Dec, 31, 2023 — CHARTWAY FEDERAL CREDIT UNION is a federal credit union headquartered in VIRGINIA BEACH, VA with 40 branch locations and about $2.89 billion in total assets. Opened 65 years ago in 1959, CHARTWAY FEDERAL CREDIT UNION has about 233,562 members and employs 568 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | CHARTWAY FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 5700 Cleveland St VIRGINIA BEACH, VA 23462-1752 |
| Phone: | (757) 552-1000 |
| Fax: | (757) 497-0158 |
| Website: | https://www.chartway.com |
| Branches: | 40 branch locations |
| Members: | 233,562 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 13242 |
|---|---|
| Membership Type: | Multiple common bond - Primarily military |
| Corporate Credit Union: | No |
| Year Opened: | 1959 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $2,893,290,097 |
| CEO/Manager: | Brian T Schools |
| Chairperson: | Nancy McMahon |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 85,446,978 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 54,000 |
| Real Estate Loans | 479,795,923 |
| Unsecured Loans | 524,410,029 |
| Other Loans | 1,452,554,800 |
| TOTAL LOANS | 2,456,760,752 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -30,899,579 |
| Land And Building | 35,524,779 |
| Other Fixed Assets | 11,002,461 |
| NCUSIF Deposit | 22,761,606 |
| All Other Assets | 1,824,960 |
| TOTAL ASSETS | 2,893,290,097 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 421,183 |
| Notes & Interest Payable | 15,000,000 |
| Accounts Payable & Other Liabilities | 31,255,350 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 582,150,986 |
| Regular shares | 675,186,264 |
| All Other Shares & Deposits | 1,360,161,788 |
| TOTAL SHARES & DEPOSITS | 2,617,499,038 |
| TOTAL LIABILITIES | 2,664,175,571 |
| Regular Reserve | 0 |
| Other Reserves | 13,008,934 |
| Undivided Earnings | 216,105,592 |
| TOTAL EQUITY | 229,114,526 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 2,893,290,097 |
| INCOME & EXPENSE | |
| Loan Income | 123,331,335 |
| Investment Income | 4,531,048 |
| Other Income | 14,977,137 |
| Total Employee Compensation & Benefits | 44,001,907 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 54,666,192 |
| Non-operating Income & (Expense) | 7,196,997 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 22,000,655 |
| Cost of Funds | 29,774,657 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 17,904,728 |
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