67TH ANNUAL MEMBERSHIP MEETING

2020 ANNUAL REPORT AIR FORCE FEDERAL CREDIT UNION

REACHING NEW HORIZONS

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TABLE OF CONTENTS

OVERVIEW

Meeting Agenda 2020 3

MINUTES

66th Annual Membership Meeting 3.30.2019 4,5

INTRODUCTION

Chairman's Report 2020 6,7,8

AFFCU At a Glance 8

President's Report 2020 9

NEW HORIZONS

Columbus, MS 10

In the Community 11

FINANCIALS

2019 Financial Statements 12

COMMITTEE REPORTS

Supervisory Committee Report 2020 13

Nominating Committee Report 2020 13

SCHOLARSHIP

2020 Memorial Biographies 14

2020 Scholarship Winners 15

LEADERSHIP

Board of Directors 16

67TH ANNUAL REPORT

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Continuity gives us roots; change gives us branches, letting us stretch and grow and reach new heights.-Pauline R. Kezer

MORNING'S AGENDA

1. Welcome and Call to Order

2. Determination of Quorum

3. National Anthem

4. Introduction of Board & Committees

5. Introduction of Senior Management

6. Introduction of Special Guests

7. Moment of Silence

8. Minutes of 66th Annual Meeting

9. Reports

a. Chairman’s Report

b. President’s Report

c. Youth Committee Report

10. Unfinished Business

11. New Business

12. Nominating Committee Report

13. Adjournment

MINUTES OF THE 66TH ANNUAL MEMBERSHIP MEETING

MARCH 30, 2019

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Welcome and Call to Order: The 66th Annual

Membership Meeting of Air Force Federal Credit Union

was held at the Courtyard Marriott Westover Hills

located at 11605 TX Hwy 151, San Antonio, Texas,

78251 on March 30, 2019. Members were provided

the 2019 Annual Report that included the 2018 Annual

Membership Meeting Minutes, Chairman’s Report,

President's Report, Financial Statements, Supervisory

Committee Report, and Nominating Committee Report.

At 10:04 a.m. Mr. Sam V. Farace, Chairman of the Board,

called the meeting to order, introduced himself, and

welcomed those in attendance.

Determination of Quorum: Mr. James E. Goodgion,

Vice Chairman of the Board, certified that a quorum was

present.

National Anthem: Chairman Farace invited everyone to

rise for the National Anthem to be performed by AFFCU

staff member Janie Garza.

Introductions: Mr. Farace presented the credit union’s

volunteer Board of Directors to the membership.

Executive Committee members were James E. Goodgion

III, Vice Chairman; Melvin J. Moczygemba, Treasurer

(who was unable to attend); Joan B. Lopez, Secretary

(unable to attend), and Sam V. Farace, Chairman of the

Board. Directors were Michael M. Buecher (unable to

attend), Georgia Snodgrass, Brian K. Rawls, John A.

Szulta, and Thomas L. Scott. Supervisory Committee

members were Michael M. Buecher, Chairman (unable

to attend), Michael A. Pollog, Joseph M. Gonzales III, and

Alejandro E. Valadez (unable to attend).

Introduction of Senior Management: Mr. Robert (Bob)

Glenn, President/CEO of AFFCU was introduced by the

Chairman. Mr. Glenn introduced the management team.

Introduction of Special Guests: Mr. Farace welcomed

special guest Timmothy M. Dickens, CMSgt Retired,

President of the Airman Heritage Foundation.

Moment of Silence: A moment of silence was observed

for members who had passed away during the past year

and for the brave men and women in the military who

had made the ultimate sacrifice to keep America free.

Minutes of the 65th Annual Meeting: On a motion

made and seconded from the floor, the minutes of the

65th Annual Membership Meeting held on March 24,

2018 were approved as published.

Reports: Chairman Farace referenced the reports

printed in the Annual Report and called for any

questions. There were none.

