Georgia’s Own Credit UnionGeorgia’s Own Credit UnionAnnual Report 2008Annual Report 2008

We Stand for theProsperity of Our Members

We Stand forUnmatched Service

We Stand for a Healthy Planet

Georgia’s Own at a Glance

2008 Highlights

Letter to Our Members

Charlotte S. Ayers Quote

Expansion

Responsibility

Community

Board Photos

Financials

Products & Services

Contact Information

Branch Locations

Upcoming 2009 Events

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T A B L E O F C O N T E N T S

Georgia’s Own Credit Union is a full service, not-for-profit financial institution founded in 1934. Withmore than 120,000 members and $1.2 billion in assets,Georgia’s Own is one of the strongest, largest andmost trusted financial institutions in the state.

In addition to the 390 sponsorgroups served by Georgia’s Own,residents of Chatham, Cherokee,Cobb, DeKalb, Forsyth, Fulton,Gwinnett, Hall and Rockdalecounties are part of the CreditUnion’s Field of Membership.Georgia’s Own currently has 17branch locations, provides freehome banking and bill pay, as wellas an automated phone service,Tele-Talk. The Credit Union alsofeatures a comprehensive call center, offersover 50,000 surcharge-free ATMs and is part of theCU Service Center Network, which enables membersto conduct Credit Union transactions at more than3,500 locations throughout the country.

To accommodate members’ savings needs, theCredit Union offers exceptional rates on regularsavings, savings certificates, money market accounts,as well as various IRA options. In addition, Georgia’sOwn provides investment services throughMEMBERS Financial Services,* and offers one ofthe most competitive checking accounts in themarket, All Access Checking. Deposits at Georgia’sOwn are federally insured by NCUA for up to

$250,000** w i t h re t i re m e n t a cco u n t sbeing insured separately up to the same limit.

In terms of lending options, Georgia’s Own featureshighly competitive rates and flexible terms on auto,boat and recreational vehicle loans, as well aslifestyle and student loans, first and second mortgages

and home equity lines of credit.The Credit Union also offers anumber of credit card optionsincluding both Visa® Gold and VisaPlatinum, a Student Visa option, asecured Visa and a variety ofgreen loans, including fuel-efficientvehicle loans and loans for energyefficient home purchases andimprovements.

Much of the Credit Union’s resources are organizedaround fostering innovation, providing continuouslearning opportunities, developing lifelongrelationships with members, proactively identifyingnew market opportunities, ensuring financialstability and exemplifying social and environmentalresponsibility. Beyond these guiding principles, theCredit Union operates according to the followingcore tenets:

We Stand for the Prosperity of Our Members.We Stand for Unmatched Service; andWe Stand for a Healthy Planet.

For more information on Georgia’s Own CreditUnion, visit georgiasown.org.

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G E O R G I A ’ S O W N C R E D I T U N I O N A T A G L A N C E

*Representatives are registered through, and securities are sold through, CUNA Brokerage Services, Inc. (CBSI), member NASD/SOPC, 2000Heritage Way, Waverly, Iowa 50677, toll-free (866) 512 6109. Insurance sold through licensed CUNA Mutual Life Insurance Com-pany Representatives, and in New York, licensed insurance representatives of other companies. Non-deposit investment products are notfederally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the Credit Union. **Increased cov-erage through December 31, 2009.

Reached $1,247,855,022 in assets, up 12.49% over2007.

Maintained a healthy capital ratio of 14.26%as of December 31, 2008, double what regulatorsconsider ‘well capitalized.’

Was among the industry leaders in terms ofmembership growth at 7.15% for a year end totalof 120,499.

Increased outstanding loan balances by 15.29% toend the year at $707,769,277.

Returned more than $29,123,000 to members inthe form of superior deposit rates.

Added 60 sponsor groups for a record 390 andexpanded our field of membership to includeForsyth, Hall and Rockdale counties.

