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VELMA FEDERAL CREDIT UNION

Dec, 31, 2023 — VELMA FEDERAL CREDIT UNION is a federal credit union headquartered in DUNCAN, OK with 1 branch location and about $3.13 million in total assets. Opened 71 years ago in 1953, VELMA FEDERAL CREDIT UNION has about 698 members offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:VELMA FEDERAL CREDIT UNION
Address:
(Main Office)
297655 E Old Hwy 7 Rd
DUNCAN, OK 73533-1291
Phone:(580) 444-3396
Fax:(580) 444-2851
Website:n/a
Branches:1 branch locations
Members:698
Credit Union Type:Federal Credit Union
Charter Number:8962
Membership Type:Multiple common bond - Primarily petroleum refining
Corporate Credit Union:No
Year Opened:1953
Last Audited:Dec 01, 2023
FHLB Member:No
Low Income Designation:No
Assets:$3,127,116
CEO/Manager:Heather Williams
Chairperson:Jack Smith

Call Report

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 805,773
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 0
 Unsecured Loans 107,602
 Other Loans 2,217,318
 TOTAL LOANS 2,324,920
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -53,679
 Land And Building 14,979
 Other Fixed Assets 211
 NCUSIF Deposit 31,353
 All Other Assets 0
  TOTAL ASSETS 3,127,116
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 17,117
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 0
 Regular shares 2,363,182
 All Other Shares & Deposits 357,035
  TOTAL SHARES & DEPOSITS 2,720,217
  TOTAL LIABILITIES 2,737,334
 Regular Reserve 0
 Other Reserves 0
 Undivided Earnings 389,782
  TOTAL EQUITY 389,782
  TOTAL LIABILITIES, SHARES, & EQUITY 3,127,116
INCOME & EXPENSE  
 Loan Income 146,917
 Investment Income 13,399
 Other Income 14,918
 Total Employee Compensation & Benefits 95,570
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 32,793
 Non-operating Income & (Expense) 476
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 0
 Cost of Funds 30,513
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 16,834
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