Sep, 30, 2025 — GARDEN SAVINGS FEDERAL CREDIT UNION is a federal credit union headquartered in PARSIPPANY, NJ with 6 branch locations and about $498.76 million in total assets. Opened 58 years ago in 1968, GARDEN SAVINGS FEDERAL CREDIT UNION has about 31,495 members and employs 85 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | GARDEN SAVINGS FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 129 Littleton Rd PARSIPPANY, NJ 07054-1869 |
| Phone: | (973) 576-2000 |
| Fax: | (973) 402-0736 |
| Website: | https://www.gardensavingsfcu.org |
| Branches: | 6 branch locations |
| Members: | 31,495 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 18710 |
|---|---|
| Membership Type: | Multiple common bond - Primarily communications and utilities |
| Corporate Credit Union: | No |
| Year Opened: | 1968 |
| Last Audited: | Dec 01, 2024 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $498,764,212 |
| CEO/Manager: | Michael Powers |
| Chairperson: | Paul Mercer |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 10,463,315 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 212,310,728 |
| Unsecured Loans | 34,780,951 |
| Other Loans | 111,678,119 |
| TOTAL LOANS | 358,769,797 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -4,844,886 |
| Land And Building | 3,367,860 |
| Other Fixed Assets | 1,451,600 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 4,364,910 |
| All Other Assets | 632,500 |
| TOTAL ASSETS | 498,764,212 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 434,705 |
| Notes & Interest Payable | 23,000,000 |
| Accounts Payable & Other Liabilities | 8,328,677 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 79,528,277 |
| Regular shares | 133,267,967 |
| All Other Shares & Deposits | 219,697,904 |
| TOTAL SHARES & DEPOSITS | 432,494,147 |
| TOTAL LIABILITIES | 464,286,671 |
| Regular Reserve | 0 |
| Other Reserves | 8,305,086 |
| Undivided Earnings | 26,172,455 |
| TOTAL EQUITY | 34,477,541 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 498,764,212 |
| INCOME & EXPENSE | |
| Loan Income | 18,229,936 |
| Investment Income | 2,394,677 |
| Other Income | 1,541,353 |
| Total Employee Compensation & Benefits | 6,375,275 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 8,077,469 |
| Non-operating Income & (Expense) | 52,945 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 2,278,734 |
| Cost of Funds | 8,007,600 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -1,295,824 |
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