2007 annual report -...
Post on 10-Jun-2018
214 Views
Preview:
TRANSCRIPT
2007 Annual Report
[jumbo loan] [auto loan] [secure loan] [education loan] [equipment loan]11011 Wilcrest drive, suite k, houston, texas 77099 p.o. box 721496, houston, texas 77272-1496
MEMBERS HELPING MEMBERS
CRED
IT U
NION
MUSLIM
Board of Directors 2007
Shaukat AliPresident/CEO
Zulfiqar MohammedVice Chairman
Javaid R DhukaChairman
Asif MarediaTreasurer
Noordin KhojaMember, Supervisory Committee
Rahim MaknojiaSecretary
Sohrab K AliMember, Credit Committee
Zikar MarediaChairman, Supervisory Committee
Ahmedali MominChairman, Credit Committee
Hasan MarediaMember, Marketing Committee
Irfan K AliMember, Credit Committee
Gulbano MohammedLoan Officer
Salma MaknojiaAdministrative Officer
Parveen AliLoan Officer
Ali Ahmed MominAdministrative Assistant
Naeem Charolia Administrative Assistant
Nooruddin MominAccountant
Ambreen MaknojiaCollection Officer
Faiza AliHead Teller/Supervisor
HOUSTON OFFICE
11011 Wilcrest Drive, Suite KHouston, TX 77099
P. O. Box 721496Houston, TX 77272-1496
Telephone (281) 568-6000Fax (281) 568-8054
Toll Free 1-877 OUR PMCU (687-7628)Audio Response (281) 568-8558Email Adress pmcu@swbell.net
www.pmcuonline.org
OFFICE HOURSMonday - Friday 9:00 am - 5:00 pm
Saturday, Sunday Closed
AUSTIN OFFICE
5555 North Lamar Blvd., Suite C 107Austin, TX 78751
Toll Free 1-877 OUR PMCU (687-7628)Audio Response (281) 568-8558Email Adress pmcu@swbell.net
OFFICE HOURSMonday - Friday 9:00 am - 3:00 pm
1 hour after Jamat KhanaSaturday, Sunday Closed
Office Staff 2006
Table of Contents
DESCRIPTION PAGE #
Chairman's Report 1
Supervisory & Credit Committee's Report 2
Statement of Financial Position 3
Statement of Operations 4
Statement of Cash Flows 5
Statement of Equity/Key Financial Ratios 6
Notes to Financial Statements 7
Savings, Loans, Membership,
Networth & Assets Bar Charts 11
Chairman's ReportMESSAGE FROM CHAIRMAN, BOARD OF DIRECTORS
As we look back on 2007, we achieved considerable accomplishments that helped strengthen our Credit Union and make it one of the strongest credit unions in the United States. The following numbers speak for themselves.
We have increased total equity by almost 10% to reach the $10 million milestone giving us a top 10% rank as to net worth. Our delinquency is now less than 1%, which improved profitability significantly and helped us achieve top regulatory ratings for Delinquent loans to Total loans. Our loan portfolio increased over 10% by giving out more than $15 million in new loans. We are strengthening our talent across the credit union by improved training of staff and recruitment of new employees. We are continuing to improve our policies and procedures to streamline application processes for loans & new memberships. You have witnessed improvement in our marketing and communication with members via quarterly newsletters and the upgraded PMCU website.
We at People's Pioneer Muslim Credit Union would like to say "thank you" for your loyalty and support and for using your own Credit Union for your financial needs. We realize the decision to conduct your financial business with us is a choice - a choice that is growing in options every week and month as new players enter the field with introductory offers.
Please remember the money experts at PMCU are there to help you with your financial needs. I would like to give a heartfelt thanks to our Board of Directors and Advisory Committee who volunteers their valuable time, talents, and energy for our credit union. Thanks also to our wonderful management and staff for their commitment, devotion, and hard work.
Javaid DhukaChairman of the Board
1
Supervisory Committee's ReportTHE BOARD OF DIRECTORS – PIONEER MUSLIM CREDIT UNION
The Supervisory Committee's major responsibilities are to ensure an independent internal Supervisory audit is performed every month. To carry out its responsibilities, the Supervisory Committee, accountant and independent auditor perform auditing. This includes account verifications, Management reports, Accuracy of the statements, and Suggestions/ Recommendations for improvement in reporting.
