Dec, 31, 2023 — VELOCITY COMMUNITY FEDERAL CREDIT UNION is a federal credit union headquartered in PALM BEACH GARDENS, FL with 3 branch locations and about $488.00 million in total assets. Opened 66 years ago in 1958, VELOCITY COMMUNITY FEDERAL CREDIT UNION has about 24,415 members and employs 84 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | VELOCITY COMMUNITY FEDERAL CREDIT UNION |
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Address: (Main Office) | 2801 PGA BLVD STE 120 PALM BEACH GARDENS, FL 33410 |
Phone: | (561) 775-2525 |
Fax: | (561) 624-1753 |
Website: | https://www.velocitycommunity.org |
Branches: | 3 branch locations |
Members: | 24,415 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 12458 |
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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, 2023 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $487,997,465 |
CEO/Manager: | Jeff Marshall |
Chairperson: | Roger P Sither |
ASSETS: | $ Amount |
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Cash & Equivalents | 38,449,172 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 88,224,856 |
Unsecured Loans | 29,907,636 |
Other Loans | 179,400,995 |
TOTAL LOANS | 297,533,487 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,460,466 |
Land And Building | 3,605,223 |
Other Fixed Assets | 1,332,025 |
NCUSIF Deposit | 3,838,211 |
All Other Assets | 10,998 |
TOTAL ASSETS | 487,997,465 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 1,040,889 |
Notes & Interest Payable | 15,000,000 |
Accounts Payable & Other Liabilities | 5,611,221 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 91,540,849 |
Regular shares | 193,053,456 |
All Other Shares & Deposits | 129,340,238 |
TOTAL SHARES & DEPOSITS | 413,934,543 |
TOTAL LIABILITIES | 435,601,077 |
Regular Reserve | 0 |
Other Reserves | 30,428,580 |
Undivided Earnings | 21,967,808 |
TOTAL EQUITY | 52,396,388 |
TOTAL LIABILITIES, SHARES, & EQUITY | 487,997,465 |
INCOME & EXPENSE | |
Loan Income | 13,847,396 |
Investment Income | 4,495,012 |
Other Income | 1,305,281 |
Total Employee Compensation & Benefits | 6,360,701 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 7,913,954 |
Non-operating Income & (Expense) | 571,257 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 929,745 |
Cost of Funds | 2,635,382 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 5,044,411 |
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