Jun, 30, 2024 — NIZARI PROGRESSIVE FEDERAL CREDIT UNION is a federal credit union headquartered in SUGAR LAND, TX with 4 branch locations and about $295.99 million in total assets. Opened 35 years ago in 1989, NIZARI PROGRESSIVE FEDERAL CREDIT UNION has about 15,778 members and employs 56 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | NIZARI PROGRESSIVE FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 14090 Southwest Fwy Ste 260 SUGAR LAND, TX 77478-3678 |
| Phone: | (281) 921-8520 |
| Fax: | (281) 921-8555 |
| Website: | https://www.nizaricu.org |
| Branches: | 4 branch locations |
| Members: | 15,778 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 24384 |
|---|---|
| Membership Type: | Associational - Religious, other than those designated 'low-income' |
| Corporate Credit Union: | No |
| Year Opened: | 1989 |
| Last Audited: | Feb 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $295,993,186 |
| CEO/Manager: | Shaukathussain Jaffer |
| Chairperson: | Malik Jamal |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 29,997,869 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 87,637,455 |
| Unsecured Loans | 31,337,269 |
| Other Loans | 66,454,833 |
| TOTAL LOANS | 185,429,557 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,402,121 |
| Land And Building | 4,966,144 |
| Other Fixed Assets | 204,467 |
| NCUSIF Deposit | 2,165,748 |
| All Other Assets | 0 |
| TOTAL ASSETS | 295,993,186 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 5,300,000 |
| Accounts Payable & Other Liabilities | 3,852,655 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 66,819,781 |
| Regular shares | 130,771,400 |
| All Other Shares & Deposits | 65,619,307 |
| TOTAL SHARES & DEPOSITS | 263,210,488 |
| TOTAL LIABILITIES | 272,363,143 |
| Regular Reserve | 0 |
| Other Reserves | 195,535 |
| Undivided Earnings | 23,434,508 |
| TOTAL EQUITY | 23,630,043 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 295,993,186 |
| INCOME & EXPENSE | |
| Loan Income | 4,844,208 |
| Investment Income | 616,905 |
| Other Income | 1,918,350 |
| Total Employee Compensation & Benefits | 2,895,202 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 1,913,673 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 0 |
| Cost of Funds | 789,558 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 1,828,387 |
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