The Committee reviews audit reports of our Federal and State Regulators when it conducts its examination on regular basis. The Committee also works with the internal auditor to ensure that the policies and procedures are being followed and that internal controls are in place.
The Committee is pleased to report that PMCU is a financially sound organization dedicated to serving its members. Our Supervisory Annual audit conducted for 2007 was successfully completed. The Supervisory Committee will continue to work with the Board of Directors, CEO and the employees for the 2008 and looks forward to another prosperous year.
Zikar A. Maredia Chairman, Supervisory Committee ___________________________________________________________________________
Credit Committee's ReportTO THE MEMBERS - PIONEER MUSLIM CREDIT UNION
The Credit Committee is appointed by the Board of Directors to review, approve and monitor the loan portfolio. Loan policies and rates are revised by the Board of Directors with the consultation of Credit Committee. During the year 2007 the Credit Union received 561 loan applications and approved 530 loans totaling to $15,379,563.57 setting loan's to share ratio at 98.45 %. The year was of bench mark for loaning out highest number and amount of loans.
Our members receive benefit of our competitive products, which has encouraged them to enhance their credit score and helped them to qualify for the possible lower loan rates offer by Credit Union. The Credit Union not only provides competitive loan rates but also the products which are innovative and saved member's money.
The Credit Committee will continue to provide its vital services to our members by offering quality products for individuals and families.
Ahmedali R. MominChairman,Credit Committee
2
Statement of Financial Position
FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006
ASSETS
Loans (Schedule -1)
MasterCard Loans
Less: Allowance for Loan Loss
Total Loans
Cash at Bank
Investments (Schedule -3)
N.C.U.S.I.F. Deposit
Rent & Utility Deposits
Total Deposits
Prepaid Surety Bond
Prepaid Fees & Membership
Prepaid for AGM
Total Prep. & Def. Expenses
Furniture & Fixtures
Less: Acc. Depreciation
Net Fixed Assets
Accrued Interest on Loans
Accrued Interest on Certificates
Total Accrued Income
Total Assets
LIABILITIES & EQUITY
Payroll Taxes
Other Payables
Total Payables
Members' Shares (Schedule - 2)
Share Drafts
I.R.A. Shares
Total Shares
Regular Reserve
Undivided Earnings
Total Equity
Total Liabilities & Equity
2007 % 2006 % VARIANCE
$25,087,544 65.59 $22,008,631 60.29 $3,078,913
2,370,240 6.20 2,763,938 7.57 (393,698)
(365,571) -0.96 (729,984) -2.00 364,413
27,092,213 70.83 24,042,585 65.86 3,049,628
446,710 1.17 416,125 1.14 30,585
10,093,604 26.39 11,329,633 31.03 (1,236,029)
260,510 0.68 255,988 0.70 4,522
4,249 0.01 4,249 0.01 0
264,759 0.69 260,237 0.71 4,522
10,921 0.03 13,988 0.04 (3,067)
2,183 0.01 1,836 0.01 347
1,7 0 0
14,804 0.04 15,824 0.05 (1,020)
278,653 0.73 204,533 0.56 74,120
(119,577) -0.31 (63,023) -0.17 (56,554)
159,076 0.42 141,510 0.39 17,566
115,367 0.30 144,203 0.40 (28,836)
61,209 0.16 156,352 0.42 (95,143)
176,576 0.46 300,555 0.82 (123,979)
$38,247,742 100.00 $36,506,469 100.00 $1,741,273
$6,102 0.01 $3,715 0.01 $2,387
10,201 0.03 209 0.00 9,992
16,303 0.05 3,924 0.01 12,379
20,835,744 54.48 20,477,734 56.09 358,010
1,974,638 5.16 2,362,005 6.47 (387,367)
