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DESCO FEDERAL CREDIT UNION

Dec, 31, 2020 — DESCO FEDERAL CREDIT UNION is a federal credit union headquartered in PORTSMOUTH, OH with 7 branch locations and about $369.33 million in total assets. Opened 58 years ago in 1963, DESCO FEDERAL CREDIT UNION has about 23,554 members and employs 107 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)
P.O. BOX 1546
PORTSMOUTH, OH 45662
Phone:(740) 354-7791
Fax:(740) 353-0745
Website:http://www.descofcu.org
Branches:7 branch locations
Members:23,554
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, 2020
FHLB Member:Yes
Low Income Designation:No
Assets:$369,334,069
CEO/Manager:Lee R Powell
Chairperson:Richard N Bussa

Call Report

  • Commercial Loans
  • Indirect Consumer Loans
  • Interest Only or Payment Option 1st Mortgage Loans
  • Overdraft Protection
  • Participation Loans
  • Real Estate Loans
  • ATM/Debit Card Program
  • Commercial Share Accounts
  • Check Cashing
  • Health Savings Accounts
  • Insurance/Investment Sales
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 33,795,146
TOTAL INVESTMENTS 58,642,668
Loans Held for Sale 0
 
 Real Estate Loans 194,589,920
 Unsecured Loans 11,465,963
 Other Loans 33,350,995
 TOTAL LOANS 249,675,884
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -1,443,473
 Land And Building 10,353,410
 Other Fixed Assets 649,377
 NCUSIF Deposit 3,060,145
 All Other Assets 14,600,912
  TOTAL ASSETS 369,334,069
LIABILITIES & CAPITAL:  
 Dividends Payable 334,873
 Notes & Interest Payable 287,352
 Accounts Payable & Other Liabilities 1,180,459
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 143,503,148
 Regular shares 119,002,825
 All Other Shares & Deposits 67,832,222
  TOTAL SHARES & DEPOSITS 330,338,195
  TOTAL LIABILITIES 332,140,879
 Regular Reserve 22,531,654
 Other Reserves -2,250,027
 Undivided Earnings 16,911,563
  TOTAL EQUITY 37,193,190
  TOTAL LIABILITIES, SHARES, & EQUITY 369,334,069
INCOME & EXPENSE  
 Loan Income 10,179,503
 Investment Income 1,069,804
 Other Income 4,890,544
 Total Employee Compensation & Benefits 6,492,752
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 5,136,900
 Non-operating Income & (Expense) -4,537
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 650,000
 Cost of Funds 1,326,376
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 2,529,286
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