Annual Report.indd - Liberty Online
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You work hard for your money<br />
We work hard for You!<br />
Pelican State<br />
c r e d i t u n i o n®<br />
2008 <strong>Annual</strong> <strong>Report</strong>
Table of Contents<br />
2..........Mission Statement<br />
3..........Branding Strategy<br />
4..........Financial Literacy Workshops<br />
5..........Message from the Board Chair<br />
6..........Board of Directors<br />
7..........Message from the Chief Executive<br />
8-9.......Management Team & Staff<br />
10........Employee Committees<br />
11........2008 E-Commerce <strong>Report</strong><br />
12........2008 Loan and Deposit Comparisons<br />
& 2008 Loan Portfolio<br />
13........2008 Income Statement<br />
14........2008 Statement of Condition<br />
Our Volunteer Board of Directors approved<br />
a Special Member Dividend of $125,000 back<br />
to qualified Member-owners, despite the<br />
tough economic conditions!
Mission Statement<br />
Not for profit, but for service...<br />
“To enhance the financial welfare and social<br />
responsibility of the membership by providing safe,<br />
competitive, economically sound products and<br />
educational service through professional management and<br />
competent staff, under a democratic Board of Directors.”<br />
It Pays to be<br />
Financially Fit!<br />
The Little Guy was created<br />
by CUNA. Call your Congressman and<br />
share your support for the credit union movement!<br />
2
Branding Strategy<br />
Brand Image:<br />
Brand image is the make up of all experiences and impressions our members have with our brand. This includes<br />
all interactions at our branches, on the phone or on the Web, as well as any contact with our sales tools and<br />
communications. The more concise, constant and consistent we are with our brand image at all levels of the<br />
organization, the stronger our brand image.<br />
Brand Story:<br />
We don’t just “quote” our mission; we act on it every day. We have a proven record for empowering our<br />
members through financial literacy workshops, newsletters, partnerships within the communities and SEGs.<br />
We have offered Special Member Dividends to our members just because they chose to do business with us.<br />
Brand Promise:<br />
Pelican State Credit Union’s brand promise is to maintain an enhanced product line, hands-on educational<br />
workshops, sophisticated technology and the resources and tools our members need to succeed financially and<br />
enjoy a better and healthier lifestyle.<br />
“Your brand is the tangible component of your company that gives<br />
members a compelling reason to do business with you,<br />
instead of the competition - it’s your promise to your members.”<br />
-Author Unknown<br />
Voted Strongest Brand<br />
Bancography named Pelican one of the top<br />
five strongest brands in the country among<br />
credit unions under $1 billion in assets.<br />
Bancography is a financial marketing firm that researches which institutions have successfully bonded<br />
with their consumers in terms of image, service quality and other tangible factors.<br />
3
Financial Literacy Workshops<br />
Further fulfilling its mission and the credit union philosophy of ‘people helping people’, Pelican traveled the<br />
state to offer free, full service Financial Literacy Workshops that included one-on-one credit counseling,<br />
analysis of credit reports, budget training and savings planning.<br />
In 2008, Pelican hosted 24 Financial Literacy Workshops and pulled credit reports for over 700 members and<br />