Mr. Farace personally thanked everyone who took the

time to attend the Annual Meeting. He then called

the attendees’ attention to a short video recapping

the prior year. The video highlighted some of the

accomplishments of the Credit Union in 2018 such

as increasing assets to $423 million dollars, realizing

a profit of over $2.1 million dollars, a Net Worth of

7.88%, loan growth of over 12.03%, share growth of

8.38%, adding over 5,000 new members (an 11.81%

increase), merging with Local 142 Federal Credit

Union, implementing new technology in the branches,

introducing new and improved checking accounts, as

well as integrating a new AFFCU brand into all the areas

members touch. The video concluded by showcasing

some of the charitable organizations the Credit Union

supported in 2018 with donations of over $80,000 and

numerous volunteer hours by its employees.

Mr. Farace spoke on what to expect in 2019. The plan is

to reach out to new areas by providing branches in the

Credit Union’s five-state chartered area, completing the

implementation of Interactive Member Experience (IMX)

systems in all of its branches as well as Interactive Teller

Machines (ITMs). ITMs are full-service teller machines

that will let members complete their banking at any

time, with a representative available on the video screen

to provide any needed assistance. Improvements will

be seen in the Credit Union’s online banking platform,

CyberMAT, and in the robust mobile app. The Credit

Union recently offered a special America Saves Club

account during America/Military Saves week and many

took advantage of the great 3.05% rate. The credit union

will continue to offer more products that bring members

the best benefits and returns on their investments.

Mr. Farace called upon CMSgt (Ret) Timmothy Dickens,

President of the Airman Heritage Foundation to speak

about the mission and goal of their organization. AFFCU

has worked with the Airman Heritage Foundation

since 2010 in establishing a Select Employee Group

relationship where those who join the Foundation were

also eligible for membership with AFFCU.

MINUTES

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Mr. Dickens explained that the Airman Heritage

Foundation supports the USAF Airman Heritage

Museum and other heritage-related activities in

preserving and honoring the history and heritage of

the USAF enlisted airmen. Their goal is to build a new,

larger museum and create a learning and development

platform within the museum. Mr. Dickens said the

Credit Union has been the number one supporter and

advocate for what the Foundation stands for. Over the

last nine years, the Foundation has had over 20,000 new

members that resulted in over $475,000 raised towards

their efforts. He recognized the Credit Union as being

the single most impactful strategic partner by providing

space, meeting rooms, and administrative support. He

concluded by stating the one constant in their efforts has

been their ally and advocate, Air Force Federal Credit

Union, and thanked them for their contributions to the

Airman Heritage Foundation through the years.

Bob Glenn, President/CEO delivered the President’s

Report. In 2018, the completed merger with Local

142 FCU was very successful. It increased the Credit

Union’s membership and their office was obtained

as a branch. A significant number of other employers

were added to the Credit Union’s field of membership

in 2018 which allows the Credit Union to serve more

members and gain efficiencies that can only be attained

through growth. Loans grew by more than $37 million

and shares grew by $31.1 million. The Credit Union

controlled its non-interest expenses where the expenses

as a percentage of total assets were actually reduced.

Mr. Glenn reported that the loan growth objectives for

2019 were significant. The goal would be to exceed its

2018 growth and the Credit Union looks to do that by

adding new real estate mortgages. Also, the 2019 goals

include increasing the Credit Union’s checking accounts.

He invited the membership to bring their checking

accounts to AFFCU as the Credit Union seeks to become

their Primary Financial Institution. Mr. Glenn thanked

the members for their use of the Credit Union over the

past year and promised them that in 2019, they would

receive service that is second to none.

Board member Ms. Georgia Snodgrass presented

the Youth Committee Report and announced the

2019 scholarship recipients. There was a total of four

scholarships awarded, each in the amount of $4,000.

Ms. Snodgrass announced the 2019 recipients as

follows: Aaron Gabriel Herrera, a student at Sandra Day

O’Connor High School in Helotes, Texas, received the

George H. Einfeldt Memorial Scholarship; Karagan Grace

Weld, a student at Northeast School of Arts at L.E.E.

High School in San Antonio, Texas, received the Warren

D. Vail, Sr. Memorial Scholarship; William Everette

Sands III, a student at Johnson High School in San

Antonio, Texas, received the James C. Kemple Memorial

Scholarship; and Matthew David Ortiz, a student at Del

Rio High School in Del Rio, Texas, received the Ronald R.

Applegate Memorial Scholarship.

