Dec, 31, 2023 — GAS & ELECTRIC EMPLOYEES CREDIT UNION is a federally insured state chartered credit union headquartered in MASON CITY, IA with 1 branch location and about $4.57 million in total assets. Opened 92 years ago in 1932, GAS & ELECTRIC EMPLOYEES CREDIT UNION has about 366 members and employs 3 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | GAS & ELECTRIC EMPLOYEES CREDIT UNION |
|---|---|
| Address: (Main Office) | 1602 S Monroe Ave MASON CITY, IA 50401 |
| Phone: | (641) 903-1714 |
| Fax: | |
| Website: | n/a |
| Branches: | 1 branch locations |
| Members: | 366 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 65040 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1932 |
| Last Audited: | Nov 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $4,567,202 |
| CEO/Manager: | Angela Sorenson |
| Chairperson: | Jordan Shannon |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 253,721 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 0 |
| Unsecured Loans | 12,138 |
| Other Loans | 2,884,936 |
| TOTAL LOANS | 2,897,074 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -33,939 |
| Land And Building | 0 |
| Other Fixed Assets | 0 |
| NCUSIF Deposit | 30,162 |
| All Other Assets | 0 |
| TOTAL ASSETS | 4,567,202 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 5,992 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 0 |
| Regular shares | 2,180,830 |
| All Other Shares & Deposits | 402,558 |
| TOTAL SHARES & DEPOSITS | 2,583,388 |
| TOTAL LIABILITIES | 2,589,380 |
| Regular Reserve | 0 |
| Other Reserves | 165,532 |
| Undivided Earnings | 1,812,290 |
| TOTAL EQUITY | 1,977,822 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 4,567,202 |
| INCOME & EXPENSE | |
| Loan Income | 136,532 |
| Investment Income | 33,844 |
| Other Income | 632 |
| Total Employee Compensation & Benefits | 63,294 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 38,475 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 0 |
| Cost of Funds | 21,160 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 48,618 |
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