Dec, 31, 2023 — GOWANDA AREA FEDERAL CREDIT UNION is a federal credit union headquartered in GOWANDA, NY with 1 branch location and about $28.34 million in total assets. Opened 89 years ago in 1935, GOWANDA AREA FEDERAL CREDIT UNION has about 1,949 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: | GOWANDA AREA FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 14266 Taylor Hollow Rd GOWANDA, NY 14070-9703 |
| Phone: | (716) 532-3790 |
| Fax: | (716) 532-4629 |
| Website: | https://gafcu.org |
| Branches: | 1 branch locations |
| Members: | 1,949 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 818 |
|---|---|
| Membership Type: | Multiple common bond - Primarily federal, state, local government |
| Corporate Credit Union: | No |
| Year Opened: | 1935 |
| Last Audited: | Nov 01, 2022 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $28,336,349 |
| CEO/Manager: | Lisa A Hill |
| Chairperson: | Mary A Clark |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 3,088,426 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 1,221,383 |
| Unsecured Loans | 565,057 |
| Other Loans | 12,048,339 |
| TOTAL LOANS | 13,834,779 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -16,922 |
| Land And Building | 0 |
| Other Fixed Assets | 81,560 |
| NCUSIF Deposit | 262,460 |
| All Other Assets | 0 |
| TOTAL ASSETS | 28,336,349 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 19,077 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 29,959 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 6,388,349 |
| Regular shares | 16,589,533 |
| All Other Shares & Deposits | 1,889,151 |
| TOTAL SHARES & DEPOSITS | 24,867,034 |
| TOTAL LIABILITIES | 24,916,070 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 3,420,279 |
| TOTAL EQUITY | 3,420,279 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 28,336,349 |
| INCOME & EXPENSE | |
| Loan Income | 442,239 |
| Investment Income | 733,097 |
| Other Income | 41,698 |
| Total Employee Compensation & Benefits | 236,984 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 318,143 |
| Non-operating Income & (Expense) | -18 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 16,922 |
| Cost of Funds | 55,220 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 694,450 |
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