Dec, 31, 2023 — CONNECTS FEDERAL CREDIT UNION is a federal credit union headquartered in RICHMOND, VA with 3 branch locations and about $91.56 million in total assets. Opened 74 years ago in 1950, CONNECTS FEDERAL CREDIT UNION has about 9,083 members and employs 20 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | CONNECTS FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 7700 Shrader Rd RICHMOND, VA 23228 |
| Phone: | (804) 756-5000 |
| Fax: | (804) 756-5040 |
| Website: | https://www.connectsfcu.org |
| Branches: | 3 branch locations |
| Members: | 9,083 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 6670 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1950 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $91,558,582 |
| CEO/Manager: | Evelyn G Dowdy |
| Chairperson: | Daniel VanDervort |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 3,958,886 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 9,346,621 |
| Unsecured Loans | 7,821,266 |
| Other Loans | 29,570,881 |
| TOTAL LOANS | 46,738,769 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -356,117 |
| Land And Building | 1,974,273 |
| Other Fixed Assets | 1,749,884 |
| NCUSIF Deposit | 832,646 |
| All Other Assets | 0 |
| TOTAL ASSETS | 91,558,582 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 54,093 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,283,046 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 15,402,080 |
| Regular shares | 37,516,540 |
| All Other Shares & Deposits | 32,221,783 |
| TOTAL SHARES & DEPOSITS | 85,140,405 |
| TOTAL LIABILITIES | 86,477,544 |
| Regular Reserve | 0 |
| Other Reserves | -2,022,009 |
| Undivided Earnings | 7,103,047 |
| TOTAL EQUITY | 5,081,038 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 91,558,582 |
| INCOME & EXPENSE | |
| Loan Income | 2,361,748 |
| Investment Income | 603,334 |
| Other Income | 1,056,700 |
| Total Employee Compensation & Benefits | 1,334,640 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 2,348,774 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 147,877 |
| Cost of Funds | 366,085 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 190,223 |
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