Dec, 31, 2023 — WELCOME FEDERAL CREDIT UNION is a federal credit union headquartered in MORRISVILLE, NC with 5 branch locations and about $92.10 million in total assets. Opened 50 years ago in 1974, WELCOME FEDERAL CREDIT UNION has about 6,809 members and employs 23 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 |
|---|---|
| Address: (Main Office) | 10810 Chapel Hill Rd MORRISVILLE, NC 27560 |
| Phone: | (919) 474-3240 |
| Fax: | (919) 474-0562 |
| Website: | https://www.welcomecu.org |
| Branches: | 5 branch locations |
| Members: | 6,809 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 24807 |
|---|---|
| Membership Type: | Multiple common bond - Primarily other manufacturing |
| Corporate Credit Union: | No |
| Year Opened: | 1974 |
| Last Audited: | Sep 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $92,104,415 |
| CEO/Manager: | Stacey W Mills |
| Chairperson: | Gordon Bailey |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 12,129,946 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 19,254,016 |
| Unsecured Loans | 2,780,704 |
| Other Loans | 25,115,157 |
| TOTAL LOANS | 55,829,004 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -374,257 |
| Land And Building | 5,614,938 |
| Other Fixed Assets | 93,914 |
| NCUSIF Deposit | 774,135 |
| All Other Assets | 815 |
| TOTAL ASSETS | 92,104,415 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 103,469 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 817,192 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 13,763,571 |
| Regular shares | 37,400,040 |
| All Other Shares & Deposits | 28,726,287 |
| TOTAL SHARES & DEPOSITS | 79,889,898 |
| TOTAL LIABILITIES | 80,810,876 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 11,293,539 |
| TOTAL EQUITY | 11,293,539 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 92,104,415 |
| INCOME & EXPENSE | |
| Loan Income | 3,013,187 |
| Investment Income | 590,080 |
| Other Income | 321,985 |
| Total Employee Compensation & Benefits | 1,782,952 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 2,053,284 |
| Non-operating Income & (Expense) | -2,898 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 5,181 |
| Cost of Funds | 605,757 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 3,601 |
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