2017 Annual Report

Chairman’s and President’s Report

by H. Jack Randall, chairman of the board and William Jacobs, president and chief executive officer

It’s hard to believe White Sands FCU has been around for 65 years!  From our beginnings at White Sands Proving Grounds in June of 1952, we’ve come a long way.  That 65-year journey has seen this credit union grow from a small cooperative that only offered loans to its handful of members, to a full service, modern financial institution with a complete array of personal financial products and services.

We had a good year in 2017.  It was marked by steady improvement in a number of areas.  Physical improvements involved replacement of a number of outdated servers and other computer hardware.  We also updated security cameras at all facilities, and purchased software to better protect our debit cards. Although these types of improvements aren’t always visible to members, we implement them to make sure the services you want are safe, and available when and where you want them.

Financial improvements were also solid. Our 2017 year-end net income was $1,280,428.  Assets grew by almost $1.4 million, to a total $296 million.  Loans grew by $6 million, to a total of $196.8 million.  Total deposits remained steady at $269.9 million.  Our net worth is at $26 million, and our net worth to total assets ratio is 8.9 percent (which is considered healthy by the National Credit Union Administration).  Our loan quality remains excellent, with just 0.37 percent of loans delinquent.

We also provided some visible benefits to members in 2017 in the form of better rates, and fewer and lower fees, as compared to our local competitors.  For example, your deposits are now earning more – we raised deposit rates five times in 2017!  We made 3,670 loans to members last year, for just over $71 million.  The average rate members paid for their loan was just 5.7% APR.  As you can see, White Sands FCU members continue to receive value from their membership.

White Sands FCU also benefits the communities in which we serve through donations of time and money.  In addition to hundreds of hours of time, the credit union donated over $18,000 to local charities and non-profit organizations.  Our employees kicked in an additional $5,200 of their own funds.  Even members contributed – over $5,800 was raised in our branches for several worthy causes.  These are just some of the organizations that benefited from the largesse of White Sands FCU, its staff, and its members:

  • American Red Cross for Hurricane Harvey relief
  • Animal Rescue League of El Paso, Inc.
  • Army Community Services at White Sands Missile Range
  • Association of the United States Army
  • Big Brothers Big Sisters Mountain Region
  • Cathedral High School
  • Chapin High School Volleyball
  • El Paso Housing Authority
  • El Paso Run/Walk for Autism
  • FYI Enterprise City Summer Camp Las Cruces
  • Highland Elementary School
  • Hot Springs High School ROTC
  • La Piñon Sexual Assault Recovery Services
  • Las Cruces Public Schools
  • Lee & Beulah Moor Children’s Home
  • March of Dimes March for Babies
  • Mesilla Valley CASA (Court Appointed Special Advocate)
  • National Multiple Sclerosis Society
  • New Mexico State University
  • NMSU Foundation Baseball Diamond Club
  • Sierra County Fair Association
  • Special Olympics Holiday Classic Games
  • St. Jude Children’s Research Hospital
  • White Sands Elementary School Robotics Team
  • White Sands Missile Range Morale, Welfare & Recreation

We confidently look forward to 2018 and what the year will bring us. We’ve had the honor and privilege of serving our members since 1952, and look forward to providing exceptional service, innovative products and high value well into the future.   Thank you for being a member.

Supervisory Committee Report

by Patty Wagner, chairman of the supervisory committee

The Supervisory Committee is composed of three volunteer members, whose responsibility is to oversee the credit union’s financial condition and operations. To help us conduct a thorough examination in 2017, the Supervisory Committee utilized the services of Bolinger, Segars, Gilbert and Moss Certified Public Accountants to perform a detailed audit of the credit union. In addition, the National Credit Union Administration (NCUA) performs regularly scheduled federal examinations. All audit findings indicated that the credit union is financially sound, maintains accountability of its financial and lending records, and possesses good management.

The Supervisory Committee also handles inquires from individual members and the NCUA concerning application of policies, procedures and regulations. Based upon our reviews, we are confident that your credit union is operating in compliance with all laws and regulations for federally chartered credit unions. Should you have questions or need assistance, you can reach your Supervisory Committee at: Supervisory Committee, White Sands FCU, PO Box 99, Las Cruces, NM 88004.

Statement of Condition as of December 31, 2017 
Cash on hand $18,970,071
Net Loans to members$196,815,233
Fixed assets$4,728,304
Other assets$76,362,529
Total assets$296,876,137
Liabilities and net worth
Accounts payable & accrued expenses$922,085
Net worth$26,129,052
Total liabilities and net worth$296,876,137

Statement of Operations as of December 31, 2017 
Interest on loans
Income from investments
Fees and other income
Total Revenue$12,530,589
Operating expenses
Cost of funds
Provision for loan loss
Total Expenses
Net Income


Contact our Call Center at
(575) 647-4500 or (800) 658-9933.

Hours of Operation:
Monday thru Friday, 8 am-5 pm

By email: info@wsfcu.org

By mail: P.O. Box 99 Las Cruces, NM 88004

2755 North Main St, Las Cruces NM 88001

Routing & Transit # 312276470

Your savings federally insured to at least $250,000 and backed by the full faith and credit of the U.S. Government. National Credit Union Administration, a U.S. Government Agency.  Equal Housing Lender. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.

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