Unfinished Business: Chairman Farace called for any

unfinished business. There was none.

New Business: Chairman Farace called for any new

business. There was none.

Nominating Committee Report: Chairman Farace

introduced the members of the Nominating Committee

as follows: Mr. Thomas Scott, Chairman, Mr. Brian

Rawls and Mr. Melvin Moczygemba. Mr. Scott read the

Nominating Committee Report. It was the duty of the

Nominating Committee to nominate at least one member

for each of three positions, with the election to be held

at the annual meeting. The Nominating Committee

received submissions from three individuals indicating

their desire to serve on the Board. The Nominating

Committee found the candidates qualified and agreeable

to having their names placed in nomination. The

candidates were: Mr. James E. Goodgion III, Mrs. Joan

Lopez, and Ms. Georgia Snodgrass.

There were no nominations by petition. According to

Article V of the Bylaws, when only one member was

nominated for each position to be filled, the election

would not be conducted by ballot and there would be

no nominations from the floor. The nominees would be

declared elected by general consent, acclamation or

voice vote at the Annual Meeting.

On a motion and second from the floor, it was

recommended to elect Mr. James E. Goodgion III,

Mrs. Joan Lopez and Ms. Georgia Snodgrass to fill the

three, three-year terms on the Board of Directors. The

motion carried.

Adjournment: Chairman Farace thanked everyone for

their participation and adjourned the meeting at 11:02

a.m.

2019 MINUTES (CONTINUED)

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Col Sam V. Farace Jr., USAF (Ret), NCVE

MESSAGE FROM THE CHAIRMAN

CHAIRMAN

On behalf of your Board of Directors, I am pleased to outline the accomplishments realized by your member owned credit union in 2019 and give you a glimpse of what you might expect to see in 2020. We were successful through the concerted efforts of our exceptional employees, to attain another benchmark year. To attest, we achieved three major milestones while becoming fiscally stronger, and more efficient and responsive to you, our members, by the introduction of new interactive technologies. One of the first things we invested in during 2019 was innovative technologies. We implemented our plan to equip all our branches with Interactive Member Experience (IMX) machines as well as Interactive Teller Machines (ITMs) in select branch and drive-thru locations. Our goal was to provide members with the best service possible in improving efficiencies and safety in making transactions. Based on member acceptance: mission was accomplished.

Secondly, we are proud to announce that AFFCU has reached new heights through achieving three firsts: Opening a new branch outside of Texas, increasing our membership to new levels and finally, attaining the highest asset and loan portfolio size ever.

After a couple of years searching for the best markets across the country to serve our members and to help grow the AFFCU brand out-of-state, we found Columbus, Mississippi to bring the greatest value. We opened a new branch there in October. Our reception there has been very positive, opening up financial opportunities to new members from the Golden Triangle community that includes Columbus (home of AETC’s 14th

Flying Training Wing), Starkville, and West Point.

Our Columbus branch is the first of its kind to offer a unique interactive experience to our members. It is equipped with the latest in technologies, featuring the Interactive Teller Machines and Member Experience Machines that will make communicating with headquarters easy and efficient. More importantly, we’ll be able to serve more of our members effectively in that area.

From a growth standpoint as mentioned above, our membership increased to over 50,000 as we serve them all across the globe. We have accomplished this through partnerships such as our association with the Airman Heritage Foundation, Select Employee Groups (SEG) and our marketing outreach to our field-of-membership to name a few.

Our final of our Firsts in 2019 addresses our new levels of asset and loan portfolio size. Our dedicated employees worked diligently resulting in an annual loan growth of 12.17% which ultimately drove our asset level to over $458 million.

Combining all of these achievements and others not included, it is no wonder AFFCU was recognized by the DoD for the second time in five years as the Best-of-the-Best credit union in the under $1B category. AFFCU was pleased to receive the “Air Force Distinguished Credit Union Service Award,” more commonly known as “Air Force Credit Union of the Year.” The annual honor was awarded to AFFCU for our commitment in providing an exemplary level of support, customized services, and financial training to our military members and their families. It is the highest honor for an on-base financial institution.

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Bottom line: This is what placed us ahead of the competition.