5,078,367 13.28 4,287,039 11.74 791,328
27,888,749 72.92 27,126,778 74.30 761,971
1,250,847 3.27 1,250,847 3.43 0
9,091,843 23.77 8,124,920 22.26 966,923
10,342,690 27.04 9,375,767 25.69 966,923
$38,247,742 100.00 $36,506,469 100.00 $1,741,273
3
4
Statement of Operations
FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006
Operating Income:
Interest on Loans
Income from Investments
Credit Union - Fees & Charges
New Membership Fees
MasterCard - Fees & Charges
IRA Maint. Fees & Charges
Miscellaneous Income
GAP Insurance Income
Total Operating Income
Operating Expenses:
Office Salaries Payroll Taxes Compensation / Settlement Travel & Conference Licenses & Taxes Office Occupancy Utilities & Phone Office Operations Insurance Depreciation Education & Promotion Postage & Stamps Meter Rent Credit Bureau Reports Bank Charges CreditCard Program Expenses Professional Fees Office Supplies Printing & Stationery Software Maintenance Exp TCUL Audit Fees TCUL Membership Fees Provision for Loan Losses Office Security I.R.A. Maintenance Fees Security Bond Amortization Federal Examiner's Fees Legal fees Operational Loss Storage Expenses Donation Annual Meeting Expenses Maintenance & Repairs Miscellaneous Expenses
Total Operating Expenses
Income from Operation
Annual Dividends to Members
Net Income
2007 % 2006 %
$2,434,218 79.64 $2,512,91 5 81.95 ($78,697)
525,419 17.19 473,19 8 15.43 52,221
33,343 1.09 36,50 4 1.19 (3,161)
2,290 0.07 1,33 0 0.04 960
12,853 0.42 20,91 0 0.68 (8,057)
4,790 0.16 0 0.00 4,790
43,625 1.43 21,32 5 0.70 22,300
121 0.00 31 0 0.01 (189)
3,056,659 100.00 3,066,49 1 100.00 (9,832)
323,619 10.59 203,83 2 6.65 (119,787) 31,531 1.03 16,69 1 0.55 (14,840) 13,171 0.43 3,50 0 0.12 (9,671)
4,270 0.14 2,27 5 0.07 (1,995) 1,822 0.06 1,95 5 0.06 133
38,942 1.27 31,64 9 1.03 (7,293) 20,742 0.68 14,76 5 0.48 (5,977) 36,713 1.20 22,31 9 0.73 (14,394)
2,316 0.08 3,67 2 0.12 1,356 71,282 2.33 15,73 0 0.51 (55,552)
3,571 0.12 8,37 4 0.27 4,803 17,767 0.58 13,22 0 0.43 (4,547)
292 0.01 23 7 0.01 (55) 4,238 0.14 2,04 8 0.07 (2,190)
367 0.01 27 8 0.01 (89) 16,137 0.53 16,24 4 0.53 107 43,116 1.41 103,56 8 3.38 60,452 24,382 0.80 21,21 1 0.69 (3,171) 10,515 0.34 4,70 2 0.15 (5,813) 36,419 1.19 13,58 5 0.44 (22,834) 14,400 0.47 6,92 5 0.23 (7,475) 10,790 0.35 12,91 6 0.42 2,126
(50,000) -1.64 624,00 0 20.35 674,000 1,200 0.04 95 6 0.03 (244) 5,063 0.17 4,42 8 0.14 (635)
14,274 0.47 13,32 2 0.43 (952) 6,496 0.21 4,43 7 0.14 (2,059)
29,431 0.96 0 0.00 (29,431) 0 0.00 140,42 4 4.58 140,424
2,015 0.07 1,74 0 0.06 (275) 3,600 0.12 30,51 4 1.00 26,914
24,614 0.81 47,48 7 1.55 22,873 1,273 0.04 8,90 5 0.29 7,632 6,791 0.22 4,70 0 0.15 (2,090)
771,160 25.23 1,400,60 9 45.67 629,450
2,285,499 74.77 1,665,88 2 54.33 619,619
1,318,576 43.14 1,151,32 0 37.55 (167,256)
$966,923 31.63 $514,56 2 16.78 $452,361
VARIANCE
5
Statement of Cash Flows
FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006
Cash Flows from Operating Activities:
Net Income for the year
Adjustments to Reconcile Net Income to Net
Cash provided by Operating Activities:
Add: Accumulated Depreciation
Dividends Credited to Members' A/cs
(Increase) Decrease in Accrued Income
Increase (Decrease) in Loan Loss Allowance
Total Adjustments to Net Income
Increase/Decrease in Assets or Liabilities:
(Increase) Decrease in Deposits
(Increase) Decrease in Prepaid & Deferred Exps.
