Dec, 31, 2020 — CORNERSTONE COMMUNITY FEDERAL CREDIT UNION is a federal credit union headquartered in LOCKPORT, NY with 6 branch locations and about $515.19 million in total assets. Opened 64 years ago in 1957, CORNERSTONE COMMUNITY FEDERAL CREDIT UNION has about 45,486 members and employs 121 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | CORNERSTONE COMMUNITY FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | PO BOX 830 LOCKPORT, NY 14095-0830 |
| Phone: | (716) 434-2290 |
| Fax: | (716) 434-8297 |
| Website: | http://cornerstonecommunityfcu.org |
| Branches: | 6 branch locations |
| Members: | 45,486 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 11723 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1957 |
| Last Audited: | Dec 01, 2019 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $515,187,825 |
| CEO/Manager: | Eric Hepkins |
| Chairperson: | David M Nemi |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 50,107,470 |
| TOTAL INVESTMENTS | 186,842,079 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 111,822,918 |
| Unsecured Loans | 37,075,321 |
| Other Loans | 106,818,654 |
| TOTAL LOANS | 255,769,510 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -2,471,337 |
| Land And Building | 7,855,904 |
| Other Fixed Assets | 494,545 |
| NCUSIF Deposit | 4,475,857 |
| All Other Assets | 12,113,797 |
| TOTAL ASSETS | 515,187,825 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 2,591,791 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 91,560,852 |
| Regular shares | 264,941,614 |
| All Other Shares & Deposits | 118,350,776 |
| TOTAL SHARES & DEPOSITS | 474,853,242 |
| TOTAL LIABILITIES | 477,445,033 |
| Regular Reserve | 6,373,734 |
| Other Reserves | 8,383,223 |
| Undivided Earnings | 22,985,835 |
| TOTAL EQUITY | 37,742,792 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 515,187,825 |
| INCOME & EXPENSE | |
| Loan Income | 11,636,769 |
| Investment Income | 2,841,069 |
| Other Income | 5,605,825 |
| Total Employee Compensation & Benefits | 9,775,032 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 7,311,339 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 35,000 |
| Cost of Funds | 365,464 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 2,596,828 |
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