annual report 2020 - mccoy federal credit union, credit
TRANSCRIPT
Annual Report 2020
Table Of Contents
1. Value Statements
2. Chairman’s Report
3. 66th Annual Meeting Minutes
6. President’s Message
8. Lending Report
11. Treasurer’s Report
13. Balance Sheet
14. Income Statement
15. Membership Data
16. Distribution of Income
17. Supervisory Committee
18. Nominating Committee Report
20. Board of Directors
21. Senior Management
22. Community Partnerships
23. Community Involvement
28. Social Media Highlights
29. Products & Services
30. OfficeLocations
31. Contact Information
32. History
1
Value Statements
Our VisionProvidefinancialservicesbeyondyourexpectations.
Our MissionProvideawiderangeofaffordablefinancialproducts
withexceptionalmemberservice.
Chairman’s Report
2
Asthesocietyandfinancialenvironmentpendulumswungfromoneextremetoanotherduringthe2020season,theBoardofDirectorsofMcCoywashavingtoadjustfromonemonthtotheother.Proceduraladjustmentswhereneeded,policychangeswhererequired,andmeetingadjustmentshadtotakeplace.Theservicemodelhadtobetweakedinorderto abide by our Governor and County Mayors’ directions. It was no longer doing business as normal.
WehadtogotovirtualBoardMeetings,virtualcommitteemeetings,ourFederalregulatorsandCPAfirmshadtodotheirexamsandauditsvirtual.Whileallthismayhavebeendifferenttheresultsofthechangesdidnotdeterusfromexcellinginour Mission and Vision of the Credit Union.
Wesawmostofourtargetperformanceobjectivesbemet.WesawextraordinarygrowthinourAssetsgrowingover30%,ournetworthmaintainedtheregulatoryWell-Capitalizedstatus,ourloandelinquencyandcharge-offratiosmetourgoals.WefinishedtheyearwithapositiveReturnonAverageAssetsRatio(ROAA)andwithinourplanned2020budget.TheBoard of Directors were pleased with these outcomes and with all that Management had to handle during the year.
We recognize that 2021 will require continued adjustments in delivering quality service to our members and the communities we have been privileged to serve. We understand that moving forward we will have to strategically prepare for a new world of digitizationfinancialdeliveryservicesandacontinuedfocusonsafetyandsoundness.
Wewillhavetobefocusingoncostsavingswherewecaninproperlybalancingmemberexperienceandmemberservice.
AsChairman,IextendahardythankyoutoeachoftheBoardMembersandVolunteersfortheirdiligenceincarryingouttheirdutiesandresponsibilitiesduringtheseverydifficultandchallengingtimes.Toourover70,000memberswepledgetocontinueprovidinganenvironmentthatcentersaroundaCultureofHelp,withIntegrityandCompetence.
WethankyouforallowingMcCoytoserveyourfinancialneedsforover66years.
Mrs. Janet E. BrewerChairman
3
66th Annual Meeting Minutes
The66thAnnualMeetingofMcCoyFederalCreditUnionwascalledtoorderbyChairmanoftheBoardMichaelF.Hesterat6:32p.m.,February19,2020intheCommunityRoomofMcCoyFederalCreditUnion’sAdministrationBuilding.
ChairmanHesterwelcomedeveryoneandthankedthemfortakingthetimetoattendthe66thAnnualMeetingofMcCoyFederalCreditUnion.TheChairmancalled upon Director Richard Tresslerto lead the Pledge of Allegiance.
TheChairaskedtheSecretaryiftherewasaquorumpresent.Mrs.JanetBrewer,Secretaryrepliedintheaffirmative.Therebeingaquorum,theChairmandeclaredthe66thAnnualMeetingofMcCoyFederalCreditUnioninsession.
ChairmanHesteraskedtheDirectorsandPresident/CEOtojoinhimatthefronttoberecognized:RichardAlbert,ViceChair;RichardTressler,Treasurer,JanetBrewer,BoardSecretary;SamuelDavis,Director;MaureenGimenez,DirectorandChairSupervisoryCommittee;DennisJohnson,Director,andPresident/CEOAlvinCowans.TheChairintroducedSpecialGuestswhoareourDirectorEmeritus,FredBrowne,Jr.andGilbertCroft.TheVolunteersintroducedwereallSupervisoryCommitteeMembers:RobertConner;StephenGraham;Michael Montague.TheChairthencalleduponPresident/CEOAlvinCowans.
PresidentCowansfirstthankedeveryoneforcomingtotheAnnualMeeting.PresidentCowansintroducedeachofhisSeniorManagementTeamaswellashisExecutiveAssistant,andtheOperationsAdministrativeAssistanceinattendance.
Chairman Hester provided the Chairman’s Report from the 2019 Annual Report. There were no questions of the Chairman.
ChairmanHesterre-introducedPresidentCowanstoprovidehisremarksfortheevening.
PresidentCowansonceagainbidaGoodEveningandathankyoutoallforjoiningandparticipatinginour66thAnnualMeeting.PresidentCowansofferedafewobservationsfrom2019aswellasthefuture.
Youhaveheardthestatements:The“trainhasleftthestation”;“Thegunhasbeenfiredandtherunnersareoff”;“Theenginesareroaring;theflaghasdroppedandthecarsareracing”;“Theballhasbeenkicked”;“Thefirstpitchhasbeenthrown”.Whatever‘startthegame’statementyouprefer;Orlandoisonthemove.
In1979anR&BgroupnamedMcFadden&Whitehead,hadahitsongcalled“Ain’tNoStoppingusNow”,“We’reontheMove”,itwentoninthelyricstosay,“don’tyouletnothing,nothingstandinyourway”.
Lookaroundus,wecanseeitasanewdowntownskyline,itdidn’texist30,20,oreven10yearsago.WecanfeelitwiththeI-4expansion,trafficjams;sixlanesbothdirections;offrampsfourlevelshigh.Populationgrowthreachingover4millionpeoplewithinthenext5-6years.Cantheinfrastructurehandleit?Areweprepared?
Orlandohasbeennamed#1intheUnitedStatesinjobgrowthforathirdstraightyear(2018,2017&2016).DowntownOrlandocontinuestoattractnewbusinesses,residents,andvisitors.AccordingtoUrbanLandInstitute,Orlandoisoneofthetopfivemarketstowatch,lastyearitwasinthetop10.Orlandoisalsoconsideredthebestmarketforrealestateinvestment(Forbes2019).
InOrlandotheunemploymentrateis2.9%comparedtotheU.S.avg.of3.9%.Abustlingdowntowndrawsbusinessofalltypes and is especially strong in its ability to attract corporate headquarters.
