Dec, 31, 2023 — SOUTHERN SECURITY FEDERAL CREDIT UNION is a federal credit union headquartered in COLLIERVILLE, TN with 8 branch locations and about $235.33 million in total assets. Opened 75 years ago in 1949, SOUTHERN SECURITY FEDERAL CREDIT UNION has about 19,840 members and employs 58 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SOUTHERN SECURITY FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 765 W Poplar Ave COLLIERVILLE, TN 38017 |
| Phone: | (901) 861-1703 |
| Fax: | (901) 861-1705 |
| Website: | https://www.southernsecurity.org |
| Branches: | 8 branch locations |
| Members: | 19,840 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 5974 |
|---|---|
| Membership Type: | Multiple common bond - other |
| Corporate Credit Union: | No |
| Year Opened: | 1949 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $235,327,774 |
| CEO/Manager: | Dawn Graeter |
| Chairperson: | Roland R Wilks |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 16,915,256 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 91,727,423 |
| Unsecured Loans | 5,675,024 |
| Other Loans | 46,199,246 |
| TOTAL LOANS | 143,651,677 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -957,141 |
| Land And Building | 1,728,665 |
| Other Fixed Assets | 1,916,638 |
| NCUSIF Deposit | 2,058,224 |
| All Other Assets | 73,500 |
| TOTAL ASSETS | 235,327,774 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 211,351 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 6,692,221 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 45,838,931 |
| Regular shares | 111,309,974 |
| All Other Shares & Deposits | 57,265,694 |
| TOTAL SHARES & DEPOSITS | 214,414,598 |
| TOTAL LIABILITIES | 221,318,170 |
| Regular Reserve | 0 |
| Other Reserves | -7,355,905 |
| Undivided Earnings | 21,365,509 |
| TOTAL EQUITY | 14,009,604 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 235,327,774 |
| INCOME & EXPENSE | |
| Loan Income | 6,590,184 |
| Investment Income | 1,512,785 |
| Other Income | 2,495,253 |
| Total Employee Compensation & Benefits | 5,041,411 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 4,535,700 |
| Non-operating Income & (Expense) | 720,747 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 819,252 |
| Cost of Funds | 1,304,733 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 867,986 |
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