CTFCU
Carolinas Telco Federal Credit Union (CTFCU) is a trusted financial partner, dedicated to serving the evolving needs of our members across the Carolinas. Our commitment to personalized service and comprehensive banking solutions continues to drive everything we do. We strive to empower our members on their journey to financial success by providing innovative banking tools and tailored financial solutions. We offer a wide range of products including loans and deposit accounts for individuals and small businesses designed to support a long-lasting financial partnership.
Freedom Park, Charlotte, North Carolina
LETTER FROM THE BOARD CHAIRMAN
The economic landscape of 2023 carried over into 2024 and continued to present challenges for the credit union industry. Despite the slight easing of inflationary pressures and the Federal Reserve interest rate cuts in the later part of the year, consumers still felt their purchasing power shrink in 2024. According to the U.S. Bureau of Labor Statistics, the Consumer Price Index increased 2.9% from December 2023 to December 2024.
As a result, many credit unions experienced adverse effects on their financial statements and key metrics in 2024. Carolinas Telco was not immune to this as we experienced year-over-year (YOY) decreases in net loans receivable, loan income and non-interest income coupled with YOY increases in provision for loan loss and dividend expense. We also executed on strategies that had short-term negative impacts to our financial statements; however, would benefit the organization as we move forward. These factors contributed to a decrease in total assets and negative net income for the year.
Despite these challenges, your credit union remains financially healthy and well capitalized, exhibiting an extremely strong Net Worth Ratio of 14.12%, which is well above our peer average
& INTERIM CEO
and requirement set forth by the National Credit Union Administration (NCUA). The credit union continued to pay above market dividend rates on our deposit products, which resulted in 2024 member dividends totaling $4,520,343. Best of all, 1,000 plus individuals took the step to become CTFCU members, choosing us over other financial institutions.
As we embark on 2025, we are excited to celebrate our 91st year of operations and continue our legacy of providing impactful financial services to our members. We’d like to thank our Board of Directors for their dedication and continued volunteer work, as well as our management team and staff who assist our members with their financial needs daily. Most importantly, we are forever grateful to our members for their continued trust and loyalty to Carolinas Telco Federal Credit Union.
Larry W. Davis —Board Chairman Jimmy Womack — COO, Interim CEO
Downtown Raleigh, North Carolina
CTFCU LEGACY SCHOLARSHIP
Finlay Park, Columbia, South Carolina
At CTFCU, we are committed to supporting our members and the communities we serve. Each year, from October 1 through February 1, eligible members can apply for the CTFCU Legacy Scholarship. Last year, we awarded ten deserving members with scholarships in the amount of $1,500 each. These awards continue to be distributed through our partnership with the Carolinas Credit Union Foundation, and we are pleased to announce this commitment has been renewed for 2025.
As a compliment to our Legacy Scholarship, all applicants not chosen in the first round of judging are automatically entered into the Foundation’s General Scholarship pool, resulting in additional scholarships for CTFCU members.
Congratulations to all our scholarship recipients as they continue pursuing higher education and beyond!
Our 2024 Scholarship Winners
Aiden McVickers Midlands Technical College
Elijah Whitted Gaston College
Alexis Jerome UNC Charlotte
Haidy G. Díaz University of South Carolina
Brianna Jett East Carolina University
Myla Hoover Winston Salem State University
Reed Wessinger Clemson University
Samaad Peoples North Carolina Central University
Ava Staton University of Georgia
Caitlyn Bame Gaston College
D. W. | South Blvd. Branch | ★★★★★
The staff always complete my transactions accurately with little or no wait. Not to mention how personable they are. The S. Blvd. location near I-485 is convenient. Great branch and staff!
M. C. | Cornelius Branch | ★★★★★
I had no problem[s] getting my transactions completed and done correctly with the very kind personnel at Carolinas Telco FCU, which I have been going to since 1964. Thank you all for your help [and] kindness!
B. D. | Freedom Branch | ★★★★★
I have been a member for more years than I can remember, and Carolinas Telco has always been great! Very responsive and helpful, providing options to help and taking care of my family’s banking needs.
