Dec, 31, 2023 — POWER FINANCIAL CREDIT UNION is a federally insured state chartered credit union headquartered in PEMBROKE PINES, FL with 7 branch locations and about $878.51 million in total assets. Opened 73 years ago in 1951, POWER FINANCIAL CREDIT UNION has about 33,442 members and employs 140 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | POWER FINANCIAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 2020 NW 150th Ave PEMBROKE PINES, FL 33028-2889 |
| Phone: | (954) 538-4400 |
| Fax: | |
| Website: | https://www.powerfi.org |
| Branches: | 7 branch locations |
| Members: | 33,442 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 68445 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1951 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $878,509,627 |
| CEO/Manager: | Allan Prindle |
| Chairperson: | Leman Murray |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 52,688,437 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 551,111,070 |
| Unsecured Loans | 19,402,081 |
| Other Loans | 86,871,294 |
| TOTAL LOANS | 657,384,445 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -4,574,316 |
| Land And Building | 13,967,380 |
| Other Fixed Assets | 427,866 |
| NCUSIF Deposit | 6,854,733 |
| All Other Assets | 88,932 |
| TOTAL ASSETS | 878,509,627 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 58,000,000 |
| Accounts Payable & Other Liabilities | 7,783,352 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 190,415,599 |
| Regular shares | 335,347,509 |
| All Other Shares & Deposits | 186,600,748 |
| TOTAL SHARES & DEPOSITS | 712,363,855 |
| TOTAL LIABILITIES | 778,148,207 |
| Regular Reserve | 0 |
| Other Reserves | 2,982,322 |
| Undivided Earnings | 97,379,098 |
| TOTAL EQUITY | 100,361,420 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 878,509,627 |
| INCOME & EXPENSE | |
| Loan Income | 29,759,326 |
| Investment Income | 5,785,192 |
| Other Income | 4,193,410 |
| Total Employee Compensation & Benefits | 12,779,143 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 8,619,961 |
| Non-operating Income & (Expense) | 1,159,167 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 921,530 |
| Cost of Funds | 4,831,823 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 13,931,186 |
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