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VELOCITY COMMUNITY FEDERAL CREDIT UNION

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.


ABA Routing Number: 267083271
Name:VELOCITY COMMUNITY FEDERAL CREDIT UNION
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
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

Call Report

  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
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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