Dec, 31, 2023 — LYNCHBURG MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION is a federal credit union headquartered in LYNCHBURG, VA with 2 branch locations and about $28.81 million in total assets. Opened 63 years ago in 1961, LYNCHBURG MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION has about 3,001 members and employs 8 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | LYNCHBURG MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION |
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Address: (Main Office) | 3176 Fort Ave LYNCHBURG, VA 24501 |
Phone: | (434) 845-1013 |
Fax: | (434) 845-3209 |
Website: | https://lmefcu.org |
Branches: | 2 branch locations |
Members: | 3,001 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 14623 |
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Membership Type: | Multiple common bond - Primarily federal, state, local government |
Corporate Credit Union: | No |
Year Opened: | 1961 |
Last Audited: | Jun 01, 2023 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $28,814,947 |
CEO/Manager: | Steven M Perrow |
Chairperson: | Melva C Walker |
ASSETS: | $ Amount |
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Cash & Equivalents | 1,365,194 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 3,097,292 |
Unsecured Loans | 2,938,675 |
Other Loans | 5,859,810 |
TOTAL LOANS | 11,895,777 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -141,001 |
Land And Building | 0 |
Other Fixed Assets | 64,324 |
NCUSIF Deposit | 269,668 |
All Other Assets | 0 |
TOTAL ASSETS | 28,814,947 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 7,900 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 161,248 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 4,003,842 |
Regular shares | 17,073,713 |
All Other Shares & Deposits | 4,403,696 |
TOTAL SHARES & DEPOSITS | 25,481,251 |
TOTAL LIABILITIES | 25,650,399 |
Regular Reserve | 0 |
Other Reserves | 457,183 |
Undivided Earnings | 2,707,365 |
TOTAL EQUITY | 3,164,548 |
TOTAL LIABILITIES, SHARES, & EQUITY | 28,814,947 |
INCOME & EXPENSE | |
Loan Income | 699,948 |
Investment Income | 411,091 |
Other Income | 94,987 |
Total Employee Compensation & Benefits | 378,540 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 704,172 |
Non-operating Income & (Expense) | 0 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 33,680 |
Cost of Funds | 54,345 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 117,920 |
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