Oklahoma Central Credit Union

Oklahoma Central Credit Union Overview

Oklahoma Central Credit Union is located in Tulsa, OK. The organization was established in 1943. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2018, Oklahoma Central Credit Union employed 193 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Oklahoma Central Credit Union is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.

For the year ending 12/2019, Oklahoma Central Credit Union generated $29.4m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 7.0% each year. All expenses for the organization totaled $27.1m during the year ending 12/2019. While expenses have increased by 7.6% per year over the past 5 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2019

Describe the Organization's Mission:

Part 3 - Line 1

TO MAKE A DIFFERENCE IN THE LIVES OF OUR EMPLOYEES, MEMBERS, AND THE COMMUNITIES WE SERVE.

Describe the Organization's Program Activity:

Part 3 - Line 4a

PROMOTE SAVINGS AND PROVIDE FINANCIAL SERVICES TO MEMBER/OWNERS - OVERALL DEPOSIT BALANCES GREW IN 2018 BY $14.2M OR 3.05% OVER THE PREVIOUS YEAR. SOME OF THE SAVINGS CATEGORY CHANGES DURING THE YEAR WERE: SAVINGS AT $3.6M (2.56%); CHECKING AT $4.8M (5.15%); REGULAR CERTIFICATES AT $8.2M (12.92%); MMAS AT $183K (0.16%); IRA SAVINGS AT -$5.4M (-15.57%); IRA CD AT $2.7M (15.97%). THIS REPRESENTS A TOTAL OF 69,673 ACCOUNTS FROM A MEMBERSHIP TOTAL OF 45,473 WITH AN AVERAGE SAVINGS OF $10,521 PER MEMBER. A NO MONTHLY SERVICE CHARGE CONSUMER CHECKING ACCOUNT CONTINUED TO BE POPULAR AND GENERATED 731 NEW ACCOUNTS. OUR LOW-FEE COMMERCIAL CHECKING ACCOUNT CREATED 76 NEW CHECKING ACCOUNTS. THE CREDIT UNION CONTINUED INVOLVEMENT IN THE SHARED BRANCHING NETWORK AND OFFERS 5 CONVENIENT LOCATIONS TO OUR MEMBERSHIP. OUR FINANCIAL WELLNESS PROGRAM PROVIDES EMPLOYEES OF OUR SEGS WITH VALUABLE INFORMATION DESIGNED TO INCREASE THEIR FINANCIAL KNOWLEDGE. THESE PROGRAMS ARE OFFERED TO SEVERAL OF OUR SEG GROUPS AND CONTINUE TO BE POPULAR. A FINANCIAL LITERACY PROGRAM OFFERED SEMINARS TO MEMBERS COVERING A WIDE ARRAY OF TOPICS DESIGNED TO HELP MEMBERS BETTER MANAGE THEIR PERSONAL FINANCES. TURBOTAX PRODUCTS ARE OFFERED AT A DISCOUNTED RATE TO OUR MEMBERSHIP ALONG WITH OUR FREE BILL PAYMENT SYSTEM AND MONEY MANAGEMENT, A FREE MONEY MANAGEMENT TOOL.


PROVIDE ENHANCED ACCESS TO CREDIT AT REASONABLE RATES - THE CREDIT UNION USES A PRUDENT LENDING PHILOSOPHY TO OFFER VARIOUS LOAN PRODUCTS AT A LOW COST FOR MEMBERS TO FINANCE THEIR HOMES, AUTOMOBILES, BOATS, COLLEGE EXPENSES, ETC. DURING 2018, THE CREDIT UNION APPROVED 6,242 LOAN REQUESTS FOR OVER $122.2M. A TOTAL OF 205 REAL ESTATE LOANS WERE APPROVED WITH A DOLLAR AMOUNT OF $14.6M. IN THE MEMBER BUSINESS ARENA, WE APPROVED 7 COMMERCIAL LOAN REQUESTS TOTALING $10.3M FOR MEMBERS. THE CREDIT UNION IS IN ITS ELEVENTH YEAR OF COMMERCIAL LENDING - A DIRECT RESPONSE TO OUR SMALL BUSINESS OWNERS' REQUESTS FOR FINANCIAL SERVICES. PRODUCT OFFERINGS ALSO INCLUDED SHORT TERM (7-YEAR) MORTGAGE LOANS AT LOWER RATES. THE CREDIT UNION CONTINUES OFFERING HOME PROTECTION LOANS (STORM SHELTERS, GENERATORS, ETC.) AT A VERY LOW INTEREST RATE TO HELP MEMBERS AFFORD THE COSTLY EXPENSE OF ADDING A FORTIFIED STORM SHELTER AND BACKUP POWER GENERATION TO THEIR RESIDENCE.


