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WELLSPRING FEDERAL CREDIT UNION

Dec, 31, 2020 — WELLSPRING FEDERAL CREDIT UNION is a federal credit union headquartered in Bridge City, TX with 4 branch locations and about $62.33 million in total assets. Opened 63 years ago in 1958, WELLSPRING FEDERAL CREDIT UNION has about 6,583 members and employs 25 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:6,583
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:$62,331,528
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 13,168,072
TOTAL INVESTMENTS 2,795,060
Loans Held for Sale 0
 
 Real Estate Loans 2,337,497
 Unsecured Loans 6,198,904
 Other Loans 33,206,678
 TOTAL LOANS 41,743,079
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -413,513
 Land And Building 2,127,863
 Other Fixed Assets 218,495
 NCUSIF Deposit 527,091
 All Other Assets 2,165,381
  TOTAL ASSETS 62,331,528
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 1,237,680
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 15,046,258
 Regular shares 28,599,389
 All Other Shares & Deposits 12,432,173
  TOTAL SHARES & DEPOSITS 56,077,820
  TOTAL LIABILITIES 57,315,500
 Regular Reserve 470,468
 Other Reserves 0
 Undivided Earnings 4,545,560
  TOTAL EQUITY 5,016,028
  TOTAL LIABILITIES, SHARES, & EQUITY 62,331,528
INCOME & EXPENSE  
 Loan Income 2,661,338
 Investment Income 53,817
 Other Income 1,698,660
 Total Employee Compensation & Benefits 1,320,661
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 2,040,822
 Non-operating Income & (Expense) 39,076
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 441,743
 Cost of Funds 282,576
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 367,089
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