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NEWARK BOARD OF EDUCATION EMPLOYEES CREDIT UNION (NBEECU)

Dec, 31, 2023 — NEWARK BOARD OF EDUCATION EMPLOYEES CREDIT UNION (NBEECU) is a federally insured state chartered credit union headquartered in NEWARK, NJ with 1 branch location and about $27.62 million in total assets. Opened 89 years ago in 1935, NEWARK BOARD OF EDUCATION EMPLOYEES CREDIT UNION (NBEECU) has about 3,065 members and employs 6 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.


Name:NEWARK BOARD OF EDUCATION EMPLOYEES CREDIT UNION
Address:
(Main Office)
195 Norman Rd
NEWARK, NJ 07106
Phone:(973) 375-9182
Fax:(973) 375-1238
Website:https://nbeecu.org
Branches:1 branch locations
Members:3,065
Credit Union Type:Federally Insured State Chartered Credit Union
Charter Number:62796
Membership Type:State chartered natural person
Corporate Credit Union:No
Year Opened:1935
Last Audited:Sep 01, 2023
FHLB Member:No
Low Income Designation:No
Assets:$27,618,933
CEO/Manager:Richard Garcia
Chairperson:Mary Hogue

Call Report

Financial Summary

» See also Statement of Financial Condition
ASSETS:$ Amount
Cash & Equivalents 320,617
TOTAL INVESTMENTS 0
Loans Held for Sale 0
 
 Real Estate Loans 8,442,230
 Unsecured Loans 1,600,560
 Other Loans 2,514,849
 TOTAL LOANS 12,557,639
 (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) -508,796
 Land And Building 241,799
 Other Fixed Assets 19,148
 NCUSIF Deposit 240,569
 All Other Assets 0
  TOTAL ASSETS 27,618,933
LIABILITIES & CAPITAL:  
 Dividends Payable 118
 Notes & Interest Payable 359,816
 Accounts Payable & Other Liabilities 878,523
 Uninsured Secondary Capital and Subordinated Debt Included in Net Worth 0
 Share Drafts 1,679,547
 Regular shares 18,761,222
 All Other Shares & Deposits 4,418,974
  TOTAL SHARES & DEPOSITS 24,859,743
  TOTAL LIABILITIES 26,098,200
 Regular Reserve 0
 Other Reserves -1,124,355
 Undivided Earnings 2,645,088
  TOTAL EQUITY 1,520,733
  TOTAL LIABILITIES, SHARES, & EQUITY 27,618,933
INCOME & EXPENSE  
 Loan Income 581,371
 Investment Income 174,847
 Other Income 187,240
 Total Employee Compensation & Benefits 595,824
 NCUSIF Premiums Expense 0
 Total Other Operating Expenses 749,591
 Non-operating Income & (Expense) 37,323
 NCUSIF Stabilization Income N/A
 Provision for Loan/Lease Losses or Total Credit Loss Expense 0
 Cost of Funds 82,131
 NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM N/A
Net Income (Loss) -446,765
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