The City’s potential has only begun to be realized. Numerous major multi-use commercial projects are on the drawing board.AnunprecedentedlevelofofficedevelopmentisplannedfordowntownOrlandoandplannedretailandresidentialdevelopment in the surrounding areas.
Whatisit?What’sgoingon?IsitthefactthatFlorida’sweatherplaysamajorpartinthistransition,Isit-NoStateTaxes?Isit landavailability,openspace?Isitthediverseculturesthatexist?Isitthesocialopportunitiesavailable(thebeaches,entertainmentoptions,professionalsportteams,performingartsculture)?Isittheeducationlevels?
4
66th Annual Meeting Minutes
OrlandohasthesecondlargestUniversitystudentbodyinthecountryinUCF.FloridahasaFlagshipTop10ratedPublicUniversityintheUniversityofFlorida.OrangeCountyPublicSchoolshas212,605studentsmakingittheninthlargestPublic SchoolSysteminthecountryandthefourthlargestinFlorida.
Whatever“it”maybe,“Thereisnostoppingitnow”,andnothing,nonothingwillstandinitsway”.
OrangeCountyishometooneofthetoptenresearchparksinthecountry(CFRP),thelargestinFloridaandthe4thlargestintheU.S;OrangeCountyishomeofoneofonlytwoNationalEntrepreneurCenters,aworld-classinternationalairportthatisexpanding,andspendingover$1.8billiononathirdterminalwithanadditional100gates.TheLakeNonaareaishometoanallnewMedicalCitywhichincludestheUCFCollegeofMedicine,newVAHospitalandmanynewmedicaloffices.
OursisterCountytotheSouth,OsceolaCountyisthetenthfastestgrowingcountyinthenation,andKissimmee’smetroareawhichincludesthecitiesofKissimmeeandSt.Cloudaswellasavarietyofunincorporatedareas,someofwhichincludeCelebration,PoincianaandHarmony,ranks#56intheU.S.as“BestPerformingCities.”OsceolaCountyalsoishometotheFloridaAdvancedManufacturingResearchCenterandtheworld’sfirstindustry-ledsmartsensorconsortium,(BRIDG).OsceolaCountyispoisedtobeatthecenterofadvancingtechnologiesthatwillshapethefutureofself-drivenautomobiles,surgicaldevices,homeappliancesandahostofotherdevices.
OursisterCountytotheNorth,SeminoleCounty,itsIndustrygrowthhastakenseveralforms.Mostnotableistheestablishmentofcorporateheadquarters,suchasAmericanAutomobileAssociation(AAA),MitsubishiHitachiPowerSystems,ScholasticBookFairsandtheon-goingexpansionattheOrlandoSanfordInternationalAirport(SFB).Coupledwiththestate’slargestforeigntradezonedesignation,theSanfordInternationalAirport(SFB)hasbecomethethirdmostactiveinternationalairportinFlorida,lastyeartheywere5th,andtheyarethe12thmostactiveintheUnitedStates.
So,whatdowedo?Thiskindofgrowthwillblowyouoverifyoutryandstopit.Itwillrunyouoverifyougetinitsway!
Isaywemustgetonboard!Wetakeadvantageofalltheopportunitiesthatwillcomeourway!WeenjoytheJourney!WebatheinPatienceandlotioninTolerance!Wecalmournervesandexercisegoodhealth.Wechangewhatshouldbechangedandwhatcanbechanged,andweadjustwhereweneedto.
McCoyishardatworkmakingthechangesthatneedtobemade,andchangesthatshouldbemade.Changeslike:thedigitalchannelconversionin2018;theDataSystemCOREconversionin2019;closureofourstorefrontbranchofficeonAlomawiththehopesofbeingabletore-locatetoafull-servicebranchofficesomewhereelseintheSeminoleCountyarea;ournewestbranchofficelocation,HamlinGroveintheSouthwestOrangeCountyareawiththehopesofopeningbyendofthe year 2020.
Wecontinuetolookforwaystoenhancethe“McCoyCares”BrandbyelevatingtheMcCoymembershipadvantageandEngaging,Assisting,Promoting,andServicingtheFinancialandSocialneedsofourcommunities.
WewillcontinuetoRecruit,Train,andRetainexceptionaltalent.Makesureweareabletogivethemembership,ExceptionalMemberServiceandbetruetoourVisioninprovidingit“BeyondyourExpectation”.Wewillmakeeveryefforttoprovide,Simple,EasyandFastdigitalaccountaccess;andProvidethemembershipwithaportfolioofvaluedproducts.
So,withallthatsaid,thebeltbucklehasbeentightened,theshoestringsaretied,andwearereadyforthejourney.
McCoyFederalCreditUnionhasbeenservingthefinancialneedsofthiscommunityforover65yearsandwhilethecharacteristicsofourFieldofMembershipandthiscommunityhavechangedandcontinuetochange,wearepledgedtocontinueservingourfieldofmembershipandcommunitiesforyearstocome.Wearepositioningourselvestocompete andbesuccessfulinbringingvaluedfinancialservicestothemembersandthecommunitiesweareprivilegedtoserve.
ChairmanHesterthankedPresidentCowansforhisremarksandthencontinuedwiththebusinessportionoftheAnnualMeeting. The Minutes of the 65th Annual Meeting were presented in the Annual Report. Having determined there were no corrections,amotionwasmade,secondedandapprovedtoaccepttheMinutesaspresented.
5
66th Annual Meeting Minutes
TheChairmancalledforquestionsoftheOfficialReportsfoundonpages9,12,and18oftheAnnualReport.TherewerenoquestionsfortheLendingReport.TherewerenoquestionsoftheTreasurer’sReport.TheChairmanaskediftherewereanyquestionsfortheSupervisoryReport,therewerenone.
Chairman Hester then called on the Chairman of the Nominating Committee for his report. Mr. Richard Albert reported there were no nominations by petition.
Therebeingnonominationsbypetition,Mrs.MaureenE.Gimenezwasnominatedforatermofthreeyears.Amotionwasmade,secondedandcarriedthatMrs.Gimenezbeelectedbyacclamation.
ThenominationsconcludedtheOfficialReports.TherewasneitherUnfinishedBusinessnoranyNewBusiness.TherebeingnofurtherOfficialBusiness,ChairmanHesterclosedtheBusinessMeetinganddeclaredthe66thAnnualMeetingadjournedat7:04p.m.,February19,2020.
Janet E. BrewerSecretary
Michael F. HesterChairman
6
President’s Message
WOW!2020isover,done,finished!Behindus!CanIgetanAMEN!
Lookingbackatwhatwewentthroughasacountry,asapeople,ascitizensofTheUnitedStatesofAmerica,andasacommunity,whatcomestomindis,resiliency,diversity,strength,tolerance,flexibility,belief,truth,Democracy.
