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I B E W LOCAL 56 FEDERAL CREDIT UNION

Dec, 31, 2020 — I B E W LOCAL 56 FEDERAL CREDIT UNION is a federal credit union headquartered in ERIE, PA with 1 branch location and about $10.38 million in total assets. Opened 60 years ago in 1961, I B E W LOCAL 56 FEDERAL CREDIT UNION has about 1,599 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:1,599
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:$10,381,779
CEO/Manager:Charlene M Hedderick
Chairperson:Christian M Kossbiel

Call Report

  • Micro Consumer Loans
  • Real Estate Loans
  • Risk Based Loans
  • ATM/Debit Card Program
  • Commercial Share Accounts
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 1,085,363
TOTAL INVESTMENTS 5,401,861
Loans Held for Sale 0
 
 Real Estate Loans 1,271,014
 Unsecured Loans 229,295
 Other Loans 2,287,992
 TOTAL LOANS 3,788,301
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -14,302
 Land And Building 8,429
 Other Fixed Assets 10,771
 NCUSIF Deposit 77,926
 All Other Assets 23,430
  TOTAL ASSETS 10,381,779
LIABILITIES & CAPITAL:  
 Dividends Payable 3,134
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 9,700
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 1,395,477
 Regular shares 6,684,656
 All Other Shares & Deposits 1,497,783
  TOTAL SHARES & DEPOSITS 9,577,916
  TOTAL LIABILITIES 9,590,750
 Regular Reserve 345,286
 Other Reserves 10,000
 Undivided Earnings 435,743
  TOTAL EQUITY 791,029
  TOTAL LIABILITIES, SHARES, & EQUITY 10,381,779
INCOME & EXPENSE  
 Loan Income 171,433
 Investment Income 103,125
 Other Income 25,296
 Total Employee Compensation & Benefits 99,606
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 131,510
 Non-operating Income & (Expense) 3,720
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 5,648
 Cost of Funds 17,097
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 49,713
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