Dec, 31, 2023 — SOUTH ATLANTIC FEDERAL CREDIT UNION is a federal credit union headquartered in BOCA RATON, FL with 1 branch location and about $17.62 million in total assets. Opened 51 years ago in 1973, SOUTH ATLANTIC FEDERAL CREDIT UNION has about 2,213 members and employs 5 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SOUTH ATLANTIC FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 1 W Camino Real Ste 110 BOCA RATON, FL 33432-5966 |
| Phone: | (561) 394-7097 |
| Fax: | (561) 394-3307 |
| Website: | https://www.safcu1.org |
| Branches: | 1 branch locations |
| Members: | 2,213 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 21202 |
|---|---|
| Membership Type: | Multiple common bond - other |
| Corporate Credit Union: | No |
| Year Opened: | 1973 |
| Last Audited: | Sep 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $17,619,001 |
| CEO/Manager: | PAMELA ROWER |
| Chairperson: | ERIN FRANCISCO |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 736,011 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 2,065,902 |
| Unsecured Loans | 1,486,945 |
| Other Loans | 4,894,483 |
| TOTAL LOANS | 8,447,330 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -240,731 |
| Land And Building | 0 |
| Other Fixed Assets | 27,910 |
| NCUSIF Deposit | 184,502 |
| All Other Assets | 0 |
| TOTAL ASSETS | 17,619,001 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 6,300 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 228,867 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 2,311,872 |
| Regular shares | 9,716,554 |
| All Other Shares & Deposits | 3,884,610 |
| TOTAL SHARES & DEPOSITS | 15,913,036 |
| TOTAL LIABILITIES | 16,148,203 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 1,470,798 |
| TOTAL EQUITY | 1,470,798 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 17,619,001 |
| INCOME & EXPENSE | |
| Loan Income | 481,724 |
| Investment Income | 221,531 |
| Other Income | 75,623 |
| Total Employee Compensation & Benefits | 423,975 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 287,064 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 21,245 |
| Cost of Funds | 30,191 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 50,648 |
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