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SECTION 705 FEDERAL CREDIT UNION

Mar, 31, 2021 — SECTION 705 FEDERAL CREDIT UNION is a federal credit union headquartered in Lafayette, LA with 1 branch location and about $40.01 million in total assets. Opened 53 years ago in 1968, SECTION 705 FEDERAL CREDIT UNION has about 3,536 members and employs 12 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.section705fcu.org
Branches:1 branch locations
Members:3,536
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, 2020
FHLB Member:No
Low Income Designation:No
Assets:$40,007,271
CEO/Manager:Melanie M Riedl
Chairperson:Dennis Marks

Call Report

  • Credit Builder
  • Overdraft Lines of Credit
  • Overdraft Protection
  • Real Estate Loans
  • Risk Based Loans
  • Share Secured Credit Cards
  • ATM/Debit Card Program
  • Check Cashing
  • Insurance/Investment Sales
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 3,889,217
TOTAL INVESTMENTS 8,022,329
Loans Held for Sale 0
 
 Real Estate Loans 8,250,096
 Unsecured Loans 4,204,146
 Other Loans 14,166,291
 TOTAL LOANS 26,620,533
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -90,797
 Land And Building 975,044
 Other Fixed Assets 66,038
 NCUSIF Deposit 291,461
 All Other Assets 233,446
  TOTAL ASSETS 40,007,271
LIABILITIES & CAPITAL:  
 Dividends Payable 6,608
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 512,025
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 4,844,678
 Regular shares 16,847,373
 All Other Shares & Deposits 14,163,508
  TOTAL SHARES & DEPOSITS 35,855,559
  TOTAL LIABILITIES 36,374,192
 Regular Reserve 961,430
 Other Reserves 0
 Undivided Earnings 2,671,649
  TOTAL EQUITY 3,633,079
  TOTAL LIABILITIES, SHARES, & EQUITY 40,007,271
INCOME & EXPENSE  
 Loan Income 330,425
 Investment Income 11,429
 Other Income 115,029
 Total Employee Compensation & Benefits 180,772
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 232,415
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense -11,040
 Cost of Funds 31,754
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 53,225
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