non-members. Topics included:<br />
6 Ways to Improve Your Credit<br />
Community Events:<br />
5th <strong>Annual</strong> Kids Bike Race<br />
Zachary Schools Fundraiser<br />
Pineville Youth Fundraiser<br />
Boy Scouts of America Fundraiser<br />
March of Dimes Walk<br />
Relay for Life Walk<br />
Opelousas General Hospital Foundation<br />
Don’t Be a Victim<br />
Make Your Money Grow<br />
Using Credit Cards Wisely<br />
4
Message from the Board Chair<br />
Linda Brassette<br />
Chairman of the Board<br />
The year 2008 was one of growth and achievement for our credit union.<br />
Early in the year, the Board of Directors and Management Team met to<br />
review the Strategic Plan and continue the development of our governance<br />
policies, thus mapping our 2008 course and direction. As the year<br />
progressed, the economy declined monthly, which negatively impacted our<br />
membership and placed new financial demands upon us. Gas prices, layoffs<br />
and general economic downturns resulted in increased delinquency.<br />
Additional funding was required for loan reserves based upon our projected<br />
future loan losses. The direct impact of all these items was an increase in<br />
expenses, which was unanticipated and unbudgeted.<br />
Despite these negative impacts and the growth of a difficult economic<br />
climate, we fulfilled our commitments to provide members with the best<br />
possible products, services and interest rates for both loans and<br />
deposits. Staying the course presented in our Strategic Plan, the<br />
Management Team worked diligently to overcome the additional financial<br />
impacts to our budget. Thus, at the October meeting of the Board of<br />
Directors, the Board unanimously declared a Special Member Dividend of<br />
$125,000 to be paid back to our membership.<br />
Thanks to all the volunteers who gave so freely of their time and talents to serve Pelican State Credit Union. I appreciate the many hours<br />
you selflessly gave and the incredible gift of knowledge you brought. I have enjoyed working with each of you this past year. It has been<br />
my privilege to serve the membership of Pelican State Credit Union and I wish it continued success.<br />
In Loving Memory of:<br />
Gary S. Grand<br />
1943 -2008<br />
21 Years of Service<br />
George E. Bostick<br />
1941 -2008<br />
30 Years of Service<br />
WHEREAS, the Board of Directors of Pelican State Credit Union extends her or his personal appreciation for a<br />
job well done and for the leadership that Gary S. Grand and George E. Bostick have exhibited throughout their<br />
years of service to the Credit Union, and extends to their families, the condolences of a Board which will be<br />
forever grateful and appreciative for leaders who contributed so much to the success of the Credit Union.<br />
5
Gary Crockett<br />
Director<br />
1st Vice President<br />
William Coffey<br />
Director<br />
Board of Directors<br />
Emeritus Directors:<br />
Alex Bourgeois<br />
Roy Bostick<br />
Austin Glass<br />
John London<br />
Joseph Martinez<br />
Edwin Wright<br />
Supervisory Committee:<br />
Ken Corkern<br />
Larry Dorsey<br />
Sue Tolbert<br />
Samuel McDaniel<br />
Director<br />
2nd Vice President<br />
David Colvin<br />
Director<br />
Bob Wilson<br />
Director<br />
Treasurer<br />
Aryon McGuire<br />
Director<br />
Lorain Cazenave<br />
Director<br />
William Mullinnix<br />
Director<br />
6
Message from the Chief Executive<br />
The year started out as normal, but as summer approached we knew we had<br />
