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National Credit Union Service Organization

ESSENTIAL FEDERAL CREDIT UNION

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.


ABA Routing Number: 265476440
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

Call Report

  • Payday Alternative Loans (PAL Loans)
  • First Time Homebuyer Program
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
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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