(Increase) Decrease in Furniture & Fixtures
Increase (Decrease) in Payroll Taxes
Net Cash Provided By
Assets or Liabilities:
Net Cash Provided or (Used) By
Operating & Other Activities:
Cash Flows from Investing Activities:
(Increase) Decrease in S.C.F.C.U. A/c
(Increase) Decrease in S.C.F.C.U. Shares
(Increase) Decrease in S.C.F.C.U. Certificates
(Increase) Decrease in United Central Bank
Net Cash Provided or (Used)
By Investment Activities:
Cash Flows from Members' Activities:
Increase (Decrease) in Share Drafts
Increase (Decrease) in Members' Savings
Increase (Decrease) in Members' I.R.A. Savings
(Increase) Decrease in Members' Loans
(Increase) Decrease in MasterCard Loans
Net Cash Provided or (Used)
By Members' Activities:
Net Increase in Cash
Add: Beginning Cash Balance
Ending Cash Balance
2007 2006
$ 9 6 6 , 9 2 3 $514,562
(56,554) (15,458)
1,318,576 1,151,320
(123,979) (84,876)
(364,413) (520,883)
7 7 3 , 6 3 0 530,103
(4,522) (5,301)
(1,020) 189
(74,120) (129,618)
12,379 (1,186)
( 6 7 , 2 8 3 ) (135,916)
1,673,270 908,749
(914,470) (1,030,075)
7,908 0
2,700,000 (3,500,000)
(1,512,879) (1,715,660)
280,559 (6,245,735)
(387,367) (473,569)
358,010 (1,630,578)
791,328 800,779
(3,078,913) 2,901,162
393,698 952,117
(1,923,244) 2,549,911
3 0 , 5 8 5 (2,787,075)
416,125 3,203,200
446,710 416,125
Consolidated Statement of Equity FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006
Regular Reserve
Undivided Earnings
Current Income
Equity (Net Worth)
(A) (B) (C) (A+B+C)
Balance at December 31, 2005 $1,250,847 $7,321,630 $288,728 $8,861,205
Account activities during 2006: Transfer of 2005 Current Income 0Statutory transfer to Regular Reserve 0Net Income -2005 0 0Other comprehensive income:
Balance at December 31, 2006 $1,250,847 $7,610,358 $514,562 $9,375,767
Account activities during 2007: Transfer of 2006 Current Income 0 0Statutory transfer to Regular Reserve 0 0 0 0Net Income - 2006 0 0Other comprehensive income:
Balance at December 31, 2007 $1,250,847 $8,124,920 $966,923 $10,342,690
KEY FINANCIAL RATIOS
For the Year 2003 PEER AVGS
% % % % % %Net Worth/Total Assets Delinquent Loans/Total Loans Net Charge-Offs/Avg. Loans Return on Avg. Assets Gross Income/Avg. Assets Cost of Funds/Avg. Assets Operating Exps./Avg. Assets Net Interest Margin/Avg. Assets Operating Exps./Gross Income Net Operating Exps./Average Income Total Loans/Total Shares Total Loans/Total Assets Net Worth Growth Market (Share) Growth Loan Growth Asset Growth Investment Growth
6
288,728 (288,728) 00 00 0
514,562 514,562
514,562 (514,562)
966,923 966,923
The Regular Reserve has been established in accordance with the Statutory Requirements. Under these guidelines, PMCU is required to make transfers from Undivided Earnings to Regular Reserve if Risk Asset Ratio is less than 4% of Gross Income. If required, the transfers can range from 5% to 10% of Gross Income depending on whether the Risk Asset Ratio is less than 4% or less than 6%.
