Dec, 31, 2023 — INOVA FEDERAL CREDIT UNION is a federal credit union headquartered in ELKHART, IN with 7 branch locations and about $716.10 million in total assets. Opened 82 years ago in 1942, INOVA FEDERAL CREDIT UNION has about 46,235 members and employs 137 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | INOVA FEDERAL CREDIT UNION |
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Address: (Main Office) | 358 S Elkhart Ave ELKHART, IN 46516 |
Phone: | (574) 294-6553 |
Fax: | (574) 293-6119 |
Website: | https://www.inovafederal.org |
Branches: | 7 branch locations |
Members: | 46,235 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 4968 |
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Membership Type: | Multiple common bond - Primarily chemical |
Corporate Credit Union: | No |
Year Opened: | 1942 |
Last Audited: | Dec 01, 2022 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $716,096,506 |
CEO/Manager: | Dallas Bergl |
Chairperson: | Charles Walker |
ASSETS: | $ Amount |
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Cash & Equivalents | 35,822,948 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 324,626,432 |
Unsecured Loans | 30,633,691 |
Other Loans | 285,370,803 |
TOTAL LOANS | 642,207,261 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -8,670,809 |
Land And Building | 14,393,243 |
Other Fixed Assets | 2,772,182 |
NCUSIF Deposit | 4,894,579 |
All Other Assets | 781,020 |
TOTAL ASSETS | 716,096,506 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 5,677 |
Notes & Interest Payable | 75,000,000 |
Accounts Payable & Other Liabilities | 8,157,163 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 105,497,846 |
Regular shares | 80,499,876 |
All Other Shares & Deposits | 393,720,691 |
TOTAL SHARES & DEPOSITS | 579,718,413 |
TOTAL LIABILITIES | 663,060,943 |
Regular Reserve | 0 |
Other Reserves | 3,583,507 |
Undivided Earnings | 49,452,056 |
TOTAL EQUITY | 53,035,563 |
TOTAL LIABILITIES, SHARES, & EQUITY | 716,096,506 |
INCOME & EXPENSE | |
Loan Income | 33,515,304 |
Investment Income | 1,917,915 |
Other Income | 2,789,313 |
Total Employee Compensation & Benefits | 10,679,084 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 11,398,426 |
Non-operating Income & (Expense) | 453,174 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 3,837,403 |
Cost of Funds | 15,197,298 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 2,639,226 |
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