Margie Salazar | President/CEO
Judy DeHaro | Chief Lending Officer
Jim Huff | Chief Retail Officer
Tim Vilter |Chief Financial Officer
Juan Gonzalez | Chief Information Officer
Jaime Barceleau | Board Chairman
Renee Jimenez | Board Vice Chair
Carlos Guzman | Treasurer
Joshua Orozco | Secretary
Barbara Walker | Board Member
Jaime Medina | Board Member
Miguel Cheng-Guajardo | Board Member
Joe Arvizu | Vice President of Administration
Scott Heck | Vice President of Business Services
William Kishton | Vice President of Mortgage
Andy Atkinson | Vice President of Electronic Services
Tim Morse | Vice President of Information Technology
Carmen Sanchez | Vice President of Retail
Michael Mehring | Vice President of Risk Management
Anthony T. Walker | Senior Vice President of Consumer Lending
Grace Munoz | Senior Vice President of Talent Management
On behalf of our FirstLight Family we would like to express our sincerest gratitude to our former Chief Executive Officer, Karl Murphy, who recently retired after 38 years of service at the end of January 2023. On February 1, 2023, the Board of Directors named the credit union’s first female and Hispanic Chief Executive Officer (CEO), Margie Salazar. She has been part of the credit union for 25 years, starting her career as a teller while attending UTEP and has since held several positions overseeing various areas and critical departments of FirstLight. Her experience with the credit union makes her an accomplished leader with extensive expertise in the financial industry to continue paving the way for our staff, members, and the communities we serve.
“I am a passionate believer in the credit union movement and its mantra of “people helping people”. As a proud El Paso Latina, I look forward to building upon our mission of improving lives so our members and communities alike can achieve their dreams.”
-Margie Salazar President / CEO
In 2022, our assets grew to $1.48 billion, serving over 109,000 members in the El Paso, Fort Bliss, and Las Cruces communities. Our financial strength and stability have enabled us to continue investing in cutting edge technology to better assist our members.
Better is… Improving Member Experience!
We began the transformation of our branches from traditional facilities into modern and technologically advanced “Engagement Centers”. With a focus on member experience, we have combined interactive technology with human interaction while still providing that friendly neighborhood service. This update empowers our members to take their FirstLight experience to the next level. Our staff will continue to be available in person and have access to continuous professional development, with opportunities to earn certifications such as financial counseling and more. The transformation of our branches is the beginning of a better member experience, and we are excited to continue the transformation. Our focus is to help our members improve lives and achieve dreams. Thank you for your continued patience during this transformation!
As an active contributor in the communities we serve, we are able to live the credit union’s mission and vision. We proudly participate in numerous events throughout the year to promote financial wellness and to give back to community organizations. Looking back on 2022, we are humbled knowing how many lives we were able to impact, and we will strive each year to do more. The following is just a short list of some memorable highlights:
· We participated in 99 community development and financial wellness trainings in the education sector.
· FirstLight donated $16,099 to El Pasoans Fighting Hunger and Casa De Peregrinos.
· The FirstLight Community Foundation awarded $25,000 to 25 scholarship recipients.
For more details and to learn about other events FirstLight was a part of, please make sure to look over our 2022 Highlights Timeline.
For 2023, we look forward to continuing with all current initiatives aimed at improving the member experience, such as our branch transformation project, a new location in Horizon, expanded ATM/ITM network, Zelle, expanded hours of operation via our virtual channels and continued financial outreach and education. We thank you for your unwavering support and patience as we continue to navigate this journey together. FirstLight continues to see growth, not only in the form of membership, but also from a deposit and loan standpoint. This growth is a result of the positive response from our current members and surrounding communities. As an organization, we make numerous efforts to be a good corporate citizen as well as a trusted community partner. At the end of the day, we solely exist because of our members, and we are grateful for the opportunity to play a key role in the communities we serve.
“We have a social responsibility to elevate financial literacy and educational efforts in our communities.”
-Jaime Barceleau Chairman
PLACE: Virtual Meeting via ZOOM
DATE: Wednesday, May 18, 2022
TIME: 6:00 p.m.
