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TRUCHOICE FEDERAL CREDIT UNION

Dec, 31, 2023 — TRUCHOICE FEDERAL CREDIT UNION is a federal credit union headquartered in SOUTH PORTLAND, ME with 3 branch locations and about $225.68 million in total assets. Opened 69 years ago in 1955, TRUCHOICE FEDERAL CREDIT UNION has about 12,716 members and employs 49 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:TRUCHOICE FEDERAL CREDIT UNION
Address:
(Main Office)
332 Cummings Rd
SOUTH PORTLAND, ME 04106
Phone:(207) 772-0808
Fax:(207) 772-8683
Website:https://www.trufcu.com
Branches:3 branch locations
Members:12,716
Credit Union Type:Federal Credit Union
Charter Number:10100
Membership Type:Community - Rural District
Corporate Credit Union:No
Year Opened:1955
Last Audited:Mar 01, 2023
FHLB Member:Yes
Low Income Designation:No
Assets:$225,682,937
CEO/Manager:KENNETH B ACKER
Chairperson:Joseph Winschel

Call Report

  • International Remittances

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 5,150,617
TOTAL INVESTMENTS 0
Loans Held for Sale 332,500
 
 Real Estate Loans 112,312,427
 Unsecured Loans 32,300,753
 Other Loans 59,926,232
 TOTAL LOANS 204,539,412
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -4,134,535
 Land And Building 3,482,785
 Other Fixed Assets 530,308
 NCUSIF Deposit 1,923,875
 All Other Assets 6,905
  TOTAL ASSETS 225,682,937
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 3,000,000
 Accounts Payable & Other Liabilities 752,334
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 34,841,907
 Regular shares 72,221,372
 All Other Shares & Deposits 96,360,097
  TOTAL SHARES & DEPOSITS 203,423,375
  TOTAL LIABILITIES 207,175,709
 Regular Reserve 0
 Other Reserves -2,133,149
 Undivided Earnings 20,640,377
  TOTAL EQUITY 18,507,228
  TOTAL LIABILITIES, SHARES, & EQUITY 225,682,937
INCOME & EXPENSE  
 Loan Income 11,122,465
 Investment Income 312,323
 Other Income 1,384,219
 Total Employee Compensation & Benefits 4,829,032
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 4,416,034
 Non-operating Income & (Expense) 224,884
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 1,028,061
 Cost of Funds 3,149,720
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 1,615,367
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