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Annual Report 2019

Carolina Trust Federal Credit Union
Annual Membership Meeting

The Annual Membership Meeting of Carolina Trust Federal Credit Union was held this date at the 21st Avenue Office. Chairman Charles Thrash called the meeting to order at 3:00 pm after ascertaining a quorum. He welcomed members to the 60th annual meeting. All Board members, except David Honeycutt, were present. The Supervisory Committee was also present. Chairman Thrash mentioned that two policemen are also present to provide order and security for members attending the meeting.

SUPERVISORY COMMITTEE REPORT: Jim Risser, Supervisory Committee Chairman, welcomed everyone. He introduced the Committee members, David Gilbert, Jr., Karen Minogue, Alan Rosensteel, and Richard Patelunas. Per Mr. Risser, the Supervisory
Committee oversees audits with the leadership of the CFO. The Committee reviews the audit reports and reports to the Board. He stated that Carolina Trust Federal
Credit Union is a well-managed organization and the staff does an excellent job communicating with the Supervisory Committee. The Supervisory Committee handles member complaints and they are taken very seriously. The Committee will review and respond to any letter addressed to the Supervisory Committee.

CHAIRMAN’S REPORT: Chairman Thrash shared some noteworthy highlights:

Assets have grown to over $248 million

Membership has grown to over 41,000

Net worth 10%

Loan Growth 20%

We adhere to regulations while managing business climates. We are in the second fastest growing metropolitan area in the US. We are only as good as our employees. Our annual examination by NCUA rated us in excellent condition. The NCUA report was as good as he has seen in the two decades he has been here. We recently expanded our field of membership into North Carolina which is something we have been looking at for a few years. We have a great group of employees who work closely as a team in our seven branches to provide the best member service possible. In 2018, we were honored with a Best Places to Work in South Carolina designation from the South Carolina Chamber of Commerce. Our mission statement is very simple, but remains relevant: Preserving Our Past, Improving Our Present, Building Our Future: Owners Serving Owners.

PRESIDENT’S REPORT: Mr. Carlisle reported that 2018 was another year of healthy growth. Even though we are “not for profit,” we must have income to support and enhance our products and services and to remain strong. As Chairman Thrash reported, our net worth at 10% is at the highest in our history which means our safety and soundness as a financial institution has never been better. Assets grew 4% to $248 million and we had tremendous loan growth. Our Little River Branch is close enough to the North Carolina border that we can serve Brunswick County, which was added to our field of membership. As a result of our hard-working staff dedicated to our mission of putting people ahead of profits, we earned the distinction of being named one of the The Best Places to Work in South Carolina. In addition, we received recognition for our community service by winning several other awards: First Place in the Dora Maxwell Social Responsibility Community Service Award for our “I’m A Buddy, Not A Bully” campaign, and the Community Involvement Award for our efforts after Hurricane Florence and subsequent flooding. Our Marketing Department was recently presented with the highest award you can receive in the credit union industry, a CUNA Diamond Award in
the Brand Awareness category for our “Trustworthy Faces” brand video campaign. You can read more about this in the Community section of your Annual Report.

Last year we made big investments in technology, some that are not obvious to members. The investments not only ensure the safety and security of the Credit Union, but also streamline our processes and improve operational efficiency. Some technology changes that are more evident to members are adding touch ID to our mobile app and adding a lending application platform to mobile banking. As we move forward, we will continue to upgrade and enhance our systems, products and services to make it convenient and easy to do business with Carolina Trust FCU. For example, we are updating our website for easier navigation and to be more member engaging. We plan to add a chat feature for members to talk directly with a member service representative via our online and mobile banking platforms. We are also in the process of revamping our credit card rewards program to make our credit card even more attractive to our members. Lastly, we plan to open a branch somewhere between Myrtle Beach and Conway. Our members are at the heart of everything we do. We want to make your financial goals
and dreams a realistic vision. We promise to continue to listen to our member owners and work to build the products and services you want and need. Mr. Carlisle expressed his excitement about the future of our Credit Union and what the future of Carolina Trust will mean to our members.

OLD BUSINESS: There was no old business.

NEW BUSINESS OTHER THAN ELECTIONS: There was no new business.

Nominating Chairman, Dal Avant, explained the election process. The Nominating Committee presented candidates for three seats to be filled: Dr. Robert B. Burney, Lynne B. Boykin, and Alan Rosensteel. No Nominations by petition were received. The nominations were closed. A motion was made to approve the nominees by acclamation. The motion was seconded and carried.

