Mar, 31, 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 $11.14 million in total assets. Opened 60 years ago in 1961, I B E W LOCAL 56 FEDERAL CREDIT UNION has about 1,591 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: | 1,591 |
| 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, 2020 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $11,139,879 |
| CEO/Manager: | Charlene M Hedderick |
| Chairperson: | Christian M Kossbiel |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,371,879 |
| TOTAL INVESTMENTS | 5,949,861 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 1,161,911 |
| Unsecured Loans | 204,881 |
| Other Loans | 2,323,185 |
| TOTAL LOANS | 3,689,977 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -14,302 |
| Land And Building | 7,884 |
| Other Fixed Assets | 9,910 |
| NCUSIF Deposit | 77,926 |
| All Other Assets | 46,744 |
| TOTAL ASSETS | 11,139,879 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 2,752 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 8,073 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 1,588,437 |
| Regular shares | 7,264,772 |
| All Other Shares & Deposits | 1,473,301 |
| TOTAL SHARES & DEPOSITS | 10,326,510 |
| TOTAL LIABILITIES | 10,337,335 |
| Regular Reserve | 345,286 |
| Other Reserves | 10,000 |
| Undivided Earnings | 447,258 |
| TOTAL EQUITY | 802,544 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 11,139,879 |
| INCOME & EXPENSE | |
| Loan Income | 40,986 |
| Investment Income | 21,562 |
| Other Income | 6,443 |
| Total Employee Compensation & Benefits | 24,074 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 31,564 |
| Non-operating Income & (Expense) | 930 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 0 |
| Cost of Funds | 3,883 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 11,514 |
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