Dec, 31, 2023 — COMMONWEALTH ONE FEDERAL CREDIT UNION (COFCU) is a federal credit union headquartered in ALEXANDRIA, VA with 7 branch locations and about $589.60 million in total assets. Opened 80 years ago in 1944, COMMONWEALTH ONE FEDERAL CREDIT UNION (COFCU) has about 38,477 members and employs 92 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | COMMONWEALTH ONE FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 4875 Eisenhower Ave ALEXANDRIA, VA 22304-4886 |
| Phone: | (703) 823-5211 |
| Fax: | (703) 650-4003 |
| Website: | https://www.cofcu.org |
| Branches: | 7 branch locations |
| Members: | 38,477 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 5134 |
|---|---|
| Membership Type: | Multiple common bond - Primarily military |
| Corporate Credit Union: | No |
| Year Opened: | 1944 |
| Last Audited: | Apr 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $589,603,690 |
| CEO/Manager: | Frank Wasson |
| Chairperson: | Rupert J Jennings |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 11,976,559 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 235,063,631 |
| Unsecured Loans | 61,227,544 |
| Other Loans | 123,735,088 |
| TOTAL LOANS | 420,026,263 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -3,856,708 |
| Land And Building | 4,529,861 |
| Other Fixed Assets | 1,504,316 |
| NCUSIF Deposit | 4,230,547 |
| All Other Assets | 0 |
| TOTAL ASSETS | 589,603,690 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 927,027 |
| Notes & Interest Payable | 114,500,000 |
| Accounts Payable & Other Liabilities | 4,148,439 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 102,745,733 |
| Regular shares | 131,639,945 |
| All Other Shares & Deposits | 193,919,520 |
| TOTAL SHARES & DEPOSITS | 428,305,199 |
| TOTAL LIABILITIES | 547,880,665 |
| Regular Reserve | 0 |
| Other Reserves | 6,516,290 |
| Undivided Earnings | 35,206,735 |
| TOTAL EQUITY | 41,723,025 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 589,603,690 |
| INCOME & EXPENSE | |
| Loan Income | 21,993,017 |
| Investment Income | 1,784,026 |
| Other Income | 4,279,396 |
| Total Employee Compensation & Benefits | 9,634,858 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 10,738,892 |
| Non-operating Income & (Expense) | 262,005 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 2,128,891 |
| Cost of Funds | 7,798,233 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 643,898 |
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