Chairman Thrash thanked employees and members for a great 60th Anniversary year.

The meeting adjourned at 3:22 pm.


  • Ascertainment of a Quorum
  • Approval of Minutes from Last Meeting
  • Report of the Supervisory Committee
  • Board Chairman and President’s Report
  • Old Business
  • New Business Other Than Elections
  • Elections
  • Announcements
  • Adjournment

Carolina Trust Pandemic Response

To imply 2020 has been a year of unprecedented concerns and unavoidable change would be an understatement. The one consistency is the constant state of shift we have all experienced. Navigating the COVID-19 landscape continues to require flexibility in how we live, work and educate amid this novel virus. The pandemic also requires adaptive responses from your Credit Union as we work to maintain essential banking services while lowering the risk of spread to the extent possible.

Beginning March 18 through May 27, we closed branch lobbies and served members via branch drive-thru lanes, our member service contact center and digital banking services, which support mobile check deposit capabilities. With the recent rise in COVID-19 cases and the Grand Strand being labeled a “hotspot,” we decided to close our branches again on June 24 to walk-in traffic and serve members by appointment only. Drive-thru lanes remain open at capacity to fulfill the majority of banking transactions, including wire transfers and official check requests, with curbside convenience. When needed, we schedule in-person appointments for safe deposit box access, mortgage closings, and other member services we cannot conduct remotely or finalize as a drive-thru transaction. We are in process of expediting our planned Member Appointment Scheduler to enable convenient online appointment booking if an in-person meeting with a local branch representative is desired.

During the pandemic, many of our back-office support staff have worked from home to keep lending, accounting, card service and operations running without interruption. This transition required devoted resources in time, software and equipment to ensure our remote workforce had what they needed to fulfill their work responsibilities and meet CTFCU service standards. Creating a safe environment for employees and members who walk through our doors is a priority, so we implemented the following:
• Abbreviated lobby hours to allow time for increased
cleaning of commonly touched surfaces
• Limited in-branch capacity so social distancing can
be maintained
• Social Distancing signage to ensure no one feels
crowded if waiting
• Protective masks required for staff and in-branch
• Plexiglass shields at the Teller Lines and Member
Service desks
• Lobby hand sanitizing stations
• Air purification ionization technology at all branches
• Supplying staff and their household members with
face masks
• Refraining from personal contact, such as handshaking,
to comply with CDC guidance

We also try to reinforce to staff and members the importance of staying home if experiencing any COVID-19 related symptoms or a positive COVID test within one’s household.

In mid-March, we immediately began offering our members special assistance such as foreign ATM and check-by-phone fee waivers, up to 3-months of loan payment deferrals for personal, auto and home loans, and on June 1, a pandemic emergency assistance loan to help people get back on their feet. We anticipate more challenging days ahead, so Carolina Trust continues to look at ways we can best serve members dealing with financial hardships.

With all the stress surrounding this pandemic, Carolina Trust has made keeping morale high and financial education top priorities as well. For over 10 weeks each Friday, we ordered lunch for frontline branch staff from various local restaurants to show community support. On two occasions, we recognized members with snack and promotional items while they waited for drive-thru service at our 21st Ave N and Conway locations. We held fun social media contests to recognize healthcare workers and members with gift cards from community businesses coping with decreased customer traffic. We spotlighted local high school graduates with social media contests, videos and branch signage and provided educational entertainment for kids via Facebook Live activities and story times during April’s National Credit Union Youth Month. To help educate members about financial options during difficult times and the federal CARES Act provisions, Carolina Trust posted blogs, sent emails and updated our COVID-19 Resources page.

As Carolina Trust cares for and serves our members, we nurture and support one of our greatest resources, our employees. During the pandemic, all CTFCU employees have received full paychecks – no exceptions. Carolina Trust also believes member communication is extremely vital especially during challenging times like weather events and the current pandemic. We communicate changes to our operational schedule, branch requirements and other important details by way of the COVID-19 Resources page on our website, phone greeting message, email, social media updates, branch signage and letters from our President/CEO, Tim Carlisle. As decisions are made that affect hours of operation, service availability or special offers, your Credit Union will continue to keep you updated and informed through multiple means.

