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GARDEN SAVINGS FEDERAL CREDIT UNION

Mar, 31, 2021 — GARDEN SAVINGS FEDERAL CREDIT UNION is a federal credit union headquartered in PARSIPPANY, NJ with 5 branch locations and about $417.50 million in total assets. Opened 53 years ago in 1968, GARDEN SAVINGS FEDERAL CREDIT UNION has about 30,645 members and employs 73 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


ABA Routing Number: 221278954
Name:GARDEN SAVINGS FEDERAL CREDIT UNION
Address:
(Main Office)
129 LITTLETON ROAD
PARSIPPANY, NJ 07054-1869
Phone:(973) 576-2000
Fax:(973) 402-0736
Website:http://gardensavingsfcu.org
Branches:5 branch locations
Members:30,645
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, 2020
FHLB Member:Yes
Low Income Designation:No
Assets:$417,504,071
CEO/Manager:Louis Vetere
Chairperson:Paul Mercer

Call Report

  • Commercial Loans
  • Credit Builder
  • Debt Cancellation/Suspension
  • Indirect Consumer Loans
  • Overdraft Lines of Credit
  • Overdraft Protection
  • Participation Loans
  • Real Estate Loans
  • Risk Based Loans
  • Share Secured Credit Cards
  • ATM/Debit Card Program
  • Commercial Share Accounts
  • Check Cashing
  • Insurance/Investment Sales
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 35,189,763
TOTAL INVESTMENTS 99,621,962
Loans Held for Sale 0
 
 Real Estate Loans 143,129,222
 Unsecured Loans 18,904,406
 Other Loans 112,617,831
 TOTAL LOANS 274,651,459
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -6,144,619
 Land And Building 3,749,566
 Other Fixed Assets 1,246,732
 NCUSIF Deposit 3,568,662
 All Other Assets 5,620,546
  TOTAL ASSETS 417,504,071
LIABILITIES & CAPITAL:  
 Dividends Payable 7,121
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 3,485,845
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 70,330,447
 Regular shares 107,850,757
 All Other Shares & Deposits 203,758,090
  TOTAL SHARES & DEPOSITS 381,939,294
  TOTAL LIABILITIES 385,432,260
 Regular Reserve 2,234,385
 Other Reserves 4,753,125
 Undivided Earnings 25,084,301
  TOTAL EQUITY 32,071,811
  TOTAL LIABILITIES, SHARES, & EQUITY 417,504,071
INCOME & EXPENSE  
 Loan Income 3,851,118
 Investment Income 341,661
 Other Income 446,349
 Total Employee Compensation & Benefits 1,679,269
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 1,587,425
 Non-operating Income & (Expense) -45,626
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 436,703
 Cost of Funds 1,112,188
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 4,985
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