2016-05-10T12:29:39-07:00 2015-12-31 990 2015-01-01 741137995 FIRST CENTRAL CREDIT UNION FIRS 2547769333 6201 SANGER AVENUE WACO TX 76710 JO BETSY TYLER PRESIDENT/CEO 2547769333 2016-05-02 2015 2016-09-27 15:27:22Z JO BETSY TYLER 6201 SANGER AVENUE WACO TX 76710 5981070 0 X WWW.FIRSTCENTRALCU.COM X CREDIT UNION 1937 TX SEE SCHEDULE O, FIRST PARAGRAPH 9 9 60 9 112334 -7153 28160 0 5345450 5727233 131355 141503 113841 112334 5618806 5981070 0 0 0 0 2029645 2224558 0 0 0 2699791 2932442 4729436 5157000 889370 824070 62932552 67123853 54995335 58370628 7937217 8753225 THE ORGANIZATION IS A FINANCIAL INSTITUTION ,SPECIFICALLY A CREDIT UNION. A CREDIT UNION IS A COOPERATIVE, MEMBER-OWNED, NON-PROFIT PROVIDER OF FINANCIAL SERVICES TO ITS MEMBERS. 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 REAWARDS. 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 49% 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 12,717 MEMBER OWNED ACCOUNTS AS OF DECEMBER 31, 2015. 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 0 0 0 0 0 0 0 1 1 0 0 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 1683 0 1 60 1 1 1 0 0 0 0 0 X 9 9 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 BEVERLY WALKER DIRECTOR 1 0 X 0 0 0 RICHARD HARTLEY VICE-CHAIRPERSON 1 0 X 0 0 0 JOE HARMON SECRETARY/TREASURER 1 0 X 0 0 0 GLENN WILLIAMSON DIRECTOR 1 0 X 0 0 0 DAN DENT DIRECTOR 1 0 X 0 0 0 DONNA WILHELM DIRECTOR 1 0 X 0 0 0 ALFRED SOLANO DIRECTOR 1 0 X 0 0 0 VICKI DECKARD DIRECTOR 1 0 X 0 0 0 JO BETSY TYLER PRESIDENT/CEO 40 0 X 138093 0 167041 138093 0 167041 1 0 1 0 0 0 INTEREST ON LOANS 522130 2988374 2988374 0 0 MEMBER FEE AND CHARGES 522130 2364033 2364033 0 0 LOAN FEE INCOME 522130 6524 6524 0 0 368302 368302 0 0 5727233 139973 0 0 139973 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1530 0 0 0 1530 1530 1530 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 OTHER INCOME 900099 112334 0 112334 0 0 0 0 0 112334 5981070 5728763 112334 139973 0 0 0 0 154456 0 1684988 56170 184458 144486 0 2700 48000 0 0 3142 398217 294118 806370 81343 0 306249 43509 0 60000 221838 0 302438 116 STATE OF TEXAS OPERATING FEES 12146 LOAN SERVICING FEES 157335 PROVISION FOR LOAN LOSS EXPENSES 150992 ASSOCIATION DUES 27437 16492 5157000 0 0 0 2399318 2660188 5672193 5637844 0 0 0 0 0 0 0 0 38878353 41459300 0 0 141897 191199 5460310 2244559 3089410 3215751 9614379 10933867 3137002 3025704 62932552 67123853 1081377 1129475 0 0 0 0 0 0 0 0 0 0 0 0 0 0 53913958 57241153 54995335 58370628 X 0 0 0 0 7937217 8753225 7937217 8753225 62932552 67123853 824070 -8062 0 0 0 0 X 0 0 0 0 398062 398062 0 2806785 793064 2013721 0 409331 69514 339817 0 1805302 1359709 445593 