Community Outreach

Each year AFFCU reaches out to support many worthwhile organizations in the communities we serve in many ways by providing education, money and volunteers to help worthy causes. Community outreach has been a part of this Credit Union’s strategic plans since our inception in 1952. Our support has grown over the years as we have grown and 2019 was no exception.

Our participation in Military/America Saves Week had a great impact on membership this past year. We saw 387 members open a special America Saves Club account, which was only offered during the seven-day event. Many members also participated in social media events and financial education classes that week. Look for an extended Saves program in 2020.

Once again, AFFCU partnered with KENS TV and the San Antonio Food Bank to support the “Million Summer Meals” campaign. Over the three-summer month period, the Credit Union helped raise 11.5 million meals for many families and children in South Texas. This could not have happened without your continued support.

The Lackland and VA Fisher Houses are outstanding organizations supporting and housing military personnel and their families undergoing treatment at local medical facilities at no charge. Throughout the year, AFFCU provides support to each house through programs such as the Armed Forces Financial Network (AFFN) gift card program and our support of special events. Additionally, a $2,000 check was presented to Lackland Fisher Houses from donations raised by AFFCU staff.

The Children’s Hospital of San Antonio is an important benefactor of our Credit Union. As a member of Credit Unions for Kids, AFFCU is

involved with many fund-raising events throughout the year supporting the hospital. In addition, our first-ever Fiesta medal debuted in 2019 to raise funds. Results: $3,500 of profits from sales of the medals was presented to the hospital officials. We plan to make this an annual tradition.

AFFCU understands the importance of investing in young adults, the future leaders of our communities. In 2019, AFFCU awarded scholarships totaling $16,000 to four exceptional young men and women. That total will increase to $20,000 in 2020.

Your Credit Union’s responsibility is not only to protect the money you entrust in us, but to the communities that we serve. We will continue to be strong supporters to those organizations that are helping make our communities and country better. Rest assured we will live up to the motto of “People Helping People.”

Eyes on 2020

The Credit Union is committed to providing you with the best services, conveniences, and products available in the industry. We will continue to work on your behalf to achieve that, whether you walk into a branch, go online or connect with us through a mobile device. Excellent member service encompasses every single aspect of the Credit Union. The Member Experience Machines (IMXs) and Teller Machines (ITMs) initiatives are examples of member improvement experiences that are planned to continue in 2020.

Other changes to look for include improvements in mortgage services, special vacation, holiday and auto loan promotions throughout the year and our continued support of many outreach initiatives.Both our past and future are greatly dependent on the teamwork of our President/CEO, senior management and staff. On behalf of our Board of Directors, I want to express my gratitude for their hard work and dedication in serving our members and helping to achieve our goals.

FROM YOUR CHAIRMAN (CONTINUED)

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CHAIRMAN

AFFCU FINANCIAL & MEMBERSHIP GROWTH

2013 2014 2015 2016 2017 2018 2019

38,936 40,705 41,243 41,316 43,321 48,437

Assets

Deposits

Loans

Members

$361.5M

$327.0M

$246.3M

38,936

$359.6M

$330.2M

$247.2M

40,705

$364.9M

$334.2M

$257.1M

41,243

$376.5M

$345.5M

$266.3M

41,316

$387.9M

$356.4M

$308.2M

43,321

$423.1M

$387.6M

$345.3M

48,437

10,000

20,000

30,000

40,000

50,000

60,000

Year

Membership

0

$458.7M

$406.5M

$387.3M

50,758

50,758

2019

Additionally, I want to thank our Board and Supervisory Committee members who donate their time and expertise to provide direction and guidance to the CEO and oversight of the audit function of the Credit Union’s operations. Together this team has and will continue to achieve great things for the Credit Union.

In closing, as your chairman, I pledge to uphold our core values, mission, and vision of AFFCU. Additionally, my goal is to enrich your lives with advantageous financial solutions and a lifetime of service excellence encouraged by our core values.

We’re so happy to have you as our member, whether you’re a civilian or are serving our great country. On behalf of our Board, Management and Staff at AFFCU, we sincerely appreciate your membership. We stand ready to serve you today and always.

