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SOLUTIONS FIRST FEDERAL CREDIT UNION

Dec, 31, 2023 — SOLUTIONS FIRST FEDERAL CREDIT UNION is a federal credit union headquartered in ENTERPRISE, AL with 2 branch locations and about $47.21 million in total assets. Opened 60 years ago in 1964, SOLUTIONS FIRST FEDERAL CREDIT UNION has about 4,926 members and employs 10 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


ABA Routing Number: 262184078
Name:SOLUTIONS FIRST FEDERAL CREDIT UNION
Address:
(Main Office)
1108 Boll Weevil Cir
ENTERPRISE, AL 36330-1388
Phone:(334) 347-9000
Fax:(334) 347-1074
Website:https://www.solutionsfirstcu.com
Branches:2 branch locations
Members:4,926
Credit Union Type:Federal Credit Union
Charter Number:16556
Membership Type:Community credit unions, urban or rural, other than those designated 'low income'
Corporate Credit Union:No
Year Opened:1964
Last Audited:Mar 01, 2023
FHLB Member:No
Low Income Designation:No
Assets:$47,206,593
CEO/Manager:Frank Garrett
Chairperson:Chester Nolin

Call Report

  • International Remittances

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 1,417,267
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 2,632,176
 Unsecured Loans 3,165,221
 Other Loans 24,357,575
 TOTAL LOANS 30,154,972
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -365,008
 Land And Building 1,895,474
 Other Fixed Assets 276,382
 NCUSIF Deposit 473,217
 All Other Assets 0
  TOTAL ASSETS 47,206,593
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 1,900,000
 Accounts Payable & Other Liabilities 179,689
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 6,066,989
 Regular shares 12,910,955
 All Other Shares & Deposits 23,807,684
  TOTAL SHARES & DEPOSITS 42,785,627
  TOTAL LIABILITIES 44,865,316
 Regular Reserve 0
 Other Reserves -614,349
 Undivided Earnings 2,955,626
  TOTAL EQUITY 2,341,277
  TOTAL LIABILITIES, SHARES, & EQUITY 47,206,593
INCOME & EXPENSE  
 Loan Income 1,967,425
 Investment Income 306,817
 Other Income 545,260
 Total Employee Compensation & Benefits 803,760
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 1,294,574
 Non-operating Income & (Expense) -21,859
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 325,795
 Cost of Funds 773,851
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) -123,874
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