2012 Annual Report to Members

President’s Letter to ECCU Members

April 24, 2013

Expectations are difficult to manage. What, for example, is realistic for an alliance of people and ministries like Evangelical Christian Credit Union (ECCU) after the most challenging year in our history? That was a hard question to answer a year ago. In the end, we adopted realistic expectations for 2012. But the reality God had in mind turned out to be another story.

The numbers are, quite frankly, staggering. While hoping for better, we projected the credit union to post a $6.3 million loss at year-end. I am overjoyed to report that our audited financials include earnings of $2.4 million. That’s an $8.7 million difference between our expectation and God’s reality. To Him be the glory!

The implications of these numbers are equally staggering. They reflect not only a return to financial health for many member ministries that struggled mightily through the Great Recession, but also a renewal of Christ-centered ministry worldwide. This means the people and organizations that comprise ECCU were more successful at achieving our mission in 2012.

Here are just a handful of the year’s financial highlights:

  • Credit-related losses decreased by 60 percent and are now below the industry average for federally-insured credit unions.
  • Member deposits grew by $3.6 million.
  • $65 million in debt was paid down.
  • At year-end, liquidity remained strong, with unpledged liquid assets of $152 million.
  • Gross capital returned to pre-recession levels, and with net worth of $88.6 million (8.2 percent), ECCU continues to be well-capitalized.*

God’s grace is deeply embedded in these financial markers and all the ministry efforts they funded, and by His grace these investments in ministry will continue to increase in 2013.

To see how we intend to keep fueling Christ-centered ministry this year, please take time to review our online 2012 annual report.

Your passion for living out the gospel inspires each member of our staff. Thank you. Let’s expect great things of God this year as together we lift up the name of Jesus.


Mark G. Holbrook

*To be well-capitalized under National Credit Union Administration (NCUA) regulations, a credit union must have at least 7 percent net worth.

2012 Financial Statements