Manyhadtheirpersonallives,careers,businesses,workplaces,children’slearning,finances,viewsofdemocracy,allchallenged and tested in 2020.
Whenyoutakeasnapshotofthethingsthathappenedin2020thateffectedourlives,werecognizethattheeffectsofitallcouldlingerforalifetime.Theeventsthattookplacein2020wereeventsthatspreadfromaneconomiccrisis,COVID-19healthandpandemiccrisis,racialtension,threattotheconstitutionoftheUnitedStates,politicalandPresidentialelectionunrestandstress,arecordnumberofhurricanesandtropicalstormactivitiesintheSouthEasternUnitedStates,floodsandfireactivitiesintheWesternUnitedStates,anotherrecessionaryenvironment,highunemployment,recordjoblosses,businessesclosing,andawholenewwayofdoingbusiness.
“Lions,TigersandBears,OhMy.”
2020endedadecadeinafashionthatwillgodowninhistoryunlikeanyother:
• COVID-19 shut down large sectors of our economy and has resulted in millions of people being infected with the virusandover300,000U.S.deaths.MoredeathsthananywarwehavefoughtoranyotherpandemicthathashittheUnitedStatessincethe1918influenzapandemic.
• Twomurderswhichvaultedracialjusticetotheforefrontandcast“BlackLivesMatter”asasocialmovementimpactingprofessionalsports,thearts,entertainmentindustryandcorporateAmerica.
• A third Presidential impeachment trial in U.S. history.
• Alongdarkshadowcastoverthereliabilityofthenation’svotingsystem.
• Congressapproveda$2trillionstimuluspackageduringthefirstquarterof2020followedbytwoadditionalstimuluspackages,eachincludingbusinessPaycheckProtectionProgram(PPP)loanassistance,enhancedunemploymentbenefits,andCOVID-19relatedhealthprograms.
• Thestockmarketdropped23%inthefirstquarterof2020,onlytoreboundbyyear-enduparound20%.
InFebruary,westartedhearingrumblingaboutacoronavirus(COVID-19)thatwasbeginningtospreadandbymid-MarchtheentireStateofFloridaalongwithmanyotherStateswereinlockdownandourentireworldbegantochange.
McCoyworkedtoprovidecleaningitemsforourstafftouseattheirworkstations.Weprovidedworkstationshieldsforstaff,facecoveringsforstaffandmembers,anddistancingsignage.Wemadeavailabletothestaffandmembershandsanitizer liquids for their use. We contracted to have the Credit Union facilities deep cleaned for the virus numerous times duringtheyear.Weencouragedeveryonetotakeallthenecessaryprecautionswithphysicalcontact,washinghands,wipingdowntouchareas.Andwhiledeathsbegantomount,wefoundmoreandmorerestrictionsonbusinessesandthepopulationtakeplace.
McCoyopenedforbusinessandservedthemembershipthroughoutthepandemic.Whenfinancialinstitutionswereallowedtoopenuptheirlobbiesforbusiness,manyofthebanksandcreditunionskepttheirlobbiesclosedanduseddrive-thruandappointmentsonlyservices.McCoyopenedourlobbiesforthememberstotakecareofalltheirfinancialtransactions soon after being given permission by the Governor and Mayor.
What a crazy topsy turvy year. Oh how things changed the face of the industry and forced everyone to shift gears. We had to come up with new methods of operating and had to adapt and respond to a world that was rapidly changing right before our eyes.
Alvin J. Cowans, CCUEPresident/CEO
WeareproudtosaythatMcCoyenteredthecrisiswithastrongbalancesheet,well-capitalized,withlowloandelinquencyandloancharge-offpercentages.
Attheendoftheyear,ourNationalCreditUnionAdministration(NCUA)examinationgradeduswiththeirtopexaminationgradeandourexternalCPAfinancialauditfoundtheCreditUniontobesafeandsound.
Weadjusted,reshaped,re-castedandmaneuveredourwaythroughthe2020landminestobeableandreadytoupholdourMissionofprovidingtoourmembersandcommunitiesawiderangeofaffordablefinancialproductswithexceptionalmember service.
2021 will continue to be a challenging year for us all as we try and return to some sense of norm. We will continue to adaptandrespondasourworldandenvironmenttriestofinditswaybacktoapathofprosperityandsecurity.
OneoftheFoundingFathers,JohnDickinsoninhispre-RevolutionaryWarsong,pennedthelyrics,“Thenjoinhandinhand,braveAmericansall,byunitingwestand,bydividingwefall.”AsimilarphrasealsoappearsinthebiblicalNewTestament,translatedintoEnglishas,“Andifahousebedividedagainstitself,thathousecannotstand.”Andthe1911EncyclopediaBritannicaquotesRobertGrossetestesaying,“Itiswrittenthatunitedwestandanddividedwefall.”
WetrustthatinoureffortstoUnite,wewillstandtogetherandliftupourUnitedStatesofAmerica.
7
President’s Message
8
Whenwelookbackattheyear2020,apreponderanceofthoughtsfloodourminds.Themostdominantiteminthatfloodwillcause2020tobeknownastheyearofCOVID-19.Theviruschangedtheworldanditseconomyinsuchaprofoundway,thatnormalseemstobeafigmentofourimagination.Thequestionnowis,whatwillnormalbeonthebackendofthispandemic?
For2020,wehadsetaconservativeloangrowthtargetof5%.Thisconservativetargetwasbasedonfactorswhichincludednewinitiativestobeimplementedandtested;therunoffrateforsegmentsoftheportfolio;andthefactthatthoseinitiativeswouldtaketimebeforewebegintoseetrueresults.Thefirstorderofbusinesswastoimplementourbrightandshinynewtool,RefiAnalyzer,withthebranches.ThiswouldbecomplementedbyAutoDecisioningatthebranchlevel.WerolledoutAutoDecisioningwithIndirectLoansandnowitwouldbetestedonthebigstage.The“BetaBranch”waschosen,andwewereofftotheraces.Thingswereprogressingextremelywell,thencameCOVID-19.
AsCOVID-19setin,theFederalReserveloweredtheFedFundsrateto0.1%andtheexpectationwasthatitwouldremainatthatlevelthrough2025.The10-yearTreasuryRatefellbelow1%andisprojectedtoremaininthatregionuntil2022.Theexpectationoflowinflationandmassivequantitativeeasingwerethedrivingforceforthisenvironment.Thelowinterestrateenvironmentlaidthefoundationforanexplosioninthemortgagemarket.COVID-19wasthemarketdisruptoras earlier predictions for 2020 were that the rates would barely move.