some difficult challenges facing the management team and staff. Our<br />
objective, as always, is to focus on our mission statement and bring it home to<br />
our members with higher levels of member service and better rates on loans and<br />
deposits. The Board of Directors provided their guidance through our strategic<br />
plan. Executing the plan in the ailing economy was management’s challenge.<br />
Delinquency and charge off trends both escalated, diminishing our loan returns<br />
and increasing expenses.<br />
Our “Brand” was already established and recognized by our membership based<br />
upon our history of success in service delivery, community participation,<br />
borrowing opportunities and the return of higher than average dividends. We<br />
rolled out a staff campaign to all 130 employees titled, “Mission 08: Possible”.<br />
Our objective was to generate momentum and excitement among the staff<br />
which would deliver the mission statement as promised, despite any negative<br />
economic factors. We embraced and recognized the need for change when<br />
Jeffrey K. Conrad<br />
solutions were not working. We met monthly to modify strategies, analyze<br />
trends and determine the best course of action.<br />
Chief Executive Officer<br />
We also created an employee committee named the Beak Squad. The Beak Squad became the voice of all employees, to share ideas and thoughts on how<br />
to better serve our members. Some of the best ideas often come straight from the member-employee interaction. We realize that it takes every employee<br />
at Pelican, working as a Team to deliver the service our members have come to expect and which created our brand.<br />
I am proud to state that we excelled at reaching our goals in our campaign. The Mission 08: Possible was successful despite unplanned economic<br />
impacts. The reason we were successful is because of YOU. Our success and vision depends upon our members. It is through the active usage of<br />
products and services that our members keep the credit union alive, prosperous and growing. Our mission is to improve all of our member’s financial<br />
condition…not just a few stockholders. With over 150 million in assets, 8 branches, 12 ATMs and over 28,000 members, our focus and vision remains to<br />
be “Your Credit Union of Choice.”<br />
Credit Union National<br />
Association (CUNA) Awards:<br />
The Mission 08: Possible Internal Campaign won<br />
Pelican a National Merit Marketing Award.<br />
Campaigns are judged by a panel made up of<br />
industry peers who belong to CUNA.<br />
7
Sonya Allen<br />
Marketing &<br />
Business Development<br />
Paige Corcoran<br />
VP of E-Commerce<br />
Lisa Cupit<br />
Operations<br />
Jennifer Mounts<br />
Zachary<br />
Management Team<br />
Ronnie Stephens<br />
Senior Vice President<br />
Stephanie Cartwright<br />
Compliance<br />
Dan Henry<br />
Operations<br />
Heather Norris<br />
Alexandria<br />
Michael Morgan<br />
VP of Information Systems<br />
Sharon Collins<br />
Facilities<br />
Melanie Wheeler<br />
Operations<br />
Christy Pentz<br />
Pineville<br />
Dannakia Dunn-Bougere’<br />
Member Services<br />
Michelle Ford<br />
Human Resources<br />
Rechelle Austin<br />
Call Center<br />
Willie Porter<br />
Mid City<br />
Lindsey Richard<br />
VP of Operations<br />
Annette Thames<br />
Senior Vice President<br />
Charlie Moore<br />
Collections & Lending<br />
Brandy Guerra<br />
Chalmette<br />
Katherine Scales<br />
Jackson<br />
Melissa Ott<br />
Accounting<br />
Rachel Hollier<br />
