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Change for the Greater

Greater Nevada Credit Union's 2019 Annual Report

Helping Build Greater Communities

Our greater relationships with organizations and communities help us identify ways to help more people Live Greater.

  • 17 Organizations and 1,314 students received financial education across northern NevadaGreater communities
  • Over $80,000 was raised in 2019 for more than 90 local organizations by the GNCU Community Partners Program at Greater Nevada Field.
  • More than 3,500 food and gift items were collected for families in need during the Greater Giving donation drive.
  • $41,350 was presented to the University of Nevada, Reno Wolf Pack Marching Band.
  • Nearly $60,000 in scholarships was awarded to student members through GNCU's annual scholarship program, which has provided a total of $460,000 since the program began in 2000.
  • Over $22,000 was raised for Special Olympics Nevada through their Polar Plunge events. 100 Employees took part in Polar Plunges in South Lake Tahoe, Elko, and Las Vegas.
  • Greater Nevada employees provided more than 2,800 volunteer hours of community service.
In 2019, Greater Nevada invested $440,000 in our local communities.

The Greater Nevada Family

GNCU's wholly owned subsidiares - Greater Nevada Mortgage, Greater Commercial Lending, and Greater Nevada Insurance - deliver high-value products and greater service to members across the communities we serve. In 2019, those companies continued to help meet a variety of needs for consumers and business.

Greater commercial Lending (GCL) is known for finding solutions to complex challenges. Through their efforts, they support business growth, job creation, and improving the quality of life in the communities we serve.
  • From a cattle operation in Nevada, to a denim mill in Louisiana, to a biofuel terminal in Hawaii, GCL is providing financial for diverse products across the Silver State and throughout the U.S.
  • Through supporting projects like a wildlife preserve, multiple hospitals, and RecoveryPark, it's no wonder GCL was recognized as one of the top USDA lenders in the nation for the fourth consecutive year.

When Nevadans are considering purchasing a home, they have access to a name they know and trust. Greater Nevada Mortgage (GNM) is more than just a mortgage company - they are your partner helping you move to greater.
  • In 2019, GNM helped our members move to greater to the tune of $272 million in funded mortgage loans.
  • In 2019, GNM helped homebuyers navigate the journey to home ownership by providing free home buying and credit management educational courses.

Greater Nevada Insurance (GNI) works with a wide variety of well-known, top-rated insurance companies to help members greater protect what matters most.
  • In 2019, GNI saved our members an average of $647 a year by bundling home and auto insurance policies.*
  • In 2019, GNI provided free quotes and policy reviews via convenient channels like local staffing, online, and telephone.
*Available insurance products are not deposits and are not obligations of or guaranteed or insured by Greater Nevada Credit Union or the NCUA. Products may be subject to risk. Any insurance required as a condition of the extension of credit by Greater Nevada Credit Union need not be purchased from our Agency but may, without affecting the approval of the application for an extension of credit, be purchased from an agent or insurance company of the customer's choice. Figure of $647 is a national average savings number from the previous 12 months of auto, homeowner, and packaged policyholders' savings when compared to the policyholders' former premiums. Individual pemiums and savings will vary.

Greater Member Value

Because we're member owned, earnings are shared with members in a variety of ways. In 2019, that included rewarding our members with:
  • $4,336,962 earned in checking account rewardsGreater Member Value
  • $61,700 in member referral bonuses
  • $440,260 in bonuses and discounts to members who obtained a new home loan
  • 2,896 discounted tickets purchased by members for events at Greater Nevada Field
It's Greater when all 73,000+ of our members make the most of our offerings and put their hard earned money to work.

New Branches

GNCU unveiled an extensive modernization of our Spanish Springs branch in the summer of 2019. In October, Fernley welcomed a new GNCU branch with open arms. The ribbon-cutting celebration was our most attended in history! Both branches feature moder layouts, new user-friendly technology and, of course, extremely friendly and knowledgeable employees.

Toward the end of the year, construction on GNCU's new full-service branch in Sparks was well underway with plans to open in spring 2020. A new full-service branch in Elko was also preparing to break ground with plans to open summer of 2020.

