Jun, 30, 2024 — ELECTEL COOPERATIVE FEDERAL CREDIT UNION is a federal credit union headquartered in RALEIGH, NC with 5 branch locations and about $62.22 million in total assets. Opened 56 years ago in 1969, ELECTEL COOPERATIVE FEDERAL CREDIT UNION has about 7,516 members and employs 10 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: | 7,516 |
| 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, 2021 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $62,224,119 |
| CEO/Manager: | Scott Armstrong |
| Chairperson: | Eddie Durham |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 11,536,555 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 4,136,739 |
| Unsecured Loans | 4,182,553 |
| Other Loans | 23,094,582 |
| TOTAL LOANS | 31,413,874 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -145,229 |
| Land And Building | 0 |
| Other Fixed Assets | 319,278 |
| NCUSIF Deposit | 504,689 |
| All Other Assets | 0 |
| TOTAL ASSETS | 62,224,119 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 257,723 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 12,706,310 |
| Regular shares | 23,364,168 |
| All Other Shares & Deposits | 19,010,604 |
| TOTAL SHARES & DEPOSITS | 55,081,082 |
| TOTAL LIABILITIES | 55,338,805 |
| Regular Reserve | 0 |
| Other Reserves | 1,138,804 |
| Undivided Earnings | 5,746,510 |
| TOTAL EQUITY | 6,885,314 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 62,224,119 |
| INCOME & EXPENSE | |
| Loan Income | 1,225,807 |
| Investment Income | 122,451 |
| Other Income | 116,042 |
| Total Employee Compensation & Benefits | 887,448 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 857,396 |
| Non-operating Income & (Expense) | 28,044 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 60,300 |
| Cost of Funds | 123,942 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -154,014 |
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