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National Credit Union Service Organization

ESSENTIAL FEDERAL CREDIT UNION

Dec, 31, 2023 — ESSENTIAL FEDERAL CREDIT UNION is a federal credit union headquartered in PLAQUEMINE, LA with 5 branch locations and about $394.22 million in total assets. Opened 52 years ago in 1972, ESSENTIAL FEDERAL CREDIT UNION has about 45,083 members and employs 106 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


ABA Routing Number: 265476440
Name:ESSENTIAL FEDERAL CREDIT UNION
Address:
(Main Office)
PO BOX 738
PLAQUEMINE, LA 70765
Phone:(225) 353-8238
Fax:
Website:https://www.essentialfcu.org
Branches:5 branch locations
Members:45,083
Credit Union Type:Federal Credit Union
Charter Number:20972
Membership Type:Community credit unions, urban or rural, other than those designated 'low income'
Corporate Credit Union:No
Year Opened:1972
Last Audited:Dec 01, 2021
FHLB Member:Yes
Low Income Designation:No
Assets:$394,220,830
CEO/Manager:Richard Williams
Chairperson:Joey Justice

Call Report

  • Payday Alternative Loans (PAL Loans)
  • First Time Homebuyer Program
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 26,898,937
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 93,710,902
 Unsecured Loans 14,444,278
 Other Loans 209,070,293
 TOTAL LOANS 317,689,905
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -1,554,264
 Land And Building 22,561,447
 Other Fixed Assets 897,265
 NCUSIF Deposit 3,058,176
 All Other Assets 178,829
  TOTAL ASSETS 394,220,830
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 13,000,000
 Accounts Payable & Other Liabilities 3,453,788
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 70,813,151
 Regular shares 141,888,249
 All Other Shares & Deposits 133,324,883
  TOTAL SHARES & DEPOSITS 346,026,283
  TOTAL LIABILITIES 362,480,071
 Regular Reserve 0
 Other Reserves -1,295,384
 Undivided Earnings 33,036,143
  TOTAL EQUITY 31,740,759
  TOTAL LIABILITIES, SHARES, & EQUITY 394,220,830
INCOME & EXPENSE  
 Loan Income 9,794,572
 Investment Income 151,628
 Other Income 3,190,144
 Total Employee Compensation & Benefits 5,713,608
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 7,879,051
 Non-operating Income & (Expense) 146,666
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 50,000
 Cost of Funds 1,679,765
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 1,540,193
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