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OLEAN AREA FEDERAL CREDIT UNION

Dec, 31, 2020 — OLEAN AREA FEDERAL CREDIT UNION is a federal credit union headquartered in Olean, NY with 4 branch locations and about $350.86 million in total assets. Opened 49 years ago in 1972, OLEAN AREA FEDERAL CREDIT UNION has about 19,239 members and employs 67 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: 222381824
Name:OLEAN AREA FEDERAL CREDIT UNION
Address:
(Main Office)
1201 Wayne St
Olean, NY 14760
Phone:(716) 372-6607
Fax:(716) 373-1973
Website:http://oleanareafcu.org
Branches:4 branch locations
Members:19,239
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, 2020
FHLB Member:Yes
Low Income Designation:No
Assets:$350,855,478
CEO/Manager:Richard A Yeager
Chairperson:Patrick M Kelly

Call Report

  • Commercial Loans
  • Indirect Consumer Loans
  • Interest Only or Payment Option 1st Mortgage Loans
  • Overdraft Lines of Credit
  • Overdraft Protection
  • Real Estate Loans
  • Risk Based Loans
  • Share Secured Credit Cards
  • ATM/Debit Card Program
  • Commercial Share Accounts
  • Check Cashing
  • First Time Homebuyer Program
  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 20,698,400
TOTAL INVESTMENTS 129,064,634
Loans Held for Sale 0
 
 Real Estate Loans 76,004,238
 Unsecured Loans 25,142,660
 Other Loans 82,494,153
 TOTAL LOANS 183,999,824
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -2,953,336
 Land And Building 4,933,575
 Other Fixed Assets 2,324,303
 NCUSIF Deposit 2,724,260
 All Other Assets 10,063,818
  TOTAL ASSETS 350,855,478
LIABILITIES & CAPITAL:  
 Dividends Payable 0
 Notes & Interest Payable 0
 Accounts Payable & Other Liabilities 1,994,676
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 53,355,806
 Regular shares 104,901,024
 All Other Shares & Deposits 140,693,748
  TOTAL SHARES & DEPOSITS 298,950,578
  TOTAL LIABILITIES 300,945,254
 Regular Reserve 2,522,482
 Other Reserves 1,706,863
 Undivided Earnings 45,680,879
  TOTAL EQUITY 49,910,224
  TOTAL LIABILITIES, SHARES, & EQUITY 350,855,478
INCOME & EXPENSE  
 Loan Income 8,068,343
 Investment Income 2,134,218
 Other Income 2,855,644
 Total Employee Compensation & Benefits 4,253,668
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 4,498,185
 Non-operating Income & (Expense) -42,671
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 450,000
 Cost of Funds 1,778,813
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) 2,034,868
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