FOGCE Federal Credit Union holds Annual Meeting

The Federation of Greene County Employees (FOGCE) Federal Credit Union held its 44th Annual Meeting on December 19, 2019 in the recently dedicated Willie Carpenter Conference Room in the credit union offices at 112 Prairie Avenue, on the Courthouse Square in Eutaw, Alabama.
Joyce Pham, Credit Union Manager announced that as of December 31, 2018, the FOGCE Federal Credit Union had assets of $1,314, 887, which included $896,874 of member’s shares, a $100,000 non-member deposit and the rest in reserves and undivided earnings. She reported a surplus of $10,076 in income over expenses for the year.
She reported that the credit union had $466,544 in outstanding loans to members, $111,867 in cash, $31,000 invested in its building and the rest invested in other credit unions. She indicated that the credit union had 896 members.
Rodney Pham, speaking for the Credit Committee stated that the credit union had made 449 new loans in 2018 for $338,675 including five car loans for $105,535.
He said the credit union has a variety of loans, from small unsecured loans up to $500, larger loans for home repair, appliances, school expenses and other personal loans, as well as car loans for new and used cars.
Carol Zippert, President of the FOGCE FCU reported on the history of the credit union movement and the specific growth of the local credit union since 1975. “We are saving and borrowing each others money. In one of the smallest, poorest counties in Alabama, we have accumulated over $1.3 million by working collectively together. In 44 years, we have grown the credit union to over a million in assets and moved from rented rooms in the back of other buildings to our own offices at the Courthouse Square in Eutaw.”
Zippert indicated that the FOGCE Federal Credit Union was regulated and supervised by the National Credit Union Administration (NCUA), a division of the U. S. Treasury Department. The NCUA also guarantees deposits in the Credit Union up to $250,000 for each account, similar to the Federal Deposit Insurance Corporation guarantee for bank accounts.
“NCUA makes sure your deposits are safe but they also have been very hard on smaller size credit unions like ours. They are always suggesting that we merge with a larger credit union. They are not encouraging credit unions like ours, which teach self-determination and self-development of financial skills, thrift and systematic savings in the Black community,” said Zippert
Zippert also announced that the Credit Union Board had named the conference room in the back of it’s office building, as the Willie Carpenter Conference Room, in honor of the longtime Treasurer of the credit union, who passed away during the past year. “We will be placing a framed picture of Mr. Carpenter in the room with a written statement of his the dedicated work in building the FOGCE FCU over the past four decades,” said Zippert.
Darlene Robinson, Vice-President pointed out that the FOGCE FCU has payroll deduction with the major employers in Greene County, such as the School Board, Catfish plant, Hospital, WestRock box factory and many others. “This means that you can make savings and pay loans through your place of work. The funds will come out of your check and come automatically to the credit union,” she said.
Darlene Robinson was also Mistress of Ceremony for the Annual meeting and conducted elections, distributed door prizes and played some Christmas related games. Two members were re-elected to the Credit Union Board, Carol P. Zippert and Earnest Edmonds and one new member, Jackie Allen, was elected for three-year terms. James Powell and Debbie Rice were re-elected to the Credit Committee, which evaluates and approves loans.
Robinson pointed out that the “FOGCE Federal Credit Union is open to all who live, work or worship in Greene County.
Membership is $10 plus a minimum first deposit of $25. You can save regularly and systematically and your savings will grow. Then when you need a loan – you have a friendly place to borrow. The Credit Union office, on the Courthouse Square, at 112 Prairie Avenue, phone number 205/372-9025, is open weekdays, to receive new members.”

FOGCE Federal Credit Union holds Annual Meeting; Assets exceed $1.4 million; Savings at $923,381

IMG_0508.JPGOn December 15, 2016, the Federation of Greene County Employees (FOGCE) Federal Credit Union held its 2016 Annual Meeting.
Rodney Pham, Credit Committee Chair, on behalf of the Manager reported that the credit union had $1.416,308 in assets as of November 30, 2016. Of this amount $ 923,381 are shares deposited by members and $200,000 in non-member deposits from other credit unions and non-profit organizations. The balance of the assets are in reserve funds and undivided earnings.
As of November, the credit union had $452,346.57 out in approximately 300 loans to members. The credit union makes loans against shares, personal loans, education, new and used car loans and other loans of benefit to members. Pham said, “The delinquency rate on loans was under 1%, which means our members understand that we are borrowing from each other and have a responsibility to pay back loans.”
Carol Zippert, President of the credit union reported that the credit union began in 1975 with 25 members and less than $10,000 in assets and has grown to 848 members and $1.4 million in assets. “This is a great achievement for a Black owned financial institution in one of the smallest and poorest counties in Alabama, “ she said.

The FOGCE – FCU is open to all people who live, work and worship in Greene County There is a ten dollar membership fee to join and a minimum share deposit of $25.00 then all other money you put in goes to your saving shares. FOGCE-FCU is regulated by the National Credit Union Administration (NCUA), which reviews the credit union annually and guarantees member’s savings to a maximum of $250,000 per account.
Members of the credit union are the owners and have one vote towards electing the Board of Directors and Credit Committee of the FOGCE Federal Credit Union. The organization is a financial and economic development organization democratically controlled by its members. At the annual meeting, Willie Carpenter, Earnest Edmond and Carol P. Zippert were re-elected to the Board of Directors and Mary Dunn, Rodney Pham and Vonda Richardson were elected to the Credit Committee.
The FOGCE-FCU has direct deposit of payroll for some Greene County employers and payroll deduction with most others. Members can save systematically and automatically through the payroll mechanism. Loan payments may also be made by payroll deduction.
Darleen Robinson, Chair of the Supervisory Committee conducts annual reviews and internal audits of the credit union to insure that all funds are used properly and are accounted for correctly. “ We welcome members suggestions and questions so we can improve the work and performance of the credit union,” she said.
John Zippert and Pamela Madzima of the staff of the Federation of Southern Cooperatives of which FOGCE-FCU is a member also attended the meeting and made supportive remarks.
Carol Zippert said that FOGCE-FCU must increase its membership and attract more young adults and millennials to our membership. “We need to set a goal for 2017, to have $1 million dollars in membership savings. This will require new members and old members depositing at least $ 75,000 in new savings into the credit union. I believe we can do this if we work together,” said Zippert.