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COVE FEDERAL CREDIT UNION

Mar, 31, 2021 — COVE FEDERAL CREDIT UNION is a federal credit union headquartered in EDGEWOOD, KY with 1 branch location and about $76.90 million in total assets. Opened 51 years ago in 1970, COVE FEDERAL CREDIT UNION has about 7,031 members and employs 20 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:COVE FEDERAL CREDIT UNION
Address:
(Main Office)
577 DUDLEY ROAD
EDGEWOOD, KY 41017-3248
Phone:(859) 292-9000
Fax:(859) 426-5610
Website:http://www.covefcu.com
Branches:1 branch locations
Members:7,031
Credit Union Type:Federal Credit Union
Charter Number:19879
Membership Type:Community credit unions, urban or rural, other than those designated 'low income'
Corporate Credit Union:No
Year Opened:1970
Last Audited:Mar 01, 2020
FHLB Member:Yes
Low Income Designation:No
Assets:$76,896,460
CEO/Manager:Tom Burns
Chairperson:DAVID GUETHLEIN

Call Report

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

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 12,347,509
TOTAL INVESTMENTS 19,903,597
Loans Held for Sale 0
 
 Real Estate Loans 27,310,641
 Unsecured Loans 3,890,162
 Other Loans 12,839,479
 TOTAL LOANS 44,040,282
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -567,464
 Land And Building 0
 Other Fixed Assets 75,454
 NCUSIF Deposit 610,300
 All Other Assets 486,782
  TOTAL ASSETS 76,896,460
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 419,375
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 8,280,832
 Regular shares 20,803,464
 All Other Shares & Deposits 36,860,914
  TOTAL SHARES & DEPOSITS 65,945,210
  TOTAL LIABILITIES 66,364,585
 Regular Reserve 320,379
 Other Reserves -15,729
 Undivided Earnings 10,227,225
  TOTAL EQUITY 10,531,875
  TOTAL LIABILITIES, SHARES, & EQUITY 76,896,460
INCOME & EXPENSE  
 Loan Income 469,902
 Investment Income 76,122
 Other Income 101,654
 Total Employee Compensation & Benefits 359,347
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 312,612
 Non-operating Income & (Expense) 0
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 0
 Cost of Funds 90,406
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 21,996
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