Dec, 31, 2023 — CONNECT CREDIT UNION is a federally insured state chartered credit union headquartered in FORT LAUDERDALE, FL with 3 branch locations and about $95.85 million in total assets. Opened 115 years ago in 1909, CONNECT CREDIT UNION has about 5,547 members and employs 21 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | CONNECT CREDIT UNION |
|---|---|
| Address: (Main Office) | 3400 W Commercial Blvd FORT LAUDERDALE, FL 33309 |
| Phone: | (954) 730-2047 |
| Fax: | (954) 777-4220 |
| Website: | https://www.connectcu.org |
| Branches: | 3 branch locations |
| Members: | 5,547 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 67342 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1909 |
| Last Audited: | Sep 01, 2023 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $95,850,004 |
| CEO/Manager: | Scott A Meyer |
| Chairperson: | Howard Webb |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 4,517,221 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 10,287,191 |
| Unsecured Loans | 5,231,673 |
| Other Loans | 57,210,710 |
| TOTAL LOANS | 72,729,573 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -596,133 |
| Land And Building | 2,045,149 |
| Other Fixed Assets | 432,509 |
| NCUSIF Deposit | 849,134 |
| All Other Assets | 60,187 |
| TOTAL ASSETS | 95,850,004 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 0 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 1,691,713 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 15,594,685 |
| Regular shares | 34,398,504 |
| All Other Shares & Deposits | 34,065,669 |
| TOTAL SHARES & DEPOSITS | 84,058,859 |
| TOTAL LIABILITIES | 85,750,572 |
| Regular Reserve | 0 |
| Other Reserves | -866,795 |
| Undivided Earnings | 10,966,227 |
| TOTAL EQUITY | 10,099,432 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 95,850,004 |
| INCOME & EXPENSE | |
| Loan Income | 3,360,939 |
| Investment Income | 729,250 |
| Other Income | 396,466 |
| Total Employee Compensation & Benefits | 2,043,294 |
| NCUSIF Premiums Expense | 0 |
| Total Other Operating Expenses | 1,736,985 |
| Non-operating Income & (Expense) | 588,325 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 305,000 |
| Cost of Funds | 747,954 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 688,359 |
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