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WELLSPRING FEDERAL CREDIT UNION

Mar, 31, 2021 — WELLSPRING FEDERAL CREDIT UNION is a federal credit union headquartered in Bridge City, TX with 4 branch locations and about $66.90 million in total assets. Opened 63 years ago in 1958, WELLSPRING FEDERAL CREDIT UNION has about 6,603 members and employs 23 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:WELLSPRING FEDERAL CREDIT UNION
Address:
(Main Office)
150 East Roundbunch Road
Bridge City, TX 77611
Phone:(409) 697-2461
Fax:(409) 697-1538
Website:http://www.wellspringcu.com
Branches:4 branch locations
Members:6,603
Credit Union Type:Federal Credit Union
Charter Number:12181
Membership Type:Community credit unions, urban or rural, other than those designated 'low income'
Corporate Credit Union:No
Year Opened:1958
Last Audited:Sep 01, 2020
FHLB Member:No
Low Income Designation:No
Assets:$66,898,368
CEO/Manager:David L Meaux
Chairperson:Stephen Gault

Call Report

  • Indirect Consumer Loans
  • Overdraft Protection
  • Real Estate Loans
  • Risk Based Loans
  • Share Secured Credit Cards
  • Payday Alternative Loans (PAL Loans)
  • ATM/Debit Card Program
  • Commercial Share Accounts
  • Check Cashing
  • First Time Homebuyer Program
  • Insurance/Investment Sales
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 16,268,613
TOTAL INVESTMENTS 6,163,513
Loans Held for Sale 0
 
 Real Estate Loans 2,377,295
 Unsecured Loans 5,812,925
 Other Loans 33,322,751
 TOTAL LOANS 41,512,971
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -383,694
 Land And Building 2,105,936
 Other Fixed Assets 236,296
 NCUSIF Deposit 527,091
 All Other Assets 467,642
  TOTAL ASSETS 66,898,368
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 1,237,244
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 15,627,712
 Regular shares 32,295,043
 All Other Shares & Deposits 12,620,195
  TOTAL SHARES & DEPOSITS 60,542,950
  TOTAL LIABILITIES 61,780,194
 Regular Reserve 470,468
 Other Reserves 0
 Undivided Earnings 4,647,706
  TOTAL EQUITY 5,118,174
  TOTAL LIABILITIES, SHARES, & EQUITY 66,898,368
INCOME & EXPENSE  
 Loan Income 643,748
 Investment Income 5,772
 Other Income 102,814
 Total Employee Compensation & Benefits 309,906
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 511,788
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 52,589
 Cost of Funds 58,677
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 102,555
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