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70years1948-2018
CU
Federally Insured by NCUA
www.TheNETCU.com
Annual Report2018
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We are not for Profit, but for Service-- Where we do the MOST
for You.
Our PledgeWe are People Helping People by Never Losing
Focus:
earless Integrity
ngoing Improvement
ommunity Centered
nparalleled Service
tability and Security.
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MissionVision
Our primary goal is to improve the financial lives of our
members.
FO C U S
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FIELD OF MEMBERSHIP
The field of membership in this credit union is limited to those
persons, including incorporated and unin-corporated organizations,
who have the following definable community of interest:
1. Employees of U.S. Steel, Texas Operations (formerly Lone Star
Steel Company), Texas and North- ern Railway Company, T&N Lone
Star Warehouse Co., T&N Fabricators, Inc., Lone Star Trucking
Company, Inc., (All operating under common ownership, who work in
the state of Texas, Oklahoma, Illinois, Colorado, Ohio, Louisiana,
Georgia, and Tennessee);
2. Persons who reside or work in Morris County, Texas and in
that area outside Morris County, Texas, that is within a 10-mile
radius of the Morris County Courthouse;
3. Members of the Lake O’ The Pines Civic Association,
headquartered in Avinger, Texas;
4. Persons who reside, work or attend school in Marion County,
Texas;
5. Persons who reside, work or attend school in Titus County,
Texas;
6. Persons who reside, work, worship or attend school in Upshur
County, Texas;
7. Persons who reside, work or attend school within a 10-mile
radius of any North East Texas Credit Union office;
8. Members of Friends of Consumer Freedom, Inc. who live, work,
worship or attend school in Camp, Cass, Franklin, Marion, Morris,
Titus, or Upshur County, Texas;
9. Spouses of persons who died while within the field of
membership of this credit union;
10. Employees of this credit union;
11. Persons retired as pensioners of annuitants from the above
employment;
12. Member of their immediate families; and
13. Organizations of such persons;
“Members of the family” shall be as specified by the Board of
Directors in written policy.
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I want to say at the outset that the foundation of our unique
cooperative business model, “One member, one vote,” empowers every
single one of you, as member-owners, to have a voice in your
financial institution. When you participate in your credit union’s
voting process, you’re contributing to its future growth and
potential, year after year. So, I want to thank you for being
here.
I’m delighted to say as I and my predecessors have said for many
years, that credit unions across the country are doing extremely
well. Texas has 461 credit unions with more than 8.8 million
members and total current assets of $79 billion. These figures
reflect a robust and healthy credit union system, of which North
East Texas Credit Union is a part.
Since the credit union’s founders opened for business in 1948,
we’ve grown from 10 members to almost 16 thousand and our assets
have grown from about $4000 to over $156 million. We are very proud
of how far we’ve come in 70 years and I know our many
accomplishments would not have been possible without the ongoing
energy, optimism, commitment, and wholehearted belief that our
people and members have in our principles and philosophies as a
cooperative, not-for-profit entity.
I’d like to recognize our committed directors for their
responsible stewardship of our principles, philosophy, and mission;
our outstanding leaders for their insightful strategic planning and
organization; our dedicated employees for embracing our values and
goals and for delivering best-in-class service; and our loyal
members who appreciate the many ways their credit union is a
partner in their financial wealth. Because of the work we’ve all
done together, this credit union is thriving.
From a business perspective, we joined our fellow credit unions
in weathering a tumultuous 2018 in the lead-up to the midterm
elections. In fact, without risk of hyperbole, we can say that 2018
was one of the most controversial years in the history of the
nation. And while a barrage of political headlines vied for our
attention, your credit union continued its steady trajectory
forward and upward, with our focus finely tuned to the things that
really matter to our members. That said, we were able to bring our
“people helping people” mantra to life in a number of ways that
helped not only our members, but our communities.
As we move into 2019, my commitment to you today is that North
East Texas Credit Union will continue to grow responsibly while
listening and responding to your needs. We will explore innovative
product and service solutions to enhance your financial life, and
we’ll develop our staff and board so they can confidently and
wisely serve your interests. -Thank you.
Kay StewartPresident, CEO
North East Texas Credit Union
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PRESIDENT’S REPORT
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Changes to Bylaws or Articles of Incorporation
Changes in Senior Management
NETCU had no changes to their bylaws or articles of
incorporation in 2018.
NETCU had no changes to Senior Management in 2018.
Membership / Asset ChangesNETCU experienced a slight decrease in
number of members but an
increase in assets during 2018. We started the year with 15,985
members and $146,971,090.73 in assets. We finished 2018 with 15,929
members
and $152,885,518.06 in assets.
$146Million
2018 IN REVIEW
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Combined Statement of IncomeDecember 31, 2018
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FINANCIAL STATEMENTS
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Combined Statement of Financial Condition
North East Texas Credit Union
and NET Financial Service CenterDecember 31, 2018
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FINANCIAL STATEMENTS
CliftonLarsonAllen audited the consolidated financial statements
of North East Texas Credit Union and Subsidiary, which comprise the
consolidated statements of financial condition as of March 31, 2018
and 2017 and the related consolidated statements of income,
comprehensive loss, changes in members’ equity, and cash flows for
the years then
ended, and related notes to the consolidated financial
statements.
