Dec, 31, 2023 — SOUTH FLORIDA EDUCATIONAL FEDERAL CREDIT UNION is a federal credit union headquartered in MIAMI, FL with 7 branch locations and about $1.61 billion in total assets. Opened 89 years ago in 1935, SOUTH FLORIDA EDUCATIONAL FEDERAL CREDIT UNION has about 99,280 members and employs 319 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SOUTH FLORIDA EDUCATIONAL FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 7800 SW 117th Ave MIAMI, FL 33183-3825 |
| Phone: | (305) 270-5200 |
| Fax: | |
| Website: | https://www.edfed.org |
| Branches: | 7 branch locations |
| Members: | 99,280 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 176 |
|---|---|
| Membership Type: | Multiple common bond - Primarily educational |
| Corporate Credit Union: | No |
| Year Opened: | 1935 |
| Last Audited: | Mar 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $1,607,112,126 |
| CEO/Manager: | Michael DiBenedetto |
| Chairperson: | Claude Archer |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 171,145,086 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 479,489,878 |
| Unsecured Loans | 66,357,818 |
| Other Loans | 288,594,466 |
| TOTAL LOANS | 834,442,162 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -4,480,776 |
| Land And Building | 23,166,095 |
| Other Fixed Assets | 4,933,368 |
| NCUSIF Deposit | 13,040,985 |
| All Other Assets | 0 |
| TOTAL ASSETS | 1,607,112,126 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 552,562 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 24,324,078 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 318,195,805 |
| Regular shares | 786,812,290 |
| All Other Shares & Deposits | 263,467,038 |
| TOTAL SHARES & DEPOSITS | 1,368,475,133 |
| TOTAL LIABILITIES | 1,393,356,507 |
| Regular Reserve | 0 |
| Other Reserves | -41,653,269 |
| Undivided Earnings | 255,408,888 |
| TOTAL EQUITY | 213,755,619 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,607,112,126 |
| INCOME & EXPENSE | |
| Loan Income | 36,746,239 |
| Investment Income | 14,478,687 |
| Other Income | 6,058,675 |
| Total Employee Compensation & Benefits | 26,496,373 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 21,479,122 |
| Non-operating Income & (Expense) | -46,127 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 4,364,199 |
| Cost of Funds | 7,025,621 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 9,137,296 |
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