LAUNCH FEDERAL CREDIT UNION is no longer an active credit union according to the NCUA. If available, you can view their website at https://launchfcu.com for more information.
Dec, 31, 2023 — LAUNCH FEDERAL CREDIT UNION is a federal credit union headquartered in MERRITT ISLAND, FL with 16 branch locations and about $869.46 million in total assets. Opened 61 years ago in 1963, LAUNCH FEDERAL CREDIT UNION has about 69,256 members and employs 261 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | LAUNCH FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 300 S PLUMOSA ST MERRITT ISLAND, FL 32952 |
| Phone: | (321) 455-9400 |
| Fax: | (321) 452-7007 |
| Website: | https://launchfcu.com |
| Branches: | 16 branch locations |
| Members: | 69,256 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 15605 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1963 |
| Last Audited: | Jun 01, 2020 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $869,457,230 |
| CEO/Manager: | Joseph Mirachi |
| Chairperson: | Charles E Jenkins |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 56,231,697 |
| TOTAL INVESTMENTS | 196,530,257 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 249,737,487 |
| Unsecured Loans | 59,975,318 |
| Other Loans | 246,951,327 |
| TOTAL LOANS | 556,664,132 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -4,573,668 |
| Land And Building | 21,033,039 |
| Other Fixed Assets | 15,050,040 |
| NCUSIF Deposit | 6,577,727 |
| All Other Assets | 21,944,006 |
| TOTAL ASSETS | 869,457,230 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 8,760,455 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 190,052,902 |
| Regular shares | 508,103,596 |
| All Other Shares & Deposits | 60,956,863 |
| TOTAL SHARES & DEPOSITS | 759,113,361 |
| TOTAL LIABILITIES | 767,873,816 |
| Regular Reserve | 47,100,841 |
| Other Reserves | 240,027 |
| Undivided Earnings | 54,242,546 |
| TOTAL EQUITY | 101,583,414 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 869,457,230 |
| INCOME & EXPENSE | |
| Loan Income | 14,703,974 |
| Investment Income | 1,373,717 |
| Other Income | 4,550,785 |
| Total Employee Compensation & Benefits | 9,047,579 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 8,747,099 |
| Non-operating Income & (Expense) | -78,348 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,714,676 |
| Cost of Funds | 840,930 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 199,844 |
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