In the opinion of CliftonLarsonAllen, the consolidated financial
statements referred to above present fairly, in all material
respects, the financial position of North East Texas Credit Union
and Subsidiary as of March 31, 2018 and 2017 and the results of
their operations and their cash flows for the years then ended in
conformity with accounting principles
general accepted in the United States of America.
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16,156Members
NETCU Financial Education InitiativeNETCU continues to focus on
educating our members on sound financial practices. These
activities are a vital part of our community involvement. Some of
our activities this year included:
• Presenting Dollar Dog on 6 campuses• Presenting NEFE High
School Financial Education classes at 2 campuses• CU4Reality Fair
for High School students at Mt Pleasant Civic Center• 4th and 1
Football Camp in Mt. Pleasant• Financial Education classes to
parents of students at Mt Pleasant CDC• (6) $1000 Scholarships
given to NETCU high school seniors
Swipe, Sign, Support!NETCU School Rally Cards Support Area
Campuses in a Big Way!
NETCU Rally cards continue to help our area schools. In
August/September of 2018, we passed out over $44,000 to our area
schools featured on the cards. To date, this program has returned
over $206,000 to our students and teachers. We are proud of the
results this program has seen and look forward to seeing it
continue to grow!
Biz Kids Entrepreneurial ContestNETCU participated in the
Cornerstone Credit Union Foundations’ Biz Kids Contest with a
classroom from Daingerfield Jr. High School. The team was required
to create a full business plan for a concept business, then present
their idea to a team of judges “Shark Tank Style”.
ACCOMPLISHMENTS
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Community Events:Daingerfield/Lone Star Spelling Bee
Jefferson Krewe of HeBe Mardi Gras Event
Cypress Basin Hospice Golf Tournament
Daingerfield Days Benefit Golf Tournament
Naples Rodeo
Lone Star Christmas Parade
Daingerfield Chamber Banquet
Cinco De Mayo - Mt Pleasant
New/Updated Products
Daingerfield & Hughes Springs Trunk or Treat
Senior Breakfast ~ Hughes Springs, Pewitt, and Jefferson
ISDs
Pewitt New Teachers Breakfast
LEAP Expo, Mt. Pleasant
Ranch Run, Mt Pleasant
~And More!~
COMMUNITY EVENTS
Our mobile app received an upgrade with North East Texas Credit
Union’s NEW NetGo!
The upgraded features include :
- Pay A Person: Transfer funds from your account to ANY
financial institution- Member Transfer: Transfer funds from your
NETCU account to another NETCU account- Fingerprint/PIN Login: Sign
in with a 4-digit PIN or the tap of your finger- Debit Card
Management: Temporarily turn off your debit card with the swipe of
a button or reorder a new card - And More!
Go
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North East Texas Credit Union Annual Meeting Minutes
March 22, 2018
Membership of the North East Texas Credit Union held their
annual meeting March 22, 2018 in the Daingerfield office. The
meeting was called to order by Vice Chairman, Earl Alexander at
5:26 P.M.
Invocation was given by Joe Brown.
After ascertaining a quorum present (roll call #34), Vice
Chairman Mr. Alexander opened the meeting for business. He
appointed Elise Moore Secretary Pro-Tem to take the minutes of the
meeting.
Motion to dispense the reading of the 2017 Annual Meeting
Minutes was made by Keitha Nilsson with a second by Brian Hughes.
Motion Carried.
The December 31, 2017 Annual Report and Financial Statement was
given to every member who at-tended the Annual Meeting.
Vice Chairman Alexander asked if there was any unfinished
business. No response was given. Vice Chairman Alexander asked if
there was any new business. No response was given.
On November 27, 2017, the Nominating Committee met to elect the
slate of officers whose term expires. Those expiring are: Joe Brown
and Earl Alexander.
Vice Chairman Alexander stated that a member in good standing
must submit an application to the nominating committee 30 days
prior to the annual meeting. Since no applications were submitted
the following slate of officers were elected by acclamation: Joe
Brown and Earl Alexander.
The meeting adjourned at 5:30 pm.
ANNUAL MEETING MINUTES
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Leadership Team
Kay StewartPresident, CEO
Keitha NilssonExecutive Vice President
Marketing Manager
Mindy NicholsSenior Vice President
Accounting
Elise MooreVice President
Compliance
Yolanda LewisVice President
Branch ManagerMt. Pleasant SouthMt. Pleasant North
Mark AlexanderVice President
Branch ManagerDiana
Board of DirectorsJoe Brown Earl Alexander William Glover
Roy Henry Kay Stewart
Eearl MuellerSystem Administrator
Jesse MooreVice President
Branch ManagerHughes Springs
Niki CarpenterReal Estate Manager
Brian HughesSenior Vice President
Lending
Catie ThomasVice President
Branch ManagerDaingerfield
LEADERSHIP
Melinda FuquayVice President
Branch ManagerJefferson
HR Manager
