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National Credit Union Service Organization

LAUNCH FEDERAL CREDIT UNION

Mar, 31, 2021 — 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 58 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.


ABA Routing Number: 263179532
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:http://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

Call Report

  • Commercial Loans
  • Indirect Consumer Loans
  • Interest Only or Payment Option 1st Mortgage Loans
  • Overdraft Protection
  • Real Estate Loans
  • Risk Based Loans
  • ATM/Debit Card Program
  • Commercial Share Accounts
  • Check Cashing
  • First Time Homebuyer Program
  • In-School Branches
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
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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