The Federation of Greene County Employees (FOGCE) Federal Credit Union held its Annual Meeting and Christmas Celebration on Wednesday, December 19, 2018 at the credit union’s offices in downtown Eutaw.
The meeting was well attended by more than 35 members who came to learn the status and future plans for the credit union.
Joyce Pham, Treasurer, gave a financial report indicating that as of December 31, 2017, the FOGCE had $503,782.56 in loans outstanding to the membership with assets of $1,343,153.16. There are 891 members and net income for 2017 was $13,819.19.
Mary Dunn, Chairperson of the Credit Committee reported that the FOGCE had made 333 loans in 2018, for a total of $421,537.69, which included ten automobile loans with a value of $153,839.
Rodney Pham indicated that the Credit Committee had increased the maximum loan for an automobile from $40,000 to $60,000. Loans are based on the car’s value, repayment ability and credit rating of the borrower.
Dr. Carol P. Zippert, President reported on the credit union. “ We started in 1975, 43 years ago, with around $25,000 in savings and we have grown to have $1.3 million in assets today. After years of operating in renter spaces, we now own our own building on the Courthouse Square in Eutaw.”
Zippert continued, “ We recently received a $10,000 grant from Inclusiv (formerly the National Federation of Community Development Credit Unions) for technology upgrades, accounting and compliance, financial education and counseling for members and marketing and communications expenses to improve contact with our members. We plan to use these grant funds to grow and improve our credit union. We would like to have 1,000 members and over $1.5 million in assets by the end of 2019.”
Joyce Pham indicated that any person who lives, works or worships in Greene County is eligible to join the credit union. It takes $35.00 to join, with $10 for administrative fees to set-up the account and $25.00 as the initial share deposit. All savings are insured by the National Credit Union Administration up to a value of $250,000 per account.
Pham said the credit union is now getting payroll deduction of savings and loan payments from more than thirty employers and businesses in Greene County and surrounding communities including Aliceville, Demopolis, Tuscaloosa and others.
In the business meeting, the members re-elected three board members including Darlene Robinson, Rodney Pham and Mollie Rowe. Also re-elected to the Credit Committee were: Mary Dunn, Rodney Pham and Vonda Richardson. .
Several visitors from the Federation of Southern Cooperatives made congratulatory remarks to the members. These included: Carrie Fulghum, Alabama Board member with the Federation, Dr. Marcus Bernard, Director of the Rural Training and Research Center in Epes, Alabama, and John Zippert, long time Federation staff member.