Dec, 31, 2023 — GENERATIONS CREDIT UNION is a federally insured state chartered credit union headquartered in ROCKFORD, IL with 2 branch locations and about $22.01 million in total assets. Opened 80 years ago in 1944, GENERATIONS CREDIT UNION has about 2,226 members and employs 9 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | GENERATIONS CREDIT UNION |
|---|---|
| Address: (Main Office) | 5618 Harrison Ave ROCKFORD, IL 61108 |
| Phone: | (815) 316-2900 |
| Fax: | (815) 316-2902 |
| Website: | https://www.generationscu.org |
| Branches: | 2 branch locations |
| Members: | 2,226 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 60429 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1944 |
| Last Audited: | Sep 01, 2023 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $22,012,483 |
| CEO/Manager: | Karen L Jurasek |
| Chairperson: | Dale Hillers |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 689,960 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 4,906,333 |
| Unsecured Loans | 1,246,528 |
| Other Loans | 5,049,098 |
| TOTAL LOANS | 11,201,959 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -235,000 |
| Land And Building | 819,513 |
| Other Fixed Assets | 630 |
| NCUSIF Deposit | 177,898 |
| All Other Assets | 0 |
| TOTAL ASSETS | 22,012,483 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 46,108 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 168,239 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 2,787,328 |
| Regular shares | 10,204,367 |
| All Other Shares & Deposits | 5,428,854 |
| TOTAL SHARES & DEPOSITS | 18,420,549 |
| TOTAL LIABILITIES | 18,634,896 |
| Regular Reserve | 0 |
| Other Reserves | 14,731 |
| Undivided Earnings | 3,362,856 |
| TOTAL EQUITY | 3,377,587 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 22,012,483 |
| INCOME & EXPENSE | |
| Loan Income | 625,001 |
| Investment Income | 187,789 |
| Other Income | 86,087 |
| Total Employee Compensation & Benefits | 396,716 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 377,959 |
| Non-operating Income & (Expense) | 2,356 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 19,312 |
| Cost of Funds | 93,613 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 101,524 |
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