COASTAL COMMUNITY FEDERAL CREDIT UNION serves over 10,000 members. Total assets as of December 31, 2017 exceed $70 million.

A financial statement/annual report is available upon request for any current or potential member. You can also pull up our financial data by clicking on NCUA on our Service Partner icon and use charter #11927 as our identification.

Credit union accounts are insured up to $250,000 by the National Credit Union Administration (NCUA), with an additional $250,000 insurance for Individual Retirement Accounts.

2017 Annual Report

Statement of Financial Condition

Loans to Members$51,522,631$45,680,409$30,083,626
Allowance for Loan Losses(452,065)(368,400)(187,313)
Cash on Hand & in Banks3,238,8163,1361991,436,984
Prepaid & Deferred Expenses143,899146,86596,146
Furniture & Fixtures567,585310,843261,128
Land & Building4,364,8032,882,999414,525
Other Assets1,517,8541,913,4481,220,040
Shares savings of Members$18,471,019$15,019,755$10,407,494
Share & IRA Certificates23,790,78925,837,48913,553,304
Checking & IRA Special Savings22,826,96321,395,44116,514,283
Dividends Payable12,37320,80910,898
Regular Reserve802,982802,982802,982
Undivided Earnings5,645,6945,240,7533,425,737
Other Liabilities365,078402,626182,480

Statement of Income and Expenses

Interest on Loans$2,692,704$2,625,977$1,981,154
Income on Investments180,933170,101215,190
Other Income1,444,3591,259,387891,672
Salaries & Benefits$1,341,846$1,233,108918,962
Travel & Conference42,15748,16533,817
Office Space288,323243,306206,475
Office Operations837,492822,062610,548
Provision for Loan Losses442,000392,10088,000
Annual Meeting10,74210,4528,400
Education & Advertising106,17695,89077,197
Loan Servicing104,695111,10767,753
Professional Services & NCUA228,574230,259170,732
Other Expenses63,53380,957109,117
Gain on Sell of Investment(7,520)
Net Income Before Dividends$859,978$788,059$797,015
Net Income$404,944$337,668483,856
# of Members10,6509,9248,851
# of Loans4,9554,7644,211

2017 Official Family Listing

Sterling W. PatrickChairman
Michael A. Varela. Sr.Vice-Chairman
Lonnie HarrisSecretary
Kevin MatthewsTreasurer
Gilbert RobinsonAssistant Treasurer/Security Officer
Sheila BrownInvestment Officer
David HolmenMembership Officer
Jose ViernesChairman
Martha Diaz
Regina King
Carol GaylordPresident/CEO
Tim FoleyExecutive Vice-President
Toni LeyvaVice-President of Lending
Renell Simmons-BloomStewart Road Branch Manager
Keith RichardLa Marque Branch Manager
Michele VargasAccountant
Delia BahenaAccounting Assistant
Joe GarciaLoan Officer
Jozette GreenLoan Officer
Gail BoydLoan Officer
Abbi LittlejohnReal Estate Loan Officer
Deborah ProvostMember Service Rep.
Rey MartinezFinancial Counselor II
Yessenia FuentesFinancial Counselor II
Lora WorthyFinancial Counselor I
Mercedes SantillanaReceptionist
Debbie FrankTeller
Cynthia HortonTeller
Jessica RamirezTeller
Bianca GonzalesTeller
Jennifer WarfieldTeller
Caroline GaspardTeller
Karla BaezTeller
Naomi HerreraPart-Time Teller
De'jah ArmstrongPart-Time Teller
Yuridiana GonzalezPart-Time Teller
LaTonya BasquezPart-Time Teller
Firefighter truck

Chairman's Report

On behalf of the Board of Directors, Supervisory Committee and staff. it is my pleasure to welcome you to the 61st Annual Meeting of the Coastal Community Federal Credit Union. This special occasion marks 61 years of dedicated service to you our members.

Thanks to you, your credit union surpassed another milestone this year. We have exceeded $70 million. We attribute our growing success to our loyal members/owners who rely on the services provided by the credit union.

Our dedicated staff at Coastal Community FCU is there to serve members with all their financial needs. Each member of the staff is trained and informed of changes to update their skills and knowledge of the numerous services available at the credit union.

Your vote is one of the most significant benefits of membership. Your Board of Directors are elected by you, the member, to protect your investments, improve capital, make sound business decisions for tomorrow and to provide the best member service today.