Opelousas<br />
Toi Sibley<br />
Floater<br />
Paul Waild<br />
VP of Mortgage &<br />
Business Lending<br />
Kim Saia<br />
Electronic Services<br />
Johnette Mauldin<br />
Denham Springs<br />
Cynthia Vessel<br />
Baton Rouge<br />
8
PSCU-What a Great Place to Work!<br />
Misty Adamo<br />
Mike Atkinson<br />
Sarah Barnett<br />
Susan Bear<br />
Brittany Bell<br />
Kimberlyn Belone<br />
Teresa Bercegeay<br />
Debra Bergeron<br />
Kathy Burns<br />
Carmen Burton-Williams<br />
Melissa Cameron<br />
Arielle Cannon<br />
Christy Cassels<br />
Akilah Clark<br />
Ashley Collett<br />
Melanie Cotchery<br />
Philip J. Davis<br />
Philip Davis<br />
Nicole Dearman<br />
Janine DeMari<br />
John Denman<br />
Lynn Dogan<br />
Sonya Ebey<br />
The People Who Make It Happen<br />
Kimberly Elliott<br />
Karen Ewing<br />
Laurie Faul<br />
Aloma Fauria<br />
Jori Fauria<br />
Sherry Garcia<br />
April Gomez<br />
Tianna Gradney<br />
Danielle Greenhouse<br />
Brandy Gueho<br />
Samia Guilbeau<br />
Kalyn Guillory<br />
Leigh Hargoder<br />
Robinette Harleaux<br />
Manuella Harrison<br />
Stephanie Herring<br />
Marlin Hollins<br />
Ladonne Hood<br />
Vera Howard<br />
LaRonica Humphrey<br />
Ina Hyde<br />
Katie Hyde<br />
BJ Jackson<br />
Employee Events:<br />
<strong>Annual</strong> Picnic<br />
Christmas Party<br />
Mission 08: Possible<br />
Latrista Jackson<br />
Viola Jackson<br />
Tammie Johnson<br />
Nekiba Johnson<br />
Ta’Kietha Johnson<br />
Chanelle Jones<br />
Benisha Jones<br />
Renee Kozak<br />
Sheri LaFleur<br />
Karen Lands<br />
Brandy Lee<br />
Nancy Lemon<br />
Brandi Lewis<br />
Sharon Lewis<br />
Christian Matherne<br />
Cathy Matthews<br />
Kasey May<br />
Jennifer McAlister<br />
Dena Mealey<br />
Terra Miller<br />
Katrina Morris<br />
Stephanie Nellon<br />
Dawn Noble<br />
Brenda Norflin<br />
Jessica Oliver<br />
Krystal O’Neal<br />
Justin Owens<br />
Melanie Pace<br />
Roeshay Patrick<br />
Dawn Peck<br />
Christy Pentz<br />
Becky Peters<br />
Mary Ann Peterson<br />
Kathy Phelps<br />
Kyle Primes<br />
Matthew Rabalais<br />
Jeremy Rayburn<br />
Jean Reed<br />
Nicole Richard<br />
Takisha Richard<br />
Carol Robin<br />
Katherine Rogers<br />
Lilshalle Rome<br />
Brooke Romig<br />
Alyssa Rountree<br />
Sarah Scott<br />
Iris Scott<br />
Toi Sibley<br />
Angie Simmons<br />
Patsy Smart<br />
Penny Spradley<br />
Bridgette Spriggs<br />
Brandi Talkington<br />
Jason Thomas<br />
Simona Titus<br />
Kaya Tomlinson<br />
Aisha Troxclair<br />
Melissa Turner<br />
Danielle Washington<br />
Carletria Wheeler<br />
Ashley Williams<br />
Shandra Williams<br />
Corinda Winfree<br />
Deborah Wright<br />
Kellye Wright<br />
Lawanda Young 9
Lisa Cupit<br />
Coworker Service Award<br />
Employee Committees<br />
The Beak Squad<br />
Beak Squad Members, one employee from each department, work<br />
together to provide the service, communication and participation needed<br />
to meet the goals set by management. They have become the voice of all<br />
employees and share thoughts on how to better serve our members.<br />
The Product Development Committee<br />
The Senior Management Team and a group of creative employees and<br />
managers, meet monthly to review and improve our current products and<br />
services and propose new product and services for our members in<br />
accordance with our strategic planning goals.<br />
The Scholarship Committee<br />
The Scholarship Committee is made up of employees who are<br />
responsible for promoting the scholarship program, grading applications<br />
