Dec, 31, 2023 — COVANTAGE CREDIT UNION is a federally insured state chartered credit union headquartered in ANTIGO, WI with 28 branch locations and about $3.54 billion in total assets. Opened 71 years ago in 1953, COVANTAGE CREDIT UNION has about 166,692 members and employs 459 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | COVANTAGE CREDIT UNION |
|---|---|
| Address: (Main Office) | 723 6th Ave ANTIGO, WI 54409 |
| Phone: | (715) 627-4336 |
| Fax: | (715) 623-3219 |
| Website: | https://www.covantagecu.org |
| Branches: | 28 branch locations |
| Members: | 166,692 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 66848 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1953 |
| Last Audited: | Dec 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $3,537,015,111 |
| CEO/Manager: | Charles Zanayed |
| Chairperson: | Dennis Haltinner |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 157,867,290 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 13,217,996 |
| Real Estate Loans | 1,800,308,693 |
| Unsecured Loans | 104,035,607 |
| Other Loans | 913,118,082 |
| TOTAL LOANS | 2,829,135,550 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -18,423,494 |
| Land And Building | 52,724,717 |
| Other Fixed Assets | 9,994,547 |
| NCUSIF Deposit | 24,369,986 |
| All Other Assets | 184,582 |
| TOTAL ASSETS | 3,537,015,111 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 180,000,000 |
| Accounts Payable & Other Liabilities | 35,651,333 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 412,372,532 |
| Regular shares | 693,891,713 |
| All Other Shares & Deposits | 1,912,226,650 |
| TOTAL SHARES & DEPOSITS | 3,018,490,894 |
| TOTAL LIABILITIES | 3,234,345,199 |
| Regular Reserve | 0 |
| Other Reserves | -3,259,618 |
| Undivided Earnings | 305,929,530 |
| TOTAL EQUITY | 302,669,912 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 3,537,015,111 |
| INCOME & EXPENSE | |
| Loan Income | 134,805,093 |
| Investment Income | 31,637,715 |
| Other Income | 2,485,889 |
| Total Employee Compensation & Benefits | 39,310,082 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 35,898,931 |
| Non-operating Income & (Expense) | 1,613,493 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 6,457,259 |
| Cost of Funds | 89,324,944 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 19,211,949 |
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