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FOGCE Federal Credit Union holds Annual Meeting

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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

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Members of FOGCE Federal Credit Union at Annual Meeting.

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.