13 al 2 0 n u rt o an ep r
the s e r u t n e v d A of
for the past o years there’s been one outstanding institution dedicated to protecting the citizens of san luis obispo from the sinister clutches and high fees of big banks‌
O L S ... C RED I T UN I ON
the dedicated slocu super team works day and night to maintain banking truth and justice for all slo credit union members. to r s , d o f d ir ec r a o b cu t h e s lo
a ka
of e u g a e l e th e c i t s u j l a i financ
superviso the s lo cu
t ee ry commit
, aka
n e m s
aka ne leedale, ceo suzan
cap tai n cr ed i t uni on member service representatives jen tutko & teri dallacosta, aka
the
dy na mic me mb er se r v ic e du o loan off icer diane garcia, aka
operations off icer emilie devera-jones, aka
won der worker the
lender a v e n ger
ceo & chair report we all grew up believing heroes were all around us, ready to swoop in and save the day. in reality, a hero is just the right person in the right place at the right time, doing the right thing.
captain credit union
at slo credit union (slocu), your heroes continually save the day with the best savings options. we defeat high-price villains with super-low loan rates and superior service. as everyday super heroes, we f ight to give you knockout service. we use facebook, twitter and e-mail to rescue your wallet with useful information, savings tips, and the credit union message.
you can count on slocu to save your wallet.
in 2013, we added more tools to our super-power arsenal. we want to protect both children and adults from going down a bad f inancial path. so we launched the smart cents clubs, for kids and teens, to start them on the road to f inancial freedom. we also started the new slocu hero program to give our members the power to restore peace to their loved ones’ wallets by referring them to slocu.
slocu also supported the next generation of local heroes by donating to the slo 4-h program in 2013, and we’re gearing up for an even stronger partnership in 2014.
this year, slocu remained very strong, sound and solid – our f inancial strength is stellar with f ive-star ratings from both bankrate.com and bauer f inancial, two independent rating f irms. slocu continues to battle a low-interest rate environment, so you can continue to enjoy heart-stopping, low rates on your slocu loans. though savings rates have not fought back to pre-recession levels, slocu continues to bring you the best possible deals. in an effort to be your f inancial service hero both today and tomorrow, the slocu board set grow th targets and staff climbed to new heights –
a feat that wouldn’t be possible without you,
our member heroes.
s u p er h ero e s i n t h e ma kin g nominating committee report slocu relies on elected, volunteer champions to serve on its board and supervisory committee. volunteers work to ensure your f inancial freedom, develop winning strategies and make sound policy decisions to save your wallet. slocu thanks the current volunteer heroes who make it possible for us to serve you – our member.
201 3 o ff i c i a ls league of f inancial justice board of directors john maddux fran edwards russ haynes ken miller carl nelson steve senet david romero
the S-men ken f inney terilyn thompson glen priddy
board chair board vice-chair secretary/ treasurer board member board member board member board member supervisory committee
chair member member
the following people heroically stepped up to serve in the following vacancies:
board of directors carl nelson david romero
3-year term expires january 2017 3-year term expires january 2017
supervisory committee ken f inney glen priddy
3-year term expires january 2017 2-year term expires january 2016
the s-men supervisory committee report
who olunt eers v u c lo s en and re of both m s; they a t p n u a o t r u g m a lo cu . are not humanit y to keep s it s d ef in en m b the s -men r o t hei hieve p ow ers w er of t . they ac o s p er e b h t em use their e m us rs. ll ial for a ith audito he s -men t ic w , ef g en en in b m t o d ee w le an s and m ditors resp onsib oper ation t ernal au n x o e f iscally e h t ey o b n er ations. ith eeping a orked w ns of op w io t a ee this by k t lu a it m e ev soundly. , the com t e routin fely and le a p s m g o c in this year t o a t ed s t ally accep cu is oper e agencie er lo s en g e t h a it ic a n d s tat s ind omp lies w e rep ort orting c ep r all of th l ia c n les. lly, f ina can only g princip additiona accountin commit t ee y r o is v lunt eers. per ember vo d the su n m a f u o c p lo el s h good by ers for with the w o p r u o function s -man se y current ant to u w a o u t o y lk if s e ta ing, p lea volunt eer oday. member t o r s ta f f
2013 financial report assets
2012
2013
loans to members allowance for loan losses cash investments f ixed assets accrued interest due other assets
3,481,082 (30,880) 2,833,002 26,208,163 467,059 108,284 320,638
3,419,063 (31,121) 3,174,083 26,840,339 433,655 111,689 304,349
total assets
$33,387,349
$34,252,058
liabilities member shares member certif icates member share drafts other liabilities regular reserves undivided earnings unrealized gains/losses
13,081,277 13,895,494 514,567 34,720 397,159 4,805,011 659,120
14,610,556 13,376,603 739,972 48,404 397,159 4,887,252 192,112
total liabilities
$33,387,349
$34,252,058
income interest on member loans income from investments fee income other income
237,015 684,592 20,478 1,242
208,121 570,095 21,318 1,900
total gross income
$943,327
$801,434
operating expense compensation & benef its travel & conference expenses association dues off ice occupancy off ice operations education & promotion loan services expense professional & outside services provision for loan loss member insurance member share insurance state operating expense miscellaneous expenses
292,147 3,155 11,087 43,544 136,863 43,401 38,578 32,191 (13,759) 0 26,137 5,500 12,166
302,733 3,719 11,097 44,853 146,930 46,723 36,416 32,177 0 0 22,340 5,500 12,260
total operating expense
$631,009
$664,749
dividends paid to members
$136,941
$89,038
total gross expense
$767,951
$753,786
net income/loss from operations
$175,376
$47,648
other non-operating income/expense
$0
$34,593
net income/loss
$175,376
$82,241
the slo credit union super hero team will continue to f ight for truth and justice in banking across san luis obispo county. but we will not do it alone. there are many heroes working to return order, peace and integrity to the way we bank –
an d o n e o f tho s e h e r o e s is y o u .
! ! A Z WOW L OO K A T THESE
RAMS! G RO P G N I Z AMA
s locu hero refer your friends & win cash!
rescue your friends from the sinister clutches and high fees of big banks by referring them to slocu today.
who s a y s s avi n g c a n ’ t be f u n ? with the slocu smart cents club, kids and teens can save big and win big when they reach a savings goal !
ma na g e yo u r slocu a c c o u nt f r o m the p al m o f yo u r hand ! learn more about the sprig mobile banking apps and banking capabilities online at www.slocu.com.
l ean o n u s i f y o u ne e d a l o a n. -new/used auto loans -new/used rv loans -salary loans -savings or certificate secured loans -debt consolidation options
call diane, the lender avenger (805) 543-5839 for more information.