Dec, 31, 2023 — FIRST CLASS COMMUNITY CREDIT UNION is a federally insured state chartered credit union headquartered in WEST DES MOINES, IA with 2 branch locations and about $93.40 million in total assets. Opened 99 years ago in 1925, FIRST CLASS COMMUNITY CREDIT UNION has about 7,428 members and employs 18 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | FIRST CLASS COMMUNITY CREDIT UNION |
|---|---|
| Address: (Main Office) | 2051 Westown Pkwy WEST DES MOINES, IA 50265-1541 |
| Phone: | (515) 224-4300 |
| Fax: | (515) 224-4306 |
| Website: | https://www.gofirstclass.org |
| Branches: | 2 branch locations |
| Members: | 7,428 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 64231 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1925 |
| Last Audited: | Jun 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $93,403,291 |
| CEO/Manager: | Zac Pollock |
| Chairperson: | Gary Olson |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 2,259,085 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 13,689,419 |
| Unsecured Loans | 1,322,379 |
| Other Loans | 23,883,028 |
| TOTAL LOANS | 38,928,013 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -407,890 |
| Land And Building | 827,687 |
| Other Fixed Assets | 155,005 |
| NCUSIF Deposit | 900,991 |
| All Other Assets | 0 |
| TOTAL ASSETS | 93,403,291 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 6,521 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,071,451 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 26,123,459 |
| Regular shares | 37,712,931 |
| All Other Shares & Deposits | 22,366,804 |
| TOTAL SHARES & DEPOSITS | 86,203,193 |
| TOTAL LIABILITIES | 87,281,165 |
| Regular Reserve | 0 |
| Other Reserves | 281,407 |
| Undivided Earnings | 5,840,719 |
| TOTAL EQUITY | 6,122,126 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 93,403,291 |
| INCOME & EXPENSE | |
| Loan Income | 2,018,661 |
| Investment Income | 724,935 |
| Other Income | 791,475 |
| Total Employee Compensation & Benefits | 1,344,149 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 2,367,750 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 157,150 |
| Cost of Funds | 281,290 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 531,627 |
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