CORE Credit Union's 50th annual meeting highlights growth and community commitment

CORE Credit Union recently held its annual meeting while also celebrating its 50th anniversary, presenting an impressive report of the credit union's growth, achievements, and future plans. CORE CU members gathered to hear from the board and management team about the exciting developments and initiatives over the past year.

CORE Credit Union Board of Directors Chairman Dr. Joseph Ruhland kicked off the meeting, expressing his pride in CORE's progress.

"We've experienced substantial growth, with over 1,100 new members joining us in 2023. Our strategic partnerships with Savannah Federal and Memorial Health Credit Unions have boosted our presence in the Savannah market, and we're excited to announce the opening of a new branch in Bryan County near the Hyundai Metaplant," Ruhland shared.

He also highlighted CORE's exclusive partnership with Hyundai MOBIS, which gives the credit union access to thousands of potential new members. "This partnership is a huge win, and along with our top-notch member service, it's driving our success. Our Virtual Branch handles nearly 4,600 calls monthly with an average wait time of under 20 seconds—best in class!"

CORE has been recognized by local publications with several awards, including Best Local Credit Union and Best Bank for Students.

"In 2023, we provided our members with $1.3 million in direct financial benefits, a 56% increase from last year. This success is because our members own this institution. We are dedicated to serving you and our community," Ruhland concluded.

CORE BOD Audit Committee Chairman Troy Brown provided insights into CORE's regulatory compliance and financial health.

"CORE operates under U.S. laws and is regulated by the NCUA and the Georgia Department of Banking. In 2023-2024, despite a decrease in assets and member deposits, CORE's net worth remains strong at $16.6 million, well above the industry benchmark," Brown said.

He assured members of the rigorous lending practices maintained by the management and staff, contributing to the overall quality of CORE's loan portfolio.

"The Audit Committee will continue to monitor and review our internal activities, ensuring financial stability. We appreciate the Board, management, and staff for their dedication," Brown stated.

CORE CU President/CEO, Robert Clampett spoke about CORE's "Win, Win, Win" philosophy, emphasizing decisions that benefit members, the institution, and employees. "From April 2023 to March 2024, we welcomed 1,110 new members, opened 837 checking accounts, and funded 1,778 loans totaling $32.7 million. Our assets grew to $144 million, with our membership base nearing 16,000."

Clampett shared updates on the merger with Memorial Health Credit Union, which has been seamless, enhancing member experience. "We’re also opening a new branch near the Hyundai Metaplant in 2025. Our Virtual Branch handles 4,600 monthly requests, and soon we'll offer Instant Issue debit cards. We balance online tools with in-person banking, staying true to our mission."

He also highlighted CORE's commitment to inclusiveness and diversity, supporting local organizations and providing financial literacy programs.

"Our exceptional management, Board of Directors, and dedicated employees make CORE a proud and reliable financial institution," Clampett concluded.

CORE CU Vice Chairperson Alicia Pociatek discussed CORE's strong and diverse loan portfolio, emphasizing the credit union's commitment to financial stability. "Between April 2023 and March 2024, we granted 1,778 loans totaling $32.7 million. Our portfolio includes unsecured, auto, real estate, and other secured loans, with 92% being secured loans."

Pociatek assured members of robust loan loss reserves and proactive delinquency management. "Our dedicated volunteers on the Credit Committee play a crucial role in reviewing complex loan applications and providing valuable policy input. CORE remains committed to prudent lending practices and serving our members' financial needs reliably."

The meeting concluded with a magical performance by David Jowers, who entertained and delighted the audience, adding a touch of wonder to an already inspiring evening. CORE Credit Union's annual meeting not only showcased its remarkable achievements but also reinforced its unwavering commitment to the community and its members.