fairly and coordinating scholarship recipient presentations.<br />
Bryan Gerace<br />
Shining Star Award &<br />
Company Clown Award<br />
Melanie Cotchery<br />
Member Service Award<br />
10<br />
Sonya Allen<br />
Employee of the Year Award
2008 E-Commerce <strong>Report</strong><br />
Audio Response<br />
Share Transactions<br />
Loan Transactions<br />
Minutes Used<br />
Calls<br />
Average Call Length<br />
e-Access<br />
Share Transactions<br />
Loan Transactions<br />
Log On’s<br />
Loan By Phone<br />
# of Applications<br />
Internet Loans<br />
# of Applications<br />
PSCU Web site<br />
# of Hits<br />
PSCU ATM’S<br />
# of Transactions<br />
ACH Transactions<br />
# of Items<br />
ACH Origination<br />
# of Items<br />
e-Pay<br />
# of Bills Paid<br />
Debit Cards<br />
Total Cards<br />
December 2007<br />
2,385<br />
150<br />
43,372<br />
28,164<br />
1.54<br />
8,442<br />
1,343<br />
40,296<br />
1,473<br />
40<br />
138,800<br />
18,892<br />
22,658<br />
544<br />
766<br />
8,586<br />
$500 Scholarships:<br />
Brooke Richard - Baton Rouge<br />
Jolie Dubriel - Call Center<br />
Cali Crain - Denham Springs<br />
Corey Conner - Jackson<br />
Chanda Gauthier - Opelousas<br />
Melinda Victor - Pineville<br />
Hannah Parsons - Zachary<br />
Marlin Hollins - Employee<br />
December 2008<br />
2,779<br />
184<br />
82,744<br />
47,554<br />
1.74<br />
12,328<br />
2,130<br />
50,150<br />
1,772<br />
68<br />
193,381<br />
20,951<br />
29,997<br />
756<br />
1,445<br />
10,935<br />
<strong>Annual</strong> Growth<br />
394<br />
34<br />
39,371<br />
19,390<br />
0.2<br />
3,886<br />
787<br />
9,854<br />
299<br />
28<br />
54,581<br />
2,059<br />
7,339<br />
212<br />
679<br />
2,349<br />
11
2008 Loan and Deposit Comparisons<br />
Pelican granted 4,462 loans in the amount of $55,859,566<br />
while our peer groups averaged 2,781 loans in the amount<br />
of $44,391,016.<br />
4,462<br />
2008 Loan Portfolio<br />
Pelican paid out $3,776,320 in dividends while our peer<br />
groups averaged $2,997,357.<br />
Peer ratios were obtained from the NCUA Financial Performance <strong>Report</strong>s, 12/31/08 - extracting Credit Unions $100M-$200M in assets with 8-11 branches with mixed SEG and<br />
geographical fields of membership.<br />
Secured<br />
P<br />
E LI<br />
C<br />
A<br />
N<br />
2,781<br />
P<br />
E<br />
E<br />
R S<br />
Commercial<br />
Visa<br />
Unsecured<br />
Mortgage<br />
$3,776,320<br />
P<br />
E LI<br />
C<br />
A<br />
N<br />
$2,997,357<br />
60% more! 26% more!<br />
One measurement of a truly well managed credit union is the<br />
ratio of loans divided by deposits, the efficient use of member<br />
deposits to make member loans.<br />
Pelican<br />
94%<br />
P<br />
E<br />
E<br />
R S<br />
Secured....................50%<br />
Mortgage.................26%<br />
Unsecured...............13%<br />
Visa...........................9%<br />
Commercial..............2%<br />
Peers<br />
86%<br />
The segregated Loan Portfolio represents the<br />
different loan types and the percentages of the<br />
dollar amount in each category.<br />
12
2008 Income Statement<br />
Income<br />
Interest on Loans<br />
Interest on Investments<br />
Fees and Charges<br />
Other Income<br />
Investments Gain/Loss<br />
Total Income<br />
Expenses Salaries and Benefits<br />
Travel & Dues<br />
Maintenance of Buildings<br />
Rent Expense<br />
Communications<br />
Furniture & Eqt. Maintenance<br />
Supplies, Forms & Statements<br />
Bond Insurance<br />
Depreciation<br />
Corporate Service Charges<br />
Other Office Operating Expenses<br />