Opened a new branch in Gainesville, along withour first environmentally friendly location inAlpharetta, which received national recognition forits design qualities; also secured a new branchlocation in Douglas County, slated to open in 2009.

Streamlined our online lending and accountopening processes for greater efficiency andmember convenience.

Provided members with a Health Savings Account(HSA) option to help save for rising medical costs.

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2 0 0 8 H I G H L I G H T S

Gave away a Toyota Prius to raise awareness ofenvironmental issues and to promote All AccessChecking.

Awarded $10,000 in scholarships and enhancedour efforts toward improving financial literacyamong young people.

Conducted numerous educational seminars,ranging from Credit Score Enhancement to FirstTime Home Buying.

Participated in and contributed to variouscommunity and charitable causes, includingUnited Way, the American Heart Association,Children’s Healthcare of Atlanta, the Brain Tumor

Foundation for Children, the National Veterans’Wheelchair Games, the Piedmont Park Conservancyand the Special Citizens of Atlanta.

Expanded our commitment to become a greenerorganization and renewed our partnership withWSB Channel 2’s Going Green Georgia initiative.

Sponsored Dave Ramsey Live at the GwinnettArena to encourage a debt-free lifestyle.

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2 0 0 8 H I G H L I G H T S

To Our Valued Members,

2008 will be remembered as a year of significantchallenge for our country, and yet in times of greatchallenge there always exists great opportunity.A m i d d e c l i n i n g c a p i t a l m a r k e t s , r i s i n gunemployment and a plummetinghousing sector, Georgia’s OwnCredit Union seized the opportunityto demonstrate why our philosophyof operating in the best interest ofour members is not only a viablebusiness model, it is fundamentalto weathering tumultuous times.With a solid infrastructure, strongfiscal health, and clear vision forthe future, Georgia’s Own not only experiencedtransformative growth and outstanding financialperformance in 2008, but we also expanded ourproduct offering and branch distribution, wemaintained our exceptional rates on loans anddeposits, and we served as a safe harbor formembers in a time when stability has never beenmore fundamental.

While numerous financial giants sought bailouts in2008, Georgia’s Own enjoyed strong capital-- twicethe amount our regulators consider ‘well

capitalized.’ This level of stability is not onlyindicative of sound management, but also key toour ability to continue to make sound, healthyloans at competitive rates, an especially criticalfunction during a time when access to credit hassignificantly dwindled.

Beyond the lending solutions thatwe were able to provide to ourmembers during this historicaleconomic downturn, Georgia’sOwn Credit Union’s performancein almost every key area placed usin a leadership position amongindustry peers. In addition toachieving highs in both loans and

deposits and returning more than $29,123,000to members in the form of superior depositrates, assets grew by 12.49% and membershipreached an all-time high of 120,499. While theseresults are demonstrative of the viability of ourinstitution, and you will see a number of ratios andpercentages throughout this report that supportour strength and vitality, there are three distinctareas of excellence within our Credit Union that tellthe story of our success and support our optimismas we begin our 75th year of service to ourmembers: Expansion, Responsibil ity andCommunity.

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L E T T E R T O O U R M E M B E R S

In a time when consumerconfidence in the financialservices industry has beenrattled, our members havefound a safe haven fortheir finances in a longtimefriend – Georgia’s OwnCredit Union.

-Charlotte S. Ayers, President & CEO

In our industry, growth equates to stability. Such istrue since, as a not-for-profit cooperative, the morepeople that take advantage of membership, themore powerful our benefit. This year, we sawexpansion in our branch operations, our Field ofMembership, our loans and deposits, our assetsand our membership itself.

Our first green branch was opened this March inAlpharetta, and our Gainesville branch opened itsdoors on December 1st. We also secured a newbranch location in Douglas County, which is slatedto open in early 2009. We look forward to furtherestablishing ourselves in these and other

communities throughout the coming year.

