Dec, 31, 2023 — WESTEX FEDERAL CREDIT UNION is a federal credit union headquartered in LUBBOCK, TX with 4 branch locations and about $79.41 million in total assets. Opened 78 years ago in 1946, WESTEX FEDERAL CREDIT UNION has about 6,994 members and employs 16 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | WESTEX FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 901 Avenue Q LUBBOCK, TX 79401 |
| Phone: | (806) 765-5701 |
| Fax: | (806) 765-8423 |
| Website: | https://www.westexfcu.com |
| Branches: | 4 branch locations |
| Members: | 6,994 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 5373 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1946 |
| Last Audited: | May 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $79,412,178 |
| CEO/Manager: | Vicki L Love |
| Chairperson: | Albert Perez |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 5,998,942 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 3,746,637 |
| Unsecured Loans | 2,395,101 |
| Other Loans | 22,650,787 |
| TOTAL LOANS | 28,792,525 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -182,355 |
| Land And Building | 2,155,831 |
| Other Fixed Assets | 334,252 |
| NCUSIF Deposit | 717,928 |
| All Other Assets | 40,359 |
| TOTAL ASSETS | 79,412,178 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 886,334 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 15,205,099 |
| Regular shares | 33,380,032 |
| All Other Shares & Deposits | 22,327,443 |
| TOTAL SHARES & DEPOSITS | 70,912,574 |
| TOTAL LIABILITIES | 71,798,908 |
| Regular Reserve | 0 |
| Other Reserves | 718,820 |
| Undivided Earnings | 6,894,450 |
| TOTAL EQUITY | 7,613,270 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 79,412,178 |
| INCOME & EXPENSE | |
| Loan Income | 1,390,692 |
| Investment Income | 1,155,699 |
| Other Income | 73,776 |
| Total Employee Compensation & Benefits | 1,334,692 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 1,432,815 |
| Non-operating Income & (Expense) | 48,456 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 129,349 |
| Cost of Funds | 481,406 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 11,503 |
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