Dec, 31, 2023 — FINANCIAL RESOURCES FEDERAL CREDIT UNION is a federal credit union headquartered in BRIDGEWATER, NJ with 13 branch locations and about $642.29 million in total assets. Opened 74 years ago in 1950, FINANCIAL RESOURCES FEDERAL CREDIT UNION has about 28,733 members and employs 90 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | FINANCIAL RESOURCES FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 520 US Highway 22 Ste 1 BRIDGEWATER, NJ 08807 |
| Phone: | (800) 933-3280 |
| Fax: | (908) 253-6409 |
| Website: | https://www.myfinancialresources.org |
| Branches: | 13 branch locations |
| Members: | 28,733 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 6665 |
|---|---|
| Membership Type: | Multiple common bond - Primarily health care |
| Corporate Credit Union: | No |
| Year Opened: | 1950 |
| Last Audited: | Dec 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $642,293,943 |
| CEO/Manager: | Frank Almeida |
| Chairperson: | Robert J Graczyk |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 19,143,555 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 426,583,050 |
| Unsecured Loans | 27,286,665 |
| Other Loans | 44,944,309 |
| TOTAL LOANS | 498,814,024 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -8,735,213 |
| Land And Building | 1,379,824 |
| Other Fixed Assets | 8,767,956 |
| NCUSIF Deposit | 4,398,495 |
| All Other Assets | 0 |
| TOTAL ASSETS | 642,293,943 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 227,922 |
| Notes & Interest Payable | 96,800,000 |
| Accounts Payable & Other Liabilities | 11,977,753 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 123,014,932 |
| Regular shares | 96,120,531 |
| All Other Shares & Deposits | 269,782,425 |
| TOTAL SHARES & DEPOSITS | 488,917,887 |
| TOTAL LIABILITIES | 597,974,259 |
| Regular Reserve | 0 |
| Other Reserves | -8,377,928 |
| Undivided Earnings | 52,697,612 |
| TOTAL EQUITY | 44,319,684 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 642,293,943 |
| INCOME & EXPENSE | |
| Loan Income | 25,774,142 |
| Investment Income | 5,096,024 |
| Other Income | 2,472,087 |
| Total Employee Compensation & Benefits | 10,463,187 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 9,275,356 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 4,500,000 |
| Cost of Funds | 9,015,748 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 3,036,528 |
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