Our Field of Membership experienced tremendousgrowth as well, with the addition of Forsyth, Hall,and Rockdale counties and 60 Sponsor Groups.This expansion, coupled with a dedicated staff,loyal members, and a solid advertising strategy,gave rise to record asset and membership figures,ending the year with assets exceeding$1,247,855,000 and a membership total of 120,499,an increase of 12.49% and 7.15%, respectively.Outstanding loan balances also climbed to an alltime high of $707,769,277, up 15.29% over 2007.

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E X P A N S I O N

Georgia’s Own was not only able to weather theeconomic storm in 2008, but was able to keep loanrates low, deposit yields high, and serviceunmatchable. Our stability and perseverance werenot the result of coincidence or an overnightsolution, but rather a 74-year tradition of integrityand conservative, responsible business practices.

By consistently making smart loans in the bestinterest of our members, we avoided the perils ofthe sub-prime crisis and kept our delinquency ratiosignificantly below the national average. Whenother institutions limited lending availability andconstricted credit limits, Georgia’s Own continued to

serve our members without any service interruptionor reduction in product offering. In fact, we wereable to help many families save on theirmonthly bills by refinancing high interest rateauto loans, consolidating credit card debt to one ofour low, fixed-rate Visa® options, and by offeringproducts such as our All Access Checking, which isvirtually fee-free. We also streamlined many of ourprocesses for greater efficiency and convenience,and we added Health Savings Accounts (HSA) toour already expansive product offering as a meansof helping individuals prepare for rising medicalexpenses.

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R E S P O N S I B I L I T Y

Credit unions were founded on the principle ofpeople helping people, and at Georgia’s Own, weare firm believers that you become good by doinggood. From our Community Involvement Committeeand environmental activism to our scholarshipprogram and educat ional seminars, we havecontinued to operate under thephilosophy that in serving others,we all prosper.

Specifically in 2008, we participatedin many charitable events thatbenefited organizations such asUnited Way, the American HeartAssociation, Children’s Healthcareof Atlanta, the Brain TumorFoundation for Children, theNational Veterans’ Wheelchair Games, and theSpecial Citizens of Atlanta. We also strengthenedour commitment to the environment by openingour first green branch, converting our print materialsto recycled paper with soy ink, promoting ourchecking account by giving away a Toyota Prius,and by launching our Own It! campaign, whichpromotes eco-awareness and benefits thePiedmont Park Conservancy. Our educationinitiatives such as the annual Home Buyers Expoand Credit Score Enhancement Seminars werebolstered as well, in addition to a myriad of ongoingconsumer advocate messages addressing topicssuch as title pawns, the truth behind 0% financing,and responsible mortgage lending.

In our first full year as Georgia’s Own Credit Union,even amongst a turbulent environment, we were

successful in maintaining the standard of servicethat this institution was founded upon. It is withgreat preparedness, confidence, and enthusiasmthat we enter our 75th year of operation, and welook forward to continued growth, sustainedaccountabi l i t y, and an ever-enriching sense

of community. We would like tothank our Board of Directors,employees and members for thet r e m e n d o u s l o y a l t y a n dunwavering belief in Georgia’sOwn Credit Union. Even duringthese unsettling t i m e s , b eassured that your confidence iswell placed a n d t h a t yourCredit Union will e xe m p l i f yintegrity and responsibility as

we continue to operate in your best interest.

Respectfully Signed,

Charlotte S. AyersPresident & CEO

Joseph M. MaurielloChairperson

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C O M M U N I T Y

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Mike BaumgartnerJoe MaurielloChairperson

B O A R D O F D I R E C T O R S

Charlotte Ayers

Ed Heath

Pat CaseyPresident & CEO TreasurerVice Chairperson

Richard Burns Bill Conine

Frances Doherty Larry Fowler Joan Sims Ervin Walker

John WhiteSecretary

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S T A T E M E N T O F F I N A N C I A L C O N D I T I O N

AssetsCash and cash equivalentsInvestment securities held-to-maturity Loans - net of allowance for loan lossesAccrued interest receivableProperty and equipmentNCUSIF insurance depositPrepaid expenses and other assets

