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PROGRESSIVE FEDERAL CREDIT UNION

Mar, 31, 2021 — PROGRESSIVE FEDERAL CREDIT UNION is a federal credit union headquartered in MOBILE, AL with 1 branch location and about $6.73 million in total assets. Opened 65 years ago in 1956, PROGRESSIVE FEDERAL CREDIT UNION has about 707 members and employs 3 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:PROGRESSIVE FEDERAL CREDIT UNION
Address:
(Main Office)
1065 SPRING HILL AVE
MOBILE, AL 36604
Phone:(251) 338-2092
Fax:(251) 338-2095
Website:http://www.progressivefcu.com
Branches:1 branch locations
Members:707
Credit Union Type:Federal Credit Union
Charter Number:11422
Membership Type:Federal, State, Local Government
Corporate Credit Union:No
Year Opened:1956
Last Audited:Jun 01, 2020
FHLB Member:No
Low Income Designation:No
Assets:$6,734,125
CEO/Manager:Thalia R Crosby
Chairperson:Eugene Williams

Call Report

  • Credit Builder
  • Real Estate Loans
  • Risk Based Loans
  • ATM/Debit Card Program
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 1,856,019
TOTAL INVESTMENTS 2,232,788
Loans Held for Sale 0
 
 Real Estate Loans 116,811
 Unsecured Loans 161,289
 Other Loans 2,191,790
 TOTAL LOANS 2,469,890
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -71,153
 Land And Building 193,827
 Other Fixed Assets 7,434
 NCUSIF Deposit 44,317
 All Other Assets 1,003
  TOTAL ASSETS 6,734,125
LIABILITIES & CAPITAL:  
 Dividends Payable 1
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 11,603
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 800,117
 Regular shares 4,504,915
 All Other Shares & Deposits 298,064
  TOTAL SHARES & DEPOSITS 5,603,096
  TOTAL LIABILITIES 5,614,700
 Regular Reserve 433,360
 Other Reserves 0
 Undivided Earnings 686,065
  TOTAL EQUITY 1,119,425
  TOTAL LIABILITIES, SHARES, & EQUITY 6,734,125
INCOME & EXPENSE  
 Loan Income 37,283
 Investment Income 9,699
 Other Income 9,120
 Total Employee Compensation & Benefits 19,889
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 37,521
 Non-operating Income & (Expense) 867
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 0
 Cost of Funds 3,084
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) -3,525
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