The meeting was called to order and the members were welcomed by Mr. Jaime Barceleau, Chairman of the Board of Directors at 6:00 p.m. Mr. Karl Murphy, President/CEO presented the invocation and the Pledge of Allegiance.
The meeting was conducted in adherence with Robert’s Rules of Order. Ms. Pat Aguilera was appointed as recording secretary.
Mr. Barceleau introduced the current members of the Board of Directors and the Supervisory Committee, thanking them for their service to FirstLight Federal Credit Union as volunteers. Mr. Barceleau honored former Board Member, COL. Billy Lewis+, with a moment of silence. He also extended recognition to our Board Treasurer, Gilbert Tijerina, who has stepped down after 28 years.
Mr. Murphy thanked the Board and Supervisory Committee volunteers for their service to the Credit Union and introduced the Executive Officers of the Credit Union.
Mr. Barceleau confirmed 44 members present on behalf of Mr. Gilbert Tijerina, Treasurer of the Board of Directors.
Minutes
The minutes of the 66th Annual Meeting were presented. Motion to approve and accept the minutes of May 19, 2021, as written was made by Rafael Adame and seconded by Barbara Walker. Motion carried. None opposed.
Mr. Barceleau noted the official reports presented in the 2021 annual report, including the chairman and president’s report, the supervisory committee’s report, and the financial statements. A motion was made by Carmen Jimenez and seconded by Carol Urling to accept all reports as written. Motion carried. None opposed.
Mr. Barceleau then asked Mr. Murphy to provide an update of Credit Union operations to the members.
Mr. Murphy thanked the members for their valued membership and support of the Credit Union. He also commended staff for their dedicated effort to make 2021 a successful year. Mr. Murphy noted that assets grew to $1.4 Billion, with the Credit Union serving over 107,000 members. The Credit Union focused on the following three major areas, keeping member experience at the core.
Ease and Convenience – Efforts are continuous to make it easy and convenient to do business with us.
· New virtual platform enabling business to be conducted with a “Live” Video Agent.
· Online appointment portal to help members schedule meetings at a convenient branch location.
· Conducted surveys and journey mapping to understand and improve member experiences.
· Opened a self-service branch at Texas Tech Health Science Center.
Being a Trusted Financial Partner – Offering solutions that make our members’ lives better.
· Card controls - gave members more control of funds, credit/debit cards have settings they can control and turn their cards on and off to protect their accounts from fraud.
· Rewards Program, members received about $500,000 in the form of cash back, loan rate reductions, and fee refunds.
· The Credit Union was recognized as the “Best of the Border” Credit Union.
Community Leader – Being active in the communities we serve and being more than a financial institution.
· The Credit Union participated in 87 community development and financial wellness events with area schools, universities, and non-profit groups. VPs and managers are also part of area boards.
· Through our FirstLight Giving Program, where $1.00 is given to local food banks for every funded loan, FirstLight donated $14,175—having an impact of 141,750 meals to local families.
· FirstLight Community Foundation awarded $15,000 to scholarship recipients. The Foundation raised just over $100,000 from employee contributions, community donations, t-shirt sales, and our Inaugural Golf Classic.
· Continued partnerships with the USO and Fort Bliss, Texas Tech Health Science Center—El Paso, and New Mexico State University.
2022 Focus:
· Financial wellness of our members and the community.
· Building partnerships beyond Western Technical College and UTEP’s banking Academy.
· Invest in new services such as small dollar 24/7 loan programs and artificial intelligence platforms to help guide members through service processes.
· Evaluate branch structure and service to include new locations to elevate the branch and digital experiences.
There were three candidates appointed for the Board through acclamation. The following were the results:
There being three open positions for the board, Mr. Joshua Orozco, Mr. Miguel Cheng- Guajardo, and Mr. Jaime Medina were elected to the Board.
Mr. Barceleau recognized the two employees of the year. He congratulated the member service employee of the year, Andrea Archut from Member Contact Center, and Jerome Crawford from information Technology for his outstanding support to fellow staff members.
