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CONNECTS FEDERAL CREDIT UNION

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

Call Report

  • International Remittances
  • Low Cost Wire Transfers

Financial Summary

» See also Statement of Financial Condition
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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