Dec, 31, 2023 — IRCO COMMUNITY FEDERAL CREDIT UNION is a federal credit union headquartered in PHILLIPSBURG, NJ with 2 branch locations and about $94.30 million in total assets. Opened 58 years ago in 1966, IRCO COMMUNITY FEDERAL CREDIT UNION has about 7,291 members and employs 25 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | IRCO COMMUNITY FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 450 Hillcrest Blvd PHILLIPSBURG, NJ 08865 |
| Phone: | (908) 859-1811 |
| Fax: | (908) 859-2118 |
| Website: | https://www.ircocu.com |
| Branches: | 2 branch locations |
| Members: | 7,291 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 17395 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1966 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $94,304,003 |
| CEO/Manager: | Tracey S Smith |
| Chairperson: | George M Chando |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 3,954,224 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 39,287,926 |
| Unsecured Loans | 2,181,207 |
| Other Loans | 3,918,312 |
| TOTAL LOANS | 45,418,339 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -196,002 |
| Land And Building | 622,248 |
| Other Fixed Assets | 652,021 |
| NCUSIF Deposit | 883,227 |
| All Other Assets | 0 |
| TOTAL ASSETS | 94,304,003 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 1,785 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,135,962 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 16,730,922 |
| Regular shares | 62,394,727 |
| All Other Shares & Deposits | 7,043,988 |
| TOTAL SHARES & DEPOSITS | 86,169,637 |
| TOTAL LIABILITIES | 87,307,384 |
| Regular Reserve | 0 |
| Other Reserves | 42,911 |
| Undivided Earnings | 6,953,708 |
| TOTAL EQUITY | 6,996,619 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 94,304,003 |
| INCOME & EXPENSE | |
| Loan Income | 2,421,203 |
| Investment Income | 713,905 |
| Other Income | 471,281 |
| Total Employee Compensation & Benefits | 1,887,424 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 1,621,250 |
| Non-operating Income & (Expense) | 108,034 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 188,649 |
| Cost of Funds | 85,184 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 75,436 |
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