Dec, 31, 2023 — ELECTEL COOPERATIVE FEDERAL CREDIT UNION is a federal credit union headquartered in RALEIGH, NC with 5 branch locations and about $60.65 million in total assets. Opened 55 years ago in 1969, ELECTEL COOPERATIVE FEDERAL CREDIT UNION has about 7,423 members and employs 14 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | ELECTEL COOPERATIVE FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 3400 Sumner Blvd RALEIGH, NC 27616 |
| Phone: | (800) 849-5600 |
| Fax: | (919) 876-8018 |
| Website: | https://www.electel.org |
| Branches: | 5 branch locations |
| Members: | 7,423 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 24819 |
|---|---|
| Membership Type: | Multiple common bond - Primarily communications and utilities |
| Corporate Credit Union: | No |
| Year Opened: | 1969 |
| Last Audited: | Dec 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $60,650,888 |
| CEO/Manager: | Scott Armstrong |
| Chairperson: | Eddie Durham |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 2,893,432 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 5,164,618 |
| Unsecured Loans | 4,751,800 |
| Other Loans | 28,355,464 |
| TOTAL LOANS | 38,271,882 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -184,695 |
| Land And Building | 0 |
| Other Fixed Assets | 211,564 |
| NCUSIF Deposit | 537,799 |
| All Other Assets | 0 |
| TOTAL ASSETS | 60,650,888 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 390,950 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 12,563,878 |
| Regular shares | 20,284,063 |
| All Other Shares & Deposits | 19,625,922 |
| TOTAL SHARES & DEPOSITS | 52,473,863 |
| TOTAL LIABILITIES | 52,864,813 |
| Regular Reserve | 0 |
| Other Reserves | 1,138,804 |
| Undivided Earnings | 6,647,271 |
| TOTAL EQUITY | 7,786,075 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 60,650,888 |
| INCOME & EXPENSE | |
| Loan Income | 2,177,723 |
| Investment Income | 891,925 |
| Other Income | 157,014 |
| Total Employee Compensation & Benefits | 1,288,993 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 1,183,341 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 68,467 |
| Cost of Funds | 368,708 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 765,724 |
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