InFebruaryandMarchtherewasarefinanceboomashomeownersscurriedtotakeadvantageoflowerrates.TheCreditUnionbenefitedfromthatboomasweexperienceda13.49%growthintheFirstMortgagesegmentofourportfolio.Conversely,our2ndMortgagesegmentexperienceda7.78%declineduetopayoffsfromrefinances.
Asthenationwentintoshelterinplacemodetocurbthespreadofthevirus,businessesstartedtosuffer.Theunemploymentratesoaredastherecessionsetin.CongresspassedtheCARESACTtoextendalifelinetohouseholds,businesses,and the economy. Loan demand waned as only mortgages showed any sense of life. The Credit Union’s participation in thePaycheckProtectionProgramoftheCARESACTyielded288loansfor$10.1Million.AidedbyfewCommercialRealEstateconstructionloans,ourSBAandBusinessRealEstatesegmentsgrewby15.88%and48.61%respectively. Duringthisperiod,welaunchedourDefermentandSkip-A-PayProgramstoaidourmemberswhowerefeelingtheeffectsoftherecession.
We remained steady through August as both our Indirect and Mortgage Managers retired from the Credit Union. In May weimplementedourSolarLoanProgramwhichwasresponsiblefora55.6%growthinourOtherSecuredsegment. Inaddition,weranaSignatureLoanPromotionfromJulythroughAugust,thenagainforBlackFriday/CyberWeek andfinallyfromtheChristmasseasonthroughJanuary2021.OurSignatureLoansegmentgrew11.65%becauseof thatstrategy.TheSummerofCOVID-19culminatedwith$8.6MillioninSolarFarmParticipationLoansfromoneof our partners.
Lending Report
Basil A. BuchananVice President Lending
2020 Lending Performance
Total number of Loans (including Credit Cards Approved and Closed): 13,286
Total dollar amount of Loans Generated: $177,078,509
Total Loans Outstanding (Net) as of December 2020: $367,763,022
Lending Report
9
OurAutoLoansegmentwasthestoryoftwotales.AttheonsetofCOVID-19,demandtankedasthedealershipsshuttered.Dealervisitsweresuspended,sotherewasverylittleinteractionwiththedealers.Ourrefinanceofferswereseeminglyvoidofanaudience.Wedidvirtualcarsales,buttheyweremediocreatbest.AstheFloridaeconomyopenedslowly,were-engagedtheDealers,especiallytheinactiveones,andcontinuedourrefinanceoffers.Slowlybutsurelytheinactivedealerscametolifeandourcross-sellingeffortsbegantopaydividends.TheIndirectAutosegmentendedtheyearwithablockbusterDecemberandtheDirectAutosegmentclosedthegaponthedecline.However,ourDirectAutosegmentcouldnotovercometheearlydeclines.DirectNewandUsedAutobothexperienceddeclinesof18.1%and3.7%respectively.TheIndirectsegmentexperiencedimpressivegainsinNewandUsedIndirectAutoof14.5%and24.4%respectively.
Weendedtheyearonahighnotewith5consecutivemonthsofgrowthculminatingwithanannualincreaseof4.22%.Thiswasjustshortofour5%target.Year-enddelinquencyfortheportfoliostoodatanoutstanding.24%.Thiswasawelcomedratioforusaswiththerecessionthingscouldhaveeasilygoneofftherails.Weexpecttocontinuewiththeunimplemented strategies in 2021 and enhance some of our partnerships to generate loan growth.
Lending Report
10
11
Richard W. TresslerDirector/Treasurer
Assets
$760,866,517$593,644,042$577,686,977
Member Deposits
$685,767,233$522,594,211$517,596,095
Net Worth
$68,010,243$63,937,262$52,384,298
202020192018
Earnings
$2,462,304$7,055,728$5,167,839
Treasurer’s Report
ThesummaryfinancialreportsshownbelowforthepastthreeyearsindicatesMcCoy’sfinancialstatusfor2020andthetwoprecedingyears,2018and2019.During2020,ourtotalassetsrangedfromJanuary’s$593,644,042toahighofDecember’s$760,866,517.Thiswasanetincreaseinourassetsof$167,222,475overtheprioryear.
In2020,wecontinuedtoexperiencesignificantgrowthinournetloans.Ournetloansincreasedfrom$353,569,869to$367,763,022duringtheyearreflectinganincreaseof$14,193,153.Thebiggestincreasescamein1stmortgagesandbusiness loans.
During2020theFederalReserveheldshort-terminterestrateslowwithverylittleimpactonlongertermrates.TheratestabilityreflectsaFedpolicychangetofollowingthemarketinsteadoftryingtocontrolinflation.GiventhenegativeimpactofCovid-19onemploymentandGDP,thereislittleexpectedchangefortheforeseeablefuture.Overall,activityfor2020can be best characterized as stable.
Duetocontinuedstrongoperationalmanagement,ourProvisionforLoanLossescontinuedtoholdwithlittlechangefrom$2,947,705in2019to$2,973,070in2020.During2020,wewereabletoreducetheloandelinquencyratiofrom.50%to.24%.GreatcreditshouldgotoourLoanServicesandLendingstafffortheirhardworkandoutstandingeffortsaswellasgoodunderwriting!
Finally,wefinished2020withanetincomeof$2,462,304whichwas$1,055,390lessthanour2020budgetand$4,593,424behind2019.During2020,interestincomeandsharefeeswerelowerthanplanned.Thiswaspartiallyoffsetbystrongexpensemanagement.
IwouldpersonallyliketocongratulatealltheMcCoyFCUstaffmembersoncontrollingexpenseswhilegrowingourmemberbasetopositionusforfutureyears!