Educational & Promotional<br />
Loan Servicing Expenses<br />
Professional/ Outside Services<br />
Member Insurance<br />
Operating Fees<br />
Other Operating Expenses<br />
Provision for Loan Losses<br />
Dividend Expenses<br />
Total Expenses<br />
Net Income<br />
Charity Events:<br />
Susan G. Komen Race for the Cure<br />
CU Fundraiser for Habitat for Humanity<br />
St. Jude Children’s Hospital Telethon<br />
Toys for Tots Toy Drive<br />
Thanksgiving Food Drive<br />
Boys Hope Girls Hope Fundraiser<br />
11,660,922.65<br />
433,481.02<br />
5,173,104.49<br />
997,170.13<br />
(56,200.57)<br />
18,208,477.72<br />
6,275,365.20<br />
231,392.17<br />
470,215.53<br />
500,474.20<br />
688,873.20<br />
400,686.56<br />
261,163.18<br />
134,624.15<br />
867,962.74<br />
13,508.77<br />
751,691.10<br />
162,850.75<br />
229,079.33<br />
221,555.45<br />
940,891.09<br />
41,249.00<br />
39,400.00<br />
1,569,772.61<br />
3,776,319.74<br />
$ 17,577,074.77<br />
$ 631,402.95<br />
13
2008 Statement of Condition<br />
Assets<br />
Liabilities<br />
Equity<br />
Cash<br />
Investments<br />
Mortgage Servicing Rights<br />
Auto Servicing Rights<br />
Loans<br />
Mortgage Loans Sold<br />
Auto Loans Sold<br />
Net Loans<br />
Accounts Receivable<br />
Allowance for Loan Loss<br />
Prepaid Assets<br />
Fixed Assets<br />
Other Assets<br />
Total Assets<br />
Dividends Payable<br />
Taxes Payable<br />
Employee Insurance Payable<br />
Accounts Payable<br />
Other Liabilities<br />
Total Liabilities<br />
Member Shares<br />
Regular Reserves<br />
Undivided Earnings<br />
Unrealized Gain/Loss<br />
Total Reserves<br />
Total Equity<br />
Total Equity & Liabilities<br />
7,866,728.99<br />
7,913,605.50<br />
12,862.69<br />
7,008.56<br />
132,378,685.59<br />
(1,303,042.85)<br />
(1,910,346.14)<br />
129,165,296.60<br />
108,195.37<br />
(1,060,029.98)<br />
217,193.40<br />
5,393,356.17<br />
1,752,545.93<br />
$ 151,376,763.23<br />
259,750.62<br />
2,923.64<br />
11,551.01<br />
951,818.03<br />
52,110.63<br />
$ 1,278,153.93<br />
137,270,884.53<br />
4,701,161.49<br />
8,112,170.55<br />
14,392.73<br />
12,827,724.77<br />
150,098,609.30<br />
$ 151,376,763.23<br />
*In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Pelican State Credit Union as of December 31, 2008, the<br />
consolidated financial position of Pelican State Credit Union and Subsidiary as of December 31, 2007, the consolidated results of its operations and its cash flows for the years then<br />
ended, in conformity with accounting principles generally accepted in the United States of America.<br />
14
Baton Rouge Branch<br />
11585 Lake Sherwood Ave., N<br />
Baton Rouge, LA 70816<br />
Phone: (225) 408-6100<br />
Mid City Branch<br />
450 North Lobdell Blvd.<br />
Baton Rouge, LA 70806<br />
Phone: (225) 927-1733<br />
Pelican State<br />
c r e d i t u n i o n®<br />
Your Credit Union of Choice sm<br />
Denham Springs Branch<br />
145 Rushing Rd.<br />
Denham Springs, LA 70726<br />
Phone: (225) 791-5393<br />
Pineville Branch<br />
725 Main St.<br />
Pineville, LA 71360<br />
Phone: (318) 449-3553<br />
1-800-351-4877<br />
www.pelicanstatecu.com<br />
Opelousas Branch<br />
611 E. Prudhomme St., Ste. 1<br />
Opelousas, LA 70570<br />
Phone: (337) 948-3238<br />
Jackson Branch<br />
2919 Hwy. 10<br />
Jackson, LA 70748<br />
Phone: (225) 634-5205<br />
Chalmette Branch<br />
500 W. St. Bernard Hwy<br />
Chalmette, LA 70043<br />
Phone: (504) 281-1346<br />
Zachary Branch<br />
5810 Main St., Ste. 10<br />
Zachary, LA 70791<br />
Phone: (225) 658-5377