A. M. | Greenville Branch | ★★★★★
The customer service has always been amazing. I trust Carolinas Telco with my money and to keep me in the right loan for me. [They have] been AMAZING, and my ENTIRE family banks there!
D. M. | Columbia Branch | ★★★★★
I have been with Carolinas Telco since I was 18 years old. I am now 63, and I am still with Carolinas Telco. I’ve never had a bad experience… they are awesome and always very helpful and informative.
A. C. | Central Branch |
★★★★★
We love our Carolinas Telco employees. Have gotten to know several of them over the last few decades. People are friendly, efficient, and knowledgeable.
D. E. | Raleigh Branch | ★★★★★
Service is always excellent. I feel like I am remembered every time I go to the branch for service. Representatives are always friendly and make you feel appreciated.
MEMBER FEEDBACK
C. F. | Gastonia Branch | ★★★★★
I have found the staff to be knowledgeable and efficient, and they were extremely sensitive and helpful…I would definitely recommend Carolinas Telco Credit Union to my friends and family.
D. C. | Member Support | ★★★★★
The courtesy and communication skills are great there [at CTFCU] that’s why I chose this [credit union]. Thanks for your great services.
Falls Park, Greenville, South Carolina
Gastonia, North Carolina, with Crowder’s Mountain in the distance.
BOARD OF DIRECTORS
Our Board of Directors is comprised of volunteers elected by members at large to serve the credit union. Driven by their commitment to our core values, these individuals provide oversight and governance to protect the interests of the credit union’s members. Our success is a testament to our Board’s stewardship and steadfast leadership in guiding CTFCU’s performance and evolution.
Larry W. Davis
Board Chairman
Mitchel D. McIntosh
Vice Chairman
Lynwood Bowen
Treasurer
James W. Rhodes
Secretary
Larry E. Shumpert Director
Al Hernandez Director
Daniel Lugo Director
SUPERVISORY COMMITTEE
The Supervisory Committee is created by law and appointed by your Board of Directors to independently represent all members. We evaluate Carolinas Telco Federal Credit Union’s activities and operations to ensure soundness, compliance, and reliability and appraise internal controls’ adequacy. Our duties also include ensuring the performance of a comprehensive annual audit, administering Board of Directors elections, independently verifying member accounts, and objectively investigating formal complaints.
To maintain these high standards and fulfill our financial and regulatory compliance responsibilities, we regularly meet to review all internal audit reports provided by the Credit Union’s internal auditors.
To fulfill our responsibilities for 2024, we hired the accounting firm Doeren Mayhew Assurance, to conduct an independent, in-depth audit of Carolinas Telco Federal Credit Union’s operations and issue a report of their findings. Their final report for the year ending on December 31, 2024, showed the financial statements accurately represent the financial position of Carolinas Telco Federal Credit Union and conform with Generally Accepted Accounting Principles of the United States of America.
Al Hernandez Director
John A. Gentry III Committee Member Brenton Bennett Committee Member
TREASURER’S REPORT
Carolinas Telco experienced a challenging year. Flat income coupled with increased provision for loan loss expense resulted in a net loss of approximately $4 million. Some positive highlights include member dividends totaling approximately $4.5 million and undivided earnings totaling approximately $73 million resulting in a strong Net Worth Ratio of 14.12%. The credit union finished the year with 32,308 members.
$72,876,556
2024 Capital Dollars
$4,520,343
2024 Member Dividends 14.12% 2024 Net Worth Ratio
Lake Norman, Cornelius, North Carolina
Below are 2024’s financial highlights, when compared with 2023. These figures were obtained from financial statements, audited by the Doeren Mayhew firm. CONDENSED STATEMENTS OF REVENUES, EXPENSES, AND DIVIDENDS
All information current as of December 31, 2024, and all information, including rates, are subject to change. All accounts and loans are subject to approval. For information regarding the rates and services you may qualify for, contact any credit union branch.