Jun, 30, 2024 — GARDEN SAVINGS FEDERAL CREDIT UNION is a federal credit union headquartered in PARSIPPANY, NJ with 4 branch locations and about $416.43 million in total assets. Opened 56 years ago in 1968, GARDEN SAVINGS FEDERAL CREDIT UNION has about 26,124 members and employs 69 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://gardensavingsfcu.org |
| Branches: | 4 branch locations |
| Members: | 26,124 |
| 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, 2021 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $416,427,820 |
| CEO/Manager: | Louis Vetere |
| Chairperson: | Paul Mercer |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 13,790,062 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 160,784,217 |
| Unsecured Loans | 24,393,075 |
| Other Loans | 103,621,146 |
| TOTAL LOANS | 288,798,438 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -4,960,311 |
| Land And Building | 3,529,288 |
| Other Fixed Assets | 858,316 |
| NCUSIF Deposit | 3,666,197 |
| All Other Assets | 726,255 |
| TOTAL ASSETS | 416,427,820 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 5,328 |
| Notes & Interest Payable | 22,000,000 |
| Accounts Payable & Other Liabilities | 4,508,623 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 74,085,493 |
| Regular shares | 114,847,348 |
| All Other Shares & Deposits | 177,679,617 |
| TOTAL SHARES & DEPOSITS | 366,612,458 |
| TOTAL LIABILITIES | 393,126,409 |
| Regular Reserve | 0 |
| Other Reserves | -7,665,090 |
| Undivided Earnings | 30,966,501 |
| TOTAL EQUITY | 23,301,411 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 416,427,820 |
| INCOME & EXPENSE | |
| Loan Income | 11,405,921 |
| Investment Income | 1,133,882 |
| Other Income | 1,443,645 |
| Total Employee Compensation & Benefits | 5,102,809 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 4,994,518 |
| Non-operating Income & (Expense) | 94,408 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,643,413 |
| Cost of Funds | 2,854,866 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,061,358 |
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