Dec, 31, 2021 — BEACON CREDIT UNION, INC is a federally insured state chartered credit union headquartered in LYNCHBURG, VA with 8 branch locations and about $245.90 million in total assets. Opened 83 years ago in 1939, BEACON CREDIT UNION, INC has about 26,717 members and employs 77 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: | http://www.mybcu.org |
| Branches: | 8 branch locations |
| Members: | 26,717 |
| 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, 2020 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $245,896,107 |
| CEO/Manager: | Greg McConville |
| Chairperson: | Philip A Hynes |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 19,283,815 |
| TOTAL INVESTMENTS | 2,297,128 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 42,075,844 |
| Unsecured Loans | 21,705,030 |
| Other Loans | 142,149,203 |
| TOTAL LOANS | 205,930,077 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -960,105 |
| Land And Building | 8,363,359 |
| Other Fixed Assets | 1,106,515 |
| NCUSIF Deposit | 2,040,909 |
| All Other Assets | 7,834,409 |
| TOTAL ASSETS | 245,896,107 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 53,220 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 902,654 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 40,705,483 |
| Regular shares | 98,009,710 |
| All Other Shares & Deposits | 80,855,643 |
| TOTAL SHARES & DEPOSITS | 219,570,836 |
| TOTAL LIABILITIES | 220,526,710 |
| Regular Reserve | 3,586,996 |
| Other Reserves | 7,230,115 |
| Undivided Earnings | 14,552,286 |
| TOTAL EQUITY | 25,369,397 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 245,896,107 |
| INCOME & EXPENSE | |
| Loan Income | 9,549,552 |
| Investment Income | 99,100 |
| Other Income | 3,182,268 |
| Total Employee Compensation & Benefits | 5,387,760 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 4,858,754 |
| Non-operating Income & (Expense) | 6,986 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 132,000 |
| Cost of Funds | 663,891 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 3,144,864 |
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