As called upon by changing circumstances outside of our control, members and staff have remained nimble and patient. For that, we are grateful. We don’t take closing lobbies lightly, and we recognize it creates an inconvenience for some of our members. However, with the increase of reported COVID-19 cases within our Carolina communities, we are doing our best to promote safety and wellness. We are thankful the technological resources we have in place enable banking transactions and account reviews to transpire as normal from the safety and convenience of home. In times like these, digital banking is a service alternative we are blessed to have at our fingertips. Likewise, we are blessed with wonderful member-owners who understand what it means to be In This, Together.


Our Commitment to You

Mission Statement

Preserving Our Past, Improving Our Present, Building Our Future: Owners Serving Owners

Vision Statement

Continue to improve upon our service quality and expand our market share by aggressively nurturing existing member relationships while pursuing new members.

Core Values


Conduct business according to the highest ethical standards

Member Focus

Active listening, follow-up, and relationship building


Foster a culture of innovation and encourage creativity

Operational Excellence

Maintain an environment that focuses on continuous improvement


Inspire and empower one another to achieve our vision

Dynamic Environment

Cultivate an energizing environment that instills a sense of pride and winning spirit

Community Impact

Share our success by supporting charitable causes and employee volunteer activities


Board Chairman and President’s Report

Carolina Trust Federal Credit Union is happy to report we experienced another year of healthy growth as we collaborated with our members, communities and strategic partners to fulfill our mission: Preserving Our Past, Improving Our Present, Building Our Future: Owners Serving Owners. Your Credit Union is in a strong financial position. We ended December 2019 with our highest Net Worth in two decades: 10.65%. Return on Assets increased from 0.70% to 0.91% whereas our credit union peer group reported an average 0.73% ROA. Assets grew at an annualized growth rate of 3.35% to over $247 million, and our loan balances grew to $13.5 million, or 8.11%, which outpaced peer average loan growth of 3.75%. Out of almost 5,500 credit unions, Carolina Trust ranked 20th in the nation for our growth in mortgage lending. Our member business loan portfolio also increased by $2.94 million during 2019, up almost 49% from 2018. At the end of December 2019, our loan to share ratio was 83.54%, and we served over 42,500 members.

Preserving our past – Carolina Trust holds true to the credit union philosophy of People Helping People. We continued to remain active in local schools promoting financial education, recognizing teachers, and encouraging elementary school students to take the “I’m A Buddy, Not A Bully” pledge. Additionally, for the eighth year, we collected non-perishable food items for Help4Kids to support their mission to collect weekend food for children who may otherwise go hungry. For the thirteenth year, Carolina Trust and Horry Telephone Cooperative, Inc. (HTC) awarded two graduating high school seniors with university scholarships. And in August 2019, we established the Carolina Trust FCU Annual Veterans Scholarship in honor of our retired Board Director, USAF/Retired Lieutenant Colonel James B. Kendrick, who turned 100 years old in May 2019. The scholarship will help support military veterans and participants in the ROTC program while attending Coastal Carolina University. Although we were fortunate to not experience extensive damages from 2019 named storms as in past years, Carolina Trust once again made our Member Disaster Relief Loan available to members who may have suffered any storm-related damages following Hurricane Dorian.

Improving our present – Carolina Trust steadily worked to improve service offerings and facilities. In 2019, we updated our mobile banking app to offer fingerprint and Face ID authentication. Additionally, we launched a new and improved website and credit card program. Our new mobile friendly website offers a comprehensive Search tool, quick-reference FAQ guide, helpful Blog and convenient map tool. We hope visitors find this site easier to navigate when learning about our unique notfor-profit financial institution and the many resources we have available to help improve their finances.

Our consumer credit card program had not undergone any changes to pricing or terms since 2009, and our goal was to make this product competitively attractive by offering more robust reward and benefit options. In December, we introduced our Lime card lineup: LimeEssentials – the low rate, no-frills credit card for those who typically carry a balance and want the lowest available rate; LimeRewards – unlimited 1% cash back on everyday purchases as well as third-party balance transfers; and LimeRewards+ – a Visa Signature card offering exclusive Visa benefits and our best unlimited cash back potential of 1.5%. There are no annual fees associated with our Lime cards, and cardholders enjoy the same low rates on purchases and cash advances. Additionally, the associated Reward programs give cardholders the option to choose from cash back, popular gift cards, premium merchandise and travel rewards while receiving merchant provided bonus points just by shopping the Rewards Mall with well-known retailers. We look forward to reporting on the growth and increased usage of our credit card portfolio next year.

