Dec, 31, 2023 — FRANKLIN MINT FEDERAL CREDIT UNION is a federal credit union headquartered in CHADDS FORD, PA with 16 branch locations and about $1.84 billion in total assets. Opened 54 years ago in 1970, FRANKLIN MINT FEDERAL CREDIT UNION has about 148,019 members and employs 332 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | FRANKLIN MINT FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 5 Hillman Dr CHADDS FORD, PA 19317 |
| Phone: | (610) 325-5000 |
| Fax: | (610) 325-5265 |
| Website: | https://www.fmfcu.org |
| Branches: | 16 branch locations |
| Members: | 148,019 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 20042 |
|---|---|
| Membership Type: | Multiple common bond - Primarily other manufacturing |
| Corporate Credit Union: | No |
| Year Opened: | 1970 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $1,837,459,399 |
| CEO/Manager: | Michael B Magnavita |
| Chairperson: | Leon Spencer |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 103,716,943 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 56,250 |
| Real Estate Loans | 972,219,611 |
| Unsecured Loans | 214,465,030 |
| Other Loans | 253,459,648 |
| TOTAL LOANS | 1,440,144,289 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -15,511,775 |
| Land And Building | 23,351,051 |
| Other Fixed Assets | 19,564,643 |
| NCUSIF Deposit | 14,910,320 |
| All Other Assets | 258,764 |
| TOTAL ASSETS | 1,837,459,399 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 7,340 |
| Notes & Interest Payable | 81,182,256 |
| Accounts Payable & Other Liabilities | 50,128,997 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 343,366,453 |
| Regular shares | 588,019,937 |
| All Other Shares & Deposits | 676,985,012 |
| TOTAL SHARES & DEPOSITS | 1,608,371,402 |
| TOTAL LIABILITIES | 1,739,689,995 |
| Regular Reserve | 0 |
| Other Reserves | -39,408,839 |
| Undivided Earnings | 137,178,243 |
| TOTAL EQUITY | 97,769,404 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,837,459,399 |
| INCOME & EXPENSE | |
| Loan Income | 72,780,059 |
| Investment Income | 8,108,464 |
| Other Income | 8,077,735 |
| Total Employee Compensation & Benefits | 33,028,922 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 29,312,854 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 10,300,000 |
| Cost of Funds | 25,307,550 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 6,048,624 |
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