Dec, 31, 2023 — WEPCO FEDERAL CREDIT UNION is a federal credit union headquartered in BLOOMINGTON, MD with 7 branch locations and about $338.14 million in total assets. Opened 74 years ago in 1950, WEPCO FEDERAL CREDIT UNION has about 39,763 members and employs 67 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | WEPCO FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 204 North Branch Avenue BLOOMINGTON, MD 21523 |
| Phone: | (301) 359-3081 |
| Fax: | (301) 359-3683 |
| Website: | https://www.wepcofcu.com |
| Branches: | 7 branch locations |
| Members: | 39,763 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 6685 |
|---|---|
| Membership Type: | Multiple common bond - Primarily other manufacturing |
| Corporate Credit Union: | No |
| Year Opened: | 1950 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $338,137,094 |
| CEO/Manager: | Becky McKenzie |
| Chairperson: | Walter K May |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 48,706,995 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 38,181,887 |
| Unsecured Loans | 16,482,941 |
| Other Loans | 211,863,748 |
| TOTAL LOANS | 266,528,576 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -2,773,822 |
| Land And Building | 5,326,151 |
| Other Fixed Assets | 577,691 |
| NCUSIF Deposit | 2,822,041 |
| All Other Assets | 277,972 |
| TOTAL ASSETS | 338,137,094 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 498,381 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 570,966 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 54,396,233 |
| Regular shares | 132,573,052 |
| All Other Shares & Deposits | 103,879,155 |
| TOTAL SHARES & DEPOSITS | 290,848,440 |
| TOTAL LIABILITIES | 291,922,468 |
| Regular Reserve | 0 |
| Other Reserves | 4,639,701 |
| Undivided Earnings | 41,574,925 |
| TOTAL EQUITY | 46,214,626 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 338,137,094 |
| INCOME & EXPENSE | |
| Loan Income | 13,500,272 |
| Investment Income | 3,494,595 |
| Other Income | 1,642,025 |
| Total Employee Compensation & Benefits | 4,420,193 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 7,014,038 |
| Non-operating Income & (Expense) | 166,044 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,423,642 |
| Cost of Funds | 1,945,967 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 6,111,698 |
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