Dec, 31, 2023 — GULF CREDIT UNION is a federally insured state chartered credit union headquartered in GROVES, TX with 4 branch locations and about $317.98 million in total assets. Opened 83 years ago in 1941, GULF CREDIT UNION has about 23,929 members and employs 81 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | GULF CREDIT UNION |
|---|---|
| Address: (Main Office) | 5140 W Parkway St GROVES, TX 77619 |
| Phone: | (409) 963-1191 |
| Fax: | (409) 962-3584 |
| Website: | https://www.gecu.org |
| Branches: | 4 branch locations |
| Members: | 23,929 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 60205 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1941 |
| Last Audited: | Dec 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $317,984,345 |
| CEO/Manager: | Todd L Gaudin |
| Chairperson: | Johnny Lewallen |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 17,073,186 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 52,777,945 |
| Unsecured Loans | 17,080,928 |
| Other Loans | 98,027,364 |
| TOTAL LOANS | 168,774,586 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,051,395 |
| Land And Building | 14,850,314 |
| Other Fixed Assets | 1,482,655 |
| NCUSIF Deposit | 3,016,511 |
| All Other Assets | 0 |
| TOTAL ASSETS | 317,984,345 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 44,236 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 7,804,619 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 75,544,068 |
| Regular shares | 146,725,114 |
| All Other Shares & Deposits | 64,780,225 |
| TOTAL SHARES & DEPOSITS | 287,049,407 |
| TOTAL LIABILITIES | 294,898,262 |
| Regular Reserve | 0 |
| Other Reserves | -2,720,584 |
| Undivided Earnings | 25,806,667 |
| TOTAL EQUITY | 23,086,083 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 317,984,345 |
| INCOME & EXPENSE | |
| Loan Income | 8,400,268 |
| Investment Income | 1,591,604 |
| Other Income | 2,154,376 |
| Total Employee Compensation & Benefits | 5,678,594 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 6,273,858 |
| Non-operating Income & (Expense) | -4,629 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 962,661 |
| Cost of Funds | 1,189,412 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,192,326 |
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