Members, staff and directors of CORE Credit Union gathered on June 27, 2023 for CORE Credit Union's annual meeting. The meeting was held in the Homebuilders of Statesboro building.
The members were presented with financial information which showed CORE again had another year of growth while serving their members in Bulloch, Chatham, and surrounding counties.
Chairman's Report
Dr. Joe Ruhland, Chairman of the CORE Board of Directors, shared with the membership that CORE has continued to grow, organically adding 1,345 new members for the calendar year ending 2022. Additionally, CORE has completed its strategic partnership with Memorial Health Credit Union in Savannah. This gives CORE a second branch location in Savannah, 2,600 new members, $24 million in new assets, six employees, and the ability to serve those members in ways new to them.
CORE customer service continues to be best in class. Their Virtual Branch fields over 3,600 member calls per month with an average wait time of only 26 seconds. Discovering Bulloch has named CORE as Best Local Credit Union, Most Attentive Teller Line Staff, Best Place to Get an Auto Loan. and Best Bank for Students.
According to a Credit Union National Association (CUNA) estimate, CORE provided over $868,000 in direct financial benefits to their members during the 12 months ending in December 2022. That’s more than a 10% gain vs. last year. It means that, compared to local banks, members enjoyed lower auto loan rates and higher rates on their interest-bearing accounts. How can they do this? Because members own this institution. The members are the only folks they serve.
"Your support of the Credit Union along with our continued focus on our members and our community has made CORE Credit Union the financial institution of choice in Bulloch and Chatham County," said Dr. Joe Ruhland. "As Chairman, I would like to sincerely thank everyone for their loyalty and continued support of CORE, Bulloch County’s only locally owned financial institution."
Data from the most recent fiscal year indicates the Credit Union’s assets increased by $20.3 million (15.6%) during the fiscal year ending March 31, 2023. Member deposits increased by roughly $15.7 million (13.5%) and loans to members increased by $18.7 million (75.7%).
President's report
"At CORE Credit Union our philosophy continues to be 'Win, Win, Win.' In simple terms this means when we make a decision that will affect the direction of the organization, three things are considered: Do the members win? Does the institution win? Do our employees win? If we can answer yes to all three questions then we know we are making the right decision for the organization," said Robert Clampett, President of CORE.
"Even with the rapid growth we have experienced, CORE Credit Union remains true to its credit union mission. As Bulloch County’s only locally owned financial institution, CORE prides itself on our commitment to inclusiveness and diversity and welcomes all people to become a part of the financial cooperative. Our 'C.O.R.E. Values' reflect this mission: Community, Open-minded, Respect, Excellence – we live by these values every day at your credit union."
This basic approach continues to work as the Credit Union continues to grow and prosper. From April 1, 2022 to March 31, 2023 the asset size of the Credit Union increased 14% from $131 million to $150 million, and the Credit Union is now approaching 16,000 active members throughout the Coastal Empire.
Board members re-elected
CORE board members Alicia Pociatek, Lucretia Davis, and Dr. Tom Case were re-elected to the Board.
Dan Cook retires from board
Dr. Joe Ruhland and Robert Clampett recognized Dan Cook for 18 years of service to the CORE Board of Directors. Dan was presented a plaque honoring his years of service and was given Director of Emeritus status.
