Dec, 31, 2022 — ESSENTIAL FEDERAL CREDIT UNION is a federal credit union headquartered in BATON ROUGE, LA with 5 branch locations and about $394.22 million in total assets. Opened 51 years ago in 1972, ESSENTIAL FEDERAL CREDIT UNION has about 45,083 members and employs 106 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 |
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Address: (Main Office) | 2370 Towne Center BLVD BATON ROUGE, LA 70806 |
Phone: | (225) 353-8238 |
Fax: | |
Website: | https://www.essentialfcu.org |
Branches: | 5 branch locations |
Members: | 45,083 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 20972 |
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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, 2021 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $394,220,830 |
CEO/Manager: | Richard Williams |
Chairperson: | Joey Justice |
ASSETS: | $ Amount |
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Cash & Equivalents | 26,898,937 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 93,710,902 |
Unsecured Loans | 14,444,278 |
Other Loans | 209,070,293 |
TOTAL LOANS | 317,689,905 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,554,264 |
Land And Building | 22,561,447 |
Other Fixed Assets | 897,265 |
NCUSIF Deposit | 3,058,176 |
All Other Assets | 178,829 |
TOTAL ASSETS | 394,220,830 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 13,000,000 |
Accounts Payable & Other Liabilities | 3,453,788 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 70,813,151 |
Regular shares | 141,888,249 |
All Other Shares & Deposits | 133,324,883 |
TOTAL SHARES & DEPOSITS | 346,026,283 |
TOTAL LIABILITIES | 362,480,071 |
Regular Reserve | 0 |
Other Reserves | -1,295,384 |
Undivided Earnings | 33,036,143 |
TOTAL EQUITY | 31,740,759 |
TOTAL LIABILITIES, SHARES, & EQUITY | 394,220,830 |
INCOME & EXPENSE | |
Loan Income | 9,794,572 |
Investment Income | 151,628 |
Other Income | 3,190,144 |
Total Employee Compensation & Benefits | 5,713,608 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 7,879,051 |
Non-operating Income & (Expense) | 146,666 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 50,000 |
Cost of Funds | 1,679,765 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 1,540,193 |
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