Treasurer’s Report
12
13
Loans (net)Cash & Accts Rec InvestmentsFacilities & Fixed AssetsAll Other AssetsTotal Assets
Accounts PayableShare AccountsCertificatesRegular ReserveUndivided EarningsTotal Liabilities
2017
$323,498,087$22,961,814$183,610,094$20,353,083$18,393,244$568,816,322
$9,403,572$422,130,984$88,500,000$4,181,359$44,600,407$568,816,322
2018
$345,783,628$18,389,970$174,016,365$20,417,813$19,079,202$577,686,977
$7,706,583$444,128,768$73,467,327$4,181,359$48,202,939$577,686,977
2016
$295,133,310$20,061,155$188,463,477$20,822,431$16,162,979$540,643,352
$6,411,773$383,096,047$102,659,365$4,181,359$44,294,808$540,643,352
Balance Sheet
2019
$353,569,869$22,758,205$176,039,742$21,453,677$19,822,549$593,644,042
$7,112,570$457,781,058$64,813,153$4,181,359$59,755,902$593,644,042
2020
$367,763,022$43,335,573
$306,711,625$22,052,717$21,003,579
$760,866,517
$7,089,040 $606,503,792 $79,263,441 $4,181,359
$63,828,884 $760,866,517
14
From LoansFrom InvestmentsFrom Other SourcesGross Income
CompensationOffice OccupancyOffice OperationsAdvertisingCollection ExpenseProfessional ServicesAll Other Expenses
Provision for Loan Loss
Total Operation ExpenseNet Income from Operations
Dividends Paid to MembersContribution to Capital
2017
$14,664,923$3,328,586$13,256,398$31,249,907
$11,859,286$2,144,297$3,715,614$796,053
$2,788,697$1,939,883$998,587
$5,442,532
$29,684,948$1,564,959
$1,088,441$476,519
2018
$15,918,012$3,995,591$14,164,716$34,078,319
$11,328,482$2,192,152$3,075,690$653,326
$3,718,452$2,262,325$1,099,064
$3,684,521
$28,014,012$6,064,307
$896,468$5,167,839
2019
$15,908,919$4,537,820$13,616,183$34,062,922
$12,299,194$2,139,524$3,085,946$820,480
$3,142,074$2,850,711
($1,264,104)
$2,947,705
$26,021,529$8,041,392
$985,664$7,055,728
2020
$15,029,278 $3,092,301
$11,564,285 $29,685,864
$11,913,252$2,057,067$3,570,480
$685,204$2,270,514$2,566,457
$222,840
$2,973,070
$26,258,883$3,426,980
$964,677$2,462,304
2016
$13,987,815$2,989,692$13,246,873$30,224,380
$11,193,699$2,047,033$3,324,481$730,699
$2,573,100$2,158,081$1,061,853
$3,540,000
$26,628,948$3,595,432
$1,101,399$2,494,034
Income Statement
15
Membership Data
2017
64,1652,321,418
2.76%
14,7048,187
$487$463$24$17
$7,95822,891$14,132
4.67%1.72%0.09%
2018
65,5092,321,418
2.82%
14,7797,915
$520$428$93$14
$7,90122,694$15,237
4.64%2.14%0.89%
2019
69,5222,321,418
2.99%
15,0347,801
$490$374$116$14
$7,51722,835$15,484
4.51%2.45%1.18%
2020
70,0982,321,418
3.02%
15,1578,816
$423$375
$49$14
$9,78323,973
$15,341
4.21%1.17%0.35%
2016
62,1332,321,418
2.68%
14,3198,258
$486$429$58$18
$7,81822,577$13,072
5.07%1.48%0.47%
MembersPotential MembersPenetration of Members
Number of LoansNumber of Credit Cards
Per Member Data:IncomeExpensesNet IncomeDividendsAvg Share Balance# of Loans & Credit CardsAvg Loan Balance
Financial Ratios:Return on LoansReturn on InvestmentsReturn on Assets
16
2017
37.95%
6.86%
11.89%
2.55%
8.92%
6.21%
3.20%
3.48%
1.52%
17.42%
2018
33.24%
6.43%
9.03%
1.92%
10.91%
6.64%
3.23%
2.63%
15.16%
10.81%
2019
36.11%
6.28%
9.06%
2.41%
9.22%
8.37%
-3.71%
2.89%
20.71%
8.65%
2020
40.13%
6.93%
12.03.%
2.31%
7.65%
8.65%
0.75%
3.25%
8.29%
10.02%
2016
37.04%
6.77%
11.00%
2.42%
8.51%
7.14%
3.51%
3.64%
8.25%
11.71%
Compensation
Office Occupancy
Office Operations
Advertising
Collection Expense
Professional Expense
All Other Expense
Dividends
Increase to Capital
Provision for Loan Loss
Distribution of Income
17
Supervisory Committee Report
TheSupervisoryCommitteeisresponsibleformakingsuretheCreditUnion’sfinancialrecordsareinorderandthatinternalcontrolsareinplacetoprotecttheassetsoftheCreditUnionanditsmembers.TheCommitteedoesthisbymakingsurethatanannualauditisconductedandbymakingsurethatinternalcontrolsaretestedregularly.
TheprimaryfunctionoftheCommitteeistoensureongoingreviewsandauditstomakesurethatyourcreditunionrecordsaremaintainedproperly,honestly,andaccurately;thatpoliciesestablishedbylawandbytheBoardofDirectorsarecarriedout.Wearealsotomakesuremembers’assetsaresafeguardedandusedaccordingtothepurposeoutlinedbytheFederalCreditUnionAct,NationalCreditUnionAdministrationrulesandregulationsandBoardofDirectors’policies.
InadditiontoourprimaryfunctionsasaSupervisoryCommitteewearealsoresponsibleto:
• ReviewtheactionsoftheBoardofDirectors,OfficersandCommitteestomakesurethattheyexercisefirmcontroloverthecreditunion’saffairs.
• Evaluateinternalcontrolsandoperationalriskmanagementtomakesurethatweareupholdingtheintegrityofthecreditunion’sfinancialreporting.
• Reviewallpoliciesandchangesincreditunionproceduresintermsoftheireffectsonthequalityofservicetomembersandsafety of members’ funds.
• Conductororderaverificationofmembers’loanandshareaccountstocomplywithcreditunionpolicyandregulatoryrequirements.
• PresentafullreportofthefindingsofannualauditsandanyspecialfindingstotheBoardofDirectors.
• PrepareandmakeavailableanAnnualReportpresentedtomembersattheAnnualMeeting.
Nearman,Maynard,Vallez,CertifiedPublicAccountants(CPAs),conductedtheannualauditofMcCoyFederalCreditUnion’sfinancialstatementsfortheyearendingSeptember30,2020,inaccordancewithauditingstandardsgenerallyacceptedintheUnited States of America. The audit report did not address any areas of concern.
Nearman,Maynard,Vallez,CertifiedPublicAccountantsalsoconductedmemberaccountverifications,asrequiredbytheNational Credit Union Administration. All inquiries and responses were researched and resolved.
BasedontheresultsoftheannualauditbyNearman,Maynard,Vallez,CertifiedPublicAccountants(CPAs),itistheopinionoftheSupervisoryCommitteethatMcCoyFederalCreditUnioncontinuestobefinanciallystrongandoperationallyeffectivewithsound policies and procedures.
McCoyFederalCreditUnioncontinuestoseekadditionalwaystoimproveeffortstowardbettersecurityandsafeguardingmembers’assets.In2020,McCoyFederalCreditUnionundertookallthenecessarymeasurestoensurethatnotonlytheMcCoystaffbutalsotheMcCoymembersweresafephysicallyandfinancially.Thus,indoingsoMcCoymadesurethatourlobbieswerecleanedandsanitized.Thateveryonecompliedwithsocialdistancing.Also,thatourresponsibilitiesthatallauditfunctionsperformedbyourexternalauditfirmswereconductedduring2020inasafemanner.
