Dec, 31, 2023 — WE FLORIDA FINANCIAL CREDIT UNION is a federally insured state chartered credit union headquartered in MARGATE, FL with 6 branch locations and about $814.23 million in total assets. Opened 71 years ago in 1953, WE FLORIDA FINANCIAL CREDIT UNION has about 47,832 members and employs 138 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | WE FLORIDA FINANCIAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 1982 N State Road 7 MARGATE, FL 33063 |
| Phone: | (954) 745-2400 |
| Fax: | (954) 522-2738 |
| Website: | https://www.wefloridafinancial.com |
| Branches: | 6 branch locations |
| Members: | 47,832 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 61525 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1953 |
| Last Audited: | Dec 01, 2021 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $814,232,438 |
| CEO/Manager: | Robert D Ramirez |
| Chairperson: | Mary Ann LaRock |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 52,157,407 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 137,046,303 |
| Unsecured Loans | 27,913,434 |
| Other Loans | 496,085,504 |
| TOTAL LOANS | 661,045,241 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -7,695,918 |
| Land And Building | 11,041,934 |
| Other Fixed Assets | 2,988,953 |
| NCUSIF Deposit | 6,348,594 |
| All Other Assets | 1,373,014 |
| TOTAL ASSETS | 814,232,438 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 11,199 |
| Notes & Interest Payable | 70,000,000 |
| Accounts Payable & Other Liabilities | 6,517,091 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 16,133,000 |
| Share Drafts | 108,900,890 |
| Regular shares | 215,083,232 |
| All Other Shares & Deposits | 347,304,418 |
| TOTAL SHARES & DEPOSITS | 671,288,540 |
| TOTAL LIABILITIES | 763,949,830 |
| Regular Reserve | 0 |
| Other Reserves | 8,740,542 |
| Undivided Earnings | 41,542,066 |
| TOTAL EQUITY | 50,282,608 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 814,232,438 |
| INCOME & EXPENSE | |
| Loan Income | 26,487,613 |
| Investment Income | 4,096,634 |
| Other Income | 6,526,525 |
| Total Employee Compensation & Benefits | 12,175,740 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 14,130,678 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 5,973,691 |
| Cost of Funds | 12,030,783 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 14,323 |
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