Total Assets

Liabilities and Members’ Equity

TeledraftsMoney Market accountsSavings accountsSavings certificatesIndividual Retirement AccountsOther liabilities

Total Liabilities

Statutory ReserveUndivided Earnings

Total Members’ Equity

Total Liabilities and Members’ Equity

$ 103,412,357373,482,980707,769,277

6,721,55013,428,817

9,641,61233,398,429

$ 1,247,855,022

$ 111,267,160135,048,173265,385,284422,833,763132,773,695

13,875,686

1,081,183,761

24,938,373141,732,888

166,671,261

$ 1,247,855,022

December 31, 2008

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S T A T E M E N T O F I N C O M E

S T A T E M E N T O F M E M B E R S ’ E Q U I T Y

$ 24,938,373 $ 146,230,922- -

6,788,058

$ 153,018,980

$ 159,392,743490,460

6,788,058

$ 166,671,261

TotalBalance, January 1, 2008

Other Comprehensive Income, netNet income

Balance, December 31, 2008

StatutoryReserve

UndividedEarnings

$ 24,938,373

-

Year Ended December 31, 2008

Interest IncomeInterest on loans Interest on investment securities

Interest ExpenseDividends/interest on members' accounts

Net interest income

Provision for loan losses

Net interest income after provision for loan losses

Other income

Operating ExpenseGeneral and administrative

Compensation and benefits Occupancy expense Office operations expense Professional and outside services Other

Net Income

$ 42,842,97119,386,38662,229,357

29,123,005

33,106,352

6,904,910

26,201,442

16,349,874

16,513,0502,937,5498,772,7234,567,1622,972,774

35,763,258

$ 6,788,058

Year Ended December 31, 2008

(11,776,552)490,460

-

($11,286,092)

Accumulated OtherComprehensive In-

come

Savings AccountsRegular SavingsHoliday Savings Money Market AccountsSavings CertificatesIndividual Retirement AccountsHealth Savings Accounts

Checking AccountsAll Access CheckingClub T CheckingGolden Bell CheckingVisa® Check Card ServicesOverdraft PrivilegeATM

LoansNew & Used Auto LoansBoat, RV & Motorcycle LoansATV, Jet Ski & Snowmobile LoansFarm Tractor LoansSavings & Stock Secured LoansStudent LoansDay NotesCreditAble LoansGreen Loans

Lifestyle Loans

Mortgage Loans 1st Mortgage LoansReadiEquity Line of Credit LoansHome Equity Fixed Rate LoansTaxEdge LoansRefinances

Credit CardsVisa Platinum CardVisa Gold CardStudent Visa CardSecured Visa Card

Special ServicesMEMBERS Financial Services*Golden Bell ProgramClub T ProgramCub Club ProgramCar Solutions Auto Buying ServiceExtended Warranty ProgramPayment Protection Insurance

Electronic ServicesGeorgia’s Own Website - georgiasown.org

Home BankingBill Paye-StatementsTELE-TALKPlus - touch-tone

phone service24-hour Visa Phone Service24-hour Loan Service50,000 plus surcharge-free ATMs

Other ServicesLOANLINER® Lending PlanElectronic Direct DepositPayroll DeductionsTraveler’s ChecksCashier’s ChecksFree Notary ServiceSafe Deposit Boxes (select locations)Savings Bond RedemptionSignature Guarantee ServiceCoin Counter (select locations)

Member ServicesLocal (404) 874-1166Nationwide (800) 533-2062Monday-Friday 8AM - 5PM

General Offices(404) 874-0777Monday-Friday 9AM - 4PM

Mortgage ServicesLocal (404) 874-1166 Nationwide (800) 533-2062Monday-Friday 8AM - 5PM

Visa® Credit Card ServicesLocal (404) 874-1166Nationwide (800) 533-2062Monday-Friday 8AM - 5PM