22.971.340.003.479.164.311.264.59
13.751.00
96.2574.1216.3715.3914.1415.6120.56
23.831.480.363.188.473.681.214.15
14.300.75
101.3377.1614.56
4.3014.97
9.21-3.42
23.756.470.000.798.743.871.224.42
13.910.77
100.6876.75
3.373.803.143.70
18.57
25.682.004.271.398.313.122.104.97
25.331.89
91.3267.86
5.81-4.58
-13.46-2.1224.66
27.040.781.202.598.183.532.204.39
26.861.94
98.4571.7910.31
2.8110.84
4.77-10.14
14.461.370.500.647.232.084.214.02
57.353.33
72.5861.43
5.212.362.182.61
12.55
2004 2005 2006 2007
7
Notes To Financial Statements FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006
1. NATURE OF BUSINESSPioneer Muslim Credit Union (PMCU) was established in 1981. Although the general membership continues to grow at a steady rate, there are many more individuals who are eligible to become members and could benefit from Credit Union's programs. PMCU has managed to achieve these great results in spite of an economy which is constantly under pressure. As a matter of policy and to compete in the market, the credit union has been offering competitive dividend on the shareholders' savings and lower interest rates on the loans. The goal of the PMCU is to help the members in their financial needs through the services and products offered as follows.
LoansCredit Union continues to strive to improve and streamline the loan process by reviewing and revising its loan policies on an ongoing basis. Currently, the credit union offers the following loans:
* 1% above last earning interest rate on Savings with minimum of 5% interest. ** Guarantor / Collateral required depending on Credit Score *** Above rates are subject to Credit Score
Name of Loan Amount of Loan Rate (APR)***
Term Security
Secured Loan Limited by Members' saving 5.00%* 5 Years Members' Saving
Unsecured Advantage loan Up to $20,000 9.99% 5 Years Upto 10% of the Loan Amount** Preferred Members' Loa n $20,001 to $35,000 9.99% 5 Years Upto 10% of the Loan Amount** Jumbo Loan $ 35,001 to $49,000 9.99% 6 Years Upto 10% of the Loan Amount** Auto Loan New Up to $100,000 4.79% 6 Years
5 Years
Vehicle
Auto Loan Used 6.79% Vehicle
Education Loan Up to $40,000 5.99% 4 Years
Up to $65,000
Schedule - 1: Classification of Loans
Opening Balance New Loans Loans Paid Ending Balance
Type of Loans # Amount # Amount # Amount # Amount
Unsecured 749 $15,143,99 0 397 $12,076,304 297 $9,128,36 9 849 $18,091,925
Secured 22 467,81 0 20 572,550 15 469,48 1 27 570,879
Business 30 2,991,08 0 0 0 4 894,84 3 26 2,096,238
Equipment 2 52,28 9 0 0 1 47,28 9 1 5,000
Automobiles 205 2,650,00 4 101 2,673,218 57 1,584,44 5 249 3,738,777
Education 52 703,45 8 12 57,491 19 176,22 3 45 584,726
Totals 1060 $22,008,63 1 530 $15,379,563 393 $12,300,65 0 1197 $25,087,544
Average Loans $20,763 $29,018 $31,299 $20,959
8
Master Card
During the year 2007, approximately, $2,370,240 was loaned out to the members through Master Card program compared to $2,763,938 in the year 2006. The details of the total accounts and the activities are as below:
Classic
522
339
Accounts on file
Active Accounts
Percent Active 65%
Allowance for Loan Losses A/c (ALLL)
Gold Platinum Total
111
71
64%
228
165
72%
861
575
67%
No. of Year
Charge-off 2007
$365,571
Amount
$729,984-$50,000
$679,984
$204,498$201,243
$0
$405,741
$274,243
$91,328
09120
21
No. of Year
Charge-off 2006
$729,984
Amount
$1,250,867$642,000
$1,874,867
$844,208$408,228
$4,297
$1,256,733
$618,134
$111,850
443301
78
No. of Year
Charge-off 2005
$1,250,867
Amount
$185,867$1,065,000
$1,250,867
$0
$0
$1,250,867
$0
00
00
$0
No. of Year
Charge-off 2004
$185,867
Amount
$204,631$73,440
$278,071
$92,204
$92,204
$185,867
$0
08
08
Description
Opening Balance Add new fund for ALLL Balance Aavilable
Less : Loan Charge Off Master Card Charge-Off Other Charge Off
Total amount Charge off
Balance After Charge Off
Add Recovery from Charge off Loan and Master Card
Balance end of the year
Schedule - 2: Members' Shares
Membership Count
Opening Members
New
Members Accounts
Closed
Ending Members
Membership 4,385 229
Members' Shares
Opening Balance
Add:
Deposits
