20l9 Annual Meeting

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Audio portion will begin at 6:05pm.The host has muted all participants. Please keep your speakers/phones on mute so all participants can hear clearly.

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Agenda1. Call to Order

2. Welcome

3. Quorum Determination

4. Approval of Agenda & 2018 Annual Meeting Minutes

5. ReportsChair/PresidentTreasurer/CFOSupervisory Committee

6. Old Business

7. New BusinessReport of Nominating Committee

8. Adjournment

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20l8 Annual Meeting MinutesCall to OrderThe 64th meeting of the membership of Florida State University Credit Union was convened on Monday, April 22, 2019, with the calling to order of the meeting by Dr. Stacy Sirmans, Chair, at 6:34 pm. The meeting was held at the Donald L. Tucker Civic Center located at 505 W Pensacola St, Tallahassee, FL 32301.

Roll Call/QuorumAfter the meeting was called to order, Mr. David Sagaser, Secretary, determined there was a quorum present to conduct business. There were 128 members in attendance for the business meeting.

MinutesChair Sirmans asked for a motion to accept the consent agenda. A motion was made to accept the agenda. The motion was seconded and unanimously approved. Chair Sirmansthen asked for a motion to approve the minutes of the April 26, 2018, annual meeting, which were printed in the Annual Report. The motion was seconded and unanimously approved.

ReportsDr. Sirmans introduced the Board of Directors and welcomed Mr. Adcock to the podium. Mr. Adcock gave the Chair/President’s Report during which he spoke about the accomplishments of the credit union in 2018, including the opening of the new Crawfordville branch. He announced the credit union has broken ground on a new branch that will be located on North Monroe Street. In addition, Mr. Adcock reported on the financial performance of the credit union and the intentional approach to slightly slow down growth. Finally, Mr. Adcock reported the credit union raised more than $28,000 through its Skip-A-Pay program, all of which was donated to Hurricane Michael relief efforts. Mr. David White, Treasurer, gave the Treasurer’s Report, during which he highlighted that in 2018, the CU had a steady growth in membership and finished the year by more than $222 million in assets and 25,716 members. Mr. Patrick McDermott, Supervisory Committee Chair, reported on behalf of the Supervisory Committee, ensuring reliability of financials.

Old BusinessThere was none.

New BusinessReport of the Nominating Committee was the only new business.

Nominating Committee ReportMr. Chris Wallace, the Nominating Committee Chair, gave the Nominating Committee report. The Nominating Committee met to review the qualifications of candidates to fill the Board of Directors and Supervisory Committee open positions. The following individuals were nominated to serve (1) 3-year term each on the Board of Directors:Randy McCauslandMark Striffler (incumbent)Bill Woodyard (incumbent)Patrick McDermott was nominated to serve (1) 3-year term on the Supervisory Committee.In accordance with the bylaws, the slate of officers listed above were elected by acclamation.

Special AnnouncementsMr. Adcock made a special presentation to outgoing board member Dr. Stacy Sirmans. He presented him with a gift from the Board of Directors, a plaque recognizing his service, and announced that the Executive Conference Room in the new branch would be named in his honor.

AdjournmentThere being no further business, the meeting was adjourned at 6:51 pm.

David SagaserBoard Secretary

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Board of Directors

David SagaserSecretary

Frank Flynn Randy McCauslandBill Brynes

David J.WhiteTreasurer

Mark G. StrifflerVice Chair

Bill AgnerChair

Phaedra Harris Bill Woodyard

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Kimberly GrantMichael Meth, Chair Patrick McDermott

Supervisory Committee

Management Team(L to R):IT Director Wendi Cannon, Accounting Director Kinsley Grant, VP of Operations Chris Wallace, Collections Director Alisha Blondel, President/CEO Chuck Adcock, CFO Jennifer G. Durden, Compliance Director Erin Williams, Human Resources Director Ivy Miles, Marketing Director Jessie Watson, and Lending & Business Development Director Grant Abbott.

Chair/President Report2019 was a year of monumental achievements that have positioned us for continued growth.

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Chuck AdcockPresident/CEO

Bill AgnerBoard Chair

In November we launched our new and improved online banking platform and mobile application.

We were recognized by the League of Southeastern Credit Unions & Affiliates with the First Place Dora Maxwell Award for exhibiting excellence in community social responsibility in 2018.

Construction was completed on the new 20,000 square-foot retail-services branch and operations center at 2520 North Monroe.

We continued our support of the FSU Community through mentorship and support of FSU Athletics, the CARE program for first-generation students, and an Endowed Scholarship.

We entered into an agreement to acquire Gulf Power Company Employees Credit Union and will soon be expanding our service area to Pensacola and Panama City.

Treasurer/CFO ReportAs the figures listed below indicate, we continued to ensure a strong, stable, sound financial institution for the membership:

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David J. WhiteBoard Treasurer

Jennifer G. DurdenChief Financial Officer

Total assets grew to $223,593,858. Member deposits remained strong at $199,083,184. We funded more than $66 million in new loans, putting

resources to work in the local economy. Net income for the year was $1,836,104. Interest rates on member deposits remained very competitive,

allowing us to return $1,858,761 in dividends and interest to the membership.

As of December 31, 2019, total membership stood at 25,874 credit union members.

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20l9 by the NumbersStatement of Financial Condition Statement of Income

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Supervisory Committee Report

Michael MethSupervisory Committee Chair

The Supervisory Committee’s responsibility is to serve FSU Credit Union’s members by ensuring the completeness and reliability of credit union financials. The committee is charged with safeguarding credit union operations to protect members and their assets while ensuring records are reported accurately, properly, and efficiently.

The committee is also responsible for certifying that the credit union is operating within federal, state, and internal guidelines, and reporting any material findings to the Board of Directors. The Supervisory Committee has engaged two independent public accounting entities, Nearman, Maynard, Vallez CPAs, and Lillie & Company CPAs. They conducted audits of the credit union’s consolidated financial statements, branch testing, and procedures pertaining to the Bank Secrecy Act and NACHA regulations, among other attest functions.

The committee assesses any findings that are noted in these audits and follows up withmanagement as necessary to help ensure that the credit union’s assets are protected. Based on committee discussion and analysis with management, the committee believes the credit union to be in sound financial standing and feels that adequate internal controls are in place.

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Nominating Committee Report

David SagaserChair

Frank Flynn Randy McCausland Chris Wallace

Dr. Brandon Bowden Dr. Shenifa M. Taite

Nominees

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PO Box l82499, Tallahassee, FL 323l8850.224.4960 877.GO.FSUCU FSUCU.org

Thank you!To request a copy of this presentation or the 20l9 Annual Report,

please email support@fsucu.org or call 850-224-4960.