2023-10-05T12:53:57-07:00 2022-12-31 990 2022-01-01 741137995 FIRST CENTRAL CREDIT UNION FIRS 2547769333 6201 SANGER AVENUE WACO TX 76710 JO BETSY TYLER PRESIDENT/CEO 2547769333 2023-05-15 1 1 11 0 AAL2 X 2022 2023-04-26 12:10:37Z JO BETSY TYLER 6201 SANGER AVE WACO TX 76710 11296325 0 X WWW.FIRSTCENTRALCU.COM X CREDIT UNION 1937 TX SEE SCHEDULE O, FIRST PARAGRAPH 10 10 79 10 151447 0 1826265 125000 9583674 10204543 632042 815335 170882 151447 12212863 11296325 0 0 0 0 3277066 3725583 0 0 0 6583767 5724493 9860833 9450076 2352030 1846249 142192635 148590492 123265797 132143416 18926838 16447076 FIRST CENTRAL CREDIT UNION IS A FINANCIAL INSTITUTION, SPECIFICALLY A CREDIT UNION WHICH IS A COOPERATIVE PROVIDER OF FINANCIAL SERVICES TO OUR MEMBERS. FIRST CENTRAL CREDIT UNION IS COMMITTED TO PROVIDING SECURE, COMPETITIVE FINANCIAL SERVICES, DEDICATED TO OFFERING THE BEST POSSIBLE BENEFITS TO OUR MEMBERS, AND TO MAKING A DIFFERENCE IN THE COMMUNITIES WE SERVE WHILE CONTINUING TO BUILD CAPITAL RESERVES THROUGH INNOVATIVE AND SOUND BUSINESS PRACTICES. FIRST CENTRAL CREDIT UNION IS A STATE OF TEXAS CHARTERED CREDIT UNION AND A MEMBER OF CUNA. WE ARE ALSO DESIGNATED AS "JUNTOS AVANZAMOS" BY CORNERSTONE CREDIT UNION LEAGUE WHICH SIGNIFIES THAT FIRST CENTRAL HAS A LONG TERM VISION AND COMMITMENT TO SERVING THE NEEDS OF THE HISPANIC MARKET. IN 2018 FIRST CENTRAL CREDIT UNION WAS AWARDED CERTIFICATION AS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI) BY THE US DEPARTMENT OF THE TREASURY. 0 0 MEMBER LOANS: FIRST CENTRAL CREDIT UNION PROVIDES VEHICLE LOANS, SIGNATURE LOANS, HOME EQUITY LOANS, REAL ESTATE LOANS, AND CREDIT CARDS. WE UTILIZE VERY EFFICIENT UNDER WRITING PROCEDURES TO PROVIDE REASONABLE AND COMPETITIVE RATES TO OUR MEMBERS. CHECKING ACCOUNTS: FIRST CENTRAL CREDIT UNION PROVIDES CHECKING ACCOUNTS FOR MEMBERS WITH VARIOUS FEATURES FROM FREE CHECKING ACCOUNTS TO THOSE WITH ENHANCED BENEFITS SUCH AS CHECKING ACCOUNTS WITH MONTHLY REWARDS. WE DO OFFER CHECKING ACCOUNTS THAT PAY DIVIDENDS MONTHLY. ADDITIONALLY, THE CREDIT UNION EXTENDS THE REACH OF THESE ACCOUNTS TO ALL MEMBERS WITH FREE DEBIT CARDS, INTERNET ACCOUNT ACCESS, AND FREE USE OF BILL PAY. OVER 70% OF THE CREDIT UNION'S MEMBERS HAVE A CHECKING ACCOUNT. FIRST CENTRAL CREDIT UNION ALSO OFFERS MONEY MARKET ACCOUNTS. SHARE ACCOUNTS: FIRST CENTRAL CREDIT UNION'S SHARE ACCOUNTS OFFER ADVANTAGES TO MEMBERS OF ALL AGES. THE CREDIT UNION HAD 19,214 MEMBER OWNED ACCOUNTS AS OF DECEMBER 31, 2022. MEMBER SAVINGS ACCOUNTS PAY DIVIDENDS QUARTERLY. FIRST CENTRAL CREDIT UNION OFFERS ACCESS THROUGH BRANCHES AT DIFFERENT LOCATIONS, HOME BANKING VIA THE INTERNET, TELEPHONE, AND ATM MACHINES WORLDWIDE. WE OFFER SPECIAL SAVINGS ACCOUNTS DESIGNED FOR CHILDREN AND TEENAGERS TO ENCOURAGE THE DEVELOPMENT OF CONSISTENT SPENDING HABITS. 