Jun, 30, 2024 — PROPONENT FEDERAL CREDIT UNION is a federal credit union headquartered in NUTLEY, NJ with 3 branch locations and about $525.36 million in total assets. Opened 53 years ago in 1971, PROPONENT FEDERAL CREDIT UNION has about 20,075 members and employs 63 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | PROPONENT FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 536 Washington Ave NUTLEY, NJ 07110 |
| Phone: | (973) 338-1133 |
| Fax: | |
| Website: | https://www.profcu.org |
| Branches: | 3 branch locations |
| Members: | 20,075 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 20448 |
|---|---|
| Membership Type: | Multiple common bond - Primarily chemical |
| Corporate Credit Union: | No |
| Year Opened: | 1971 |
| Last Audited: | Dec 01, 2021 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $525,358,274 |
| CEO/Manager: | Debra A VanDorn |
| Chairperson: | Sharon Delaney |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 16,691,881 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 317,045,483 |
| Unsecured Loans | 33,374,912 |
| Other Loans | 42,953,045 |
| TOTAL LOANS | 393,373,440 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -7,323,520 |
| Land And Building | 11,303,630 |
| Other Fixed Assets | 1,096,796 |
| NCUSIF Deposit | 4,409,658 |
| All Other Assets | 457,506 |
| TOTAL ASSETS | 525,358,274 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 6,907 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 6,436,759 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 93,232,612 |
| Regular shares | 161,091,632 |
| All Other Shares & Deposits | 208,673,640 |
| TOTAL SHARES & DEPOSITS | 462,997,884 |
| TOTAL LIABILITIES | 469,441,550 |
| Regular Reserve | 0 |
| Other Reserves | 513,825 |
| Undivided Earnings | 55,402,899 |
| TOTAL EQUITY | 55,916,724 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 525,358,274 |
| INCOME & EXPENSE | |
| Loan Income | 11,826,713 |
| Investment Income | 1,179,247 |
| Other Income | 2,870,664 |
| Total Employee Compensation & Benefits | 6,471,222 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 5,849,761 |
| Non-operating Income & (Expense) | 647,994 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,142,055 |
| Cost of Funds | 766,278 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 2,152,058 |
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