Annual Report.indd - Liberty Online

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Message from the Board Chair Linda Brassette Chairman of the Board The year 2008 was one of growth and achievement for our credit union. Early in the year, the Board of Directors and Management Team met to review the Strategic Plan and continue the development of our governance policies, thus mapping our 2008 course and direction. As the year progressed, the economy declined monthly, which negatively impacted our membership and placed new financial demands upon us. Gas prices, layoffs and general economic downturns resulted in increased delinquency. Additional funding was required for loan reserves based upon our projected future loan losses. The direct impact of all these items was an increase in expenses, which was unanticipated and unbudgeted. Despite these negative impacts and the growth of a difficult economic climate, we fulfilled our commitments to provide members with the best possible products, services and interest rates for both loans and deposits. Staying the course presented in our Strategic Plan, the Management Team worked diligently to overcome the additional financial impacts to our budget. Thus, at the October meeting of the Board of Directors, the Board unanimously declared a Special Member Dividend of $125,000 to be paid back to our membership. 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 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 my privilege to serve the membership of Pelican State Credit Union and I wish it continued success. In Loving Memory of: Gary S. Grand 1943 -2008 21 Years of Service George E. Bostick 1941 -2008 30 Years of Service WHEREAS, the Board of Directors of Pelican State Credit Union extends her or his personal appreciation for a job well done and for the leadership that Gary S. Grand and George E. Bostick have exhibited throughout their years of service to the Credit Union, and extends to their families, the condolences of a Board which will be forever grateful and appreciative for leaders who contributed so much to the success of the Credit Union. 5
Gary Crockett Director 1st Vice President William Coffey Director Board of Directors Emeritus Directors: Alex Bourgeois Roy Bostick Austin Glass John London Joseph Martinez Edwin Wright Supervisory Committee: Ken Corkern Larry Dorsey Sue Tolbert Samuel McDaniel Director 2nd Vice President David Colvin Director Bob Wilson Director Treasurer Aryon McGuire Director Lorain Cazenave Director William Mullinnix Director 6
Page 1 and 2: You work hard for your money We wor
Page 3 and 4: Mission Statement Not for profit, b
Page 5: Financial Literacy Workshops Furthe
Page 9 and 10: Sonya Allen Marketing & Business De
Page 11 and 12: Lisa Cupit Coworker Service Award E
Page 13 and 14: 2008 Loan and Deposit Comparisons P
Page 15 and 16: 2008 Statement of Condition Assets

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