Jun, 30, 2024 — BEACON CREDIT UNION, INC is a federally insured state chartered credit union headquartered in LYNCHBURG, VA with 8 branch locations and about $283.01 million in total assets. Opened 85 years ago in 1939, BEACON CREDIT UNION, INC has about 27,336 members and employs 76 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | BEACON CREDIT UNION, INC |
|---|---|
| Address: (Main Office) | 107 Leroy Bowen Dr LYNCHBURG, VA 24502 |
| Phone: | (434) 237-1566 |
| Fax: | (434) 237-1544 |
| Website: | https://www.mybcu.org |
| Branches: | 8 branch locations |
| Members: | 27,336 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 66965 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1939 |
| Last Audited: | Dec 01, 2021 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $283,010,027 |
| CEO/Manager: | Greg McConville |
| Chairperson: | Philip A Hynes |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 26,856,601 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 48,770,710 |
| Unsecured Loans | 23,692,385 |
| Other Loans | 162,476,176 |
| TOTAL LOANS | 234,939,271 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -932,674 |
| Land And Building | 8,078,380 |
| Other Fixed Assets | 1,170,663 |
| NCUSIF Deposit | 2,192,858 |
| All Other Assets | 81,095 |
| TOTAL ASSETS | 283,010,027 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 84,532 |
| Notes & Interest Payable | 14,010,376 |
| Accounts Payable & Other Liabilities | 1,835,721 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 45,417,301 |
| Regular shares | 99,583,634 |
| All Other Shares & Deposits | 93,967,060 |
| TOTAL SHARES & DEPOSITS | 238,967,995 |
| TOTAL LIABILITIES | 254,898,624 |
| Regular Reserve | 0 |
| Other Reserves | 10,817,111 |
| Undivided Earnings | 17,294,292 |
| TOTAL EQUITY | 28,111,403 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 283,010,027 |
| INCOME & EXPENSE | |
| Loan Income | 7,944,426 |
| Investment Income | 141,839 |
| Other Income | 2,625,517 |
| Total Employee Compensation & Benefits | 4,362,038 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 3,732,513 |
| Non-operating Income & (Expense) | 12,078 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 122,000 |
| Cost of Funds | 597,694 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 2,737,777 |
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