Less: Withdrawals
Ending Balance
Savings/Shares $20,477,734 $2,099,826 I.R.A. Shares 4,287,039 896,608
Totals $24,764,773 $2,996,434
Average Balance of a Member’s Share = $5,705
72 4542
$1,741,816$105,280
$20,835,7445,078,367
$1,847,096 $25,914,111
Members' Savings
Members' savings continue to grow, at a rate comparable to previous years. On occasions, members' ability to save money was limited to maintain the Credit Union's Cash to Assets Ratio in compliance with our Asset/Liability Management policy. This also enables the credit union to declare higher dividends on savings. The IRA portfolio is growing steadily ever since. Saving money into IRA account will help members' in their retirement and tax planning. Members can
th open an IRA account before 15 April and the contribution can still be applied to year 2007 for tax purposes.
2. SIGNIFICANT ACCOUNTING POLICIESThe accounting policies of PMCU are in conformity with accounting principles generally accepted in the United States of America. A description of the more significant of these policies follows.
Use of EstimatesThe preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts of assets, liabilities, the reported amount revenues and expenses for the period.
Cash EquivalentsFor purposes of reporting cash flows, the Credit Union considers all investments purchased with original maturities of three months or less to be cash equivalents.
Investment
In order to get better investment return on excess liquidity of $5 millions, $1.5 million each was invested in 'laddered' form of certificate of deposits (CD) in Southwest Corporate Federal Credit Union. These CDs mature in three months and six months time period. Investments in non marketable equity securities are stated at cost. Detail of the investments is as follows:
3. LINES OF CREDITPMCU has $3,000,000 line of credit at 5% with Southwest Corporate Federal Credit Union (SCFCU) as of December 31, 2007. Interest is payable on monthly basis on the daily federal funds rate. There was no balance outstanding on the Credit line as of December 31, 2007 and 2006.
4. CONCENTRATIONS OF CREDIT RISKPMCU maintains an account at SCFCU. The total balance of CD and Share (Checking) account was $6,926,719 as at December 31, 2007. This account is insured by the National Credit Union Share Insurance Fund (NCUSIF) up to $100,000. The Credit Union also maintains other accounts with United Central Bank. The total balances in the CD accounts are $3,228,539 and Checking Account is $343,856 as at December 31, 2007. The accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to $100,000. Under the Master Card Program members have different credit limits. At the year ended 2007, approximately $6,570,319 of such credit lines remained unused.
9
Schedule - 3: Investments Names of Banks 2007
Southwest CFCU Share 365,065 3.62 372,973 3.29 (7,908)Southwest CFCU Certificates 6,500,000 64.40 9,200,000 81.20 (2,700,000)T.N. National Bank,Dallas 0 0 41,000 0.36 (41,000)United Central Bank 3,228,539 31.98 1,715,660 15.15 1,512,879 Total Investments $10,093,604 100.00 $11,329,633 100.00 ($1,236,029)
% 2006 % Variance
Loans to membersLoans to members are stated at the current principal amount outstanding. Interest on loans is accrued monthly basis on the amount of principal outstanding. Premises and EquipmentThe Credit Union occupies the Houston premises of approximately 3,000 square feet for $2,325 and Austin premises of approximately 1017 square feet for $1,035 monthly rent. The equipment is carried at cost less accumulated depreciation. Provisions for depreciation are computed using the straight-line method. Average useful lives used for depreciation with respect to major classifications of property are as follows:
Furniture and equipment 3 to 10 yearsComputer and Software 2 to 5 years
Expenses for maintenance and repairs are charged against operations. Assets and related amounts are removed from the accounts upon retirement or other disposition and any resulting gains or losses are recorded in the statement of activities.
