It is my honor and pleasure to serve as Chairman of the Board of Directors of West Coast Federal Employees Credit Union. Since 1948, West Coast Federal Employees Credit Union has served the financial needs of our members and their families. We have a strong tradition of people helping people to a better way of life by making financial choices available that will allow members and their families to prosper.

As a Board, we have continued to seek new avenues to enhance the services we provide to our members. In 2014, we expanded our FOM to include the residents of Sarasota and Manatee Counties. This enables WCFECU to bring in younger, borrowing members by offering great rates for their loan needs. Their loan repayments enable the CU to add services, improve our dividend rates and bring greater financial security to you, our members.

We also launched our first Mobile App, giving our members access to their CU accounts from their mobile devices. This has enabled you, our members, to have a quick view of your account activity, make transfers, pay bills and have access from any location. Also implemented was a new and improved Bill Pay product with text messaging, greater flexibility and easy access from your PC/laptop, tablet or phone.

WCFECU was able to keep the latest Debit Card Scam to a minimum, our staff has personally called each member that had been identified in a possible breach and explained the problem and offered the best options for their accounts. 2014 was the biggest year for Debit Card breaches by over a dozen high profile merchants.

2015 will give you new technology including Remote Deposit, e-Statements with online check copies and P2P transfers. We have also partnered with a CU Member Mortgage to offer greater options for Real Estate Loans and HELOCs. You have asked for it and the board and staff have been focusing on making your requests a reality.

We are very grateful for the chance to serve all of our members and their families, and we extend our sincere “Thank You” to all of our members for the support shown us. I want to personally extend my sincere Thanks to the volunteers, management and staff for their full support and dedication. Together, we remain focused on what we can do for our members. Our goal is to ensure WCFECU remains our members’ best choice for financial peace of mind now and in the years ahead.


Garrett W. Faber

Garrett W. Faber
Chairman of the Board
West Coast Federal ECU



West Coast Federal Employees Credit Union is still strong and well capitalized. Our members’ savings are well protected, safe and secure.

Included in this report are financial statements for West Coast Federal Employees Credit Union, effective through December 31, 2014. We closed the year with total assets of $30,143,545, an increase of $267,900 over 2013, and a capital ratio of 13.18%.

Our Gross Operating Income for 2014 was $1,187,222 and our expenses were $1,091,496 with dividends of $54,466. We were also required to send $21,718 to the NCUSIF stabilization fund for recapitalization and corporate bailout.

With the 2014 income of $37,589and the 13.18% Capital, West Coast Federal Employees Credit Union is rated a Well Capitalized credit union. We will be here for our membership when needed.

We continually seek ways to deliver convenient, yet cost effective, financial services to you, our members and your families. You are the reason we are here and we appreciate your continued support of West Coast Federal Employees Credit Union,

Doris Hipsher

As of December 31, 2014
Statement of Financial Condition

Loans to Members 10,223,470
Allow for Loan Losses (383,385)
Cash & Equivalent 376,540
Investments 18,691,462
Fixed Assets 750,967
Other Assets 484,491
TOTAL Assets 30,143,545
Member Deposits 25,745,535
Other Liabilities 430,911
Equity 3,967,099
Total Liabilities/Equity 30,143,545

Statement of Income

Total Income 1,110,666
Operating Expenses 1,023,110
Interest Expense 39,967
Income Before Allowance Transfer 95,726
Less: Provision for Loan Loss (65,000)
Plus: Disposition of Assets (10,000)
Less: NCUSIF Expense 0
Net Income (Loss) 37,589



The Audit Committee is an essential part of the credit union and operates under the guidelines as set forth by the Florida Office of Financial Regulations. It is the committee’s responsibility to be the watchdog for the members by monitoring the fiscal policies of the Credit Union as established by the Board of Directors. The committee oversees the annual audit, meets with management, credit union officials, regulators and our independent accountants to review the credit union’s financial affairs and report the results to the membership.

The firm of Nearman, Maynard and Vallez, CPAs, P.A., performed the 2014 annual audit, and rendered an opinion, on the financial statements of the credit union. We received a clean audit report.

By taking these actions, the committee is in compliance with their responsibilities under Florida Statutes and also meets the requirements of the National Credit Union Share Insurance Fund (NCUSIF), the federal agency that insures all credit union accounts to at least $250,000.

The Audit Committee of West Coast Federal Employees Credit Union is pleased to report that the financial statements present fairly; in all material respects, the consolidated financial position of WCFECU.