0 0 0 0 0 0 1 0 0 0 0 0 0 1 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 3364 0 1 79 1 1 1 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 0 1 1 0 0 X JO BETSY TYLER 2547769333 6201 SANGER AVENUE WACO TX 76710 JO BETSY TYLER PRESIDENT/CEO 40 0 X 262850 0 16226 RACHAEL BOSSE SENIOR LENDING MANAGER 40 0 X 114697 0 14366 ORLANDO RODRIGUEZ JR SENIOR ACCOUNTING AND IT MANAGER 40 0 X 109356 0 13371 VICKI DECKARD CHAIRMAN 1 0 X 0 0 0 GLENN WILLIAMSON VICE CHAIRMAN 1 0 X 0 0 0 CHERYL GRAVES SECRETARY/TREASURER 1 0 X 0 0 0 LORI ALAMBAR DIRECTOR 1 0 X 0 0 0 ELIO SMYTHE DIRECTOR 1 0 X 0 0 0 DAN DENT DIRECTOR 1 0 X 0 0 0 BEVERLY WALKER DIRECTOR 1 0 X 0 0 0 ASIA HOWARD DIRECTOR 1 0 X 0 0 0 JOSHUA REYES DIRECTOR 1 0 X 0 0 0 EVERETT ALEXANDER DIRECTOR 1 0 X 0 0 0 486903 0 43963 3 0 1 0 0 0 0 0 0 125000 0 0 125000 INTEREST ON LOANS 522130 4763758 4763758 0 0 MEMBER FEES AND CHARGES 522130 4874203 4874203 0 0 LOAN FEE INCOME 522130 50854 50854 0 0 515728 515728 0 0 10204543 815335 0 0 815335 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 OTHER INCOME 900099 151447 0 151447 0 0 0 0 0 151447 11296325 10204543 151447 815335 0 0 0 0 530867 0 2468909 105003 386189 234615 0 7320 57953 0 0 1788 731198 447810 1973252 258143 0 452664 27121 0 70000 406434 0 369714 0 STATE OF TEXAS OPERATING FEES 18940 LOAN SERVICE FEES 518253 PROVISION FOR LOAN LOSS 294076 ASSOCIATION DUES 69165 20662 9450076 0 0 0 6545228 8049529 10503296 7396264 0 0 0 0 0 0 0 0 64676808 75793610 0 0 361674 298412 10100001 5228225 4909656 4871776 0 0 48015462 44238582 0 0 0 0 7180511 7942319 142192635 148590492 2626798 3409586 0 0 0 0 0 0 0 0 0 0 0 0 0 0 120638999 128733830 123265797 132143416 X 0 0 0 0 18926838 16447076 18926838 16447076 142192635 148590492 1846249 -4326011 0 0 0 0 X 1 X 0 0 0 308 0 0 0 0 0 Schedule C, Part I-A, Line 1 FIRST CENTRAL CREDIT UNION MADE A CONTRIBUTION TO THE CUNA/ACCUL NATIONAL ADVOCACY FUND. 0 1679906 1679906 0 3738378 1161751 2576627 0 102858 102858 0 0 4541654 3931789 609865 0 37205 31827 5378 4871776 AVAILABLE FOR SALE SECURITIES 38022405 F TIME DEPOSITS 6108100 C MEMBERSHIP CAPITAL-CATALYST CORPORATE FCU 108077 C 44238582 PACIFIC LIFE ANNUITY 1935243 CORPORATE OWNED LIFE INSURANCE 2202025 NCUA SHARE INSURANCE CAPITALIZATION DEPOSIT 1240229 OTHER RECEIVABLES 1102449 NORTHWESTERN MUTUAL LIFE INSURANCE 770000 ACCRUED INTEREST LOANS 208712 TOTAL FORECLOSED REPOSSESSED ASSETS (NET) 284772 ACCRUED INTEREST INVESTMENTS 150459 RETURN CASH ITEMS-CHECKS 