As of December 2019, all Carolina Trust Visa debit and credit cardholders now have the potential to receive realtime updates regarding card activity, so steps can be taken to proactively detect and prevent fraud. Automated Fraud Alerts can identify threats, faster notify members sooner, and equip cardholders to take immediate action against fraud. Automated Fraud Alerts is just another way Carolina Trust helps our cardholders manage their finances through text and email alerts when members keep their contact information updated with their Credit Union.

Carolina Trust was also busy updating two of our seven branches in 2019. Although one was planned, the other was completely unexpected. Our Surfside Beach location at 1610-C Hwy 17 S received a muchneeded renovation. Members and staff have been very
pleased with the outcome. As reported last year, our Conway branch suffered water damage that resulted in unforeseen repairs and remediation. The extent of the damages caused a prolonged closure which forced us to temporarily relocate to 1610-N Church Street on February 26, 2019. Five months later, we re-opened the renovated Conway branch at 2518 Main Street complete with coffee bar and tech table. The members and displaced staff were happy to “come home” and once again enjoy drive-through convenience. Amidst changes and transitions, Carolina Trust routinely updated our members via direct mail, email and social media. In fact, we launched our Instagram profile last year to accompany our Facebook presence, so members could readily follow the news and events of their Credit Union.

Building our Future – Carolina Trust continues to implement technological advancements and operational efficiencies to secure our future. We’ve been updating our ACH automation processing, and we’re refocusing our Collections department to monitor delinquency trends and proactively pursue non-payment solutions. We have been working to transfer our servers to an offsite, inland location to better prepare for and recover from natural disasters like hurricanes and flooding along the coast. Regarding branching, CTFCU is pursuing a real estate purchase along Hwy 501 near the Carolina Forest community. We recognize we have a physical location gap from Conway to Myrtle Beach where many residents live, work and attend school. We hope to fill that gap
with a new branch facility that would also accommodate our expanding back-office operations.

To develop our digital touchpoints, we’re planning to integrate a more robust ID verification software that will enable CTFCU to open accounts remotely from start to finish without that person having to visit a branch or notary to confirm their identity. By yearend, we hope to offer live member chat as a convenient alternative to calling when you have a quick or routine question for our staff. Additionally, we are working to provide digital wallet payment options through Apple, Google and Samsung. By this time next year, members may choose to pay for purchases by holding their phone near a compatible merchant terminal or simplify the purchasing process when shopping on their digital device.

Owners Serving Owners – For over 60 years, Carolina Trust has recognized that living the credit union difference means affording individuals and small business owners with lower-priced financial options and personal interactions. The service we provide to members, coworkers and our communities is the practical application of the credit union philosophy. Our service standards are distinct and help set us apart from our for-profit competitors. Your Credit Union has been recognized locally, regionally and nationally for the service we provide, community initiatives we deploy and work environment we nurture. Please see our Community Initiatives Report to review all the ways Carolina Trust shows up and gives back to the communities we serve. Carolina Trust Federal Credit Union is positioned for continued growth. However, we cannot rest on past accomplishments; we must embrace new challenges and emerging opportunities to remain a lower-cost banking alternative within the Carolina counties we serve. Credit
union leaders will continue to fight for the sustainability of our industry, so we can continue to put people ahead of profits. Whether you are a small business owner looking to expand your capital, newlyweds shopping for a place to call home or a recent graduate applying for your first auto loan, your Credit Union is here to serve you. We cannot successfully build our future without continuing to build your trust, so thank you for choosing to do business with your locally owned Credit Union.





















B. Michael Marlowe
Board Chairman

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B. Timothy Carlisle

Supervisory Committee Report

Your Supervisory Committee consists of five Carolina Trust members who serve as volunteers and are appointed by the Board of Directors. The Supervisory Committee is responsible for ensuring that the Board of Directors and Credit Union Management meet financial reporting objectives and establish practices and procedures sufficient to safeguard members’ assets and assure you are provided the quality service you deserve.

The Committee is assisted in carrying out its responsibilities by CPA auditing firm, currently Doeren Mayhew, CPAs, to perform the annual audit and verification of member accounts. The audit is conducted annually as of March 31st. The Supervisory Committee also contracts other CPA and consulting firms to perform internal audits on an ongoing basis throughout the year. Additionally, our federal regulators, the National Credit Union Administration (NCUA), perform periodic safety and soundness exams. The Carolina Trust management team also performs internal audits on a regular basis.