McCoyFederalCreditUnion’sMissionistoprovideawiderangeofaffordableandqualityfinancialproductswithexceptionalmember service always striving to bring nothing but the very best to our members in a safe and secure environment.
Respectfully submitted,
Maureen GimenezDirectorChairman Supervisory Committee
InaccordancewithArticleV,Section1ofMcCoyFederalCreditUnion’sBylaws,theNominatingCommitteechairedbyDirectorDennisM.Johnsonhasnominated3incumbentcandidatesforthepositionsopenontheBoard.TheincumbentsareRichardJ.Albert,Sr.,JanetE.Brewer,andMichaelF.Hesterallfora3yearterms.
RICHARD J. (Rick) ALBERT, SR.,isagraduateofFloridaA&MUniversitywithaBSdegreeinBiology and Chemistry. He is a former Orange County school teacher and taught for seven years. Afterleavingtheschoolsystem,Mr.AlbertwasasalesrepresentativefortheGTESylvaniaCompanyfor seven years and was the top sales representative in the district for four of those seven years. HethenjoinedtheOrlandoPoliceDepartmentwhereheattainedtherankofMasterPoliceOfficer.While on the Police Department Mr. Albert served on the Crisis Negotiation Team and the Police Honor Guard.
Mr.AlbertcontinuedhiseducationatRollinsCollegeofWinterParkwhereheobtainedhisMastersdegreeinCriminalJustice.ForseveralsummersMr.AlbertworkedwiththeOPDSummerYouthProgram,coachedLittleLeaguefootballandbaseball,andwasaWaterSafetyInstructorfortheCityof Orlando Recreation Department.
Mr.AlbertretiredfromtheOrlandoPoliceDepartmentonJanuary31,2008,aftertwenty-eightyearsandthreemonthsofdistinguished service.
Mr.AlbertbecameaMcCoyFederalCreditUnionvolunteerin2000andaDirectorin2005.HehasservedontheSupervisoryCommittee,HumanResourcesCommittee,theLoanServicesCommitteeandtheExecutiveCommittee. HeispresentlyservingasViceChairmanoftheBoard.Mr.AlberthasbeenveryactiveintheFloridaCreditUnionLeague/CUNA Volunteer Achievement Program and has received nine awards beginning with the Supervisory Committee Award andculminatingwiththeCreditUnionLeadershipAward.Mr.AlbertisapastBoardChairmanforMcCoyFederalCreditUnion. He has served two terms as Vice Chairman of the Board.
Mr.Albertspendsagreatdealofhistimevolunteeringathischurch,Mt.PleasantMissionaryBaptistChurch,insuchcapacityasadriverfortheTransportationMinistry,acookontheCulinaryMinistry,servingontheFinanceCommitteeand singing in both the Male Chorus and the Mass Choir. Mr. Albert currently serves as the church’s Treasurer.
JANET E. BREWER retired in 2014 after being self-employed in the Orlando area since 1975. ShealsoisPastPresidentofTheExecutives’AssociationofGreaterOrlando(EAGO).Mrs.BrewerhasservedasaDirectorandTreasurerontheBoardfortheCentralFloridaExecutiveWomeninTravel.ShealsoservedastintintheU.S.ArmyReservesandwasassignedtoPersonnelRecords,based in Orlando.
Mrs.BrewerbecameaMcCoyFederalCreditUnionVolunteerin1988andhasbeenaBoardofDirectorsince1991.ShehasservedonvariouscommitteestoincludetheSupervisory,Policy,AssetLiabilityManagementandPropertyCommittees.InrecentyearsshehasservedasBoardSecretary,ChairmanoftheHumanResourcesCommitteeandontheExecutiveCommitteeandBusinessLending Committee. She is currently serving as Chairman of the Board.
MICHAEL F. HESTER has been a resident of Orlando since 1955 and graduated from William R. BooneHighSchool.Mr.HesterhasaBachelorofSciencedegreeinAccountingfromJonesCollegeandanAssociateofArtsdegreefromValenciaCollege.Mr.HesterhasworkedintheHealthcareindustryforover43years,includingover30yearsintheFinanceDepartmentatOrlandoHealth.HeiscurrentlytheFinancialManager-OfficeofGrantsManagementfortheOrlandoHealthFoundation.
Mr. Hester has been a Credit Union volunteer since 1992. He started out on the Supervisory CommitteeatHealthcareFederalCreditUnionandwasappointedtotheBoardofDirectorsin1996.Mr.HesterservedasChairman,Vice-ChairmanandTreasureroftheBoardduringhisvolunteerserviceatHealthcareFCU.
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Nominating Committee Report
Mrs. Janet E. BrewerDirector3 Year Term
Richard J. AlbertDirector3 Year Term
Mr. Michael F. HesterDirector3 Year Term
WhenHealthcareFCUmergedwithMcCoyFCUinDecember2008,Mr.HesterwasappointedtotheMcCoyFCUBoardofDirectors.HeiscurrentlyservingasaBoardofDirector,ChairmanoftheHumanResourcesCommitteeandisontheAssetLiabilityManagementCommitteeandthePolicyCommittee.HehaspreviouslyservedasChairman,Vice-ChairmanandTreasureroftheBoardofDirectors,ontheCommunityServiceCommitteeandtheSpecialEventsCommittee. Mr.Hesterhassuccessfullycompletedover39coursesoftheCUNAVolunteerAchievementProgram(VAP)andwasrecently awarded the Credit Union Leadership Award.
Sincethereisatleastonenomineeforeachvacancy,ArticleV,Section1ofourBylawsstatestheelectionwillnotbeconductedbyballotandtherewillbenonominationsfromthefloorattheAnnualMeeting.However,otherinterestedmembersmaybenominatedbypetitionsignedbyonepercentofthememberswithamaximumof500fortheofficelisted.SuchNOMINATIONSBYPETITIONMUSTBERECEIVEDINTHECREDITUNIONNOTLATERTHAN12NOONONJanuary5,2021.StandardpetitionformsareavailablefromtheBoardSecretaryandWILLBETHEONLYFORMSACCEPTABLEFORTHISPURPOSE.