New Products & Services

GNCU is constantly developing new ways to help members save money, earn rewards, and make managing their finances easier. These are just a few products and services introduced in 2019 to help members reach greater financial success:
  • New Cash Back checking and new Free Student checking with a cash back option were launched in January, providing members even more ways to earn.
  • The GNCU Cards app debuted in spring to allow members to conveniently manage their GNCU Visa® debit card on the go. Features include updating the card PIN, setting up travel notices and linking the card to Apple® Wallet.
  • New video lending systems arrived at several GNCU branches, enabling members to speak face-to-face with loan consultants inside the branch.
  • More Interactive Teller Machines (ITMs) were installed so members can speak with a member service representative and conduct transactions via video inside branches and drive-thrus.

We've also been working on something else big for our members. Introducing the new I Can Save Account!

Did you know? 25% of Americans have nothing saved for an emergecy or unexpected expense1, and 58% of adults have less than $1,000 in total available savings2. That's shocking news. To help ensure GNCU members don't have to be in those groups, in 2019 we introduced the I Can Save account.

With this account, members can put away funds to help cover:I can save screenshot
  • Unexpected hospital visits
  • Emergency car repairs
  • Appliance repair or replacement
  • Immediate pet care
  • Carreer transition or job loss
  • And any other of life's unforseen events
Plus, the I Can Save account helps members develop a basic saving plan and create better savings habits by offering:
  • No required minimum deposit
  • Generous rate of 5.00% APY* until the account's balance reaches $1,000
  • And more
Make 2020 your best year yet with an I Can Save account. It's all part of helping GNCU's members Live Greater!
1 2 *APY=Annual Percentage Yield. 5.00% APY earned on balances ≤ $1,000 when qualification of one deposit per month is met. Limit of one "I Can Save" account per member. Deatails at

A Proven History of Helping People Live Greater

Our Passion: To Help More People Live Greater

Our Core Values: At Greater Nevada we Care Genuinely. We build relationships because we know that we are Greater Together. We Stay Trustworthy as we serve our communities. Be Bright rings in our ears as we find custom solutions that meet our members' needs. We Inspire One Another, our members, and our communities to re-imagine what Living Greater can be. In every moment, we Enjoy the Experience. It's what has made the last 70 years greater and what we carry into the future as we continue to serve.

Nevada State Employees Federal Credit Union is chartered on January 24, 1949, and operated by employees of the Nevada Employment Security Department in their Carson City offices. By the End of the 1950s, the credit union has 1,300 members.

The credit union's first branch opens on Second Street in Carson City, and a full-time staff is hired to serve the growing membership.A proven history screenshot

Member demand for new services brings about share draft checking accounts and direct deposit. Ongoing membership growth leads to building a larger branch and new headqarters in Carson City. By the close of 1979, the credit union has nearly 9,000 members.

The organization's name changes to Nevada Community Federal Credit Union. Memebrship includes empoloyees of several hundred different companies. New branches in Minden and Ely are acquired via mergers with Bentley FCU and Steptoe FCU.

Home mortgages, HELOCs, Credit cards, and money market accounts are rolled out, and the Phone Activated Teller becomes one of Nevada's first automated banking systems. Membership reaches 17,000 at the close of 1989.

A shift from federal to state charter brings a new name: Greater Nevada Credit Union. New branches are added in Reno and West Wndover via mergers with Reno FCU and Nevada Cooperative CU, along with a new branch in Sparks and an educational branch at Carson High School.

GNCU rolls out a new member service phone center with extended hours and a network of ATMs. A new, larger GNCU headquarters office is built in south Carson City. Members gain account access via and eBranch 24/7 online banking. The dcade closes with more than 40,000 members.

The new millennium sees branches opened in Spanish Springs, Dayton, and north Carson City. Commercial checking and lending services are introduced, as well as ePay online bill pay. GNCU's annual scholarship program is launched, and its first subsidiary company, Greater Nevada Mortgage, is formed. The field of membership is expanded into eight counties, and the credit union surpasses 50,000 members at the close of 2009.

New branches open in northwest Reno, Golden Valley, Elko, Fernley, and across from the University of Nevada, Reno. Greater Nevada Mortgage opens its first office in southern Nevada. Mobile banking is introduced, followed by Interactive Teller Machines and Video Lending. Field of membership grows to include all counties in Nevada, and mergers with White Pine County FCU and Frontier Financial Credit Union are completed. New private student loans are offered. Greater Nevada Insurance and Greater Commercial Lending are added as the second and third wholly owned subsidiary companies. GNCU becomes the title sponsor of Greater Nevada Field in Reno. 2019 closes with more than 73,000 memebers, and GNCU becomes the largest Nevada-based financial institution at more than $1 billion in assets.

