Dec, 31, 2023 — CONCORD FEDERAL CREDIT UNION is a federal credit union headquartered in BROOKLYN, NY with 1 branch location and about $8.58 million in total assets. Opened 73 years ago in 1951, CONCORD FEDERAL CREDIT UNION has about 649 members and employs 3 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | CONCORD FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 833 Marcy Ave BROOKLYN, NY 11216 |
| Phone: | (718) 622-0623 |
| Fax: | (718) 622-5311 |
| Website: | https://concordfcu.org |
| Branches: | 1 branch locations |
| Members: | 649 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 7504 |
|---|---|
| Membership Type: | Multiple common bond - Primarily faith based |
| Corporate Credit Union: | No |
| Year Opened: | 1951 |
| Last Audited: | Sep 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $8,584,889 |
| CEO/Manager: | Denise A Michaux |
| Chairperson: | Deborah Boatright |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,123,590 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 0 |
| Unsecured Loans | 865,460 |
| Other Loans | 230,035 |
| TOTAL LOANS | 1,095,495 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -107,276 |
| Land And Building | 0 |
| Other Fixed Assets | 4,731 |
| NCUSIF Deposit | 88,055 |
| All Other Assets | 0 |
| TOTAL ASSETS | 8,584,889 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 10,200 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 24,501 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 0 |
| Regular shares | 7,996,011 |
| All Other Shares & Deposits | 3,114 |
| TOTAL SHARES & DEPOSITS | 7,999,125 |
| TOTAL LIABILITIES | 8,033,826 |
| Regular Reserve | 0 |
| Other Reserves | 1,094,359 |
| Undivided Earnings | -543,296 |
| TOTAL EQUITY | 551,063 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 8,584,889 |
| INCOME & EXPENSE | |
| Loan Income | 93,962 |
| Investment Income | 197,313 |
| Other Income | 6,683 |
| Total Employee Compensation & Benefits | 186,097 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 266,142 |
| Non-operating Income & (Expense) | -1,473,915 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 15,293 |
| Cost of Funds | 65,066 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -1,129,253 |
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