Dec, 31, 2020 — ELECTEL COOPERATIVE FEDERAL CREDIT UNION is a federal credit union headquartered in RALEIGH, NC with 5 branch locations and about $55.65 million in total assets. Opened 52 years ago in 1969, ELECTEL COOPERATIVE FEDERAL CREDIT UNION has about 7,491 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) | PO BOX 27306 RALEIGH, NC 27611 |
| Phone: | (800) 849-5600 |
| Fax: | |
| Website: | http://www.electel.org |
| Branches: | 5 branch locations |
| Members: | 7,491 |
| 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, 2019 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $55,650,001 |
| CEO/Manager: | Scott Armstrong |
| Chairperson: | Dick Mabbott |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 4,138,840 |
| TOTAL INVESTMENTS | 21,043,715 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 3,987,026 |
| Unsecured Loans | 4,965,535 |
| Other Loans | 20,673,213 |
| TOTAL LOANS | 29,625,774 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -96,447 |
| Land And Building | 0 |
| Other Fixed Assets | 43,748 |
| NCUSIF Deposit | 457,945 |
| All Other Assets | 436,426 |
| TOTAL ASSETS | 55,650,001 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 301,626 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 10,836,420 |
| Regular shares | 18,716,817 |
| All Other Shares & Deposits | 18,704,300 |
| TOTAL SHARES & DEPOSITS | 48,257,537 |
| TOTAL LIABILITIES | 48,559,163 |
| Regular Reserve | 1,138,804 |
| Other Reserves | 0 |
| Undivided Earnings | 5,952,034 |
| TOTAL EQUITY | 7,090,838 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 55,650,001 |
| INCOME & EXPENSE | |
| Loan Income | 1,705,823 |
| Investment Income | 217,026 |
| Other Income | 509,857 |
| Total Employee Compensation & Benefits | 983,590 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 982,427 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | -17,701 |
| Cost of Funds | 230,120 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 254,270 |
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