The Audit Committee is appreciative of the Board of Directors, management and staff’s continued support of our mission to maintain the high standards our membership expects. It is a pleasure and a privilege to serve our fellow members.

We look forward to serving in 2015 and beyond.

Richard D. Murias
Chairman, Audit Committee


The year 2014 continued to be a year of regulatory and legislative change. It has a direct impact in the way U.S. financial institutions operate; other changes are not yet defined to the point of knowing what their impact will be. We know that NCUA, the US Government oversight for federally insured credit unions, has assumed a more active role but have tamed down the aggressive exams for small CUs. In addition, the CFPB has and will continue to enact new regulations for all financial institutions. Undoubtedly, there will be more legislation and regulatory reforms that will further define the roll of financial institutions in this new economy. Your Board and Management will continue to monitor and analyze the changes that are required and implement them in a manner that will keep your credit union financially safe and sound.

The Good News is that our members are in a better position financially. We have worked diligently for the past 6+ years with our members that were in a difficult position and unable to make ends meet. I am pleased to tell you that most have turned the corner and are doing much better financially with a little help from the upturn in the economy. Our delinquency ratio has dropped from a high of over 7% during the economic downturn to a low of 1.15% as of 12/31/2014. Kudos to our collection and loan staff, their hard work, helping our members has paid off.

While we still have work to do to improve our return of Assets we have put several projects in place. At the request of our regulators, we had stopped offering RE loans, the regulators viewed this as too risky in this area, but we have now partnered with a CU Member’s Mortgage to offer an array of RE related products, above and beyond what we have been able to offer in the past. The will help bring our loan portfolio and loan income back to where we need it need to be so we can continue offer new products and technology to our members. As you know we were able to bring a Mobile App to our membership in 2014 and it was strongly accepted. We also upgraded our Bill Pay product giving you easier access including mobile and text messaging. I want to thank our operations and accounting staff for their hard work in making this happen. 2015 will bring more member requested technology into play. We will continue to search for methods to improve our bottom line and promote new services and products during the coming year.

With investment rates still extremely low we still need your help. More members need to become borrowers. This enables WCFECU to offer our depositors a better rate and increase our capital becoming a stronger, more viable CU. Many members are savers only or utilize our free checking accounts but do not use our Visa or Loan programs, even when we are the lowest rate. While our mature members have advanced from borrower to saver, and rightly so, we have a number of members that borrow from other sources adding to the competition’s bottom-line. I mention this only because not everyone is aware that we need your Credit Card and Loan accounts to improve your deposit and checking services and rates. You can help yourself and the entire membership in two ways. 1- Moving loans/credit cards you have elsewhere to West Coast FECU and 2- moving your checking account here. You can lower the interest rate you pay on your loans and the credit union will earn more than investing in the CD and Agency market; this will help you save on fees and generate higher returns on your deposits—a cooperative win/win.

We are strong, viable and in a “Well Capitalized” position of 13.18%. Of course, everyone is wondering what 2015 will bring to our local as well as state and national economy. How will it impact our members and families? We are into the seventh consecutive year of a drastically low interest rate environment. What will the new Regulatory changes do to our policies, procedures and of course, our bottom line? How many new expenses, a ripple effect from the new regulations, must we endure to provide our members with the services they want and need. With the help of our membership’s active participation we will be prepared.

Thanks to the dedication of a well-seasoned Board and the loyalty and commitment of a well-educated staff, we will continue to move forward successfully. We remain committed to providing a sound and secure environment for our members. I want to thank our Board of Directors, Audit Committee and Staff for their continued participation in providing strong leadership and excellent service to our members.
Lastly, and most importantly, let me thank all our members for their continued business and wonderful sense of family that each member brings to our credit union.

Marie E. Peet, CCUE




Main Office
3487 Clark Road
Sarasota, Florida 34231
941.925.2890 Phone
Hours Of Operation
Mon, Tue, Thur. 9am - 5pm
Wednesday 9am - 2pm
Friday 9am - 6pm
941.922.2973 Fax
Branch Office
852 Tallevast Road
Sarasota, Florida 34243
941.925.2890 Phone

For lost or stolen Visa Credit cards please call 1-800-338-0566

For lost or stolen MasterCard Debit Cards please call 1-800-472-3272

This credit union is federally insured by the National Credit Union Administration

Your savings federally insured to at least $250,000 and backed by the full faith and
credit of the United States Government. National Credit Union Administration,
a U.S. Government Agency.


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