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PROGRESSIVE FEDERAL CREDIT UNION

Jun, 30, 2021 — PROGRESSIVE FEDERAL CREDIT UNION is a federal credit union headquartered in MOBILE, AL with 1 branch location and about $6.72 million in total assets. Opened 65 years ago in 1956, PROGRESSIVE FEDERAL CREDIT UNION has about 703 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:703
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:$6,721,751
CEO/Manager:Thalia R Crosby
Chairperson:Eugene Williams

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Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 1,047,231
TOTAL INVESTMENTS 2,722,788
Loans Held for Sale 0
 
 Real Estate Loans 109,633
 Unsecured Loans 164,426
 Other Loans 2,488,071
 TOTAL LOANS 2,762,130
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -63,061
 Land And Building 192,826
 Other Fixed Assets 6,432
 NCUSIF Deposit 50,792
 All Other Assets 2,613
  TOTAL ASSETS 6,721,751
LIABILITIES & CAPITAL:  
 Dividends Payable 1
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 12,269
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 662,934
 Regular shares 4,627,957
 All Other Shares & Deposits 298,799
  TOTAL SHARES & DEPOSITS 5,589,690
  TOTAL LIABILITIES 5,601,960
 Regular Reserve 433,361
 Other Reserves 0
 Undivided Earnings 686,430
  TOTAL EQUITY 1,119,791
  TOTAL LIABILITIES, SHARES, & EQUITY 6,721,751
INCOME & EXPENSE  
 Loan Income 14,599
 Investment Income 3,686
 Other Income 3,245
 Total Employee Compensation & Benefits 6,573
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 12,790
 Non-operating Income & (Expense) 483
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 0
 Cost of Funds 1,109
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 1,541
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