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VIRGINIA BEACH SCHOOLS FEDERAL CREDIT UNION

Mar, 31, 2022 — VIRGINIA BEACH SCHOOLS FEDERAL CREDIT UNION is a federal credit union headquartered in Virginia Beach, VA with 2 branch locations and about $115.22 million in total assets. Opened 62 years ago in 1960, VIRGINIA BEACH SCHOOLS FEDERAL CREDIT UNION has about 7,010 members and employs 31 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:VIRGINIA BEACH SCHOOLS FEDERAL CREDIT UNION
Address:
(Main Office)
3701 Bonney Rd
Virginia Beach, VA 23452-3405
Phone:(757) 463-3650
Fax:(757) 463-2169
Website:http://www.vbsfcu.org
Branches:2 branch locations
Members:7,010
Credit Union Type:Federal Credit Union
Charter Number:13772
Membership Type:Multiple common bond - Primarily educational
Corporate Credit Union:No
Year Opened:1960
Last Audited:Dec 01, 2020
FHLB Member:No
Low Income Designation:No
Assets:$115,221,758
CEO/Manager:Brian Clark
Chairperson:Catherine S Rogers

Call Report

  • Payday Alternative Loans (PAL Loans)
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 23,480,497
TOTAL INVESTMENTS 49,763,156
Loans Held for Sale 0
 
 Real Estate Loans 7,762,488
 Unsecured Loans 1,790,339
 Other Loans 26,685,045
 TOTAL LOANS 36,237,872
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -531,475
 Land And Building 1,505,579
 Other Fixed Assets 127,912
 NCUSIF Deposit 1,028,861
 All Other Assets 3,609,356
  TOTAL ASSETS 115,221,758
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 709,313
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 26,706,869
 Regular shares 58,548,075
 All Other Shares & Deposits 21,256,975
  TOTAL SHARES & DEPOSITS 106,511,919
  TOTAL LIABILITIES 107,221,232
 Regular Reserve 1,088,472
 Other Reserves 66,208
 Undivided Earnings 6,845,846
  TOTAL EQUITY 8,000,526
  TOTAL LIABILITIES, SHARES, & EQUITY 115,221,758
INCOME & EXPENSE  
 Loan Income 1,159,165
 Investment Income 563,795
 Other Income 378,544
 Total Employee Compensation & Benefits 1,423,772
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 1,031,347
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense -71,566
 Cost of Funds 10,500
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 235,532
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