Dec, 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 $11.25 million in total assets. Opened 61 years ago in 1961, I B E W LOCAL 56 FEDERAL CREDIT UNION has about 1,580 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 W 20TH ST ERIE, PA 16502-2401 |
| Phone: | (814) 455-2270 |
| Fax: | (814) 455-4307 |
| Website: | https://ibew56fcu.org |
| Branches: | 1 branch locations |
| Members: | 1,580 |
| 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: | $11,246,236 |
| CEO/Manager: | Charlene M Hedderick |
| Chairperson: | Christian M Kossbiel |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 942,107 |
| TOTAL INVESTMENTS | 6,471,861 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 1,023,581 |
| Unsecured Loans | 204,860 |
| Other Loans | 2,463,360 |
| TOTAL LOANS | 3,691,801 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -14,302 |
| Land And Building | 12,019 |
| Other Fixed Assets | 8,558 |
| NCUSIF Deposit | 95,779 |
| All Other Assets | 38,413 |
| TOTAL ASSETS | 11,246,236 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 3,009 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 9,369 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 1,501,892 |
| Regular shares | 7,523,449 |
| All Other Shares & Deposits | 1,370,670 |
| TOTAL SHARES & DEPOSITS | 10,396,011 |
| TOTAL LIABILITIES | 10,408,389 |
| Regular Reserve | 345,286 |
| Other Reserves | 10,000 |
| Undivided Earnings | 482,561 |
| TOTAL EQUITY | 837,847 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 11,246,236 |
| INCOME & EXPENSE | |
| Loan Income | 172,760 |
| Investment Income | 76,556 |
| Other Income | 26,193 |
| Total Employee Compensation & Benefits | 101,357 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 131,124 |
| Non-operating Income & (Expense) | 14,985 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 0 |
| Cost of Funds | 15,390 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 46,818 |
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