Mr. Barceleau announced the conclusion of the 67th Annual Meeting of the FirstLight Federal Credit Union. Motion to accept adjournment of the meeting was made by Kristie Fernandez and seconded by Victor Rael. Motion carried. None opposed.
There being no further business, the meeting adjourned at 6:33 p.m.
The Supervisory Committee plays a vital role at FirstLight Federal Credit Union; they ensure that the member’s assets are safeguarded by making certain the credit union is operating properly, efficiently and has adequate internal controls to minimize risk. They have broad oversight authority to hold a credit union’s Board of Directors and senior management accountable for fulfilling their responsibilities in the interests of the credit union’s members, and for operating according to sound business, ethical and regulatory standards. The committee also oversees accuracy of financial records, protects the welfare of the credit union and its members against fraud, along with implementing cyber security solutions to protect against potential threats.
Your Supervisory Committee is comprised of five volunteer members appointed by the Board of Directors. The committee oversees the internal audit function which conducts internal audits and carries out its work independently, subject to the credit union by-laws, the Internal Audit Charter and most recent the Supervisory Committee Charter. Our audit plan emphasizes testing internal controls and assuming compliance with applicable laws, rules, and accounting practices. They also oversee inquiries to address any issues raised by members and prepare reports, as appropriate.
During 2022, the Supervisory Committee engaged the accounting Firm of CliftonLarsonAllen, LLP for the 12-month period ending June 30, 2022. All the audits, reviews and examinations conducted during the period conclude that your credit union remains financially sound, is well-managed and operates in compliance with federal laws, regulations, and policies.
It is the opinion of the Supervisory Committee that FirstLight Federal Credit Union’s policies, procedures and management practices are sound. Such opinion is based upon Supervisory Committee internal audits, the independent external audits, and the NCUA examination report.
The Supervisory Committee members are all volunteers and serve without compensation. Committee members are:
· Sylvia Duarte, Chairperson/Secretary
· Marcia Heller, Vice-Chairperson
· Ralph Adame
· Gilbert Andujo
· Richard Holt
I, as Chairperson of the committee, express my sincere appreciation to the members of the Supervisory Committee who give of their time and bring their expertise to the committee. Also, I extend my appreciation to the Internal Audit Department and Board of Directors, management and staff for their continued support and cooperation.
WE CULTIVATE. WE COLLABOR ATE. WE EMPOWER.
In 2022, fifteen community scholarships and ten FirstLight FCU employee dependent scholarships were awarded, for a total of twenty-five $1,000 scholarships. The foundation increased its funding from $19,000 in 2021 through grassroots fundraising initiatives and successful golf tournament.
More than 300 submissions were made from the El Paso, Fort Bliss, and Las Cruces communities representing more than 50 schools from Texas and New Mexico. We are proud to support students from our region and help contribute to their success! We Believe in You!
Thank you to all of our sponsors, golf players, volunteers and community members for helping us raise $125,400 for our Community Foundation!
Our 2nd Annual FirstLight Community Foundation Golf Classic was a great success! We surpassed our fundraising goal and were able to increase the scholarship awards to local students. This is more then a golf tournament; it is an event to support our community.
ALL PROCEEDS BENEFIT LOCAL STUDENTS!
FirstLight was a presenting Sponsor for the “Med Venture for Your Future” Educational Event with over 850 attendees and 25 workshops.
The first phase of our AI implementation project, Luna, was rolled out. This 3-phase project was completed in July 2022, and now includes chat features via our website, OLB & Mobile Banking, and a new conversational voice driven experience via phone.
FirstLight gifted $1.00 on every funded loan to the El Pasoan’s Fighting Hunger Food Bank and Casa de Pereginos in Las Cruces. FirstLight ultimately donated $16,099 which made an impact of 160,990 meals for food insecurity.
FirstLight hosted a financial literacy event for over 300 attendees at WET’ N’ WILD.
JUNE EL PASO HUMANE SOCIETY
Over 20 employees volunteered to walk dogs at the Humane Society of El Paso, to raise public awareness of responsible guardianship and kindness towards animals.
