Dec, 31, 2021 — ESSENTIAL FEDERAL CREDIT UNION is a federal credit union headquartered in BATON ROUGE, LA with 5 branch locations and about $357.79 million in total assets. Opened 50 years ago in 1972, ESSENTIAL FEDERAL CREDIT UNION has about 43,000 members and employs 100 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | ESSENTIAL FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 2370 Towne Center BLVD BATON ROUGE, LA 70806 |
| Phone: | (225) 353-8238 |
| Fax: | |
| Website: | http://www.essentialfcu.org |
| Branches: | 5 branch locations |
| Members: | 43,000 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 20972 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1972 |
| Last Audited: | May 01, 2021 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $357,790,113 |
| CEO/Manager: | Richard Williams |
| Chairperson: | Joey Justice |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 31,987,960 |
| TOTAL INVESTMENTS | 15,531,542 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 85,496,756 |
| Unsecured Loans | 12,176,554 |
| Other Loans | 175,803,285 |
| TOTAL LOANS | 273,476,595 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -2,112,213 |
| Land And Building | 22,690,118 |
| Other Fixed Assets | 735,701 |
| NCUSIF Deposit | 3,127,383 |
| All Other Assets | 12,353,027 |
| TOTAL ASSETS | 357,790,113 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 2,108,818 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 73,634,381 |
| Regular shares | 142,651,389 |
| All Other Shares & Deposits | 107,773,589 |
| TOTAL SHARES & DEPOSITS | 324,059,359 |
| TOTAL LIABILITIES | 326,168,177 |
| Regular Reserve | 7,390,893 |
| Other Reserves | 93,295 |
| Undivided Earnings | 24,137,748 |
| TOTAL EQUITY | 31,621,936 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 357,790,113 |
| INCOME & EXPENSE | |
| Loan Income | 11,808,971 |
| Investment Income | 266,680 |
| Other Income | 3,810,365 |
| Total Employee Compensation & Benefits | 7,626,480 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 10,093,752 |
| Non-operating Income & (Expense) | 2,635,867 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 826,265 |
| Cost of Funds | 2,211,214 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 3,392,765 |
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