0 40830 22272 18558 3215751 CERTIFICATES OF DEPOSITS-WITH BANKS 9001047 C AVAILABLE FOR SALE SECURITIES 1476743 F CERTIFICATES OF DEPOSITS WITH CREDIT UNIONS 348000 C MEMBERSHIP CAPITAL AT CORPORATE CREDIT UNION 108077 C 10933867 TOTAL FORECLOSED & REPOSSESSED ASSETS 161543 NCUA SHARE INSURANCE CAPITALIZATION DEPOSIT 549923 ACCRUED INTEREST ON LOANS 134151 ACCRUED INTEREST ON INVESTMENTS 13518 PACIFIC LIFE ANNUITY 1919756 RETURN CASH ITEMS AND CHECKS 5397 OTHER RECEIVABLES 241416 3025704 MEMBER SHARE ACCOUNTS 57241153 57241153 0 0 0 JO BETSY TYLER PRESIDENT/CEO 125993 0 12100 0 0 0 150679 0 16362 0 305134 0 0 Schedule J, Part II THE AMOUNT OF $150,679 LISTED IN COLUMN C IN PART II IS A 457(F) DEFERRED COMPENSATION PLAN. THE PLAN IS AN ANNUITY WITH PACIFIC LIFE. JO BETSY TYLER PRESIDENT HOME EQUITY X 40000 21373 0 0 1 JO BETSY TYLER PRESIDENT VEHICLE X 10239 1529 0 0 1 ELIO SMYTHE DIRECTOR VEHCILE X 22128 16130 0 0 1 BEVERLY WALKER DIRECTOR VEHICLE X 25086 21303 0 0 1 JOE HARMON DIRECTOR VEHICLE X 34060 18180 0 0 1 JOE HARMON DIRECTOR VEHCILE X 31800 17428 0 0 1 JOE HARMON DIRECTOR HOME EQUITY X 67000 63581 0 0 1 GLENN WILLIAMSON DIRECTOR VEHICLE X 11031 11031 0 0 1 GLENN WILLIAMSON DIRECTOR VEHICLE X 23989 22059 0 0 1 DONNA WILHELM DIRECTOR SIGNATURE X 10000 10000 0 0 1 DONNA WILHELM DIRECTOR VEHICLE X 12112 12112 0 0 1 ALFRED SOLANO DIRECTOR VEHICLE X 33968 29650 0 0 1 VICKI DECKARD DIRECTOR HOME EQUITY X 17000 13193 0 0 1 257569 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 A STATE CHARTERED CREDIT UNION AND A MEMBER OF NCUA. 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 GET A PETITION WITH 75 MEMBERS SIGNATURES TO CAUSE A BALLOT VOTE, OTHERWISE THE CANDIDATES SELECTED BY THE NOMINATING COMMITTEE WILL BE ELECTED. Form 990, Part VI, Section B, Line 11b FIRST CENTRAL CREDIT UNION'S BOARD OF DIRECTORS WILL REVIEW THE 2015 FORM 990 DURING A MONTHLY BOARD MEETING BEFORE THE MAY 2016 FILING DEADLINE. Form 990, Part VI, Section B, Line 12c OUR ORGANIZATION DOES REGULARLY AND CONSISTENTLY MONITOR AND ENFORCE COMPLIANCE WITH THE WRITTEN CONFLICT OF INTEREST POLICY. OUR BOARD OF DIRECTORS AND MANAGEMENT TEAM DOES REVIEW AND MONITOR THIS POLICY ANNUALLY. Form 990, Part VI, Section B, Line 15 THE BOARD OF DIRECTORS STARTED UTILIZING COMPENSATION REPORTS FROM AN INDEPENDENT COMPENSATION CONSULTANT STARTING IN THE YEAR 2000 TO ASSIST IN THE ESTABLISHMENT OF THE CEO'S COMPENSATION . EVERY YEAR SINCE THEN, AND WITH THE ASSISTANCE OF OUR HUMAN RESOURCES MANAGER TO GATHER, DATA, THE BOARD OF DIRECTORS 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 IT 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 LOBBY AREAS.