our Electronic Funds
Transfer (EFT) services. PECU e-Services are a suite of free and
easy to use products that allow members to conduct business with
PECU electronically. Members use
remote access e-Services to access their accounts, transfer
funds, pay bills, make deposits, make loan payments, apply for
quick-decision loans, set up e-Alerts and receive e-Statements.
PECU’s e-Services are available 24 hours a day, 7 days a week. The
use of our secure Apple and Android mobile apps continues to grow
and give you immediate access to your PECU accounts and e-Services
from your mobile device.
We continue to make major improvements to our facilities. A new
Beaumont branch office was built in 2016 and opened to our
membership in January 2017. Improvements to our facilities enhance
the service levels at all our branch locations. We are proud of our
new Beaumont branch and facility improvements like the new Round
Rock branch and our remodeled branch in Walnut Creek, here in
Austin. The totally free ATM network and totally free shared
branching network continue to grow. Members can perform
transactions at over 348 free ATMs and over 5,000 worldwide shared
branching offices.
Your Board of Directors is composed of professionals that
represent the combined interests of the members of PECU. We
appreciate the trust that you have placed in us. We will continue
to work diligently to maintain the financial strength and integrity
of PECU.
The Board appreciates the management and employees of PECU. The
Board would like to thank the employees of PECU for their continued
commitment to providing professional and courteous service to the
members of PECU.
Board MembersDavid Burrell, ChairmanHal ten Brink, Chairman
EmeritusLanny Wadle, Vice ChairmanJennifer Soldano, TreasurerTommy
Gregg, SecretaryClaire McGuinness, Assistant TreasurerWill
Etheredge, Assistant Secretary
Audit ReportNearman, Maynard, and Vallez, a certified public
accounting firm, conducted their annual audit as of March 31, 2016.
Nearman, Maynard, and Vallez issued an unqualified opinion and
certified the accuracy of PECU’s financial statements.