Board Chair's Report

Greater Nevada Credit Union (GNCU) closed out the decade in very solid financial condition. Performance expectaions were exceeded once again during 2019. Our measured growth philosophy has worked well both for members and staff as we continue to expand and provide financial services to more people in GNCU's service areas across the state. This growth does not come at the expense of safety and soundness as the Board of Directors and management never lose sight of the responsibility to protect members' funds. Thoughtful planning contributes to the security of the financial products and services available and delivered to our members.

It was an overall successful year relative to GNCU's strategic goals as significant positive strides were made on many fronts. We will continue to build on that success and progress as we move into year 2020.

Among the noteworthy 2019 accomplishments were:
  • Expansion of the credit unions branch network to Fernley to meet the needs of members residing in and around Lyon, Churchill, Pershing and Washoe Counties.
  • An overall membership growth rate of 6.8% to over 73,000
  • Membership growth in Washoe County of 6.7% to over 30,000 members
  • Commercial members increased to over 2,000 growing at 10% for the year
  • Total assets of $1.06 billion at the end of 2019 - a 10% increase over 2018
  • More than $5.5 million paid out in total dividends to members on regular shares, Aspire checking, share certificates, business checking and money market accounts
  • Over $800,000 returned to qualifying members with Aspire, Rock and Cash Back checking accounts via ATM free rebates, in addition to the free access members enjoy at the nationwide CO-OP® Network of ATMs
  • Mortgage services in Clark County expanded with nearly $10 million in loans for the year; a growth rate of 109%
  • Financial support of $15,000 to the University of Nevada, Reno Marching Band (The Pride of the Sierre), along with fundraising and matching support to seven high school band programs in our Nevada communities
  • Nearly $60,000 in scholarship awards to qualifying recipients within our field of membership
  • Financial support to Special Olympics of Nevada of $50,000 in addition to our employees raising $20,000 for the Greater Nevada Polar Plunge team of staff memebers and their families
  • More than 2,800 hours in employee volunteer hours and sponsorships to assist local non-profit organizations and schools for a variety of activities that benefit their members and families
The GNCU Board has responded to members' financial needs by providing multiple avenues to access the credit union's services - from a nationwide network of ATMs, a member service phone center, 24/7 online and mobile banking, merchant services and accounts for business members, mortgages and commercial lending, home and auto insurance, 14 full-service branches and the addiition of Interactive Teller Machines (ITMs) at several branch locations.

Looking to 2020, we will be reaching out with even Greater ways to serve Nevada's growing communities. While we cannot predict the future Nevada economy, members can be assured that the Board of Directors' planning policies keep us in check, so as not to engage in risky spending just for the sake of expansion.

The values of safety and soundness of members' funds remain uppermost in our decision making; however, we will continue to strive to meet the financial needs of our members keep pace with the emerging needs of the new decade and to deliver on our passion "To Help More People Live Greater."

— Bill Arensdorf, Board Chair

President/CEO's Report

In 2019, Greater Nevada Credit Union (GNCU) and its affiliates broke records, celebrated milestones, impoved member benefits, and gave back to our communities. We accomplished all of this by focusing on the singular concept that drives our every action and decision: vigorously pursuing ways To Help More People Live Greater.

We kicked off the year by celebrating the 70th anniversary of the credit union, which was founded on January 24, 1949, as Nevada State Employees Federal Credit Union. In April, the credit union crossed two noteable thresholds - we exeeded 70,000 members and $1 billion in assets for the first time in history. Shortly thereafter, the Greater Nevada companies combined staff size grew beyond 300 people for the first time, a reflection of their increased market reach and complexity. Near the end of the year, GNCU's wholly owned home lending company, Greater Nevada Mortgage, exceeded its records by providing $272 million in home loans to more than 1,400 families. By the end of the year, your credit union became the largest Nevada-based community-owned financial institution thanks to the efforts of everyone on the Greater Nevada team, from the Board of Directors and other committed volunteers to our wonderfully capable and dedicated staff. 

The credit union positively affected its member' finances and experiences in a variety of ways during 2019. For the first six months, the Aspire checking account's already attractive dividend rate increased to among the highest in the nation - 4.00%APY on qualifying balances - which helped more than 10,000 members significantly boost their returns. We also introduced the Cash Back account, which helped nearly 4,000 members earn up to $120 a year on their debit card activity and up to $180 a year in ATM fee rebates, among other benefits. Investment-oriented members also earned more at numerous times during the year by taking advantage of the rate specials offered on certificates of deposit. In addition, GNCU designed and introduced an innovative new account called I Can Save. It is designed to assist members who desire to establish the important habit of saving for unforseen situations that may arise in their lives in an easy and and rewarding manner.

