2022 Annual Report

8. Solidity As amember-owned local financial cooperative, FCU has deep roots in the community. This solid foundation means we can’t be bought or sold, we are here for the long-term, and we stand ready to provide financial services to local consumers and small businesses. 7. Concern for the Community Providing services and programs to benefit the members of the community. 6. Cooperation Among Cooperatives Working with local, regional, national, and international groups to advance knowledge and service availability. Information is provided to members, elected representatives, and staff to ensure further development of the organization. 5. Education, Training, and Information 4. Autonomy and Independence Member/owners benefit proportionately to their level of participation from full utilization of the products and services that are available through the credit union. 3. Member Economic Participation Member/owners benefit proportionately to their level of participation from full utilization of the products and services that are available through the credit union. 2. Democratic Member Control The member/owners of Florida Credit Union choose the individuals who serve as elected trustees. FCU is open to all persons in our state- approved field of membership who are interested in using our services andwilling to accept the responsibilities of membership. 1. Voluntary and Open Membership Florida Credit Union continues to operate under the cooperative principles of: Cooperative Principles Florida Credit Union was established in 1954. For 68 years, we have been dedicated to meeting our members’ needs. As you read the 2022 Annual Report, you will notice that Florida Credit Union is as safe and strong as ever. In 2022, Florida Credit Union’s membership experienced another year of new and exciting products and services. This year brought us a new branch in Belleview and a credit and debit card processing conversion. This conversion allows us to offer better technology and card services to our membership. Through a rapidly changing rate environment, FCU has continued to offer competitive rates on deposit accounts and low loan rates for all products. We ended 2022 with $1,967,340,965 in assets. The most important measure of a credit union’s soundness is its capital ratio. Florida Credit Union is considered “Well Capitalized” by federal and state examiners, with our year end capital ratio being 11.42%. Meeting the needs of our membership is the primary responsibility of your Board of Directors. We must ensure all operations are performed safely and soundly. The reports included in the 2022 Annual Report support that Florida Credit Union is indeed managed in accordance with policies, laws, and regulations. Florida Credit Union is a safe and sound financial institution and is well-situated for the future. We have come a longway in nearly seven decades and are committed to continue tomeet and exceedmember expectations. Dr. Barbara Buys Board Chair Report of the Board of Directors Ms. Kara Brown Director Ms. Faye McKnight Director Mr. Andrew Sutherland Director Mr. William Hopgood Director Mr. Lynn P. Jones, Sr. Secretary Mr. Alfred Peoples Treasurer Ms. Judy Johnson, J.D. Vice Chair Dr. Barbara Buys Board Chair 2022 Annual Report | 5 2022 Annual Report | 4