Dec, 31, 2023 — INDUSTRIAL CREDIT UNION is a federally insured state chartered credit union headquartered in BELLINGHAM, WA with 7 branch locations and about $380.31 million in total assets. Opened 83 years ago in 1941, INDUSTRIAL CREDIT UNION has about 36,736 members and employs 106 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | INDUSTRIAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 1100 N State St BELLINGHAM, WA 98225-5014 |
| Phone: | (360) 734-2043 |
| Fax: | (360) 738-4937 |
| Website: | https://www.industrialcu.org |
| Branches: | 7 branch locations |
| Members: | 36,736 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 66337 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1941 |
| Last Audited: | Dec 01, 2022 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $380,307,548 |
| CEO/Manager: | Brandon Hahnel |
| Chairperson: | Rick Maricle |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 25,637,229 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 88,467,506 |
| Unsecured Loans | 17,886,975 |
| Other Loans | 200,839,479 |
| TOTAL LOANS | 307,193,960 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -6,873,568 |
| Land And Building | 4,970,950 |
| Other Fixed Assets | 1,678,812 |
| NCUSIF Deposit | 3,263,021 |
| All Other Assets | 534,402 |
| TOTAL ASSETS | 380,307,548 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 104,671 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 5,703,219 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 14,000,000 |
| Share Drafts | 74,583,873 |
| Regular shares | 192,286,505 |
| All Other Shares & Deposits | 66,671,726 |
| TOTAL SHARES & DEPOSITS | 333,542,104 |
| TOTAL LIABILITIES | 353,358,102 |
| Regular Reserve | 0 |
| Other Reserves | -959,595 |
| Undivided Earnings | 27,909,041 |
| TOTAL EQUITY | 26,949,446 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 380,307,548 |
| INCOME & EXPENSE | |
| Loan Income | 18,615,615 |
| Investment Income | 1,890,736 |
| Other Income | 3,943,803 |
| Total Employee Compensation & Benefits | 8,907,052 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 7,129,151 |
| Non-operating Income & (Expense) | 150,731 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 8,450,983 |
| Cost of Funds | 3,464,792 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | -602,000 |
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