24/7 SERVICES

Internet Addressgeorgiasown.org

24/7 Loan ServiceLocal (404) 874-1166Nationwide (800) 533-2062

TELE-TALKPlusLocal (404) 874-0242Nationwide (800) 533-3817

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P R O D U C T S A N D S E R V I C E S

*Representatives are registered through, and securities are soldthrough, CUNA Brokerage Services, Inc. (CBSI), member NASD/SOPC,2000 Heritage Way Waverly, Iowa 50677, toll-free (866) 512 6109.Insurance sold through licensed CUNA Mutual Life InsuranceCompany Representatives, and in New York, licensed insurancerepresentatives of other companies. Non-deposit investment productsare not federally insured, involve investment risk, may lose value andare not obligations of or guaranteed by the credit union.

C O N T A C T I N F O R M A T I O N

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B R A N C H L O C A T I O N S

Alpharetta Branch5825 Windward PkwyAlpharetta, Georgia

AT&T Midtown Center BranchConcourse Level675 West Peachtree Street NEAtlanta, Georgia

Century Center Branch2200 Century Parkway, Suite 4Atlanta, Georgia

Lilburn Branch4382 Lawrenceville HighwayLilburn, Georgia

Marietta Branch401 Cobb Parkway NMarietta, Georgia

Morrow Branch7197 Highway 54Morrow, Georgia

Norcross Branch4830 Peachtree Industrial BlvdNorcross, Georgia

Northlake BranchLakeside Centre Office Park1979 Lakeside Parkway, Suite 100Tucker, Georgia

Above Branch HoursMonday-Thursday 9AM - 4PMFriday 9AM - 5:30PMFriday 9AM - 5PM (Morrow)

Saturday BranchesAlpharetta BranchGainesville BranchLilburn BranchMarietta BranchMorrow BranchNorcross BranchNorthlake BranchSavannah Mall Blvd. BranchSaturday 9AM - 1PM

Campanile BranchCampanile Building1155 Peachtree Street NE, LobbyAtlanta, Georgia

Gainesville Branch475 Dawsonville Hwy, Suite FGainesville, Georgia

Inforum BranchInforum Building250 Williams Street, Suite B-300Atlanta, Georgia

Lindbergh BranchAtrium Level575 Morosgo DriveAtlanta, Georgia

Perimeter Branch1117Perimeter Center West, Suite E102Atlanta, Georgia

Above Branch HoursMonday-Friday 9AM - 4PMClosed 1:30-2:30 (Inforum)

Conyers Branch620 Sigman Road, Suite 100Conyers, GeorgiaMonday-Thursday 8:30AM - 4PMFriday 8AM - 4:30PM

Augusta LocationAugusta Branch1347 Augusta West Pkwy, Suite 1Augusta, GeorgiaMonday-Wednesday 9AM - 4PMThursday-Friday 9AM - 5:30PM

Savannah LocationsSavannah Whitaker Street Branch10 Whitaker Street, Suite ASavannah, GeorgiaMonday-Friday 9AM - 4PM

Savannah Mall Boulevard Branch401 Mall BoulevardSavannah, GeorgiaLobby & Drive-thru hoursMonday, Thursday 9AM - 5PMTuesday, Wednesday 9AM - 4PMFriday 9AM - 6PM

Saturday Lobby 9AM - 1PMSaturday Drive-thru 9AM - 2PM

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U P C O M I N G 2 0 0 9 E V E N T S

75th Anniversary

All Access April and October

Georgia’s Own Battle(Georgia Tech vs. University of Georgia)

Douglasville Branch Grand Opening

Title Sponsorship of HoopAtlanta

Official Sponsor of the Atlanta Corporate Golf League

This report was printed by a Sustainable Forestry Initiative® (SFI) and ForestStewardship Council® (FSC) certified printer, using recycled paper and soy beancontent ink.

Please Recycle

Georgia’s Own Credit Uniongeorgiasown.org

404.874.1166 800.533.20621155 Peachtree Street NE P.O. Box 105205 Atlanta, GA 30348