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VELOCITY COMMUNITY FEDERAL CREDIT UNION

Mar, 31, 2021 — VELOCITY COMMUNITY FEDERAL CREDIT UNION is a federal credit union headquartered in PALM BEACH GARD, FL with 4 branch locations and about $434.66 million in total assets. Opened 63 years ago in 1958, VELOCITY COMMUNITY FEDERAL CREDIT UNION has about 22,521 members and employs 78 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


ABA Routing Number: 267083271
Name:VELOCITY COMMUNITY FEDERAL CREDIT UNION
Address:
(Main Office)
PO BOX 30669
PALM BEACH GARD, FL 33420-0669
Phone:(561) 775-2525
Fax:(561) 624-1753
Website:http://www.velocitycommunity.org
Branches:4 branch locations
Members:22,521
Credit Union Type:Federal Credit Union
Charter Number:12458
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:Yes
Low Income Designation:No
Assets:$434,659,154
CEO/Manager:Jeff Marshall
Chairperson:Roger P Sither

Call Report

  • Credit Builder
  • Overdraft Protection
  • Participation Loans
  • Real Estate Loans
  • Risk Based Loans
  • Share Secured Credit Cards
  • ATM/Debit Card Program
  • Health Savings Accounts
  • Insurance/Investment Sales
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 100,974,916
TOTAL INVESTMENTS 134,779,276
Loans Held for Sale 0
 
 Real Estate Loans 81,344,569
 Unsecured Loans 19,532,252
 Other Loans 88,430,254
 TOTAL LOANS 189,307,075
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -787,173
 Land And Building 4,213,705
 Other Fixed Assets 739,202
 NCUSIF Deposit 3,242,014
 All Other Assets 2,190,139
  TOTAL ASSETS 434,659,154
LIABILITIES & CAPITAL:  
 Dividends Payable 13,562
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 3,378,815
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 92,761,914
 Regular shares 192,078,980
 All Other Shares & Deposits 100,540,940
  TOTAL SHARES & DEPOSITS 385,381,834
  TOTAL LIABILITIES 388,774,211
 Regular Reserve 5,695,929
 Other Reserves 30,428,580
 Undivided Earnings 9,760,434
  TOTAL EQUITY 45,884,943
  TOTAL LIABILITIES, SHARES, & EQUITY 434,659,154
INCOME & EXPENSE  
 Loan Income 2,095,537
 Investment Income 565,738
 Other Income 309,053
 Total Employee Compensation & Benefits 1,762,413
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 1,497,958
 Non-operating Income & (Expense) 4
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 41,000
 Cost of Funds 167,643
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 100,022
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