Sincerely,

Col Sam V. Farace, Jr. USAF (Ret)Chairman, Air Force Federal Credit Union

FROM YOUR CHAIRMAN (CONTINUED)

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million. Checking and share certificate products provided the base of the Credit Union’s deposit growth and in part lead to the great rates you receive on our products. We ensure our profits are given back to the members and one way is to provide some of the most competitive rates in the market.

Our goal has been and continues to be investing in making your banking experience banking with AFFCU the best it can be. We are always searching for new and innovative ways to provide an elevated level of service, and you’ll see that in our investment and retirement services.

The Credit Union has received positive feedback from members about the Interactive Teller Machines (ITMs) and the Interactive Member Experience Machines (IMX). We are proud to know our intention of upgrading our technology has improved the member experience while still providing the quality customer service we are known for.

Our horizons continue to look prosperous with the development of products and services AFFCU offers. Of course, none of this can happen without your belief and trust that you and your family make in entrusting us with your finances. We thank you for that honor.

From the Board, Senior Management and staff, we look forward to serving you with Integrity, Service, and Excellence now and in the future. And we sincerely appreciate your loyalty to the Credit Union.

In service I remain,

Robert "Bob" GlennPresident/CEO

It is with great pleasure that I report that Air Force Federal Credit Union (AFFCU) had a successful financial year. The Credit Union is in a secure and stable position for continued growth in the future.

In 2019, the Credit Union showed a healthy profit of $2,269,294.00 and ended the year with total assets of $458 million. AFFCU’s net worth is at 7.77% and increased its ROA to .51% by end of year. We are proud to have met the financial measures set by our regulator, the NCUA, and know that AFFCU is in a sound financial status.

Much of the development and profit we’ve seen over time is due in part to the increase in loans. The Credit Union ended 2019 with 12.17% in growth year over. The total in the loan portfolio was $387 million. Much of this can be attributed to the strengthened partnerships we have built upon with vehicle lenders and second purchase mortgages. Our new online loan application system, launched last year, has made the application and approval process effortless for members.

We are committed to improving the lending process and adding additional products for members in the coming year. Many of these products will aid you in your financial journey and goals.

Our membership growth grew in parallel with our loan growth, with an increase of 4.79%. This increase is attributed to the opening of the Columbus, Mississippi branch. The community's response to the Credit Union has been positive and we look forward to a bright future in that location.

We recorded heightened deposit growth over the last year as well and saw a 4.75% increase in that area. Share balances ended the year at $406

To Air Force Federal Credit Union Membership:

Robert "Bob" Glenn

MESSAGE FROM THE PRESIDENT

PRESIDENT

REACHING NEWHORIZONS

On October 15, 2019, AFFCU opened its first branch outside of the state of Texas. Located in the “Golden Triangle” of Mississippi, consisting of the cities of Columbus, Starkville and West Point, the branch will serve those areas, as well as the military personnel at Columbus AFB.

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THE JOURNEY TO COLUMBUS

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In 2019, AFFCU continued its support of Honor Flight San Antonio, the Lackland and VA Fisher Houses, the KENS TV and San Antonio Food Bank Million Summer Meals campaign, and various other community outreach events. AFFCU is a credit union that cares, and it shows!

IN THE COMMUNITY

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CONSOLIDATED STATEMENT OF INCOME

