Page 5 - CP ANNUAL REPORT WEB 2021

PRESIDENT’S REPORT

Service Is Key The COVID virus was hard on Coosa Pines’ employees. There were many tears last
August when an employee and treasured friend was lost. Since then, some staff
Credit unions are unique financial institutions which are owned by members and are members have tested positive, but all have recovered. The credit union owes a
“not-for-profit, not for charity, but for service.” Looking back at 2020, Coosa Pines special thanks to Coosa Valley Medical Center for coming to the corporate office last
Federal Credit Union members can be proud of how their credit union has served month to provide vaccines. Like everyone else, CPFCU is looking forward to a time
members and their communities. When COVID first hit, hundreds of members quickly when COVID is no longer a concern.
found themselves without a job. Your credit union responded by providing payment
extensions on 500 loans totaling over $5 million. These extensions gave members When you think about the characteristics that make the credit union unique, think
the time needed to recover without worrying about making monthly loan payments. about the fact that it is member owned and not-for-profit, but also consider the
service. Coosa Pines Federal Credit Union’s dedicated Board and Supervisory
Coosa Pines also offered Paycheck Protection Loans through the Small Business Committee are made up entirely of unpaid volunteers. These great people devote
Administration. Over $200 thousand in these loans were issued to help small business a tremendous amount of time and effort to guiding the credit union and serving its
members keep their workers employed during the pandemic. members. Please join me in thanking our Board and Supervisory Committee for all
they do.
Members should also be proud of their service to others. The credit union’s members
exemplify the “people helping people” philosophy, as they have shown in the Giving In conclusion, Coosa Pines FCU is committed to maintaining a strong, healthy
Tree campaigns each Christmas. In 2020, when it was expected that donations would cooperative that will be here to serve your families for generations to come. Coosa
be low, CPFCU members donated a record $13,321.82 in cash and gifts. Including Pines will continue to focus on member service and security, efficient operation, and
the credit union matched funds, nearly $19,000 was spent to make Christmas special the practice of sound lending and investment decisions. Above all, the credit union
for many local children. will endeavor to keep service at its heart.

While other credit unions have struggled financially, Coosa Pines has grown Thank you for your membership,
stronger. The credit union added $7 million in loans and $46 million in deposits,
making 2020 its largest deposit year in history. Assets topped $300 million while
CPFCU maintained a strong net worth of 13.32%, which far exceeds the 7% National
Credit Union Administration requirement for a credit union to be considered “well
capitalized” and is significantly higher than the national average.
Donald W. Carden, President/CEO
Sound business decisions made before and during the pandemic allowed the credit Coosa Pines Federal Credit Union
union to maintain its financial strength. As a result, the Board of Directors approved
a bonus dividend and loan interest rebate of $340,000. These funds were deposited
to member savings accounts in November, just in time for Christmas.
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