Dec, 31, 2023 — SOUTHERN COASTAL FEDERAL CREDIT UNION is a federal credit union headquartered in BILOXI, MS with 0 branch location and about $12.51 million in total assets. Opened 51 years ago in 1973, SOUTHERN COASTAL FEDERAL CREDIT UNION has about 1,554 members and employs 5 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | SOUTHERN COASTAL FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 677 Dr Martin Luther King Jr Blvd BILOXI, MS 39530-3838 |
| Phone: | (228) 432-0284 |
| Fax: | (228) 435-6364 |
| Website: | https://www.socofcu.org |
| Branches: | 0 branch locations |
| Members: | 1,554 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 24885 |
|---|---|
| Membership Type: | Multiple common bond - other |
| Corporate Credit Union: | No |
| Year Opened: | 1973 |
| Last Audited: | Jul 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $12,513,603 |
| CEO/Manager: | Alison B Crawford |
| Chairperson: | Harold Windom |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 2,613,544 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 0 |
| Unsecured Loans | 1,418,522 |
| Other Loans | 7,239,385 |
| TOTAL LOANS | 8,657,907 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -34,610 |
| Land And Building | 919,896 |
| Other Fixed Assets | 11,243 |
| NCUSIF Deposit | 100,754 |
| All Other Assets | 0 |
| TOTAL ASSETS | 12,513,603 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 19,942 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 67,299 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 492,656 |
| Regular shares | 5,598,866 |
| All Other Shares & Deposits | 3,954,580 |
| TOTAL SHARES & DEPOSITS | 10,046,103 |
| TOTAL LIABILITIES | 10,133,344 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 2,380,259 |
| TOTAL EQUITY | 2,380,259 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 12,513,603 |
| INCOME & EXPENSE | |
| Loan Income | 604,289 |
| Investment Income | 84,639 |
| Other Income | 130,605 |
| Total Employee Compensation & Benefits | 338,254 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 364,851 |
| Non-operating Income & (Expense) | 95,859 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 23,169 |
| Cost of Funds | 121,199 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 150,681 |
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