INTEREST INCOME

Interest and Fees on Loans 15,133,274

Interest on Investments 1,860,908

16,994,182

INTEREST EXPENSE 3,541,995

Net Interest Income 13,452,187

Provision for Loan Losses 1,847,605

Net Interest Income after Provision for Loan Losses

11,604,582

Other Operating Income 7,162,457

OPERATING INCOME Before Operating Expenses

18,767,039

OPERATING EXPENSE

Employee Expense 7,851,844

Operating Expense 8,645,901

Total Operating Expense 16,497,745

Net Operating Income 2,269,294

Non-Operating Gain/(Loss) 0

NET INCOME 2,269,294

CONSOLIDATED STATEMENT OF FINANCIAL CONDITION

ASSETS

Cash and Cash Equivalents 6,331,909

LOANS TO MEMBERS

Less: Allowance for Loan Losses of $1,645,923

385,669,693

INVESTMENTS 37,599,576

OTHER ASSETS 29,121,057

TOTAL ASSETS 458,722,235

LIABILITIES AND MEMBERS' EQUITY

Members' Share Accounts 406,477,610

Payable and Other Liabilities 21,092,324

TOTAL LIABILITIES 427,569,934

TOTAL MEMBERS' EQUITY 31,152,301

TOTAL LIABILITIES ANDMEMBERS' EQUITY

458,722,235

FINANCIALS

FINANCIAL REPORT BREAKDOWN

December 31, 2019

It is with great pleasure that I report that Air Force Federal Credit Union (AFFCU) had a successful financial year. The Credit Union is in a secure and stable position for continued growth in the future.-Robert "Bob" Glenn,President/CEO

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REPORTS

The Supervisory Committee, which is appointed by the

Board of Directors of Air Force Federal Credit Union, is

responsible for ensuring that the credit union’s financial

records are in order and that internal controls are in

place to protect the assets of the credit union for its

members.

To meet these goals, the Supervisory Committee is

responsible for determining whether your credit union

managers have:

1. Established and maintained effective internal

controls to achieve the credit union’s financial reporting

objectives.

2. Promptly prepared accounting records and financial

reports to accurately reflect operations and results.

3. That the relevant plans, policies and control

procedures established by the Board of Directors are

properly administered.

4. That policies and control procedures that safeguard

against error, carelessness, conflicts of interest, self-

dealing and fraud are established.

Section 115 of the Federal Credit Union Act states

that the Supervisory Committee is responsible for the

credit union’s audit and that the results are reported

to the Board of Directors and the membership. To

assist in carrying out these responsibilities in 2019 the

committee engaged the firm of DoerenMayhew CPAs to

perform an independent audit and to provide an opinion

on the financial condition of your credit union for the

period ending 09/30/2019 (although this date does not

coincide with year-end it is the date that our financial

audit is historically done.) The goals of this audit are to

determine the reliability and integrity of the financial and

operating information and to determine compliance with

generally accepted accounting principles (GAAP). The

audit program included AFFCU Financial Statements,

Member Verification and AFFCU Retirement Plan and Trust.

CliftonLarsonAllen was engaged to perform the 07/18/2019

review of Bank Secrecy Act (BSA), Identity Theft/Red Flags,

Fair Lending and Secure and Fair Enforcement for Mortgage

Licensing (S.A.F.E.) Act. The intent of the services was to

focus on specific risk areas regarding federal consumer

protection regulations, fair lending laws and regulations,

bank secrecy act regulations and S.A.F.E. Act regulations; to

provide information related to the credit union’s risk within

those areas; to consider the effectiveness of the credit

union’s policy, procedures, and practices in those areas; and

to provide a reasonable solution to any issues discovered.

AFFCU’s internal auditor program includes monthly

inspection of internal controls, cash, member loans and

other assets of your credit union.

CastleGarde was engaged to perform an Information

Systems risk assessment, and multi-factor authentication

assessment and a website compliance review. The

Supervisory Committee followed and offered guidance to

our internal auditor during the year. It approved the annual

internal audit plan, worked with the compliance officer to

ensure compliance training programs were administered

to staff, and met with credit union management to discuss

detailed operations information.

The committee is pleased to report that your credit union

continues a tradition of excellent financial management

and compliance. The committee will continue to monitor

the credit union’s controls as it faces the challenges and

opportunities in the upcoming year.

Respectfully submitted,

Michael M. Buecher

Supervisory Committee Chair

SUPERVISORY COMMITTEE REPORT

Air Force Federal Credit Union (AFFCU) will have three

3-year term vacancies on the Board of Directors in 2020.

It is the duty of the Nominating Committee to nominate

at least one member for each of these positions, with the

election to be held at the Credit Union’s annual meeting.

The Nominating Committee received submissions from

three individuals indicating their desire to serve on the

Board. The Nominating Committee found the candidates

qualified and agreeable to having their names placed in

the nomination. The nominees for the AFFCU Board of

Directors are: Col Sam V. Farace, Jr., USAF (Ret); Lt Col

John A. Szulta III, USAF (Ret) and TSgt Michael M. Buecher.

USAF (Ret).

The three-year positions will be filled first by the

candidates receiving the greater number of votes.