Income Taxes
PMCU is generally exempt from federal income taxes under Internal Revenue Code section 501(c) 6).
Checking & Automatic Clearing House (ACH)
PMCU has ACH services that enable the members to directly debit or credit their account.
Newsletter
In order to establish and maintain a continuous channel of communication with members, a quarterly newsletter has been started again in the year 2007. The goal of this newsletter is to communicate current events, ongoing activities, future programs, and other important financial information to the members. We also hope to use this newsletter as a tool to obtain feedback and input from the members to improve the quality and easy means of communications.
Other Programs to be Introduced Soon· Member's Business Loan
· Home Banking
· Audio Response
10
11
Graphs
$24,1
39,1
74
$27,7
53,0
22
$28,3
23,0
95
$24,7
72,5
69
$27,4
57,7
84
$22,0
00,0
00
$23,0
00,0
00
$24,0
00,0
00
$25,0
00,0
00
$26,0
00,0
00
$27,0
00,0
00
$28,0
00,0
00
$29,0
00,0
00
2003
2004
2005
2006
2007
LO
AN
S
$25,0
80,0
93
$27,3
89,8
37
$28,4
30,1
45
$27,1
26,7
78
$27,8
88,7
49
$23,0
00,0
00
$24,0
00,0
00
$25,0
00,0
00
$26,0
00,0
00
$27,0
00,0
00
$28,0
00,0
00
$29,0
00,0
00
2003
2004
2005
2006
2007
SA
VIN
GS
$7,4
82,6
67
$32,5
65,9
21 $8,5
72,4
77
$35,9
66,1
22 $
8,6
94,2
78
$37,2
96,4
60 $
9,3
75,7
66
$36,5
06,4
69 $10,3
42,6
90
$38,2
47,7
42
$5,0
00,0
00
$10,0
00,0
00
$15,0
00,0
00
$20,0
00,0
00
$25,0
00,0
00
$30,0
00,0
00
$35,0
00,0
00
$40,0
00,0
00
2003
2004
2005
2006
2007
NE
T W
OR
TH
AS
SE
TS
3,7
72
4,0
84
4,2
91
4,3
85
4,5
42
0
500
1,0
00
1,5
00
2,0
00
2,5
00
3,0
00
3,5
00
4,0
00
4,5
00
5,0
00
2003
2004
2005
2006
2007
ME
MB
ER
SH
IP
0
Board of Directors 2007
Shaukat AliPresident/CEO
Zulfiqar MohammedVice Chairman
Javaid R DhukaChairman
Asif MarediaTreasurer
Noordin KhojaMember, Supervisory Committee
Rahim MaknojiaSecretary
Sohrab K AliMember, Credit Committee
Zikar MarediaChairman, Supervisory Committee
Ahmedali MominChairman, Credit Committee
Hasan MarediaMember, Marketing Committee
Irfan K AliMember, Credit Committee
Gulbano MohammedLoan Officer
Salma MaknojiaAdministrative Officer
Parveen AliLoan Officer
Ali Ahmed MominAdministrative Assistant
Naeem Charolia Administrative Assistant
Nooruddin MominAccountant
Ambreen MaknojiaCollection Officer
Faiza AliHead Teller/Supervisor
HOUSTON OFFICE
11011 Wilcrest Drive, Suite KHouston, TX 77099
P. O. Box 721496Houston, TX 77272-1496
Telephone (281) 568-6000Fax (281) 568-8054
Toll Free 1-877 OUR PMCU (687-7628)Audio Response (281) 568-8558Email Adress pmcu@swbell.net
www.pmcuonline.org
OFFICE HOURSMonday - Friday 9:00 am - 5:00 pm
Saturday, Sunday Closed
AUSTIN OFFICE
5555 North Lamar Blvd., Suite C 107Austin, TX 78751
Toll Free 1-877 OUR PMCU (687-7628)Audio Response (281) 568-8558Email Adress pmcu@swbell.net
OFFICE HOURSMonday - Friday 9:00 am - 3:00 pm
1 hour after Jamat KhanaSaturday, Sunday Closed
Office Staff 2006
top related