Annual Report 2020


2020 Annual Report


At Civic, we believe money can change the world for the better. Our credit union was founded on the conviction that banking can be a force for good. Our financial cooperative offers a range of banking services to people who serve North Carolina, small business owners, and non-profits that want to change the world. By connecting these groups, we are building a community of people united in their desire to make a positive impact on society, culture and environment.

Local governments are essential to building a strong economy, increasing the standard of living and serving North Carolina; one of the fastest-growing states now and for the next 20 years. Civic commits to be a responsible organization for the people of local government, their families, and small businesses in service to people, planet and the prosperity of all. We care about your future. Our future. And we work hard to see things from different perspectives and take an honest look at who we are, what we do, and how we do it.

Chairman's letter

Paul Miller

Civic was a concept decades in the making. Today, we now have a solution for one-stop shopping and true 360 degree financial access. And, it’s all delivered in a way that honors our commitment to local government.



Civic Chairman's Letter

Paul Miller

Dear Fellow Members:

From the very beginning, Civic was created with a mindset to serve you, the local government community. We approach this service with pride & ambition. In this, my first Chairman’s Letter to the Civic Membership, I want to expand upon the ideals that help create value for you as a Civic member. 

And the past year has proven that you are essential to North Carolina communities. 

Pride and Inspiration

Your dedication to the community, unwavering commitment to your neighbors, and unselfish servitude inspires us. We don’t take for granted what local government means to the quality of North Carolina life. We have long felt this gratitude and are proud to serve you.

These are different times. The pandemic has heightened our sense of what a community means. It has become necessary to be socially distant and removed from some daily routines. As disruptive as this has all been to many of us, our local government services continue without interruption. 

To say that you are essential workers does not quite express the necessity of local governments. North Carolina communities, institutions, families, and businesses could not exist without the municipal, county, and local heroes. You inspire us, support us, and lead us. Your examples impress upon us the kind of financial institution Civic should be for you.

Ambition and Community

However, pride is not enough. You need services delivered with a sense of urgency. This urgency drives what I meant by the term ambition. Our ambitions for this membership compel us to work that much harder for you. It is not enough to offer just any financial service. We are determined to deliver solutions that create a lasting difference for you. 

This ambition becomes more necessary because we are all in an economic downturn. Jobs have been lost. The cost of living has increased. Some consumers are unsure about the future. You as members have asked for real, honest solutions to your challenges. These are the issues that drive our ambitions. 

Civic is a part of your community, but also a community unto itself. Your membership includes you in a group of folks who cooperate to help each other. You might not see this dynamic on an everyday basis. Nevertheless, it is important you know what makes the Civic community work for you.

We believe a community is created through the connections among citizens. People choose to live and work together to help improve the lives of others. The connections are strong and abiding. 

The Civic community is much like your home community. We look after each other and work collectively to improve each life. In a way, we are like family. Families care for one another.

Looking Ahead

As we continue to pull ourselves from this pandemic and recession, Civic shall work doubly hard to make your lives easier. We won’t stop by being ordinary. We have lives, economies and businesses to rebuild. 

On behalf of the Board of Directors for Civic Federal Credit Union, we are privileged to serve you. You are the reason we exist and the purpose for everything we do. 

Let’s get to work.


With Best Regards,

Paul Miller

Chairman, Civic FCU Board of Directors


Civic Mission

For our members

Our services reflect the diverse needs of the community. From personal banking to nonprofit and small business services, we are challenging ourselves to meet the unique needs of the membership in unique ways.


Finance Change. Change Finance.

We finance the needs of local government employees and their family members, while actively engaging the banking sector to become more diverse, sustainable and transparent.


Our credit union was founded on the conviction that banking can serve as a force for good. Civic offers a range of banking services to the people that serve North Carolina and the small business owners that want to change the world for the better. By connecting these value holders, we are building a community of people united in their desire to make a positive impact on society, culture and our environment.

We want to support owner-occupied businesses in rural and urban North Carolina that will help build wealth and have a cyclical investment in communities that improve the well-being of everyone.”

Dwayne Naylor, President

Civic Federal Credit Union





2020 Reports

Check the numbers

We like to focus on lives changed, but numbers are important too. The financial health of our organization is essential. And, as a member-owner, you should know how things are going. The information below is a year-end report for 2019. 



Statements of Financial Condition

Year to Date as of 12/31/2020 and 12/31/2019
Assets 2020 2019
Cash and Investments $10,099,915 $20,489,589
Mortgage Loans $28,659,004 $0
Personal Loans $314,620 $47,970
Member Business Loans $21,241,754 $17,791,966
Auto Loans $2,616,112 $797,256
Credit Card Loans $495,746 $113,371
Allowance for Loan Losses ($281,452) ($70,425)
     Net Loans $53,045,784 $18,680,139
National Share Insurance $339,132 $5,280
Other Assets $448,013 $3,314,518
Total Assets $63,932,843 $42,489,526

Liabilities & Equity 2020 2019
Payables $4,583,856 $2,148,640
Share Accounts $1,820,902 $835,316
Share Draft Accounts $10,658,267 $5,143,816
Money Market Accounts $36,717,172 $27,338,865
Share Certificates $4,071,128 $1,493,347
     Total Deposits $53,267,469 $34,811,345
Total Reserves & Undivided Earnings $6,081,518 $5,529,541
Total Liabilities & Equity $63,932,843 $42,489,526

Statements of Income

Year to Date as of 12/31/2020 and 12/31/2019
Operating Income 2020 2019
Investment Income $57,609 $260,180
Mortgage Loans $819,829 $0
Personal Loans $16,921 $2,213
Auto Loans $54,948 $4,415
Credit Card Loans $4,196 $1,037
Member Business Loans $613,978 $303,861
     Total Loan Income $1,509,873 $311,526
Other Operating Income $653,568 $617,030
Total Income $2,221,050 $1,188,736

Operating Expenses 2020 2019
Operating Expenses $1,066,073 $525,067
Interest on Borrowed Funds $89,268 $0
Share Accounts  $4,556 $2,119
Share Draft Accounts $11,214 $3,767
Money Market Accounts $460,910 $260,679
Individual Retirement Accounts $0 $0
Share Certificates $36,414 $16,416
     Total Deposit Expense $513,094 $282,982
Total Expenses $1,669,073 $808,050
Net Operating Income $551,976 $380,686