COMMUNITY INVOLVEMENT: OKLAHOMA CENTRAL CREDIT UNION CONTINUES TO SUPPORT AND BE ACTIVE IN THE COMMUNITIES WE SERVE. IN 2018, OKLAHOMA CENTRAL SPONSORED OR WAS INVOLVED IN THE FOLLOWING: (1) CREDIT UNION YOUTH MONTH - ENCOURAGING YOUTH TO SET GOALS AND PLAN FOR THEIR FINANCIAL FUTURES THROUGH YOUTH SAVINGS ACCOUNTS.(2) THE ANNUAL CHARITY CONCERT AND RAISED OVER $29,500 FOR THE OKLAHOMA CENTRAL FOUNDATION. THIS MONEY WAS USED TO FUND THE SCHOLARSHIP PROGRAM AND FINANCIAL LITERACY PROGRAMS. (3) THE CREDIT UNION ONCE AGAIN ALLOWED STAFF 40 PAID HOURS OF COMMUNITY SERVICE TO GIVE BACK TO THE COMMUNITY. TO NAME A COUPLE OF BENEFICIARIES OF OUR 40 PAID HOURS OF COMMUNITY SERVICE ARE THE SPECIAL OLYMPICS OF OKLAHOMA AND THE AMERICAN CANCER SOCIETY. (4) OKLAHOMA CENTRAL MADE FINANCIAL DONATIONS THROUGH A REFER-A-FRIEND PROGRAM TO ORGANIZATIONS SUCH AS DVIS, FAMILY & CHILDREN'S SERVICES, JOHN 3:16 MISSION, AND ST. FRANCIS CHILDREN'S HOSPITAL.


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Oklahoma Central Credit Union Board, Officers & Key Employees

Name (title)Compensation
Gina Wilson
CEO
$334,708
Brad Scheidt
Chief Finance & Strategy Officer
$156,154
Shelli Schroeder
COO
$141,774
Bill Jolin
VP Finance
$128,291
Ryan Larkin
Cio
$127,309
Pepper Wetherly
VP Retail Sales
$107,891

Oklahoma Central Credit Union Vendors

Vendor Name (Service)Compensation
Transfund
Atm Processing
$560,326
Praetoria Group Llc
Security
$473,665
Sagenet
Computer
$327,962
Xp Systems
Computer
$1,018,253
Ncr
Statements/home Banking
$801,071
View All Vendors

Financial Statements

Statement of Revenue
Total Revenue from Contributions, Gifts, Grants & Similar$0
Investment income $4,664,262
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $48,743
Net Gain/Loss on Asset Sales $99,793
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $29,411,171

Oklahoma Central Credit Union Peer Organizations

Organization NameAssets
Elevations Credit Union
Boulder, CO
$149,375,954
Ttcu Federal Credit Union
Tulsa, OK
$107,654,707
Credit Union Of Texas
Allen, TX
$92,923,025
Meritrust Credit Union
Wichita, KS
$75,229,939
First Community Credit Union Of Houston
Houston, TX
$78,841,838
Texas Trust Credit Union
Arlington, TX
$71,525,575
Westerra Credit Union
Denver, CO
$71,471,009
Firstmark Credit Union
San Antonio, TX
$59,445,918
Credit Union Of America
Wichita, KS
$61,355,535
Credit Unions Chartered In The State Of Colorado
Boulder, CO
$60,792,013
First Service Credit Union
Houston, TX
$51,399,270
Neighborhood Credit Union
Dallas, TX
$51,652,385

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