Page 6 - 2019 FMFCU Annual Report

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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