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I B E W LOCAL 56 FEDERAL CREDIT UNION

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

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 1,371,879
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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