Dec, 31, 2023 — XCEL FEDERAL CREDIT UNION is a federal credit union headquartered in BLOOMFIELD, NJ with 2 branch locations and about $183.33 million in total assets. Opened 60 years ago in 1964, XCEL FEDERAL CREDIT UNION has about 12,110 members and employs 31 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | XCEL FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 1460 Broad St BLOOMFIELD, NJ 07003 |
| Phone: | (973) 275-9235 |
| Fax: | (973) 528-8772 |
| Website: | https://www.xcelfcu.org |
| Branches: | 2 branch locations |
| Members: | 12,110 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 16218 |
|---|---|
| Membership Type: | Multiple common bond - Primarily federal, state, local government |
| Corporate Credit Union: | No |
| Year Opened: | 1964 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $183,327,104 |
| CEO/Manager: | Michael Mahiya |
| Chairperson: | Phyllis H Ford |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 11,730,806 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 65,113,649 |
| Unsecured Loans | 28,545,407 |
| Other Loans | 23,033,725 |
| TOTAL LOANS | 116,692,781 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,042,955 |
| Land And Building | 4,583,133 |
| Other Fixed Assets | 410,315 |
| NCUSIF Deposit | 1,592,773 |
| All Other Assets | 0 |
| TOTAL ASSETS | 183,327,104 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 939,975 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 36,483,331 |
| Regular shares | 71,414,253 |
| All Other Shares & Deposits | 60,626,374 |
| TOTAL SHARES & DEPOSITS | 168,523,958 |
| TOTAL LIABILITIES | 169,463,933 |
| Regular Reserve | 0 |
| Other Reserves | -2,108,846 |
| Undivided Earnings | 15,972,017 |
| TOTAL EQUITY | 13,863,171 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 183,327,104 |
| INCOME & EXPENSE | |
| Loan Income | 7,356,090 |
| Investment Income | 1,576,580 |
| Other Income | 1,215,061 |
| Total Employee Compensation & Benefits | 4,050,067 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 4,230,927 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 303,612 |
| Cost of Funds | 1,349,544 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 672,168 |
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