Jun, 30, 2024 — WELCOME FEDERAL CREDIT UNION is a federal credit union headquartered in MORRISVILLE, NC with 6 branch locations and about $97.13 million in total assets. Opened 51 years ago in 1974, WELCOME FEDERAL CREDIT UNION has about 6,991 members and employs 24 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | WELCOME FEDERAL CREDIT UNION |
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Address: (Main Office) | 10810 Chapel Hill Rd MORRISVILLE, NC 27560 |
Phone: | (919) 474-3240 |
Fax: | (919) 474-0562 |
Website: | https://www.welcomecu.org |
Branches: | 6 branch locations |
Members: | 6,991 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 24807 |
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Membership Type: | Multiple common bond - Primarily other manufacturing |
Corporate Credit Union: | No |
Year Opened: | 1974 |
Last Audited: | Sep 01, 2021 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $97,128,101 |
CEO/Manager: | Stacey W Mills |
Chairperson: | Gordon Bailey |
ASSETS: | $ Amount |
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Cash & Equivalents | 6,009,302 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 19,874,174 |
Unsecured Loans | 2,583,334 |
Other Loans | 32,876,797 |
TOTAL LOANS | 61,156,636 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -175,815 |
Land And Building | 4,071,108 |
Other Fixed Assets | 71,187 |
NCUSIF Deposit | 775,261 |
All Other Assets | 0 |
TOTAL ASSETS | 97,128,101 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 373 |
Notes & Interest Payable | 2,000,000 |
Accounts Payable & Other Liabilities | -153,022 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 14,597,147 |
Regular shares | 48,729,705 |
All Other Shares & Deposits | 20,435,349 |
TOTAL SHARES & DEPOSITS | 83,762,201 |
TOTAL LIABILITIES | 85,609,552 |
Regular Reserve | 0 |
Other Reserves | 0 |
Undivided Earnings | 11,518,549 |
TOTAL EQUITY | 11,518,549 |
TOTAL LIABILITIES, SHARES, & EQUITY | 97,128,101 |
INCOME & EXPENSE | |
Loan Income | 1,835,849 |
Investment Income | 213,503 |
Other Income | 252,309 |
Total Employee Compensation & Benefits | 1,465,696 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 1,402,248 |
Non-operating Income & (Expense) | 0 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 157,296 |
Cost of Funds | 75,395 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | -187,730 |
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