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VELOCITY COMMUNITY FEDERAL CREDIT UNION

Dec, 31, 2020 — VELOCITY COMMUNITY FEDERAL CREDIT UNION is a federal credit union headquartered in PALM BEACH GARD, FL with 4 branch locations and about $410.48 million in total assets. Opened 63 years ago in 1958, VELOCITY COMMUNITY FEDERAL CREDIT UNION has about 22,425 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:22,425
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:$410,484,849
CEO/Manager:Jeff Marshall
Chairperson:Roger P Sither

Call Report

  • Credit Builder
  • Overdraft Protection
  • 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 76,608,944
TOTAL INVESTMENTS 132,264,552
Loans Held for Sale 0
 
 Real Estate Loans 81,044,868
 Unsecured Loans 20,348,616
 Other Loans 90,199,847
 TOTAL LOANS 191,593,331
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -820,547
 Land And Building 4,272,773
 Other Fixed Assets 817,854
 NCUSIF Deposit 3,242,014
 All Other Assets 2,505,928
  TOTAL ASSETS 410,484,849
LIABILITIES & CAPITAL:  
 Dividends Payable 26,866
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 3,926,294
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 88,108,343
 Regular shares 176,860,816
 All Other Shares & Deposits 95,777,610
  TOTAL SHARES & DEPOSITS 360,746,769
  TOTAL LIABILITIES 364,699,929
 Regular Reserve 5,695,929
 Other Reserves 30,428,580
 Undivided Earnings 9,660,411
  TOTAL EQUITY 45,784,920
  TOTAL LIABILITIES, SHARES, & EQUITY 410,484,849
INCOME & EXPENSE  
 Loan Income 8,855,545
 Investment Income 2,696,264
 Other Income 3,958,157
 Total Employee Compensation & Benefits 7,188,849
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 6,390,265
 Non-operating Income & (Expense) 178,717
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 258,400
 Cost of Funds 778,622
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 1,072,547
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