Dec, 31, 2023 — OLEAN AREA FEDERAL CREDIT UNION is a federal credit union headquartered in OLEAN, NY with 5 branch locations and about $406.09 million in total assets. Opened 52 years ago in 1972, OLEAN AREA FEDERAL CREDIT UNION has about 20,245 members and employs 84 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | OLEAN AREA FEDERAL CREDIT UNION |
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Address: (Main Office) | 234 Homer St OLEAN, NY 14760 |
Phone: | (716) 372-6607 |
Fax: | |
Website: | https://highpointfcu.com |
Branches: | 5 branch locations |
Members: | 20,245 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 21083 |
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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: | Sep 01, 2023 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $406,094,724 |
CEO/Manager: | Richard A Yeager |
Chairperson: | Michele A Pancio |
ASSETS: | $ Amount |
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Cash & Equivalents | 19,844,516 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 75,518,544 |
Unsecured Loans | 19,382,296 |
Other Loans | 99,063,745 |
TOTAL LOANS | 194,225,045 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -2,232,669 |
Land And Building | 9,028,909 |
Other Fixed Assets | 1,137,761 |
NCUSIF Deposit | 3,322,039 |
All Other Assets | 0 |
TOTAL ASSETS | 406,094,724 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 5,000,000 |
Accounts Payable & Other Liabilities | 3,255,138 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 69,399,853 |
Regular shares | 124,042,670 |
All Other Shares & Deposits | 167,338,710 |
TOTAL SHARES & DEPOSITS | 360,781,232 |
TOTAL LIABILITIES | 369,036,370 |
Regular Reserve | 0 |
Other Reserves | -18,449,058 |
Undivided Earnings | 55,507,412 |
TOTAL EQUITY | 37,058,354 |
TOTAL LIABILITIES, SHARES, & EQUITY | 406,094,724 |
INCOME & EXPENSE | |
Loan Income | 10,379,201 |
Investment Income | 3,582,277 |
Other Income | 1,527,389 |
Total Employee Compensation & Benefits | 5,736,291 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 6,294,693 |
Non-operating Income & (Expense) | -15,683 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | -235,500 |
Cost of Funds | 4,014,509 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 1,596,856 |
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» See also Statement of Financial Condition