Sep, 30, 2021 — I B E W LOCAL 56 FEDERAL CREDIT UNION is a federal credit union headquartered in ERIE, PA with 1 branch location and about $11.33 million in total assets. Opened 61 years ago in 1961, I B E W LOCAL 56 FEDERAL CREDIT UNION has about 1,593 members and employs 3 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | I B E W LOCAL 56 FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 962 WEST 20TH STREET ERIE, PA 16502 |
| Phone: | (814) 455-2270 |
| Fax: | (814) 455-4307 |
| Website: | https://ibew56fcu.org |
| Branches: | 1 branch locations |
| Members: | 1,593 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 14247 |
|---|---|
| Membership Type: | Multiple common bond - Primarily finance, insurance, real estate, trade |
| Corporate Credit Union: | No |
| Year Opened: | 1961 |
| Last Audited: | Jun 01, 2021 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $11,326,806 |
| CEO/Manager: | Charlene M Hedderick |
| Chairperson: | Christian M Kossbiel |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 938,883 |
| TOTAL INVESTMENTS | 6,324,861 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 1,160,766 |
| Unsecured Loans | 213,078 |
| Other Loans | 2,549,504 |
| TOTAL LOANS | 3,923,348 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -14,302 |
| Land And Building | 12,586 |
| Other Fixed Assets | 8,621 |
| NCUSIF Deposit | 95,779 |
| All Other Assets | 37,030 |
| TOTAL ASSETS | 11,326,806 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 2,939 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 12,217 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 1,470,584 |
| Regular shares | 7,571,289 |
| All Other Shares & Deposits | 1,436,594 |
| TOTAL SHARES & DEPOSITS | 10,478,467 |
| TOTAL LIABILITIES | 10,493,623 |
| Regular Reserve | 345,286 |
| Other Reserves | 10,000 |
| Undivided Earnings | 477,897 |
| TOTAL EQUITY | 833,183 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 11,326,806 |
| INCOME & EXPENSE | |
| Loan Income | 127,569 |
| Investment Income | 59,485 |
| Other Income | 19,395 |
| Total Employee Compensation & Benefits | 74,130 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 95,952 |
| Non-operating Income & (Expense) | 14,055 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 0 |
| Cost of Funds | 11,577 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 42,154 |
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