2022-05-13T14:01:27-07:00 2021-12-31 990 2021-01-01 741137995 FIRST CENTRAL CREDIT UNION FIRS 2547769333 6201 SANGER AVENUE WACO TX 76710 JO BETSY TYLER PRESIDENT/CEO 2547769333 2022-05-12 1 11 0 AAL2 2021 2022-09-23 18:48:47Z JO BETSY TYLER 6201 SANGER AVE WACO TX 76710 12212863 0 X WWW.FIRSTCENTRALCU.COM X CREDIT UNION 1937 TX SEE SCHEDULE O, FIRST PARAGRAPH 11 11 72 11 170882 0 714000 1826265 8727740 9583674 473770 632042 148727 170882 10064237 12212863 0 0 0 0 3032486 3277066 0 0 0 4809198 6583767 7841684 9860833 2222553 2352030 122786509 142192635 105588701 123265797 17197808 18926838 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 A "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 73% 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 18,384 MEMBER OWNED ACCOUNTS AS OF DECEMBER 31, 2021. 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 3093 0 1 72 1 1 1 0 0 0 0 0 0 0 X 11 11 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 218072 0 15915 VICKI DECKARD VICE CHAIRMAN 1 0 X 0 0 0 BEVERLY WALKER DIRECTOR 1 0 X 0 0 0 CHERYL GRAVES SECRETARY/TREASURER 1 0 X 0 0 0 ELIO SMYTHE VICE CHAIRMAN 1 0 X 0 0 0 GLENN WILLIAMSON DIRECTOR 1 0 X 0 0 0 DAN DENT DIRECTOR 1 0 X 0 0 0 RANDY MILLER CHAIRMAN 1 0 X 0 0 0 ABRAHAM CEBALLOS DIRECTOR 1 0 X 0 0 0 LESLIE EVERLY 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 218072 0 15915 1 0 1 0 0 0 0 0 0 1826265 0 0 1826265 INTEREST ON LOANS 522130 4295262 4295262 0 0 MEMBER FEES AND CHARGES 522130 4447262 4447262 0 0 LOAN FEE INCOME 522130 43792 43792 0 0 797358 797358 0 0 9583674 632042 0 0 632042 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 170882 0 170882 0 0 0 0 0 170882 12212863 9583674 170882 632042 0 0 0 0 233986 0 2356104 109788 380792 196396 0 2486 37921 0 0 2279 629005 443083 1875075 232956 0 426691 20486 0 36000 383751 0 1619687 0 STATE TEXAS OPERATING FEES 17279 LOAN SERVICING FEES 432734 PROVISION FOR LOAN LOSS 346945 ASSOCIATION DUES 50797 26592 9860833 0 0 0 3679587 6545228 17813277 10503296 0 0 0 0 0 0 0 0 55446076 64676808 0 0 268541 361674 9763866 4854210 5624781 4909656 0 0 34041516 48015462 0 0 0 0 5912731 7180511 122786509 142192635 2196392 2626798 0 0 0 0 0 0 0 0 0 0 0 0 0 0 103392309 120638999 105588701 123265797 X 0 0 0 0 17197808 18926838 17197808 18926838 122786509 142192635 2352030 -623000 0 0 0 0 X 0 0 0 296 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 1679905 1679905 0 3701604 1055738 2645866 0 102858 102858 0 0 4242295 3665379 576916 0 37204 30235 6969 4909656 0 0 AVAILABLE FOR SALE SECURITIES 39205238 F CERTIFICATE OF DEPOSITS W/BANKS 6714047 C CERTIFICATE OF DEPOSITS W/CREDIT UNIONS 1988100 C MEMBERSHIP CAPITAL AT CORP.CU-PERPETUAL 108077 C 48015462 PACIFIC LIFE ANNUITY 2284727 CORPORATE OWNED LIFE INSURANCE 2148758 NCUA SHARE INSURANCE CAPITALIZATION DEPOSIT 1125844 NORTHWESTERN MUTUAL LIFE INSURANCE 660000 OTHER RECEIVABLES 365678 TOTAL FORCLOSED & REPOSSESSED ASSETS (NET) 212403 ACCRUED INTEREST LOANS 182552 ACCRUED INTEREST INVESTMENTS 140662 RETURN CASH ITEMS-CHECKS 59887 7180511 MEMBER SHARES 120638999 120638999 0 0 0 JO BETSY TYLER PRESIDENT/CEO 181786 0 36286 0 0 0 0 0 15915 0 233987 0 0 0 JO BETSY TYLER PRESIDENT/CEO VEHICLE X 52000 43924 0 0 1 GLENN WILLIAMSON DIRECTOR VEHICLE X 4477 4477 0 0 1 JOSHUA REYES DIRECTOR VEHICLE X 28310 19126 0 0 1 ASIA HOWARD DIRECTOR SIGNATURE X 15000 9067 0 0 1 ASIA HOWARD DIRECTOR VEHICLE X 57706 44469 0 0 1 121063 Form 990, Part I, Line 1 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 CAPTIAL 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 A "JUNTOS AVANZAMOS" CREDIT UNION 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. AS AN OFFICIAL CDFI, FIRST CENTRAL'S EFFORTS TO PUT THE COMMUNITY FIRST AND VALUE LOCAL, ECONOMIC GROWTH HAVE BEEN RECOGNIZED. Form 990, Part VI, Section A, Line 6 FIRST CENTRAL CREDIT UNION IS A 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 2021 FORM 990 IN THE MONTH OF APRIL 2022 BEFORE THE MAY 16TH, 2022 FILING DEADLINE. Form 990, Part VI, Section B, Line 12c OUR ORGANIZATION CONSISTENTLY MONITORS AND ENFORCE 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 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 RAISE PERCENTAGE INCREASE. 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.