Technology improvements brought more convenience and security to the credit union's members in 2019. The GNCU team enhanced the credit union's mobile and bill pay apps with several new features. We also introduced the GNCU Cards app to help members manage their GNCU debit cards directly from their mobile devices.

The impact of your credit union goes beyond the attractive and well-priced products and services we offer. Our drive to help more people Live Greater also extends to finding creative and impactful ways to deliver value to the communities we serve. During 2019, we continued to broaden our efforts in the vitally important area of financial education. Through innovative partnerships with institutions such as the University of Nevada, Reno, and several northern Nevada high schools, we helped hundreds of young people learn important life lessons about managing their finances and credit histories. The credit union's work also expanded into our community's vibrant non-profit support system. Greater Nevada's team raised hundreds of thousands of dollars and dontated several thousand hours of their time to many local organizations, such as the Special Olympics of Nevada, the Renown Children's Hospital and the Eddy House in Reno.

The companies of Greater Nevada Credit Union are liberated from the operational shackles that bind many other financial institutions. We don't pursue growth for growth's sake or measure success soley by maximizing profits to benefit a few major stockholders. Instead, we focus our engergies and resources on doing more good in the world through helping more people Live Greater. That's why we exist, and it's why we sincerely thank every member for trusting us as one of your valued partners in your life's journey.

Thanks for a momentous 2019, and here's to a Greater 2020.

Be Blessed,
— Wally Murray — President/CEO

Treasurer's Report

Greater Nevada Credit Union remained stable and financially strong throughout 2019 while setting records. Assets of our member-owned credit union exceeded the $1 billion mark and Financials Screenshotgrew by more than 10% to nearly $97 million.

During 2019, members and businesses continued to favor our competitive pricing and excellent service. Your credit union and its affiliates funded nearly $147 million in consumer loans, $272 million in mortgages and $60 million in commercial loans. Total outstanding loans to members ended the year at $650 million.

Net earnings for the credit union during 2019 were $9.2 million. Greater Nevada Mortgage, the wholly owned mortgage subsidiary of GNCU, gnerated record earnings of nearly $2.3 million, and Greater Nevada Insurance brought in about $13,000. Due to the extended federal government shut down in late 2018, which delayed loan guarantee approval by key agencies throughout much of 2019, Greater commercial Lending, the credit union's wholly owned business lending arm, posted a modest loss of about $500,000. Combined, the four Greater Nevada entities generated earnings of just more than $11 million.

As a financial cooperative, those earnings are the sole source of capital for Greater Nevada. They helped drive its capital position, which is its financial buffer, to more than $111 million.

GNCU also ended 2019 with a high level of liquidity, which positioned it well to meet future loan demands. Increases in both membership and the deposit base of the credit union drove that liquidity strengh. Total deposits finished at $934 million, an annual increase of more than $100 million, while membership expanded by more than 4,700 to 73,378.

Greater Nevada Credit Union continues to recieve high marks for safety and soundness from our regulators, and important measure of our financial strentgh and stability.

Your Board of Directors and outstanding managment team are firmly committed to maintaining our excellent financial position to earn your continued trust and loyalty.

— Alex Talmant, Treasurer

Audit Committee Report

Four volunteer members appointed annualy by the Board of Directors comprise Greater Nevada Credit Union's Audit Committee. The Committee oversees the activities of the credit union and ensures that member funds and interests are responsibly maintained and protected. To support these responsibilities, the Committee retained and independent firm to conduct the annual audit for the year ending December 31, 2019. That audit covers the consolidated operations of both Greater Nevada Credit Union and its subsidiaries.

During the most recent fiscal year, the Committee and external consultants conducted interal audits of departments within the credit union. The audit's recommendations resulted in enhancements of the credit union's operations, internal controls and efficiencies.

In the upcoming year, the Committee will continue to personally review branch operations for compliance with federal and state laws and regulations as well as established policies and procedures. The committee will also investigate unresolved member concers at the request of the Board of Directors.

The Committee appreciates and values Greater Nevada Credit Union's Board of Directors, management and staff and their commitment to providing members with quality services while maintaing the safety and soundness of the credit union.