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I B E W LOCAL 56 FEDERAL CREDIT UNION

Jun, 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 $10.87 million in total assets. Opened 60 years ago in 1961, I B E W LOCAL 56 FEDERAL CREDIT UNION has about 1,585 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:1,585
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:$10,865,717
CEO/Manager:Charlene M Hedderick
Chairperson:Christian M Kossbiel

Call Report

  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 1,126,884
TOTAL INVESTMENTS 5,775,861
Loans Held for Sale 0
 
 Real Estate Loans 1,178,040
 Unsecured Loans 201,906
 Other Loans 2,433,408
 TOTAL LOANS 3,813,354
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -14,302
 Land And Building 13,293
 Other Fixed Assets 9,197
 NCUSIF Deposit 95,779
 All Other Assets 45,651
  TOTAL ASSETS 10,865,717
LIABILITIES & CAPITAL:  
 Dividends Payable 2,867
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 9,078
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 1,400,221
 Regular shares 7,234,534
 All Other Shares & Deposits 1,408,458
  TOTAL SHARES & DEPOSITS 10,043,213
  TOTAL LIABILITIES 10,055,158
 Regular Reserve 345,286
 Other Reserves 10,000
 Undivided Earnings 455,273
  TOTAL EQUITY 810,559
  TOTAL LIABILITIES, SHARES, & EQUITY 10,865,717
INCOME & EXPENSE  
 Loan Income 83,267
 Investment Income 41,624
 Other Income 13,015
 Total Employee Compensation & Benefits 50,818
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 63,918
 Non-operating Income & (Expense) 1,860
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 0
 Cost of Funds 7,775
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 19,530
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