Dec, 31, 2023 — INDUSTRIAL FEDERAL CREDIT UNION is a federal credit union headquartered in LAFAYETTE, IN with 10 branch locations and about $313.25 million in total assets. Opened 41 years ago in 1983, INDUSTRIAL FEDERAL CREDIT UNION has about 30,914 members and employs 97 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | INDUSTRIAL FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 1115 Sagamore Pkwy S LAFAYETTE, IN 47905 |
| Phone: | (765) 771-8000 |
| Fax: | (765) 448-1891 |
| Website: | https://www.ifcu.com |
| Branches: | 10 branch locations |
| Members: | 30,914 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 24026 |
|---|---|
| Membership Type: | Multiple common bond - Primarily machinery |
| Corporate Credit Union: | No |
| Year Opened: | 1983 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $313,250,786 |
| CEO/Manager: | Kevin E Umlauf |
| Chairperson: | Albert L Davis, Jr. |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 21,504,664 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 52,770,348 |
| Unsecured Loans | 21,903,769 |
| Other Loans | 139,017,462 |
| TOTAL LOANS | 213,691,579 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,112,004 |
| Land And Building | 2,232,984 |
| Other Fixed Assets | 401,915 |
| NCUSIF Deposit | 2,859,459 |
| All Other Assets | 100,776 |
| TOTAL ASSETS | 313,250,786 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 267,466 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 3,021,939 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 55,007,128 |
| Regular shares | 79,973,490 |
| All Other Shares & Deposits | 149,980,650 |
| TOTAL SHARES & DEPOSITS | 284,961,268 |
| TOTAL LIABILITIES | 288,250,673 |
| Regular Reserve | 0 |
| Other Reserves | 5,449,805 |
| Undivided Earnings | 19,550,308 |
| TOTAL EQUITY | 25,000,113 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 313,250,786 |
| INCOME & EXPENSE | |
| Loan Income | 12,769,028 |
| Investment Income | 1,730,593 |
| Other Income | 1,506,212 |
| Total Employee Compensation & Benefits | 7,194,500 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 6,659,984 |
| Non-operating Income & (Expense) | 73,416 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 871,704 |
| Cost of Funds | 3,343,672 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,136,968 |
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