Page 6 - 2019 FMFCU Annual Report
P. 6

REPORT FROM THE SUPERVISORY COMMITTEE


     For the Credit Union and its members, 2019 was
     another good year. FMFCU again achieved consistent
     growth in key measures of performance, including                 GERALD VEASLEY
     loans, membership, and deposits. As a not-for-profit,          MEMBER SINCE 2008
     mutually-owned cooperative, FMFCU continues
     attracting members seeking a safe, convenient place
     to save money and get loans at reasonable rates.

     2019 Highlights
     In 2019, total assets approached $1.2 billion,
     rising 9.1 percent from the prior year. Membership
     deposits were up 8.9 percent to $1.07 billion, with
     total membership growing to 111,000 at year-end.
     Loans to members rose 4.7 percent to more than
     $939.3 million. Net income at $6.6 million shows a
     strong gain of 7.9 percent, up from $6.1 million the
     prior year, allowing FMFCU to continue investing in          MEMBER SINCE 2016
                                                                    DR. FRANK ADAMO
     improving the member experience.
     The Supervisory Committee, as part of its
     responsibilities, engaged the public accounting firm
     of RKL LLP to perform an audit as of December 31,
     2019. An unmodified opinion was issued, meaning
     the statements were found to be sound and free
     from material misstatements.

     FMFCU Internal Auditors and Federal Regulators
     from the National Credit Union Administration
     (NCUA) also performed annual audits and
     examinations. Collectively, these evaluations ensure
     FMFCU maintains the highest standards of accuracy
     in financial record keeping and reporting.


     As always, FMFCU appreciates the continued
     support of its members and business partners.










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