Civic Chairman's Letter

Willie Best

It is my pleasure to present the inaugural Annual Report for Civic Federal Credit Union. Having completed our first year of operation, we have much to celebrate. As the Chairman of the Board of Directors, I share below the vision for Civic and how you are an integral part of this journey.

The first question I get from members is “why Civic?” The point most people are getting at is why was it necessary to form a new credit union. The answer is simple. Because you asked for it. Well, not exactly in those specific terms. But you and many members did say you want more from your credit union experience. In order to give you more, we had to overcome some barriers that face all financial institutions.  

Every institution, company or organization that gets its license to do business has limited powers. These limitations apply to utilities, insurance firms, petroleum companies and every type of business that needs a government charter to exist. When a charter is issued to operate a regulated business, there is a set of authority granted to conduct limited services. Sometimes the powers are insufficient.

Civic FCU is the sister credit union to Local Government Federal Credit Union. We’ve heard from members there are services you need outside LGFCU’s offerings. Unfortunately, your requests have been met with some charter constraints. Your Credit Union Board had two options. First, we could ignore your requests for additional services. Blaming our inability on the charter would have been a convenient excuse, and it would have been true. But that felt unfulfilling to us.

Your Board chose a second option. We opted to form a new credit union that would focus on filling the gap in services. Without getting too much into the weeds, Civic has new powers built into its charter that allows it to expand upon the total offerings to local governments and their stakeholders.

Civic was created to serve you with innovative services. Taking advantage of the new powers in our charter and the desire to do things differently, Civic is fixated on the idea that financial services can be better. Here are some ideals that direct our attention from the beginning.

One-stop shopping

We believe members should be able to manage all their money in one place. Some financial institutions focus on consumer services. Other institutions make their bread and butter on business services. Many folks leave a day job and run to a side gig. You have said you want all your money to be in the same place. Civic gives you the best of both worlds. Civic offers business services right alongside your consumer accounts.

The integration of all your finances creates an efficient way to reach your goals. For small business owners, you don’t have time to waste running from one place to another. When you make decisions, you need to know how business choices affect your personal finances. Civic shows you how to make the most informed use of your money.

FINANCIAL ACCESS

We have heard from officials in local government about the proliferation of financial deserts. These are the places where brick and mortar banks have pulled up stakes and left town. You asked us for a solution. Civic is an online/mobile credit union that presents the latest remote banking experience. When you consider all the things one can do on the Civic mobile app, we think members won’t miss a bank that’s left them hanging.

For instance, you like the convenience of ATMs for remote service. But some members have asked for more. Civic offers the ultimate convenience… free ATMs anywhere in the United States. Civic will pick up the fees for its members to use any ATM. There are over 400,00 ATMs in the U.S. alone.

Also, you asked for the ability to deposit a check into your credit union account from your mobile phone. Civic offers this feature. Once the deposit is made, the Civic app is easy to navigate and gives you full control over how your money is managed and spent.

COMMITMENT TO LOCAL GOVERNMENT

Most companies seek diversification in their business strategies. Diversity usually reduces risks. As the adage goes, it is not wise to put all your eggs in one basket. When it comes to assets and liabilities, we agree. As far as markets go, we have a different point of view.

Civic is fully committed to serving the local governments in North Carolina. We salute the men and women of local governments who make our communities livable. Everyone from public safety to water quality, from administration to construction and from elected officials to volunteers play an integral role in our lives. We at Civic feel deeply proud to be a part of an institution that serves the people who serve us.

We are absolutely gleeful about the future of Civic and what comes next. We have engineers, software folks and marketing gurus behind the scenes working on new innovations to improve your Civic experience. The experience will get even better because you are engaged. If you have ideas on how to make Civic more wonderful, we invite your input.

On behalf of the entire Board of Directors, thank you for your membership. We look forward to impressing you with the power of Civic.

With Best Regards,

Willie Best

Chairman, Civic FCU Board of Directors