Respectfully submitted,Dennis M. Johnson, Director/Board Secretary/Chairman Nominating CommitteeMaureen E. Gimenez, Director/Committee MemberRichard W. Tressler, Director/Treasurer/Committee Member
Richard W. TresslerDirector/TreasurerCommittee Member
Dennis M. JohnsonDirector/Board SecretaryChairman Nominating Committee
Maureen E. GimenezDirectorCommittee Member
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20
Mrs. Janet E. BrewerChairman
Mr. Richard W. TresslerTreasurer
Mr. Richard J. AlbertVice Chairman
Mr. Dennis M. JohnsonSecretary
Mr. Michael F. HesterDirector
Board of Directors
Mrs. Maureen E. GimenezMr. Stephen J. GrahamMr. Michael E. Montague
ChairmanMemberMember
Supervisory Committee
Mr. Samual Davis, Jr.Director
Mrs. Maureen E. GimenezDirector
Andrew N. MeyerVice President
Finance
21
Donald J. KnopickVice President
Information Technology
Laura K. RetherfordVice President
Operations
Colleen G. KatzVice President
Human Resources
Tod W. MazzoccoExecutive
Vice President
Alvin J. Cowans, CCUEPresident/CEO
Danny H. SniderVice President Loan Services
Wayne SchneckVice President
Marketing & Business Dev.
Senior Management
Basil A. BuchananVice President
Lending
Ronald C. NesbittVice President
Risk Management
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Community Partnerships
EG Events
1st Quarter 2
2nd Quarter 2
3rd Quarter 4
4th Quarter 5
YTD Total 13
39
45
142
11
38
207
13
12
54
22
28
75
2020 Business Development SummaryCommunity
EventsSponsorships
Total Community Involvement
18 18
23
Community Involvement
24
Community Involvement
25
Community Involvement
Community Involvement
26
Community Involvement
27
Social Media Highlights
28
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Products & Services
• RegularShare(Savings)Accountswithdividends• Smarter Checking offersrewardpointsondebitcardpurchases,loandiscountsandmore—plusfully-managed identity theft recovery services andan entitlement to robust credit monitoring. IncludesMobilePhoneCoverage—insurancecoverageforyour device’s repairs or replacement due to accidentaldamage,mechanicalfailureortheft
• Smart Checkingoffersrewardpointsondebitcardpurchases,loandiscountsandmore—plusfully-managed identity theft recovery services and anentitlement to robust credit monitoring
• Simply Checkingoffersalloftheessentialsofacheckingaccountwithnominimumbalancerequirement and no monthly maintenance fee
• Fresh Start Checking is designed to help rebuildyourfinancialrecord.Ifyouhavebeenturneddownforcheckingaccountsduetocreditproblems,FreshStartCheckingmaybeabletogiveyouthatsecondchanceyouneed—includesfully-managedidentitytheftrecovery services and an entitlement to robustcredit monitoring
• Student Checkingoffersalloftheessentialsofacheckingaccountwithnominimumbalancerequirement and no monthly maintenance feeAvailable for Ages 13-17
• Card Controls on Debit Cards• MoneyManagementShareAccounts(MMSA)
with dividends• ShareCertificates:6–Month,1–,2–,3–and5–Year• IndividualRetirementAccounts(IRA):Traditional,Roth,andCoverdellEducationalSavingsAccount(CESA)
• IRACertificateAccounts:6–Month,1–,2–,3–and5–Years
• IRA Online Center• Health Savings Accounts• YouthSavingsAccounts(Ages5-17)• Direct Deposit• ATMs:CU24,CUHere,CIRRUS,Pulse• SafeDepositBoxes(selectlocations)• WesternUnionWireService(withinUSAonly)• WireTransferofFunds(withinUSAonly)• NightDepository(selectlocations)• Money Orders• OfficialChecks• Free$2,500AccidentalDeathInsurance• Toni-the-Teller:24-HourAudioAccountAccess• FirstMortgages:10,15,20and30yearterms• Second Mortgages• HomeEquityLoans• Home Improvement Loans• Land and Lot Loans
• Rental,CondoandMobileHomeLoans• Solar Loans• Line-of-Credit Loans• VehicleLoans(NewandUsed)- Auto,Truck,Motorcycle- RV,TravelTrailers- Boats,JetSkis
• Debt Consolidation Loans• ShareCertificateandShareAccountSecuredLoans• Visa Signature Credit Cards with Rewards• Visa Platinum Credit Cards with Rewards• Visa Platinum Credit Cards with Low Rate• Share Secured Credit Cards• Credit Life and Credit Disability Insurance• Auto Gap Insurance• AutomobileWarrantiesforConsumer,
Business & Commercial• Auto Deductible Reimbursement Insurance• AutoEssentialsCoverage- LostorStolenKeys- Dings,Dents- CrackedWindshields- DamagedRims,PuncturedTires
• Automatic Loan Payments• ElectronicLoanClosing• 24-Hour Loan by Phone• Online Account Opening• Online Loan Applications• Indirect Lending• myMcCoyOnlineAccountAccess:
- Online Bill Pay- E-Notices- ElectronicStatements(E-statements)- E-Checks(Online)
• myMcCoyMobileforiOSandAndroid:- MobileBanking- MobileCheckDeposit- Mobile Bill Pay- Person to Person Payments
• Apple Pay• Samsung Pay• Android Pay• BusinessAccounts:
- Business Credit Cards with Rewards- Commercial Loans- Business Lines of Credit- Business Loans- SBA Loans- Business Debit Cards with Rewards
• Accel Credit and Debit Counseling• QuorumInsurance:Auto,Commercial,
Home and Health
30
Office Locations
1. McCoy Road Office1900 McCoy Rd.Orlando,FL32809
2. Curry Ford Office5757CurryFordRd.Orlando,FL32822
3. Central Florida Pkwy. Office2075CentralFloridaPkwy.Orlando,FL32837
4. Michigan Office35 W. Michigan St.Orlando,FL32806
5. L.B. McLeod Office5620 L.B. McLeod Rd.Orlando,FL32811
6. Chickasaw Office502S.ChickasawTr.Orlando,FL32825
7. Apopka Office931N.ParkAve.Apopka,FL32712
8. Osceola Parkway Office1221W.OsceolaPkwy.Kissimmee,FL34741
9. Clermont Office1051E.Hwy.50Clermont,FL34711
10. Lake Nona Office9101 N. Narcoossee Rd.Orlando,FL32827
11. VA OfficeOrlando VAMC13800 Veterans WayOrlando,FL32827
12. Ocoee Office1575E.SilverStarRd.Ocoee,FL34761
13. Lake Mary Office3540 N. Hwy. 17-92LakeMary,FL32746
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MEMBERSHIP
MembershiptoMcCoyFederalCreditUnionisopentoanyone,wholives,works,worships,volunteersorattendsschoolinOrange,Osceola,SeminoleorLakeCounties;membersoftheimmediatefamilyorhousehold;andorganizationsofsuchpersons.BusinessesanditsemployeeslocatedinOrange,Osceola,SeminoleorLakeCountiesarealsoeligibleformembership.
