Dec, 31, 2023 — MEMPHIS MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION is a federal credit union headquartered in MEMPHIS, TN with 1 branch location and about $15.51 million in total assets. Opened 61 years ago in 1963, MEMPHIS MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION has about 3,081 members and employs 7 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MEMPHIS MUNICIPAL EMPLOYEES FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 577 Dr Ml King Jr Ave MEMPHIS, TN 38126-1942 |
| Phone: | (901) 528-2816 |
| Fax: | (901) 528-2826 |
| Website: | https://www.mmefcu.org |
| Branches: | 1 branch locations |
| Members: | 3,081 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 15433 |
|---|---|
| Membership Type: | Multiple common bond - Primarily federal, state, local government |
| Corporate Credit Union: | No |
| Year Opened: | 1963 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $15,514,496 |
| CEO/Manager: | Delphine L Price |
| Chairperson: | Charlette E Johnson |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,506,437 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 0 |
| Unsecured Loans | 1,449,379 |
| Other Loans | 4,312,515 |
| TOTAL LOANS | 5,761,894 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -141,123 |
| Land And Building | 47,989 |
| Other Fixed Assets | 17,173 |
| NCUSIF Deposit | 135,824 |
| All Other Assets | 0 |
| TOTAL ASSETS | 15,514,496 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 886 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 231,869 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 2,104,656 |
| Regular shares | 9,088,273 |
| All Other Shares & Deposits | 890,759 |
| TOTAL SHARES & DEPOSITS | 12,083,688 |
| TOTAL LIABILITIES | 12,316,443 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 3,198,053 |
| TOTAL EQUITY | 3,198,053 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 15,514,496 |
| INCOME & EXPENSE | |
| Loan Income | 385,061 |
| Investment Income | 273,387 |
| Other Income | 193,189 |
| Total Employee Compensation & Benefits | 365,471 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 756,786 |
| Non-operating Income & (Expense) | 24,644 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 119,924 |
| Cost of Funds | 8,106 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -374,006 |
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