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SEA COMM FEDERAL CREDIT UNION

Dec, 31, 2023 — SEA COMM FEDERAL CREDIT UNION is a federal credit union headquartered in MASSENA, NY with 9 branch locations and about $799.35 million in total assets. Opened 61 years ago in 1963, SEA COMM FEDERAL CREDIT UNION has about 54,208 members and employs 137 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:SEA COMM FEDERAL CREDIT UNION
Address:
(Main Office)
30 Stearns St
MASSENA, NY 13662-2310
Phone:(315) 764-0566
Fax:(315) 764-0152
Website:https://www.seacomm.org
Branches:9 branch locations
Members:54,208
Credit Union Type:Federal Credit Union
Charter Number:15672
Membership Type:Community - Rural District
Corporate Credit Union:No
Year Opened:1963
Last Audited:Dec 01, 2022
FHLB Member:Yes
Low Income Designation:No
Assets:$799,354,624
CEO/Manager:Scott A Wilson
Chairperson:Myron F Burns

Call Report

  • First Time Homebuyer Program
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 20,780,585
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 198,732,685
 Unsecured Loans 42,977,393
 Other Loans 196,515,827
 TOTAL LOANS 440,141,098
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -1,956,719
 Land And Building 20,377,287
 Other Fixed Assets 2,046,239
 NCUSIF Deposit 6,519,216
 All Other Assets 97,170
  TOTAL ASSETS 799,354,624
LIABILITIES & CAPITAL:  
 Dividends Payable 243,238
 Notes & Interest Payable 55,000,000
 Accounts Payable & Other Liabilities 7,542,256
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 118,665,486
 Regular shares 161,064,977
 All Other Shares & Deposits 381,449,219
  TOTAL SHARES & DEPOSITS 661,179,683
  TOTAL LIABILITIES 723,965,177
 Regular Reserve 0
 Other Reserves -39,612,463
 Undivided Earnings 115,001,910
  TOTAL EQUITY 75,389,447
  TOTAL LIABILITIES, SHARES, & EQUITY 799,354,624
INCOME & EXPENSE  
 Loan Income 23,220,088
 Investment Income 10,117,673
 Other Income 3,865,217
 Total Employee Compensation & Benefits 10,881,560
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 13,764,815
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 935,000
 Cost of Funds 9,383,026
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 7,607,826
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