Dec, 31, 2020 — ESSENTIAL FEDERAL CREDIT UNION is a federal credit union headquartered in PLAQUEMINE, LA with 5 branch locations and about $336.51 million in total assets. Opened 49 years ago in 1972, ESSENTIAL FEDERAL CREDIT UNION has about 40,219 members and employs 104 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) | PO BOX 738 PLAQUEMINE, LA 70765 |
| Phone: | (225) 353-8238 |
| Fax: | |
| Website: | http://www.essentialfcu.org |
| Branches: | 5 branch locations |
| Members: | 40,219 |
| 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: | Dec 01, 2019 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $336,511,011 |
| CEO/Manager: | Richard Williams |
| Chairperson: | Joey Justice |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 39,772,146 |
| TOTAL INVESTMENTS | 13,469,913 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 66,681,539 |
| Unsecured Loans | 16,414,307 |
| Other Loans | 163,174,751 |
| TOTAL LOANS | 246,270,597 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,791,433 |
| Land And Building | 23,086,752 |
| Other Fixed Assets | 943,178 |
| NCUSIF Deposit | 2,820,122 |
| All Other Assets | 11,939,736 |
| TOTAL ASSETS | 336,511,011 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 88,750 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 3,134,509 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 70,360,209 |
| Regular shares | 116,341,778 |
| All Other Shares & Deposits | 118,134,509 |
| TOTAL SHARES & DEPOSITS | 304,836,496 |
| TOTAL LIABILITIES | 308,059,755 |
| Regular Reserve | 7,390,893 |
| Other Reserves | 334,982 |
| Undivided Earnings | 20,725,381 |
| TOTAL EQUITY | 28,451,256 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 336,511,011 |
| INCOME & EXPENSE | |
| Loan Income | 11,661,160 |
| Investment Income | 468,610 |
| Other Income | 8,489,080 |
| Total Employee Compensation & Benefits | 7,244,074 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 9,740,893 |
| Non-operating Income & (Expense) | 1,425,704 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,703,759 |
| Cost of Funds | 2,912,834 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 442,994 |
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