Dec, 31, 2023 — WHATCOM EDUCATIONAL CREDIT UNION is a federally insured state chartered credit union headquartered in BELLINGHAM, WA with 12 branch locations and about $2.77 billion in total assets. Opened 88 years ago in 1936, WHATCOM EDUCATIONAL CREDIT UNION has about 157,610 members and employs 429 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | WHATCOM EDUCATIONAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 21 Bellwether Way Ste 111 BELLINGHAM, WA 98225 |
| Phone: | (800) 525-8703 |
| Fax: | (360) 756-7800 |
| Website: | https://www.wecu.com |
| Branches: | 12 branch locations |
| Members: | 157,610 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 66373 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1936 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $2,766,280,343 |
| CEO/Manager: | Jennifer Kutcher |
| Chairperson: | Kristi L Tyran |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 312,166,627 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 2,302,310 |
| Real Estate Loans | 1,316,429,429 |
| Unsecured Loans | 83,855,675 |
| Other Loans | 739,808,127 |
| TOTAL LOANS | 2,140,093,231 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -13,612,591 |
| Land And Building | 62,363,805 |
| Other Fixed Assets | 3,413,892 |
| NCUSIF Deposit | 19,866,093 |
| All Other Assets | 818,499 |
| TOTAL ASSETS | 2,766,280,343 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 307 |
| Notes & Interest Payable | 172,000,000 |
| Accounts Payable & Other Liabilities | 33,357,241 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 508,565,973 |
| Regular shares | 1,088,286,980 |
| All Other Shares & Deposits | 628,091,579 |
| TOTAL SHARES & DEPOSITS | 2,224,944,532 |
| TOTAL LIABILITIES | 2,430,302,080 |
| Regular Reserve | 0 |
| Other Reserves | -6,962,032 |
| Undivided Earnings | 342,940,295 |
| TOTAL EQUITY | 335,978,263 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 2,766,280,343 |
| INCOME & EXPENSE | |
| Loan Income | 86,849,195 |
| Investment Income | 25,372,140 |
| Other Income | 10,102,641 |
| Total Employee Compensation & Benefits | 43,406,339 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 36,905,125 |
| Non-operating Income & (Expense) | 138,758 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 5,338,718 |
| Cost of Funds | 36,893,785 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 19,872,995 |
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