Annual Report 2019


Civic Annual Report 2019


The launch of Civic Federal Credit Union answers the request for more. As a member, you wanted more control of your financial picture. You wanted more convenience and access to services that gave you flexibility.  You wanted more options for your personal banking, small businesses and nonprofit organizations. At Civic, we’re proud to be addressing these concerns. We’re excited to grow and learn along with you. We’re not just your Credit Union, we’re proud to be your partner.

Chairman's letter

Willie Best

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

Willie Best

It is my pleasure to present the inaugural Annual Report for Civic Federal Credit Union. Having completed our first year of operation, we have much to celebrate. As the Chairman of the Board of Directors, I share below the vision for Civic and how you are an integral part of this journey.

The first question I get from members is “why Civic?” The point most people are getting at is why was it necessary to form a new credit union. The answer is simple. Because you asked for it. Well, not exactly in those specific terms. But you and many members did say you want more from your credit union experience. In order to give you more, we had to overcome some barriers that face all financial institutions.  

Every institution, company or organization that gets its license to do business has limited powers. These limitations apply to utilities, insurance firms, petroleum companies and every type of business that needs a government charter to exist. When a charter is issued to operate a regulated business, there is a set of authority granted to conduct limited services. Sometimes the powers are insufficient.

Civic FCU is the sister credit union to Local Government Federal Credit Union. We’ve heard from members there are services you need outside LGFCU’s offerings. Unfortunately, your requests have been met with some charter constraints. Your Credit Union Board had two options. First, we could ignore your requests for additional services. Blaming our inability on the charter would have been a convenient excuse, and it would have been true. But that felt unfulfilling to us.

Your Board chose a second option. We opted to form a new credit union that would focus on filling the gap in services. Without getting too much into the weeds, Civic has new powers built into its charter that allows it to expand upon the total offerings to local governments and their stakeholders.

Civic was created to serve you with innovative services. Taking advantage of the new powers in our charter and the desire to do things differently, Civic is fixated on the idea that financial services can be better. Here are some ideals that direct our attention from the beginning.

One-stop shopping

We believe members should be able to manage all their money in one place. Some financial institutions focus on consumer services. Other institutions make their bread and butter on business services. Many folks leave a day job and run to a side gig. You have said you want all your money to be in the same place. Civic gives you the best of both worlds. Civic offers business services right alongside your consumer accounts.

The integration of all your finances creates an efficient way to reach your goals. For small business owners, you don’t have time to waste running from one place to another. When you make decisions, you need to know how business choices affect your personal finances. Civic shows you how to make the most informed use of your money.


We have heard from officials in local government about the proliferation of financial deserts. These are the places where brick and mortar banks have pulled up stakes and left town. You asked us for a solution. Civic is an online/mobile credit union that presents the latest remote banking experience. When you consider all the things one can do on the Civic mobile app, we think members won’t miss a bank that’s left them hanging.

For instance, you like the convenience of ATMs for remote service. But some members have asked for more. Civic offers the ultimate convenience… free ATMs anywhere in the United States. Civic will pick up the fees for its members to use any ATM. There are over 400,00 ATMs in the U.S. alone.

Also, you asked for the ability to deposit a check into your credit union account from your mobile phone. Civic offers this feature. Once the deposit is made, the Civic app is easy to navigate and gives you full control over how your money is managed and spent.


Most companies seek diversification in their business strategies. Diversity usually reduces risks. As the adage goes, it is not wise to put all your eggs in one basket. When it comes to assets and liabilities, we agree. As far as markets go, we have a different point of view.

Civic is fully committed to serving the local governments in North Carolina. We salute the men and women of local governments who make our communities livable. Everyone from public safety to water quality, from administration to construction and from elected officials to volunteers play an integral role in our lives. We at Civic feel deeply proud to be a part of an institution that serves the people who serve us.

We are absolutely gleeful about the future of Civic and what comes next. We have engineers, software folks and marketing gurus behind the scenes working on new innovations to improve your Civic experience. The experience will get even better because you are engaged. If you have ideas on how to make Civic more wonderful, we invite your input.

On behalf of the entire Board of Directors, thank you for your membership. We look forward to impressing you with the power of Civic.


With Best Regards,

Willie Best

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

Jamie Guillermo, Business Owner

My Sweet Love Vineyards

Michelle Wells, Executive Director

NC Recreation and Park Association

2019 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 12/31/2019 and 12/31/2018
Assets 2019 2018
Cash and Investments $20,489,588 $5,830,985
Personal Loans $47,970 $965.57
Member Business Loans $17,791,966 $0
Auto Loans $797,256 $0
Credit Card Loans $113,370 $1,098
Allowance for Loan Losses ($70,424) $0
     Net Loans $18,680,138 $2,063
National Share Insurance $5,280 $0
Other Assets $3,314,518 ($1,205)
Total Assets $42,489,526 $5,831,844

Liabilities & Equity 2019 2018
Payables $2,148,639 $154,963
Share Accounts $835,315 $7,837
Share Draft Accounts $5,143,816 $16,423
Money Market Accounts $27,338,864 $501,761
Share Certificates $1,493,347 $2,001
     Total Deposits $34,811,345 $528,025
Total Reserves & Undivided Earnings $5,529,541 $5,148,855
Total Liabilities & Equity $42,489,526 $5,831,844

Statements of Income

Year to Date as of 12/31/2019 and 12/31/2018
Operating Income 2019 2018
Investment Income $260,179 $11,094
Personal Loans $2,212 $6
Auto Loans $4,414 $0
Credit Card Loans $1,037 $0
Member Business Loans $303,860 $0
     Total Loan Income $311,525 $6
Other Operating Income $617,030 $164
Total Income $1,188,736 $11,265

Operating Expenses 2019 2018
Operating Expenses $525,067 $62,054
Interest on Borrowed Funds $0 $0
Share Accounts  $2,119 $4
Share Draft Accounts $3,767 $34
Money Market Accounts $260,679 $316
Individual Retirement Accounts $0 $0
Share Certificates $16,416 $2
     Total Deposit Expense $282,982 $355
Total Expenses $808,050 $62,409
Net Operating Income $380,686 ($51,144)