Dec, 31, 2023 — L G & W FEDERAL CREDIT UNION is a federal credit union headquartered in MEMPHIS, TN with 1 branch location and about $107.91 million in total assets. Opened 84 years ago in 1940, L G & W FEDERAL CREDIT UNION has about 5,495 members and employs 13 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | L G & W FEDERAL CREDIT UNION |
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Address: (Main Office) | 1616 Whitten Rd MEMPHIS, TN 38134 |
Phone: | (901) 680-7995 |
Fax: | (901) 680-7998 |
Website: | https://www.lgwfcu.com |
Branches: | 1 branch locations |
Members: | 5,495 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 3796 |
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Membership Type: | Service - Communications and Utilities |
Corporate Credit Union: | No |
Year Opened: | 1940 |
Last Audited: | Jun 01, 2023 |
FHLB Member: | No |
Low Income Designation: | No |
Assets: | $107,908,529 |
CEO/Manager: | Diana M Veazey |
Chairperson: | Cliff DeBerry |
ASSETS: | $ Amount |
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Cash & Equivalents | 12,996,161 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 9,366,163 |
Unsecured Loans | 10,045,409 |
Other Loans | 14,421,986 |
TOTAL LOANS | 33,894,117 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -350,385 |
Land And Building | 2,377,874 |
Other Fixed Assets | 57,462 |
NCUSIF Deposit | 822,513 |
All Other Assets | 0 |
TOTAL ASSETS | 107,908,529 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 882,766 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 14,672,694 |
Regular shares | 26,353,504 |
All Other Shares & Deposits | 46,821,722 |
TOTAL SHARES & DEPOSITS | 87,847,920 |
TOTAL LIABILITIES | 88,733,377 |
Regular Reserve | 0 |
Other Reserves | -3,025,473 |
Undivided Earnings | 22,200,625 |
TOTAL EQUITY | 19,175,152 |
TOTAL LIABILITIES, SHARES, & EQUITY | 107,908,529 |
INCOME & EXPENSE | |
Loan Income | 2,416,238 |
Investment Income | 1,676,811 |
Other Income | 463,969 |
Total Employee Compensation & Benefits | 1,531,271 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 1,318,825 |
Non-operating Income & (Expense) | 0 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 279,600 |
Cost of Funds | 837,553 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | 715,944 |
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