48430 7942319 0 MEMBER SHARES 128733830 128733830 0 0 0 JO BETSY TYLER PRESIDENT/CEO 224883 0 37967 0 0 0 0 0 16226 0 279076 0 0 0 RACHAEL BOSSE SENIOR LENDING MANAGER 113497 0 1200 0 0 0 0 0 14366 0 129063 0 0 ORLANDO RODRIGUEZ JR SENIOR ACCOUNTING AND IT MANAGER 108156 0 1200 0 0 0 0 0 13371 0 122727 0 0 0 JO BETSY TYLER PRESIDENT/CEO VEHICLE X 52000 34661 0 0 1 GLENN WILLIAMSON DIRECTOR VEHICLE X 2100 2100 0 0 1 JOSHUA REYES DIRECTOR VEHICLE X 30000 26158 0 0 1 JOSHUA REYES DIRECTOR VEHICLE X 28310 15123 0 0 1 JOSHUA REYES DIRECTOR VEHICLE X 24679 24679 0 0 1 JOSHUA REYES DIRECTOR SIGNATURE X 8000 7908 0 0 1 ASIA HOWARD DIRECTOR SIGNATURE X 22136 20541 0 0 1 LORI ALAMBAR DIRECTOR FARM EQUIPMENT X 51000 14568 0 0 1 LORI ALAMBAR DIRECTOR FARM EQUIPMENT X 40524 39059 0 0 1 LORI ALAMBAR DIRECTOR FARM EQUIPMENT X 11975 7398 0 0 1 LORI ALAMBAR DIRECTOR SIGNATURE X 45305 42880 0 0 1 LORI ALAMBAR DIRECTOR REAL ESTATE X 70000 19490 0 0 1 LORI ALAMBAR DIRECTOR VEHICLE X 12000 7742 0 0 1 262307 Form 990, Part VI, Section A, Line 6 FIRST CENTRAL CREDIT UNION IS A STATE OF TEXAS CHARTERED CREDIT UNION. A CREDIT UNION IS A MEMBER OWNED COOPERATIVE OF FINANCIAL SERVICES. Form 990, Part VI, Section A, Line 7a FIRST CENTRAL CREDIT UNION HAS A NOMINATING COMMITTEE THAT IS APPOINTED BY THE BOARD OF DIRECTORS TO SELECT CANDIDATES. THE CANDIDATES ARE PRESENTED TO THE MEMBERSHIP VIA THE CREDIT UNION NEWSLETTER. SHOULD SOMEONE CHOOSE TO RUN AGAINST A CANDIDATE, THEY WOULD NEED TO OBTAIN A PETITION WITH 75 MEMBER SIGNATURES TO CAUSE A BALLOT VOTE, OTHERWISE THE CANDIDATES SELECTED BY THE NOMINATING COMMITTEE WILL BE SELECTED. Form 990, Part VI, Section B, Line 11b FIRST CENTRAL CREDIT UNION'S BOARD OF DIRECTORS WILL REVIEW THE 2022 FORM 990 DURING A SCHEDULED MONTHLY BOARD MEETING BEFORE THE 2022 FORM 990 IS FILED. Form 990, Part VI, Section B, Line 12c OUR ORGANIZATION CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH THE WRITTEN CONFLICT OF INTEREST POLICY, OUR BOARD OF DIRECTORS AND MANAGEMENT TEAM REVIEWS THIS POLICY ANNUALLY. Form 990, Part VI, Section B, Line 15 THE BOARD OF DIRECTORS BEGAN UTILIZING COMPENSATION REPORTS FROM AN INDEPENDENT COMPENSATION CONSULTANT SEVERAL YEARS AGO TO ASSIST IN THE ESTABLISHMENT OF THE CEO'S BASE SALARY, HENCEFORTH, THE BOARD OF DIRECTORS AND OUR HUMAN RESOURCES MANAGER MEET ANNUALLY TO DISCUSS AND DETERMINE THE CEO'S SALARY FOR THE YEAR. Form 990, Part VI, Section C, Line 19 FIRST CENTRAL CREDIT UNION MAKES ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE TO OUR MEMBERS UPON REQUEST AND OUR FINANCIAL STATEMENTS ARE POSTED MONTHLY FOR PUBLIC VIEWING IN EACH BRANCH'S ENTRANCE AREAS.