Respectfully Submitted,

Melvin J. Moczygemba

Nominating Committee Chair

NOMINATING COMMITTEE REPORT

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People Helping People

2020 MEMORIAL SCHOLARSHIPBIOGRAPHIES

“George” as everybody knew him, loved the credit union and was a true pioneer in the movement of “people

helping people.” Beginning in 1961, he served for 30 years on the Board of Directors and four years as

a member of official committees. In both 1968 and 1970, George was elected Chairman of the Board of

Directors. He dedicated a large part of his life to the development of the credit union and was instrumental in

the success we enjoy today.

SMSgt George H. Einfeldt, USAF (Ret)

1917-2003

Annually, AFFCU is proud to give back to the community by awarding memorial scholarships that are named

after AFFCU distinguished honorees. Below are the names of the scholarships and whom they honor:

A true credit union friend, Warren D. Vail, was a dedicated volunteer who was passionate about serving

the members of the credit union. While Master Sergeant in the U.S. Air Force, he became involved as a

member of the credit union’s Credit Committee. In 1965, he was elected to the Board of Directors, served

as Chairman of the Board in 1967, and served again on the Board from 1976-1977. Known best for his

devotion to expanding member services beyond Lackland AFB, he was also instrumental in opening the Main

Branch currently located on base.

MSgt Warren D. Vail, Sr., USAF (Ret)

1917-2005

Chief Master Sergeant James C. Kemple spent 23 years in faithful and invaluable service as an AFFCU Board

Member. He honorably served in the U.S. Air Force, retiring after 32 years as the Group First Sergeant at Wilford

Hall Medical Center, where one of his primary functions was financial counseling. He was elected to our Board of

Directors in 1980, serving as Vice Chairman from 1988-1996 and Chairman from 1996 until his resignation in

November of 2003. During his tenure, he devoted much of his time to the improvement of services to members

of the Credit Union.

CMSgt James C. Kemple, USAF (Ret)

1930-2011

Ron spent a lifetime serving our country and the credit union community. He had a distinguished military

career in the United States Air Force, serving 30 years before retiring as a Chief Master Sergeant. The

importance of helping people with financial matters led him to serve as a board member for 38 years. His

volunteer service began in 1976 with a position on the Supervisory Committee. He became a director in

1979 and served in various capacities, including Chairman of the Board for one year, 23 years as Chair of the

Credit Committee and was the Chair for the Compensation Committee.

CMSgt Ronald “Ron” Applegate, USAF (Ret)

1943-2017

BIOS

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SMSgt George H. Einfeldt, USAF (Ret)Memorial Scholarship

Winner: Benjamin August Rawald, Del Rio, TX $5,000

MSgt Warren D. Vail, Sr., USAF (Ret)Memorial Scholarship

Winner: Taylor Morgan McClung, San Antonio, TX$5,000

CMSgt James C. Kemple, USAF (Ret)Memorial Scholarship

Winner: Caroline Rae Crittel, Shreveport, LA$5,000

CMSgt Ronald R. Applegate, USAF (Ret)Memorial Scholarship

Winner: Tyla Josefine Chevier, San Antonio, TX $5,000

2020 SCHOLARSHIP WINNERS

Col Sam V. Farace Jr., USAF (Ret), NCVE

ChairmanJames E. Goodgion, III, NCVE

Vice ChairmanMelvin J. Moczygemba, CPA, NCVE

Treasurer

Joan B. Lopez,NCVE

SecretaryCPT Thomas L. Scott, USA (Ret), NCVE

DirectorTSgt Michael M. Buecher, USAF (Ret), CCD, NCVE

Director

CMSgt Brian K. Rawls, USAF (Ret), NCVE

DirectorGeorgia S. Snodgrass, NCVE

DirectorLt Col John A. Szulta III, USAF (Ret)

Director

Georgia S. Snodgrass, NCVE

We do business in accordance with Federal Fair Lending Laws. Insured by NCUA.

Air Force Federal Credit Union Corporate Headquarters

1560 Cable Ranch Road, Suite 200 | San Antonio , TX 78245

210.673.5610 | 800.227.5328 | GoAFFCU.com

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© 2020 Air Force Federal Credit Union. All Rights Reserved.