Sep, 30, 2022 — CONNECTS FEDERAL CREDIT UNION is a federal credit union headquartered in RICHMOND, VA with 3 branch locations and about $96.58 million in total assets. Opened 73 years ago in 1950, CONNECTS FEDERAL CREDIT UNION has about 8,085 members and employs 19 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | CONNECTS FEDERAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 7700 Shrader Rd RICHMOND, VA 23228 |
| Phone: | (804) 756-5000 |
| Fax: | (804) 756-5040 |
| Website: | https://www.connectsfcu.org |
| Branches: | 3 branch locations |
| Members: | 8,085 |
| Credit Union Type: | Federal Credit Union |
| Charter Number: | 6670 |
|---|---|
| Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
| Corporate Credit Union: | No |
| Year Opened: | 1950 |
| Last Audited: | Jun 01, 2021 |
| FHLB Member: | No |
| Low Income Designation: | No |
| Assets: | $96,583,635 |
| CEO/Manager: | Evelyn G Dowdy |
| Chairperson: | Daniel VanDervort |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 5,646,893 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 9,119,623 |
| Unsecured Loans | 8,322,894 |
| Other Loans | 24,383,318 |
| TOTAL LOANS | 41,825,835 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -225,431 |
| Land And Building | 2,033,012 |
| Other Fixed Assets | 1,291,092 |
| NCUSIF Deposit | 847,353 |
| All Other Assets | 0 |
| TOTAL ASSETS | 96,583,635 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 8,874 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,239,042 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 15,616,910 |
| Regular shares | 45,118,239 |
| All Other Shares & Deposits | 30,094,466 |
| TOTAL SHARES & DEPOSITS | 90,829,615 |
| TOTAL LIABILITIES | 92,077,531 |
| Regular Reserve | 0 |
| Other Reserves | -2,890,781 |
| Undivided Earnings | 7,396,885 |
| TOTAL EQUITY | 4,506,104 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 96,583,635 |
| INCOME & EXPENSE | |
| Loan Income | 1,412,367 |
| Investment Income | 459,456 |
| Other Income | 763,299 |
| Total Employee Compensation & Benefits | 987,326 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 1,696,568 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 93,095 |
| Cost of Funds | 97,521 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 489,979 |
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