Your Supervisory Committee includes the following volunteers: Chairman, James Risser, Alan Rosensteel, David Gilbert, Jr., Karen Minogue, and Richard Patelunas, and we thank you for allowing us to serve you and Carolina Trust Federal Credit Union.

The Supervisory Committee members make regular visits to all branches throughout the year as well as attend monthly Loan Review Committee and Board of Directors’ meetings. We also review all audits throughout the year to make sure the Board of Directors and Management respond to any recommendations made by the auditing firms.

The Supervisory Committee is committed to ensuring the line of communication remains open to our member/owners, so you continue to receive the highest quality service. The Committee will review and respond to any letter sent to the Committee at the following address: PO Box 8941, Myrtle Beach, SC 29578-8941

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James Risser
Chairman, Supervisory Committee

CTFCU Pavilion at CCU Brooks Stadium

Carolina Trust celebrated the Grand Opening and Ribbon Cutting ceremony of the Carolina Trust Pavilion at Coastal Carolina University’s Brooks Stadium at the start of the 2019 CCU Football season.

Corporate Sponsors will have access to the covered/open-air pavilion as part of a game sponsorship opportunity with the University.

“We value our longtime partnership with Coastal Carolina University and Coastal Carolina Athletics. We recognize the tremendous impact Coastal Carolina University has in our community, and we are appreciative to everyone who assisted with bringing this project to fruition,” said Jessica Wilson, Carolina Trust SVP/Chief Development Officer.

Financials: Statement of Condition

December 31
Cash and Cash Equivalents$11,083,135$10,818,646
Interest bearing deposits27,850,83431,525,057
available for sale investments17,435,60419,806,689
Federal Home Loan Bank (FHLB) Stock216,000208,900
Total Investments45,502,43851,540,646
Loans receivable181,726,241168,161,474
Less allowance for loan losses2,093,1471,831,070
Loans, net179,633,094166,330,404
Accrued interest receivable609,320553,196
Premises and equipment, net7,365,6076,831,851
NCUSIF Deposit2,137,8412,106,137
Other Assets1,494,8261,613,451
TOTAL ASSETS$247,826,261$239,794,331
Members' Share and Savings Accounts$217,521,649$212,810,953
Accounts Payable and Other Liabilities3,940,2423,384,364
Total liabilities221,461,891216,195,317
Regular Reserve1,503,6091,503,609
Undivided Earnings24,011,24121,754,395
Merged Equity874,187874,187
Accumulated other comprehensive income(24,667)(533,177)
Total members' equity26,364,37023,599,014
TOTAL LIABILITIES & MEMBERS' EQUITY$247,826,261$239,794,331

Financials: Statement of Income

For the Years Ended December 31
Loans receivable$8,090,560 $6,775,888
Investments 1,129,4221,122,291
Total interest income 9,219,9827,898,179
Members' share and savings accounts390,347210,183
Other -20
Total interest expense390,347210,203
Net interest income 8,829,6357,687,976
Provision for Loan Losses890,000 1,232,500
Net interest income after provision for loan losses 7,939,6356,455,476
Courtesy pay fees1,656,7491,651,061
Interchange income 1,543,1221,450,329
Other fee income822,458941,500
Non-sufficient funds fees324,669327,018
ATM transaction income288,039269,540
Insurance commission income266,807244,412
Loan late fees119,995114,318
Other non-operating income130130
Total non-interest income5,470,0405,350,317
Compensation and employee benefits 5,376,1474,960,074
Other operating expenses2,142,826 1,792,383
VISA debit & credit card expense 1,084,929 1,024,287
Occupancy expense699,281625,768
Loan servicing expense418,692441,998
Professional and outside services346,049367,819
Advertising and promotional469,418391,680
Maintenance of data processing equipment286,797207,622
ATM operating expense156,574153,518
Phone expense172,060137,035
Total non-interest expenses11,152,77310,102,184
Net Income$2,256,902 $1,703,609

Board of Directors





Board Member Emeritus


Supervisory Committee:



Management Team









To download the full 2019 Annual Report as a PDF Document Click Here









This credit union is federally insured by the National Credit Union Administration.

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