Your voice is heard and we have implemented new services and have expanding our facilities. In 2017 we implemented online check ordering and upgraded our home banking system. We also opened our beautiful new La Marque Branch in front of Sam’s Club.

On behalf of the Board of Directors. I want to thank you for your continued support, the staff for their dedicated service and to all the volunteers for sharing and caring, We are proud to be part of you and your families’ financial future. We look forward to continuing to serve you, our members!

Sterling W. Patrick, Chairman of the Board of Directors

Loan Officers Report

# of Loans201720162015
New Vehicles - 170$4,702,018$2,411,332$2,365,390
Used Vehicles - 1,02912,509,5879,062,0938,376,514
Sig/Ready Cash - 7,2062,971,0193,011,3233,001,465
Share/CD Secured - 184574,952577,187394,570
Real Estate - 773,628,5302,626,0565,806,601
Motorcycles/RVs - 82924,969935,6621,155,814

Supervisory Committee Report

The Supervisory Committee is appointed annually by the credit union’s Board of Directors and serves on a voluntarily basis. The committee is an integral part of the official family and we are the representative of the membership. We have the responsibility of reviewing and evaluating the performance of the Board and President/CEO and to make recommendations for the continuous improvement and development of the credit union.

Major duties of the committee are to perform the NCUA required account verification and annual audit of the credit union’s records, policies, controls and accounting procedures. The account verification was last conducted by the Supervisory Committee for the period ending September 30, 2017. A John Weaver and Associates was engaged to complete the required independent audit for 2017. Recommendations received from the audit were presented to the Board and management for action. Additionally, the National Credit Union Administration (NCUA) will perform an examination and present the Board and Management with their findings and recommendations for improvement. We believe that you credit union is sound and operating as intended.

The committee extends thanks and appreciation to the members of the Board, Management and Staff for their continued support and cooperation.

Jose Viernes, Chairman

Treasurer's Report

Your credit union concluded another year financially strong and healthy. As treasurer, I am pleased to present the Statement of Financial Condition, as of December 31, 2017.

Our loan demand was steady as our Loan Officers issued 8,748 loans totaling $27,612,664. We paid out $455,034 in the form of dividends to you our members, because of our competitive savings rates. We are proud to report that we have reached yet another milestone as our assets grew to $71,914,898.

Our goal for 2018 is to maintain competitive rates, continue to improve our capital position, expand our services and offer superior member service. We contribute our success to you. Thank you for your confidence and continued support.

Kevin Matthews, Treasurer

Gilbert Robinson, Assistant Treasurer

President's Report

Every day I give thanks to the 13 City of Galveston Firefighters who dreamed of financial freedom. Together they invested $5 each and chartered this credit union to advance their families’ financial freedom. Today, 61years later, we carry on the founding FireFighter’s dream of advancing member’s financial freedom by providing low cost loans, great savings rates and many free and affordable products and services.

Today, like our founding Firefighters, we are not only invested in you we are invested in your community. Our Coastal Community garden continues to bear free fruits and vegetables for all to share. You and your fellow members donated over 10,000 pounds of food to Our Daily Bread and Gleanings of the Harvest by participating in our “Wave Goodbye to Hunger” campaign. This event provides over half of all the food donated to Our Daily Bread. Our Volunteer Income Tax Assistance (VITA) program volunteers prepared and e-filed over 700 income tax returns free and saved low and moderate income Galveston County residents over $168,000 in tax preparation fees. We continue to reach out and touch our community in an effort to educate and prepare lives for financial freedom. We gave away 500 backpacks full of school supplies, free immunizations and free eye screening to our community children who attended our Back to School Bash. We hosted a CU4Reality for the entire Senior Class of Ball High School and The Freedom School. Our Staff also mentors students at Central Media Arts Academy through Communities in Schools Galveston County. We know none of this would possible without your dedication and devotion to Coastal and your community.

Thank you for allowing me the honor of serving you for the past 36 years. Words cannot express thanks enough to the City of Galveston Firefighters for what they started, my awesome Staff for serving you, the Board for direction, the Supervisory Committee for protection and especially you for your support and loyalty.

Love and Peace,

Carol Gaylord, President/CEO

61st Annual Meeting Agenda

Presentation of the Colors
Galveston Firefighter Color Guard
Reverend Lonnie Harris
Sterling W. Patrick

Call to Order
Prior Year Minutes
Committee Reports
Unfinished Business
Drawing for Door Prizes
Election Results