Dec, 31, 2023 — POWER ONE FEDERAL CREDIT UNION is a federal credit union headquartered in FORT WAYNE, IN with 5 branch locations and about $18.21 million in total assets. Opened 89 years ago in 1935, POWER ONE FEDERAL CREDIT UNION has about 1,417 members and employs 7 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | POWER ONE FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 1520 Spy Run Ave FORT WAYNE, IN 46805-4031 |
| Phone: | (260) 425-2324 |
| Fax: | (260) 421-1565 |
| Website: | https://poweronefcu.org |
| Branches: | 5 branch locations |
| Members: | 1,417 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 620 |
|---|---|
| Membership Type: | Multiple common bond - Primarily communications and utilities |
| Corporate Credit Union: | No |
| Year Opened: | 1935 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $18,209,508 |
| CEO/Manager: | Tameka Garmon |
| Chairperson: | Wally Vandagriff |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,087,402 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 6,070,206 |
| Unsecured Loans | 2,638,872 |
| Other Loans | 6,189,287 |
| TOTAL LOANS | 14,898,365 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -166,649 |
| Land And Building | 34,657 |
| Other Fixed Assets | 41,545 |
| NCUSIF Deposit | 156,445 |
| All Other Assets | 0 |
| TOTAL ASSETS | 18,209,508 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 1,278,258 |
| Accounts Payable & Other Liabilities | 49,958 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 3,716,412 |
| Regular shares | 8,453,292 |
| All Other Shares & Deposits | 2,138,954 |
| TOTAL SHARES & DEPOSITS | 14,308,658 |
| TOTAL LIABILITIES | 15,636,874 |
| Regular Reserve | 0 |
| Other Reserves | 0 |
| Undivided Earnings | 2,572,634 |
| TOTAL EQUITY | 2,572,634 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 18,209,508 |
| INCOME & EXPENSE | |
| Loan Income | 770,514 |
| Investment Income | 45,742 |
| Other Income | 95,873 |
| Total Employee Compensation & Benefits | 394,419 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 361,706 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | -15,900 |
| Cost of Funds | 80,730 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 144,104 |
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