Dec, 31, 2023 — ACT 1ST FEDERAL CREDIT UNION is a federal credit union headquartered in LAVALE, MD with 5 branch locations and about $142.87 million in total assets. Opened 74 years ago in 1950, ACT 1ST FEDERAL CREDIT UNION has about 12,787 members and employs 40 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | ACT 1ST FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 14316 National Hwy SW LAVALE, MD 21502 |
| Phone: | (301) 729-8015 |
| Fax: | (301) 729-2147 |
| Website: | https://www.act1stfcu.org |
| Branches: | 5 branch locations |
| Members: | 12,787 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 6679 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1950 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $142,872,228 |
| CEO/Manager: | Michael Wright |
| Chairperson: | Shawnee L McElfish |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 12,146,993 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 31,070,694 |
| Unsecured Loans | 7,185,169 |
| Other Loans | 70,173,570 |
| TOTAL LOANS | 108,468,006 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,078,257 |
| Land And Building | 4,031,064 |
| Other Fixed Assets | 1,263,390 |
| NCUSIF Deposit | 1,289,066 |
| All Other Assets | 82,252 |
| TOTAL ASSETS | 142,872,228 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 213,085 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 16,638,349 |
| Regular shares | 52,865,800 |
| All Other Shares & Deposits | 63,292,286 |
| TOTAL SHARES & DEPOSITS | 132,796,435 |
| TOTAL LIABILITIES | 133,009,520 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 9,862,708 |
| TOTAL EQUITY | 9,862,708 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 142,872,228 |
| INCOME & EXPENSE | |
| Loan Income | 4,971,245 |
| Investment Income | 743,036 |
| Other Income | 631,033 |
| Total Employee Compensation & Benefits | 2,474,491 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 3,359,759 |
| Non-operating Income & (Expense) | -38,190 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,522,279 |
| Cost of Funds | 1,607,026 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -1,964,235 |
| ↑ Back to Top | |