Lobby HoursMonday-Thursday9:00AM-5:00PMFriday8:00AM-6:00PM
Drive ThruMonday-Thursday8:00AM-5:30PM
Friday9:00AM-6:00PM
Orlando VAMC HoursMonday-Friday8:00AM-4:00PM
Call Center HoursMonday-Thursday8:00AM-5:00PM
Friday8:00AM-6:00PM
Phone (All Offices)(407) 855-5452TollFree1(888)584-7701
Toni-The-Teller at McCoy FCU24-hr Phone Account Access(407) 857-8245TollFree1(888)584-8268
Mailing AddressMcCoyFederalCreditUnionP.O.Box593806Orlando,FL32859-3806
Web Sitemccoyfcu.org
Contact Information
10 REASONS TO BECOME A MCCOY FEDERAL CREDIT UNION MEMBER
1. Exceptional Member Service. Creditunionmembersatisfactionconsistentlyrankshigherthanbanks.AtMcCoy,you’re more than just a number.
2. McCoy Cares. Webelieveingivingbacktothecommunitiesweservethrougheventsponsorships,scholarships,financialliteraryassistanceandmore.Yourcommunityisourcommunity.
3. Member-Owned. Don’t let membership scare you. This means you have a say in some of the activities of yourlocal credit union should you want it. And it means you’re treated with the same respect as everyone else.
4. Local. McCoyFederallocationsarealllocalinyourcommunity.Wehavefasterdecisionmakingandlessredtape.Weknowthemarketandhaveavestedinterestinseeingthelocaleconomyandourmemberssucceed.
5. Not-for-Profit. Ournot-for-profitstatusisaveryimportantdistinctionthatseparatesusfrombanks.Inanutshell,itmeanswereturnourprofits(afterpayingexpenses)toyou,andnottostockholders,byofferingbetterreturnsonsavings,lowerratesonloans,andneworimprovedservices.
6. Better Interest Rates and Lower Fees.Whenyou’regettingbetterinterestratesandpayinglowerfees,yougettokeepandsavemoreofyourmoney,helpingyoutakechargeofyourfinanciallife.
7. Full Line of Products and Services.AtMcCoy,youreceivethesameservicesasabank—likechecking,savings,ATMs,debitcards,investmentservices,mortgageloans,avarietyofconsumerloansandsmallbusinessloans.
8. Convenience.Asamember,youreceivenosurchargesorservicefeesonanyMcCoyATM,anyATMthatbearstheCULIANCE/CUHerelogoandPublixATMs.
9. Expertise.Financialmatterscanbecomplicated.Ourstaffmembershaveyearsofexperiencetohelpyounavigatethoseimportantfinancialdecisions.
10. Safe and Sound.Thesafetyofyourmoneyandinvestmentsisanimportantaspecttoconsider.Restassured,your money is safe and insured at McCoy.
Our History
1954 OnDecember14,1954,sevenpeoplepooledtheirknowledgeandassetstoestablishthePineCastleAirForceBaseFederalCreditUnion,amilitarymembercreditunion.
1958 PineCastleAirForceBasewasrenamedMcCoyAirForceBaseinhonorofColonelMichaelN.W.McCoy,andthecreditunionfollowedsuit.Fromthattime,ithasbeenknownasMcCoyFederalCreditUnion.
1974 McCoyAirForceBasewasclosed.
1981 McCoyFederalbecameacommunitycharteredcreditunionservingthosewholivedandworkedinSouthsideOrlando,betweenMichiganStreet,I-4,Highway15/15AandSouthCountyLine.
1985 McCoyFederal’sfirstbranchoffice,theCurryFordOffice,wasopenednearthecornerofCurryFordRoadandHighway 436.
1990 TheWilliamsburgBranchOfficebeganasastorefrontoperationonCentralFloridaParkway.
1993 TheMichiganStreetOfficelocatedintheMarketatSouthsideopened.
1995 TheWilliamsburgBranchOfficewasrelocatedtoanewfull-servicebuildingonCentralFloridaParkwaynearOrangeBlossomTrailandwasrenamedastheCentralFloridaParkwayOffice.
1997 McCoyreceivedapprovalfromNCUAtoexpanditsfieldofmembershiptoacceptmemberswholive,work,worshiporattendschoolsouthofHighway50inOrangeCounty,Florida.
1999 McCoyFederalopeneditsWestOrlandoOfficeonL.B.McLeodRoadandKirkmanRoad.
2002 McCoyopeneditssixthofficelocatedonChickasawTrailinEastOrlandoatLakeUnderhill.
2003 McCoyFederalreceivedapprovaltoexpandthemembershipboundariestoanyonewholives,works,worshipsorattendsschoolinallofOrangeCounty.Bytheendof2003,McCoyopenedanewAdministrativeofficebuildingalongsideanewbranchlocationat41&35WestMichiganStreet.McCoy’sstorefrontlocatedatTheMarketatSouthsidewasrelocatedtothenewofficeat35WestMichiganStreet.
2006 Our7thofficeopenedinApopkaat931N.ParkAvenueservingourmembersinNorthwestOrangeCounty.InDecember2006,McCoyreceivedapprovalfromNCUAtoexpanditsfieldofmembershiptoincludeOrange,Lake,SeminoleandOsceolaCounty,Florida(OrlandoMSA).
2007 Our8thofficeopenedneartheLoopandHunter’sCreekintheOsceolaCorporateCenterat1221W.OsceolaParkwayinKissimmee.
2008 Weopenedour9thlocationinClermontinFebruary2008toserveourmembersinLakeCounty.TheClermontOfficewasoriginallyastorefrontlocatedat4300S.USHwy27attheLegendsPointeCenter.OnDecember31,2008,CentralFloridaHealthcareFCUmergedwithMcCoywhichadded14,000newmembersandapproximately$50millioninassetstoourCreditUnion.
2009 WeopenedtwonewofficesservingtheOcoeeandLakeNonaareas.
2012 TheAlomaofficeisopenedoffAlomaAvejustWestofthe417.(ThislocationwasclosedMarch2019)
2014 Tobetterserveourmembers,theClermontofficeisrelocatedto1051EHwy50justeastofHwy27.TheLakeNonaOfficeismovedfromastorefrontlocationtoanewfreestandingfacility.Bothlocationsarefull-servicebrancheswithlargerfacilities,drive-thrusandeasieraccessforourmembers.
2017 TheLongwood/LakeMaryofficeisopenedat3540NHwy17-92andRonaldReaganBlvd(427)servingresidentsofLongwood,LakeMary&Sanfordareas.
2021 McCoybreaksgroundfornewbranchlocatedinHamlinCove,WinterGarden.McCoyFederalisoneofthelargestcreditunionsinCentralFloridawithover70,000members,averageassetsover$760million,13branchlocationsandstillgrowing!
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