Jun, 30, 2024 — OLEAN AREA FEDERAL CREDIT UNION is a federal credit union headquartered in OLEAN, NY with 4 branch locations and about $396.43 million in total assets. Opened 52 years ago in 1972, OLEAN AREA FEDERAL CREDIT UNION has about 19,841 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 |
|---|---|
| Address: (Main Office) | 234 Homer St OLEAN, NY 14760 |
| Phone: | (716) 372-6607 |
| Fax: | |
| Website: | https://oleanareafcu.org |
| Branches: | 4 branch locations |
| Members: | 19,841 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 21083 |
|---|---|
| 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, 2021 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $396,431,981 |
| CEO/Manager: | Richard A Yeager |
| Chairperson: | Michele A Pancio |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 18,233,047 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 74,809,952 |
| Unsecured Loans | 23,172,222 |
| Other Loans | 89,025,411 |
| TOTAL LOANS | 187,414,691 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -2,578,622 |
| Land And Building | 8,784,574 |
| Other Fixed Assets | 1,195,197 |
| NCUSIF Deposit | 3,127,605 |
| All Other Assets | 52,294 |
| TOTAL ASSETS | 396,431,981 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 2,027,870 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 70,704,185 |
| Regular shares | 135,096,262 |
| All Other Shares & Deposits | 158,968,639 |
| TOTAL SHARES & DEPOSITS | 364,769,086 |
| TOTAL LIABILITIES | 366,796,956 |
| Regular Reserve | 0 |
| Other Reserves | -23,826,060 |
| Undivided Earnings | 53,461,085 |
| TOTAL EQUITY | 29,635,025 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 396,431,981 |
| INCOME & EXPENSE | |
| Loan Income | 5,905,260 |
| Investment Income | 1,983,365 |
| Other Income | 1,024,066 |
| Total Employee Compensation & Benefits | 4,119,685 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 3,965,911 |
| Non-operating Income & (Expense) | -3,938 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | -20,000 |
| Cost of Funds | 746,937 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,750,245 |
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