Dec, 31, 2023 — FIRST CHOICE CREDIT UNION is a federally insured state chartered credit union headquartered in WEST PALM BEACH, FL with 2 branch locations and about $141.20 million in total assets. Opened 95 years ago in 1929, FIRST CHOICE CREDIT UNION has about 9,096 members and employs 29 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | FIRST CHOICE CREDIT UNION |
|---|---|
| Address: (Main Office) | 1055 S Congress Ave WEST PALM BEACH, FL 33406-5195 |
| Phone: | (561) 641-0100 |
| Fax: | (561) 641-7931 |
| Website: | https://www.firstchoicecu.org |
| Branches: | 2 branch locations |
| Members: | 9,096 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 67725 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1929 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $141,198,960 |
| CEO/Manager: | Michael J Welte |
| Chairperson: | Robert Delancy |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 5,216,353 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 27,978,236 |
| Unsecured Loans | 2,360,151 |
| Other Loans | 37,347,032 |
| TOTAL LOANS | 67,685,419 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -457,866 |
| Land And Building | 1,635,685 |
| Other Fixed Assets | 147,701 |
| NCUSIF Deposit | 1,284,645 |
| All Other Assets | 0 |
| TOTAL ASSETS | 141,198,960 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 6,023 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 685,516 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 30,723,720 |
| Regular shares | 58,694,318 |
| All Other Shares & Deposits | 42,612,036 |
| TOTAL SHARES & DEPOSITS | 132,030,075 |
| TOTAL LIABILITIES | 132,721,614 |
| Regular Reserve | 0 |
| Other Reserves | -6,664,239 |
| Undivided Earnings | 15,141,585 |
| TOTAL EQUITY | 8,477,346 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 141,198,960 |
| INCOME & EXPENSE | |
| Loan Income | 2,965,223 |
| Investment Income | 2,107,705 |
| Other Income | 609,761 |
| Total Employee Compensation & Benefits | 1,834,007 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 2,064,463 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 113,394 |
| Cost of Funds | 997,521 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,167,266 |
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