Dec, 31, 2023 — ACT 1ST FEDERAL CREDIT UNION is a federal credit union headquartered in LAVALE, MD with 5 branch locations and about $142.87 million in total assets. Opened 74 years ago in 1950, ACT 1ST FEDERAL CREDIT UNION has about 12,787 members and employs 40 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
Name: | ACT 1ST FEDERAL CREDIT UNION |
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Address: (Main Office) | 14316 National Hwy SW LAVALE, MD 21502 |
Phone: | (301) 729-8015 |
Fax: | (301) 729-2147 |
Website: | https://www.act1stfcu.org |
Branches: | 5 branch locations |
Members: | 12,787 |
Credit Union Type: | Federal Credit Union |
Charter Number: | 6679 |
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Membership Type: | Community credit unions, urban or rural, other than those designated 'low income' |
Corporate Credit Union: | No |
Year Opened: | 1950 |
Last Audited: | Dec 01, 2022 |
FHLB Member: | Yes |
Low Income Designation: | No |
Assets: | $142,872,228 |
CEO/Manager: | Michael Wright |
Chairperson: | Shawnee L McElfish |
ASSETS: | $ Amount |
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Cash & Equivalents | 12,146,993 |
TOTAL INVESTMENTS | 0 |
Loans Held for Sale | 0 |
Real Estate Loans | 31,070,694 |
Unsecured Loans | 7,185,169 |
Other Loans | 70,173,570 |
TOTAL LOANS | 108,468,006 |
(Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -1,078,257 |
Land And Building | 4,031,064 |
Other Fixed Assets | 1,263,390 |
NCUSIF Deposit | 1,289,066 |
All Other Assets | 82,252 |
TOTAL ASSETS | 142,872,228 |
LIABILITIES & CAPITAL: | |
Dividends Payable | 0 |
Notes & Interest Payable | 0 |
Accounts Payable & Other Liabilities | 213,085 |
Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
Share Drafts | 16,638,349 |
Regular shares | 52,865,800 |
All Other Shares & Deposits | 63,292,286 |
TOTAL SHARES & DEPOSITS | 132,796,435 |
TOTAL LIABILITIES | 133,009,520 |
Regular Reserve | 0 |
Other Reserves | 0 |
Undivided Earnings | 9,862,708 |
TOTAL EQUITY | 9,862,708 |
TOTAL LIABILITIES, SHARES, & EQUITY | 142,872,228 |
INCOME & EXPENSE | |
Loan Income | 4,971,245 |
Investment Income | 743,036 |
Other Income | 631,033 |
Total Employee Compensation & Benefits | 2,474,491 |
NCUSIF Premiums Expense | 0 |
Total Other Operating Expenses | 3,359,759 |
Non-operating Income & (Expense) | -38,190 |
NCUSIF Stabilization Income | N/A |
Provision for Loan/Lease Losses or Total Credit Loss Expense | 1,522,279 |
Cost of Funds | 1,607,026 |
NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
Net Income (Loss) | -1,964,235 |
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