JULY MOB BACK TO SCHOOL
FirstLight provided over 500 sets of school supplies in a back-to-school fun-filed family event.
OCTOBER
SECOND ANNUAL GOLF CLASSIC
Our 2nd Annual FirstLight Community Foundation Golf Classic was a great success, raised over 125k in scholarships for students.
OCTOBER
BEST OF THE BORDER WINNERS
For the second year, FirstLight received “Best of the Border—Credit Union” designation for 2022. Voting hosted by the El Paso Times.
NOVEMBER
FirstLight begins its branch transformations - combining cutting edge technology with friendly neighborhood service. Our Kenworthy branch was the first to break ground in November. All branches continue to operate for members during the on-going construction.
NOVEMBER SHRED DAY LAS CRUCES
Community Shred Day Event benefiting the Las Cruces community and local charity Casa de Peregrinos.
NOVEMBER ARMED FORCES YMCA
FirstLight partnered with Armed Services YMCA to give away 250 thanksgiving food baskets to junior enlisted families.
FirstLight offered financial wellness and education at the Naturalization Oath Ceremony at the Coliseum with over 400 new US citizens.
AS OF DECEMBER 31, 2022
Cash and cash equivalents
Investments
Loans held-for-sale
Loans to members, net of allowance for loan losses
Premises and equipment, net of depreciation
This financial data presented in this Annual Report as of December 31, 2022 is unaudited, however, the CPA firm of CliftonLarsonAllen conducted an audit at the credit union as of June 30, 2022.
The Supervisory Committee provides oversight of the Credit Union’s financial reporting process on behalf of the Board of Directors. As part of the oversight process, the Committee independently selects a certified public accounting firm to perform an opinion on the Credit Union’s consolidated financial statements. Management is responsible for the consolidated financial statements and the financial reporting process, including internal controls. In fulfilling its oversight responsibilities, the Committee discussed the consolidated financial statements in the annual report with management, including a discussion of the quality, not just the acceptability, of the accounting principles; the reasonableness of significant judgments; and the clarity of disclosures in the consolidated financial statements.
AS OF DECEMBER 31, 2022
AS OF DECEMBER 31, 2022
* Regular reserves were combined with Undivided Earnings in 2022
After 38 years of service, Karl T. Murphy bid farewell to FirstLight and retired as Chief Executive Officer (CEO) at the end of January 2023. He joined the credit union in 1984 and had served as CEO since 2003.
38 years is more than just time, it’s a legacy. Karl leaves with us a legacy of moral character, integrity, and compassion that touched our organization, community, and at the heart of it all, family. We graciously express our gratitude to a leader that dedicated more than time, to impact many lives. It is with this we say BEST WISHES & THANK YOU from your FirstLight Family. We will proudly continue your legacy!
After 3 years of virtual meetings due to COVID-19, we are very excited to host our 2023 Annual Member Meeting in-person! A huge thank you to the El Paso Zoo for allowing us to hold our special event at their venue, so that our members can enjoy a fun-filled family day at the zoo.
Did you know? FirstLight FCU is the first credit union to launch a bilingual show? Don’t just listen to a show about money, but watch it! Better yet, watch us on KTSM! To watch our special podcast recording at the El Paso Zoo scan the QR code.
Maria de Jesus Ortiz Business Development Officer INTERNAL SERVICE AWARD
“MDJ” took ownership of several Community Engagement events where she led by example and empowered volunteers to promote services, products, financial literacy, and our Community Foundation. She also played a critical role in the 2nd Annual Community Foundation Golf Classic. We couldn’t ask for a better community ambassador!
Jannet Sanchez Member Experience Supervisor EXTERNAL SERVICE AWARDJannet demonstrated excellence and assisted an elderly member that was upset as she wasn’t sure she had been a victim of fraud or not. Jannet found out the member had been scammed and stopped $10,000 already in transit to the scammer. Our member was extremely grateful, thank you Jannet!
Margie Salazar President/CEO
