Dec, 31, 2023 — DESCO FEDERAL CREDIT UNION is a federal credit union headquartered in PORTSMOUTH, OH with 8 branch locations and about $462.63 million in total assets. Opened 61 years ago in 1963, DESCO FEDERAL CREDIT UNION has about 24,986 members and employs 116 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | DESCO FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 401 Chillicothe St PORTSMOUTH, OH 45662 |
| Phone: | (740) 354-7791 |
| Fax: | (740) 353-0745 |
| Website: | https://www.descofcu.org |
| Branches: | 8 branch locations |
| Members: | 24,986 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 15882 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1963 |
| Last Audited: | Sep 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $462,626,440 |
| CEO/Manager: | Lee R Powell |
| Chairperson: | Richard N Bussa |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 59,803,258 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 243,504,259 |
| Unsecured Loans | 14,142,626 |
| Other Loans | 49,060,618 |
| TOTAL LOANS | 322,208,860 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,079,377 |
| Land And Building | 12,987,529 |
| Other Fixed Assets | 928,249 |
| NCUSIF Deposit | 3,788,454 |
| All Other Assets | 0 |
| TOTAL ASSETS | 462,626,440 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 1,800,074 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 4,374,965 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 149,561,545 |
| Regular shares | 124,709,325 |
| All Other Shares & Deposits | 135,382,174 |
| TOTAL SHARES & DEPOSITS | 409,653,045 |
| TOTAL LIABILITIES | 415,828,084 |
| Regular Reserve | 0 |
| Other Reserves | 17,096,198 |
| Undivided Earnings | 29,702,158 |
| TOTAL EQUITY | 46,798,356 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 462,626,440 |
| INCOME & EXPENSE | |
| Loan Income | 15,309,361 |
| Investment Income | 4,731,402 |
| Other Income | 3,520,297 |
| Total Employee Compensation & Benefits | 7,866,805 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 6,754,695 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 70,000 |
| Cost of Funds | 6,256,513 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 4,954,378 |
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