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SECTION 705 FEDERAL CREDIT UNION

Mar, 31, 2022 — SECTION 705 FEDERAL CREDIT UNION is a federal credit union headquartered in LAFAYETTE, LA with 1 branch location and about $43.32 million in total assets. Opened 54 years ago in 1968, SECTION 705 FEDERAL CREDIT UNION has about 3,604 members and employs 14 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:SECTION 705 FEDERAL CREDIT UNION
Address:
(Main Office)
1455 W Willow St
LAFAYETTE, LA 70506-1026
Phone:(337) 232-8450
Fax:(337) 232-2786
Website:http://www.705fcu.com
Branches:1 branch locations
Members:3,604
Credit Union Type:Federal Credit Union
Charter Number:18749
Membership Type:Multiple common bond - Primarily federal, state, local government
Corporate Credit Union:No
Year Opened:1968
Last Audited:Jun 01, 2021
FHLB Member:No
Low Income Designation:No
Assets:$43,323,923
CEO/Manager:Melanie M Riedl
Chairperson:Dennis Marks

Call Report

  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 3,614,284
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 9,963,537
 Unsecured Loans 4,473,611
 Other Loans 15,160,284
 TOTAL LOANS 29,597,432
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -113,275
 Land And Building 944,921
 Other Fixed Assets 54,251
 NCUSIF Deposit 320,987
 All Other Assets 22,279
  TOTAL ASSETS 43,323,923
LIABILITIES & CAPITAL:  
 Dividends Payable 3,158
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities -324,391
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 5,811,077
 Regular shares 20,060,670
 All Other Shares & Deposits 13,910,864
  TOTAL SHARES & DEPOSITS 39,782,611
  TOTAL LIABILITIES 39,461,378
 Regular Reserve 0
 Other Reserves 0
 Undivided Earnings 3,862,545
  TOTAL EQUITY 3,862,545
  TOTAL LIABILITIES, SHARES, & EQUITY 43,323,923
INCOME & EXPENSE  
 Loan Income 361,537
 Investment Income 16,787
 Other Income 116,824
 Total Employee Compensation & Benefits 197,532
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 256,689
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 20,396
 Cost of Funds 24,284
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 55,474
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